BLACKBUCK LIMITED (BLACKBUCK)

Micro Cap

BlackBuck Limited operates a digital platform for truck operators, offering a suite of services across the truck operator's lifecycle. Its offerings include Tolling, Vehicle Tracking, Fuel, Payments, and Vehicle Finance, supported by a physical touchpoint network and presence in over 80% of districts.

₹553.7

-30.60 · -5.24%

Market cap ₹10,853 Cr

Data qualityFresh enough for analysisQuote updated 21 Oct, 05:57 pm IST

Details

Quote21 Oct, 05:57 pm IST

Base fundamentals17 Oct 2026 · screener

Latest result29 Jul, 07:59 pm IST

Score21 Oct, 04:30 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage13/14 · 93%

Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)

Technical timing lens

Trend score and candlestick chart

34Bearish

MACD −

Stock trend: 34

Sector RS: —

Services FPI tailwindFlow only

FPI equity flow was positive in both fortnights, but exact sector-index confirmation is unavailable. View sector evidence

Compare peers →

Technical chart

BLACKBUCKD candles · FIT view-10.5%

Latest close ₹553.70 on 2026-10-21

Bar

-5.0%

RSI

MACD hist

-4.21

52W pos

23%

2026-10-21O ₹583.05H ₹584.00L ₹550.85C ₹553.70Vol 2.5L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

BLACKBUCKNifty 500

BLACKBUCK: -3.6%
Nifty 500: -6.5%
Vs Nifty 500: +2.8 pp

Chart stats

21 Oct 2026

From 52W high: -26.0%
52W range position: 23%
ATR (14): 4.0%
Volume vs 20D: 0.47x
Avg traded value: ₹30.1 Cr
20D price channel: ₹550.9 - ₹659.7

No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.

Quarter ended 30 Jun 2026

Good · 62

Rev +42% YoY · PAT +24% YoY · +10% QoQ · margin compression

Revenue: ₹204 Cr; YoY +41.7%
PAT: ₹42 Cr; YoY +23.5%
Operating margin: 24.0%; QoQ +0 bps
PAT margin: 20.6%; QoQ -1509 bps

Filed 29 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 1 Base / Transition

Current trend context ranked against all active NSE stocks. It describes the chart; it is not a buy or sell signal.

RS percentile: 46; -12 ranks over 20D
Stage 2 entry: Not in Stage 2; Current classification: Stage 1 Base / Transition
Sector rotation: #11; improving · 149 stocks
Industry rotation: #34; improving · 65 stocks

Trend structure

Below 20-DMABelow 50-DMABelow 200-DMA

RSI (14)

Weak momentum

MACD

Below signal

Histogram -4.21

Volume participation

0.5x average

Versus 20-session average

20-session position

3% of range

₹550.85 low · ₹659.7 high

Relative performance

vs Nifty 500

1M: -7.6 pp; stock -12.1%
3M: +2.8 pp; stock -3.6%
6M: -5.9 pp; stock -11.1%
1Y: -12.0 pp; stock -19.9%

From 52W high

-26.0%

High ₹748

52W range position

23%

₹496 - ₹748

ATR (14)

4.0%

₹22.14

Avg traded value

₹30.1 Cr

20-session average

Current setup

No confirmed setup attached

Review the chart and detailed technical evidence before drawing a conclusion.

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.

Suggested next step

Research, do not rush

The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.

U-Score

Legacy · WATCHLIST

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Good · 62/100

Rev +42% YoY · PAT +24% YoY · +10% QoQ · margin compression

Filed 29 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹204 Cr	+41.7%	+10.3%
EBITDA	₹50 Cr	+25.0%	+11.1%
Operating margin	24.0%	-400 bps	+0 bps
PAT	₹42 Cr	+23.5%	-36.4%
PAT margin	20.6%	-302 bps	-1509 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 63.20
P/B: 7.60
EV/EBITDA: 45.09
Market Cap: 10853.00Cr

Profitability

ROE: 12.20%
ROCE: 12.80%
ROA: 9.74%
Dividend Y: —

Growth (CAGR)

Revenue 5Y: -6.00%
EPS 5Y: 22.00%
Revenue 3Y: 55.00%
EPS 3Y: 37.00%

Balance Sheet

Debt/Equity: 0.04
Interest Coverage: 29.33×
Altman Z: 8.17
Book Value: 78.20

Cash Flow

FCF Yield: —
FCF Positive Y: 3/5
OCF: 169.00 Cr
EPS TTM: 9.31

Shareholding

Promoter Hold: 24.99%
Promoter Pledge: 0.00%
Momentum 52W: 39%

Financial History

Updated 19/10/2026

Revenue

₹ Cr

Latest: 204+10.3% vs prev

Net Profit

₹ Cr

Latest: 42.0-36.4% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Bearish setup

Trend is weak — long-term trend down. RSI 37.

Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
SMA20 roughly flat — short-term momentum stalled.
RSI(14) at 37 — falling, no extreme reading.
MACD below signal, histogram expanding negatively — bearish momentum building.
26% off 52W high · 12% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 1 Base / Transition

1M return

-12.1%

3M return

-3.6%

6M return

-10.2%

1Y return

-17.7%

RS 1D

-7

RS 20D

-12

Sector rank

#11

Industry rank

#34

Stage evidence

Price is within 3.0% of the 30-week proxy.
The 30-week proxy changed +0.3% over 20 sessions.
The moving-average structure does not confirm Stage 2 or Stage 4.

50-DMA

price below

200-DMA

price below

Sector

improving

Industry

improving

Relative-strength line vs Nifty 500 (base 100)

262 observations

21 Oct 2026Value 91.04-4.35%

RS vs Nifty 50091

Valuation & peers

U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies

WATCHLIST

Fundamental score breakdown

U band · WATCHLIST

Valuation0/30

Growth14/25

Quality2/20

Balance Sheet8/15

Cash Flow3/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

32/100 · legacy band WATCHLIST

Positive drivers

Piotroski is strong at 8/9.
Growth contributes 14/25 to the score.
Balance sheet contributes 8/15 to the score.

Main drags

Fair-value margin of safety is negative at -124.0%.
Valuation is weaker at 0/30; verify the latest quarterly trend.
Quality is weaker at 2/20; verify the latest quarterly trend.

Sector valuation model

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.

Blended relative

Primary lens

PE, EV/EBITDA, margin of safety, and FCF yield together.

Secondary checks

ROE/ROCE, growth, cash conversion, leverage, promoter risk.

Main risk check

One cheap metric is not enough if quality or cash flow is weak.

63.2

7.6

EV/EBITDA

45.1

ROE

12.2%

ROCE

12.8%

FCF Yield

—

Debt/Equity

0.0

MoS

-124.0%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 21 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 32

Legacy U-Score band

WATCHLIST

Previous: WATCHLIST

Margin of safety

-124.0%

Previous: -136.4%

Score history

12 stored score snapshots. Latest stored move: +0 points.

21 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹127.99

-332.6% MoS

Growth-justified P/E

26.6

Growth-justified Value

₹247.18

-124.0% MoS

PEG

2.26

Comparable companies

Peers

Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

TEJASCARGO

SME

Tejas Cargo India Ltd.

Allcargo Logistics Limited

Amir Chand Jagdish Kumar (Exports) Limited

Aspinwall and Company Limited

Brace Port Logistics Ltd.

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-03T03:40:39.698Z

Management commentary snapshot

BlackBuck reported strong FY26 performance with Total Income up 55% YoY to ₹714.60 Cr. and Adjusted EBITDA up 84% YoY to ₹190.14 Cr. Q4'26 also saw robust growth, with Revenue from Operations increasing 52% YoY, driven by both core and growth businesses.

The company demonstrates strong operating leverage and consistent profitability, with core businesses delivering stable performance and growth businesses showing significant traction. Management's focus on market share expansion and strategic investments in new areas supports continued growth, despite identified short-term macro headwinds.

Current business mix

Revenue from Operations by Business Segment (FY26)

Latest issuer-disclosed distribution across 2 reported categories.

Core (Payments & Telematics)80.6%

Growth Businesses19.4%

Growth engines

Tolling Business

Delivered strong performance with GTV growth of ~27% YoY in FY26, outperforming NETC CV industry growth of ~16%.

Telematics Business

Continued to deliver strong sales numbers; AIS sales doubled leveraging mandates during the period.

Superloads Business

Bangalore and Hyderabad continue to strengthen on unit economics; early momentum in new cities driven by cross-leveraging customer relationships.

Vehicle Finance Business

Disbursals grew by ~25% QoQ in Q4'26, with strong execution driving growth and converging towards EBITDA breakeven.

Headwinds

West Asia Conflict

Expected to present short-term headwinds with anticipated drag on freight movement, potentially impacting transaction-based revenues.

Fuel Shortage

Due to ongoing fuel shortage, the loyalty program has been temporarily suspended by the OMCs.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Analyst reading lens

Compare YOY

The presentation primarily highlights YoY growth for both quarterly and annual results across key financial and operational metrics, indicating that annual and quarterly comparisons against the prior year are most relevant for assessing performance trends and business expansion.

Sector KPIs management disclosed

Average monthly transacting truck operators

FY26: 818,259 units, up 13% YoY. Q4'26: 866,091 units, up 13% YoY.

Monthly transacting users using at least two services

FY26: 411,765 units, up 21% YoY. Q4'26: 441,874 units, up 20% YoY.

Gross transaction value of Tolling (GTV)

FY26: ₹25,904.96 Cr., up 27% YoY. Q4'26: ₹7,094.01 Cr., up 21% YoY.

