BlackBuck (BLACKBUCK) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 total income was ₹253.15 crore; revenue from operations was ₹235.33 crore, up 56% YoY, and PAT was ₹413.97 million, up 42%.

• Transacting customers reached 895,125, up 13% YoY; 476,628 users transacted across at least two services, up 19%.

Financial highlights

• Q2 revenue from operations was ₹235.33 crore, up 56% YoY; H1 revenue was ₹439.50 crore, up 49%.

• Q2 EBITDA was ₹50.61 crore, up 39% YoY; adjusted EBITDA was ₹55.04 crore, up 29%. H1 adjusted EBITDA was ₹109.65 crore, up 22%.

• Q2 PAT was ₹41.397 crore, up 42% YoY; H1 PAT was ₹83.564 crore, up 33%.

• Total expenses increased 36% YoY to ₹113.75 crore, primarily reflecting higher customer acquisition and Superloads investment.

• H1 operating cash generation was ₹1,340.16 million; cash and cash equivalents at September 30 were ₹998.26 million, with bank balances excluding cash of ₹9,259.96 million.

Outlook and guidance

• Vehicle Finance remained on track for EBITDA break-even, supported by partner-led AUM growth on a steady cost base.

• Superloads investment was stepped up as planned; AI-driven productivity and expansion-city scaling supported placements and revenue growth.

• Telematics device sales reached a new high; revenue recognition over the service period is expected to carry benefits into coming quarters.

• Management expects tolling activity to strengthen seasonally in Q3 and Q4; early October movement broadly followed prior-year patterns.

• UPI MDR impact was expected to be contained, potentially near zero, using sub-₹2,000 transactions and the zero-PDN mandate route; the full effect remained subject to implementation.