Thank you so much for the introduction. Good evening, everybody.

Welcome to the third quarter earnings call of BlackBuck. The second last lap into the financial year, and more importantly, the second half of the year, which positively benefits the whole CV and the trucking industry.

We'll walk you through what has been the last quarter, and we can discuss thereon. Yeah.

At a broad snapshot level, we did close to about ₹189 crores in total income in the Q3 of '26, which is a 53% growth on a year-on-year basis. EBITDA of about ₹45 crores, which is close to about 50% growth on a year-on-year basis.

PAT of about ₹32 crores. Last year, because of exceptional items, there's no comparison.

Broadly consistent with what we've been talking about in terms of our business model, in terms of our revenue line items, in terms of consistency in delivering the profitability, I think that's playing out. On the functional metrics side, as we've discussed, transacting customers is one of our North Star metric in terms of how many customers transact with us, how many of these truck owners are using our services.

That's growing at about 13% on a year-on-year basis. Users using greater than two services, which is typically our more loyal users, power users, that's close to half of the overall transacting users.

That's growing at about 20 20 and 20.5% on a year-on-year basis. GTV in payments, payments forms critical part of our revenue, we keep reporting this.

That's roughly growth of about 23.5% on a year-on-year basis. A headline being that, as all of you are aware, we are investing very strongly in newer business verticals like Superloads and vehicle finance.

Despite those investments, we've been able to keep up delivering consistent profitability, and this story will continue to play out. Taking a step back, again, playing out our core strategy and core vision of what we're building, why we're building.

As all of you are aware, BlackBuck is essentially trying to recast the whole trucking ecosystem how it works today. As we all know, fast forward 10 years, this would not be really operating the way it is today.

The question of really whether it will change is not there. The question is really when it will taken place, right?

Towards that particular vision, what we are solving today is the truck operator's life, truck operator's journey, because this is the infrastructure which supports trucking. We believe that if we can solve this, it makes us multiple steps closer to really recasting how trucking works in the country.

As all of we've shown this slide in probably all our earnings calls thus far. We have very simplistic strategy where we innovate and we create offerings for our truck operators.

These offerings range from enabling their operations, to getting them go cashless, to help them access to their own data easily, to getting loads on the platform. Then we have our platform, our crown jewel, the BlackBuck app where these customers transact.

For these customers, this is as consumers if we fire X, or we use Safari as our browser, as the platforms where we input in maximum of our time during the day. For a trucker, it's basically the BlackBuck platform and our very unique distribution, right?

As you know in offerings, we've varied offerings which we have enabled for our customer right from tolling to vehicle tracking to fuel payments, to fuel sensor, to Fleetdocs, and many of these offerings. We continue to research and continue to launch these.

Our platform, most of these transacting customers which we talked about are spending close to 45 minutes daily. That's a powerful usage which continues to compound.

Distribution, a very unique, a very omnichannel-led distribution strategy where feet on street, from a sales point of view, from a technician network perspective, from a channel partner network perspective, to call center, right? Every kind of methodology which is used to reach to the customers to be able to provide the service and the know-how of the product for him to really utilize.

We are essentially virtually present everywhere. Through this strategy is how our revenue gets delivered.

This is the strategy in which our teams are broken out inside the company. This has been the same strategy for the last 5 years, and we continue executing on these fronts as we speak today.

Now this strategy fructifying into execution is largely the key KPIs. Some of them I've already spoken in the headline slide.

If you can see monthly transacting truck operators growing on a year-on-year basis at about 13%. Largely the 9-month numbers are synonymous to the quarterly growth numbers.

I will highlight wherever there is specific callouts there. Gross transaction value of payments, as I mentioned, grew by about 23.5% on a year-on-year basis.

Revenue from operations, 51%. When you look at net revenues, which is basically below which literally most of it flows into contribution margin with an efficiency of close to 93%, in that the growth is roughly about 34%.

