BlackBuck’s Q2 revenue jumps 56% but costs rise faster

Revenue surge splits between core and growth segments

BlackBuck’s consolidated revenue for Q2 FY27 reached ₹235.33 Cr, a 55.7% year-on-year increase, according to Inc42. Net profit grew 41.8% to ₹41.4 Cr in the same quarter.

Growth segments outpace legacy units

The company’s core Payments and Telematics businesses delivered ₹161.39 Cr, up 31% from the year-ago quarter. Meanwhile, newer segments—Loads Classifieds, SuperLoads, and Vehicle Finance—more than doubled, rising 166% to ₹73.94 Cr.

For the full fiscal year FY26, these growth businesses had already jumped 266% to ₹126.51 Cr.

Costs climb 64%, squeezing margins

BlackBuck’s costs rose faster than revenue in Q2 FY27, climbing 64% to ₹210.3 Cr. Manpower services alone accounted for ₹153.3 Cr of that total, while employee benefits added ₹160.2 Cr.

The spike stems from customer acquisition and investments in the SuperLoads segment, which matches shippers with truck operators and incurs hiring charges for fleets.

EBITDA for the quarter landed at ₹50.61 Cr, while adjusted EBITDA reached ₹55.04 Cr—up only 29% year-on-year. On the earnings call, CEO Rajesh Yabaji noted that upfront acquisition costs weigh on short-term EBITDA but should pay off over a customer’s lifetime.

How BlackBuck turns services into revenue

BlackBuck runs five service lines: Payments, Telematics, Loads Classifieds, SuperLoads, and Vehicle Finance. The first two—Payments and Telematics—anchor its business.

Payments include FASTags and fuel cards, earning commissions from banks and oil marketing companies. Telematics sells GPS tracking, fuel sensors, and dashcams, recognizing revenue over the life of each contract.

Loads Classifieds and SuperLoads connect truckers with freight, while Vehicle Finance provides loans. SuperLoads, the most capital-intensive segment, books truck hiring charges as an operating expense.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

BlackBuck’s pivot from a pure marketplace to a multi-service platform is now hitting its financial stride—but the cost of scaling managed freight and financing services is squeezing margins just as growth accelerates in those segments. For now, investors face a trade-off: slower near-term profitability for a shot at dominance in India’s trucking tech stack.

Key takeaways

• Core Payments and Telematics revenue grew 31% to ₹161.39 Cr, but newer segments drove most of the top-line surge.
• Customer acquisition and truck-hiring costs pushed total expenses up 64%, cutting operating leverage to ~50%.
• EBITDA grew only 29% after adjustment, showing the toll of upfront spending on SuperLoads and Vehicle Finance.
• The lending vertical is still on track for EBITDA break-even in FY27, which could ease margin pressure if achieved.

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