Black Buck Ltd

Ambit Singapore Conference

• Event: Ambit Singapore Conference; Dates Aug 17–18, 2026; 9:00 AM–6:00 PM IST; in-person, Singapore.
• Meeting type: One-to-One and Group meetings.

Non-deal RoadShow

• Event: Non-deal RoadShow; Dates Aug 26–28, 2026; 9:00 AM–6:00 PM IST; in-person, Mumbai.
• Meeting type: One-to-One and Group meetings.

GST ITC dispute outcome

• Order dated 28 July 2026 dismissed the appeal and upheld ITC disallowance.
• Total demand ₹22.42 crore: tax ₹10.01 crore, interest ₹11.41 crore, penalty ₹1.00 crore.
• Order receipt dated 30 July 2026.
• Pre-deposits of ₹1.00 crore and ₹0.0136 crore already deposited.
• Company may file further appeal before GST Appellate Tribunal when constituted.
• Impact: material tax liability disclosed; potential financial impact to FY2020-21 results.

Meeting Details

• Date: July 29, 2026; virtual group audio conference for analysts and investors.
• Organiser: BlackBuck Ltd.

Participants

• Key company management participants not disclosed in the filing.

Purpose

• Earnings results discussion for Q1 FY27 with analysts and investors.

Additional Notes

• Audio recording is available on the company website.

IPO proceeds utilisation status

• Purpose: No deviation/variation in IPO proceeds for quarter ended 30 June 2026.
• Mode of fund raising: Public Issue.
• Date of raising funds: 20 November 2024.
• Amount raised: ₹1,114.722 crore including OFS; ₹550 crore excluding OFS.
• Monitoring agency: ICRA Limited.
• Deviation status: No deviation reported.
• Utilisation status: Funds utilised as per original allocations; no deviation.
• Original vs. modified objects: No deviation; allocations and utilisation as disclosed.

Issue overview

• Type: IPO of equity shares.
• Total issue size disclosed; net proceeds figure not stated; issue expenses revised downward.
• Main objectives: funding sales/marketing costs, BlackBuck Finserve NBFC investment, product development, general corporate purposes.
• Deviation: Monitoring agency found no deviation from objects.

Utilisation of proceeds

• Utilisation aligned with offer document; MA notes no deviation.
• Sales & marketing: end-quarter utilization 171.227 Cr; unutilised 28.773 Cr.
• BlackBuck Finserve NBFC subsidiary: fully utilized (140.000 Cr).
• Product development: end-quarter utilization 60.214 Cr; unutilised 14.786 Cr.
• General corporate purposes: end-quarter utilization 121.689 Cr; unutilised 13.311 Cr.
• Total unutilised funds: about 56.87 Cr; deployed in fixed deposits and monitoring account.
• Unutilised proceeds deployed into fixed deposits with Axis Bank and Kotak Bank; monitoring account balance 0.321 Cr.
• Delay: no material delays reported for any object.

Governance and Compliance

• Statutory approvals: management confirms approvals; no material deviations observed.
• Material events: no favorable or adverse events affecting viability reported.
• Other information: no additional information likely to affect investors.

General Corporate Purpose (GCP)

• GCP utilization: 121.689 Cr across off-roll salary, on-roll salary, working capital repayments, and related expenses.
• Board approval for GCP allocations: not explicitly documented.

ESOP grant details

• Grant approved by Nomination and Remuneration Committee on July 29, 2026.
• ESOP 2016 grants 50,308 equity shares.
• One option equals one equity share with ₹1 face value.
• Exercise price set at ₹1 per share.
• Vesting schedule: 25% vest over four years.
• Shares issued on exercise not subject to lock-in.
• Total options granted under ESOP 2016: 50,308.
• Applicable disclosures per SEBI LODR Regulation 30 included in Annexure I.
• Scheme complies with SEBI SBEB Regulations 2021.

Business Overview

• Core business blends Payments and Telematics with Tolling-driven revenue.
• Growth platforms include Superloads and Vehicle Finance for diversification.
• Strategy focuses on calibrated Superloads investments and AI-enabled productivity.
• Core profitability and cash flow improving despite macro headwinds.

Operational Highlights

• Total Income: ₹220.48 Cr, up 38% YoY.
• Revenue from operations: ₹204.17 Cr, up 42% YoY.
• Net Revenues: ₹165.03 Cr, up 25% YoY.
• Adjusted EBITDA: ₹54.62 Cr, up 16% YoY.
• PAT: ₹42.17 Cr, up 25% YoY.
• Core revenue: ₹145.18 Cr, up 21% YoY.
• Growth revenue: ₹58.99 Cr, up 153% YoY.
• Tolling GTV: ₹7,045 Cr, up 16% YoY.
• Total tolling transactions: 17.84 Cr, up 12% YoY.
• Growth businesses revenue grew 153% YoY.
• Average monthly transacting truck operators: 883,386.
• Transacting users with at least two services: 458,919.
• App daily time spent by transacting customers: 44.11 minutes.
• Contribution margin: ₹152.74 Cr; 93% of Net Revenues.
• Direct costs: ₹12.29 Cr; up 27% YoY.
• EBITDA: ₹49.71 Cr; up 23% YoY.
• PBT: ₹42.12 Cr; down 8% YoY.

Financial Performance

• Total Income rose 38% YoY to ₹220.48 Cr.
• Net Revenues rose 25% YoY to ₹165.03 Cr.
• Adjusted EBITDA rose 16% YoY to ₹54.62 Cr.
• EBITDA stood at ₹49.71 Cr, up 23% YoY.
• PAT rose 25% YoY to ₹42.17 Cr.
• Contribution margin remains 93% of Net Revenues.

Capital Structure & Liquidity

• ESOP expense projections provided; quarterly charges through Q4 FY28 and Q1 FY29.
• ESOP projections: Q2 FY27 ₹4.37 Cr; Q3 FY27 ₹3.38 Cr.
• ESOP projections: Q4 FY27 ₹2.45 Cr; Q1 FY28 ₹2.12 Cr.
• ESOP projections: Q2 FY28 ₹2.10 Cr; Q3 FY28 ₹1.68 Cr.
• ESOP projections: Q4 FY28 ₹1.20 Cr; Q1 FY29 ₹1.03 Cr.
• No material debt or liquidity changes disclosed.

Strategic Priorities & Outlook

• Growth investments in Superloads continue; AI-enabled productivity driving gains.
• Momentum supported by expansion into new cities for Superloads.
• Vehicle Finance progressing toward profitability; core business cash flows improving.
• Focus on monetizing growth segments while maintaining profitability in core.

Risks & Mitigation

• Macro headwinds affecting core profitability; mitigated by AI productivity and new-city expansion.
• Growth segments provide diversification to offset core volatility.

Financial results and material subsidiary

• Unaudited standalone and consolidated results for quarter ended 30 June 2026 approved; Limited Review Report attached.
• BBFS designated as material subsidiary after year-end 31 March 2026 due to >10% net worth.

Governance and key appointments

• Withdrawal of resignation of Barun Pandey as Company Secretary and Compliance Officer; continues as KMP.

AGM notice and agenda

• 11th AGM on Sep 18, 2026 at 11:30 IST via video conferencing.
• Adopt Audited Standalone & Consolidated Financial Statements for year ended Mar 31, 2026.
• Appoint Anand Daniel as Non-Executive Nominee Director; retires by rotation; re-appointment eligible.
• Approve charges for service of documents on shareholders.
• Re-classify Authorized Share Capital and amend Memorandum of Association.
• Implement ESOS 2016 and 2019 via trust; provide money to acquire own shares via trust.