Revenue from Operations

FY26: ₹651.97 Cr., up 53% YoY. Q4'26: ₹185.43 Cr., up 52% YoY.

Management forward view

Strategic Focus

Management aims to "Double down execution in the core, while stepping up investments to unlock growth."

Core Business Strategy

Focus on strong profitability enabled by operating leverage, continuous market share expansion, and tracking the evolving landscape for Tolling, Vehicle Tracking, Fuel Cards, and AIS-GPS.

Growth Business Strategy

Strengthen existing markets in Superloads, accelerate expansion into new geographies, and achieve higher throughput in Vehicle Finance to contribute to profitability.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
Growth Businesses Revenue Growth	FY26: 266% YoY; Q4'26: 304% YoY	Sustained high growth rates and improved unit economics in Superloads and Vehicle Finance as new geographies are entered and throughput increases.
Vehicle Finance EBITDA Breakeven	Converging towards EBITDA breakeven.	Confirmation of EBITDA breakeven and subsequent profitability contribution from the Vehicle Finance business.
Impact of Macro Headwinds	West Asia conflict and fuel shortage identified as short-term headwinds.	Any material impact on transaction-based revenues and overall growth due to these external factors.
Adjusted Cash and Cash Equivalents	FY26: ₹1104.10 Cr.	Maintenance of strong cash position to fund continued investments in growth businesses and manage operational needs.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Trust Score

68Limited evidence · low confidenceTrust Lite

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Limited evidence: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 64th percentile within Services. Main check: results consistency is weak at 50/100.

This is a financial-behaviour screen, not a claim-tested management reliability verdict.

Computed 05 Sept 2026

management-trust-v1

42 docs text-extracted · 16 concalls text-extracted

Score band

Limited evidence

Financial behaviour is scored, but management claims do not yet have enough outcome checks.

Relative rank

56th percentile

overall median 67 · Services: 64th pctile, median 66 · Micro: 34th pctile, median 73

Evidence depth

Financial-only

42 documents have extracted text, but claim history is not strong enough yet.

Claim delivery

Outcome history still building

0 claims extracted · No contradicted claim yet

How to read this Trust Score

Limited evidence · low confidence

What it measures

Reliability of management and financial delivery, using financial behaviour only.

Confidence

Treat this as an early read until more concalls and outcomes are matched.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

acceptable · holding, pledge, alignment

Cash flow

watch · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

acceptable · capital discipline

Results

watch · quarterly consistency

Trust positives

▸Promoter pledge is zero.
▸Debt/equity is 0.04.
▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

▸Promoter holding fell 2.2%.
▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
▸OPM spread across recent quarters is 18%.

Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.

Compare Services stocks Browse Indian stocks starting with B Explore fundamental stock screeners Browse Indian investment themes

Related companies

Tejas Cargo India Ltd. (TEJASCARGO)Allcargo Logistics Limited (ALLCARGO)Amir Chand Jagdish Kumar (Exports) Limited (AEROPLANE)Aspinwall and Company Limited (ASPINWALL)Brace Port Logistics Ltd. (BRACEPORT)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

BLACKBUCK LIMITED (BLACKBUCK)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

Revenue from Operations by Business Segment (FY26)

Tolling Business

Telematics Business

Superloads Business

Vehicle Finance Business

West Asia Conflict

Fuel Shortage

What management said, and what results must prove

Average monthly transacting truck operators

Monthly transacting users using at least two services

Gross transaction value of Tolling (GTV)

Revenue from Operations

Strategic Focus

Core Business Strategy

Growth Business Strategy

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching BLACKBUCK LIMITED

Important announcements & filings

Sep 2026 · Announcement Under Regulation 30 Of The SEBI (LODR) Regulations, 2015. 28 Sep - BlackBuck invested ₹21.999 crore in WOS TZF via rights issue on September 28, 2026.

Sep 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 21 Sep - Shareholders approved MOA amendment on September 18, 2026, revising authorised capital to ₹39.5 crore.

Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - BlackBuck to attend Axis Capital Consumer & Tech Conference on September 10, 2026 in Mumbai.

Aug 2026 · PPT

Aug 2026 · Transcript

Announcement under Regulation 30 (LODR)-Newspaper Publication 27 Aug - Newspaper publication regarding 11th Annual General Meeting of the Company.

Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Aug

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 Aug

Announcement under Regulation 30 (LODR)-Newspaper Publication 31 Jul

Announcement Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 31 Jul - Karnataka GST appeal dismissed; ₹22.42 crore demand upheld for FY21, including ₹1.00 crore penalty.

Jul 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 48m - Q1 FY27 earnings conference call scheduled for July 29, 2026 at 5:00 PM IST.

Jul 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 28 May - Mr. Barun Pandey resigns as Company Secretary, Compliance Officer and Head Legal, effective July 31, 2026.