BlackBuck (BLACKBUCK) Q4 24/25 earnings summary

Executive summary

• FY 2025 gross revenues reached INR 462.31 crore, up 46.06% year-over-year, with adjusted EBITDA at INR 139 crore, a nearly 10x increase, reflecting strong operating leverage and profitability improvements.

• Platform-led and software-led revenues maintained high contribution margins of 93%-94%.

• Transacting customers grew 20.8% year-over-year to 721,932, with increased engagement and cross-sell/upsell activity.

• Payments vertical, especially tolling, grew 34%-35% year-over-year, processing INR 23,493 crore in payments.

• Audited standalone and consolidated financial results for FY25 were approved, with unmodified opinions from statutory auditors.

Financial highlights

• Q4 FY 2025 gross revenues were INR 137 crore, up 38% quarter-on-quarter.

• Full-year contribution margin was INR 429 crore, up 49% year-over-year, with a margin of 92.69%.

• Adjusted EBITDA for Q4 FY 2025 was INR 54 crore, up from INR 17 crore in Q4 FY 2024.

• PAT for the quarter included a one-time deferred tax credit, resulting in INR 2.8 billion, but PBT is a more representative metric at INR 42 crore.

• Standalone net profit for FY25 was INR 2,805.36 million, compared to a net loss of INR 1,942.58 million in FY24, driven by exceptional items.

Outlook and guidance

• User acquisition growth is expected to remain in double digits, with higher penetration in core verticals and significant headroom for growth in telematics and loads.

• No formal revenue CAGR guidance provided, but growth drivers include infrastructure expansion, toll fare inflation, and increasing truck numbers.

• ESOP expenses are projected to decrease each quarter through FY'27.