We will talk about the split between the new and the old as we keep moving forward. From a contribution margin basis, we've grown similar to the overall net revenue growth, which is 33%, and contribution margin percentages, as I spoke, 94% are largely consistent, which has led to us delivering an adjusted EBITDA of ₹50 crores compared to the last year same quarter that was ₹33 crores, which is a 51% growth.

9-month number is very stark because roughly about the same timeline last year is when we started compounding on our profitability. That's a ₹140 crore on a 9-month number compared to the previous year 9-month number was ₹64 crores, which is roughly 118%, 2.2x kind of a growth on the adjusted EBITDA on a year-on-year 9-month basis.

Giving a narrative on really what's happening behind these numbers, as I spoke, revenue grew by 40 53%. Within that, the core businesses had a very healthy growth of 31, 31.5% on a year-on-year basis.

As I was mentioning at the starting of the call that H2 is the positive season for the CV industry, that's a 11.5% growth on a sequential quarter basis. The whole momentum of H2 has essentially picked up.

Underneath the core business hood, which is growth of 31.5%, tolling business, which is basically one of the core revenue levers, that's grown obviously more than 24%, but the GTV growth is 24%, which also is a important determinant how the revenue in the tolling business essentially grows, versus the industry grew at about 15%, which continues to call out that our market share is compounding and we are able to grow healthily and continuing to accelerate there. Other business vertical of telematics, which is the second business vertical under the core businesses, again had a very strong quarter this particular Q3, where the run rate of sales, and don't confuse as it sales revenue, the incremental sales we have done in the last quarter are almost highest ever in all the product categories, which was a good milestone for us.

From a growth business perspective, which is again largely led by Superloads and vehicle finance, we had a growth of roughly 271% on a year-on-year basis, sequential quarter roughly close to 25% growth, which largely led by Superloads. Now giving a color on Superloads, as we've always maintained, Superloads is in the phase of a very strong playbook building phase, where obviously orders are scaling and we continue to launch newer cities.

As we speak, last time when we were speaking we were live in 4 cities, now we are live in totally 9 cities. That's on Superloads.

Vehicle finance, again aided by industry tailwinds, we were able to sequentially grow by 35% on the disbursements for our partners on the platform, and that business continues on a healthy growth path. That's broad commentary on revenue.

Getting into adjusted EBITDA, despite continuing to step up investments in newer businesses, as we've spoken, we are aggressively pursuing expansion in Superloads, Superloads and vehicle finance are unprofitable categories for us today. Despite investing in these businesses, we are still able to deliver a very strong EBITDA growth of 51% on a year-on-year basis, and we have delivered roughly about close to 20% of EBITDA growth on a sequential quarter basis, largely contributed by the operating leverage and the compounding of the core businesses, which basically are of supremely high quality, very differentiated product, aided by a very low-cost distribution and servicing network is what is aiding that, which is giving us the firepower to also continue to incrementally invest in our newer businesses and which will be the businesses which will help us really realize our vision as quickly as possible.

That's the commentary on these numbers. These numbers reflecting in the accounting P&L, as you can see, income number which we spoke about, 53% growth on a year-on-year basis.

Revenue from ops, roughly excluding the interest income, is growing at about 51%. Core businesses, as I gave a voice-over, have grown by 31%.

Growth businesses roughly growing at about 4x, 3.7 to 4x on a year-on-year basis. On a net revenue basis, all this indexing in roughly growing at about 34%.

Direct costs grew a bit strongly because of the telematics business by about 56%, and then broadly similar waterfall as regular P&L of our quarters. Adjusted EBITDA, ₹50 crores compared to ₹33 crores on a year-on-year basis, growth at 51%, and that flowing down to PAT at ₹32 crores, which has an exceptional hit of roughly about ₹3.5 to ₹4 crores on the wages labor code, sort of regulations changing.

Obviously highlighting the 9-month adjusted EBITDA here again, ₹64 crores last year versus this year ₹140 crores, and EBITDA 53 versus 122. That's a strong growth in EBITDA continuing to compound.

