Blackbuck Q1 FY27 Results (NSE: BLACKBUCK)
Signal: Margin pressure
The read
Q1FY27 continues the robust revenue trajectory (+42.2% YoY) but marks a second consecutive quarter of margin contraction (EBITDA margin -160bps YoY) driven entirely by a 141.7% surge in depreciation—likely from recent tech/fleet capex maturing. The lending business achieving segment profitability is a notable milestone; the company now has two profit-generating segments.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹204.17 Cr | +42.2% | +10.1% |
| EBIT | ₹42.12 Cr | -7.9% | |
| Net profit | ₹42.17 Cr | +25.1% | |
| EPS | ₹2.31 | +24.9% | |
| EBIT margin | 20.6% |
P&L walk
Revenue growth remained robust at +42.2% YoY driven by truck operator services, but EBITDA margin contracted 480bps YoY due to sharply higher depreciation (+141.7% YoY) from maturing capex; other income and a negligible tax credit (₹-0.45 Mn) pushed PAT above operating profit growth; lending business turned segment-profit positive for the first time in the series.
Segments
Truck operator services segment remains the growth engine (₹544.78 Mn segment result, +14.2% YoY) while the lending business turned positive for the first time in the observed series (segment result ₹1.37 Mn vs -₹4.87 Mn YoY), a key inflection; subsidiary BlackBuck Finserve was classified as a material subsidiary this quarter.
Key positives
- Consolidated revenue growth of +42.2% YoY, accelerating from +40.7% YoY in Q3FY26 and +31.2% in Q4FY26
- Lending business turned segment-profit positive (₹1.37 Mn) for the first time in the available series, vs loss of ₹4.87 Mn a year ago
- Employee benefits expense as % of revenue improved 510bps YoY to 20.8%, indicating platform operating leverage
- Other income stable at ₹163.12 Mn, providing a cushion to net profit
Key concerns
- Depreciation jumped 141.7% YoY to ₹225.38 Mn, far outstripping revenue growth and compressing EBITDA margin by 160bps YoY
- EBIT margin (segment result/revenue) contracted 480bps YoY to 20.6%, a fourth consecutive quarter of decline from 33% in Q4FY25
- PAT growth of 25.1% YoY lagged revenue growth significantly due to high depreciation; deferred tax credit of ₹39.60 Mn inflated PAT vs. a charge of ₹82.37 Mn YoY
Research and educational content only. Not investment advice.