BlackBuck Q2 FY27 Profit Rises 42% as Growth Bets Pay Off

The cost of faster growth

Total expenses climbed 64% to ₹210.3 crore. Management attributed the rise mainly to customer acquisition across core categories and stepped-up investment in SuperLoads. EBITDA stood at ₹50.61 crore, and adjusted EBITDA grew a slower 29% to ₹55.04 crore.

CEO Rajesh Yabaji said upfront acquisition costs can weigh on EBITDA even though the company expects to recover them over a customer's lifetime. "Wherever we see opportunities, we are expanding and gaining more market share. So, as and when there are spurts in customer acquisition, EBITDA suppresses in that particular quarter," he said.

How BlackBuck earns

The payments business centres on tolling and fuel. BlackBuck earns commissions from banks for distributing and managing FASTags, and from oil marketing companies for fuel cards, plus service fees on FASTag issuance, replacement, activation and recharges. Telematics sells GPS tracking, fuel sensors and dashcams, with revenue recognised over the contract period, so strong device sales do not instantly lift reported revenue. Recent device growth came largely from state-level AIS mandates, while dashcams are still being piloted.

Loads Classifieds is a subscription marketplace where shippers post freight and operators find loads. SuperLoads offers managed freight, matching shippers with operators and arranging truck placement. Vehicle finance helps operators buy used commercial vehicles or borrow against ones they own. Lending partners managed about ₹600 crore of assets on the platform at the time of Q4 FY26 results, against BlackBuck's own book of roughly ₹60 crore.

The open question is whether the newer lines can build sustainable economics without diluting the profitability of the core platform, which still generates the operating cash flow funding them.