BLACKBUCK Q2 FY27 Results Analysis: Revenue Jumps 56%, Margin Compresses 486 bps

BLACKBUCK's Q2 FY27 numbers came in mixed, with revenue of Rs. 235.33 Cr (+55.70% YoY) and PAT growth of +41.79% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quarter Snapshot

Revenue grew 55.70% YoY led by Truck operator services (+56.03%), with H1 CFO/PAT at 1.60x and FCF of Rs.56.88 Cr, but Adjusted EBITDA margin compressed 486 bps YoY to 23.39% as other expenses and D&A far outgrew revenue. The lending segment swung back to a Rs.(1.69) Cr loss against management's end-FY27 break-even guidance, and PAT growth of 41.79% was substantially tax-flattered by a 3.32% ETR. The Loads business slump sale executed Oct 12, 2026 reshapes reporting going forward.

Key Investment Insights

Key Positives

• Revenue from operations grew 55.70% YoY and 15.26% QoQ to Rs.235.33 Cr
• Truck operator services segment revenue grew 56.03% YoY to Rs.231.96 Cr with segment result of Rs.56.73 Cr (+30.5% YoY)
• H1 CFO of Rs.134.02 Cr was 1.60x H1 PAT of Rs.83.56 Cr; FCF of Rs.56.88 Cr after Rs.77.14 Cr capex
• Employee costs grew 7.27% YoY, well below revenue growth, showing operating leverage on that line
• ETR of 3.32% in line with management's guidance of near-nil tax rate for two quarters
• Liquidity of Rs.1,025.82 Cr against total borrowings of Rs.15.47 Cr; essentially unlevered
• Contract liabilities rose to Rs.148.71 Cr from Rs.117.41 Cr at Mar-26, consistent with deferred-revenue build from subscriptions

Risk Factors

• Adjusted EBITDA margin on revenue from operations compressed 486 bps YoY and 336 bps QoQ to 23.39%
• Lending segment swung from +Rs.0.14 Cr profit in Q1 to Rs.(1.69) Cr loss in Q2, working against the break-even-phase-by-end-FY27 guidance; H1 loss of Rs.(1.55) Cr already exceeds FY26's full-year loss of Rs.(1.51) Cr
• PBT grew only 9.95% YoY against 55.70% revenue growth; PAT growth of 41.79% was flattered by ETR falling from 25.03% to 3.32%
• Other expenses grew 91.97% YoY and D&A grew 97.99% YoY, both far outpacing revenue
• Subsidiaries contributed −Rs.2.33 Cr to consolidated PAT, with two subsidiaries booking H1 losses of Rs.23.24 mn and Rs.20.09 mn
• Rs.22.42 Cr GST demand for FY21 upheld Jul 31, 2026 remains open with GSTAT appeal being evaluated