That's on the P&L perspective. Summarizing all this from a profitability angle, this is like a zoomed-out view of the last 2.5, 3 years.

If you can see, this quarter we've delivered our highest-ever adjusted EBITDA despite a very strong expansion in newer businesses and also investing back in core businesses because we've scaled our distribution network further by 10 percentage points over the last quarter, which means higher investment in distribution network as well, at the same time expansion into multiple cities in Superloads. Having said all of that done, still we've delivered an adjusted EBITDA highest ever of ₹50 crores.

If you reflect that on a 9-month basis, which is ₹140 crores, FY25 we did close to ₹100 crores. This number far supersedes that to 140, and obviously the last quarter we still have to get through, so that will be a good end to the financial year as well.

Again, summarizing again what I spoke in the overall narrative is that this consistent profitability continues largely based on the core businesses which are compounding and delivering and anchoring these results, where the operating leverage continues to hold and continues to sort of help us deliver the profitability. Summarizing similar slide which I used last quarter, thinking ahead largely remains same.

I think it would be fair to say that roughly most of the presentation is same, largely the numbers are different, because this strategy for us has really not changed the last 5 years, and we continue to execute on that strategy. Simply thinking ahead, core businesses, which is payments and telematics businesses and lot of adjacencies which we continue in building, right, we are essentially doubling down, continuing to invest in our distribution network, continue to gain share from a market share perspective, continue to align ourselves to the market tailwinds and really delivering predictable and consistent and profitable growth, while that growth delivers strong profits, leveraging that and reinvesting in growth businesses which delivers superior 10x value to our customers by loads, which helps them enhance revenues, and multiple other new experiments under the hood.

There, I don't think, as a company, after going public, we've really pulled back. Once we were public, we were probably testing the waters couple of quarters, and once we knew how to navigate the public markets, we've been actually as aggressive as we were in the private markets from really building new businesses, delivering incremental value for our customers.

I think that's continuing to work. I think I would leave you guys with these thoughts that core businesses continue to compound on profitability, continue to deliver on the operating leverage we've always spoken about, and that's giving us firepower to continue to step up investments in the new businesses, and this strategy we will keep executing as we keep going forward.

That's all from my side. I think we will open the floor for questions.

Yeah.

Yeah. Hi.

Congrats Rajesh on the great set of results. I had a couple of questions.

The first one was basically on payments GTV. We have seen this number growing at roughly 35% YoY in fiscal year '25, and gradually now we are roughly in the mid to early 20s range in terms of this number.

What do you think is, let's say, 2 years out, where do we position on this piece side? Because there is some market share gain happening on tolling, but it's also happening in an industry which is growing only 10%.

Any views on how do you think this payment GTV should shape out?

Yeah. Sachin, as you're aware, I again repeat that we typically would not give forward understanding of really how we look at it.

I think what you're saying is absolutely right, that because as you know that our market share our like market shares are pretty much, closer to that 50% level range, late 40s, right, as we speak today. As you rightly said, the market right now is growing at probably between 9% to 10%.

Definitely we will compound much stronger on top of that. This number which which we which you just quoted, that the market's growing at 10%, if you look at the last, like probably, 2 years of data at every quarter level, sometimes this number has grown between 15% to 20%, sometimes the number has grown at like 9%, 10%.

I think definitely we are we are indexed a bit to that, but we continue to gain market share in broadly the similar method as, as probably a few quarters back. I think that's continuing to happen.

The second point which I always mention that our acquisition market share is actually much larger than our current market share, which means that we will still be continuing to compound at a much faster pace than this. I think that's what I would like to sort of articulate.

Other than that, but but yeah, but whatever points you facts you you outline, are right. Yeah.

Just to clarify that, right. I know I've asked this question in I think probably the first earnings call as well.

Do you think market shares for you can reach more than let's say 65% odd range, or somewhere below that they will start to plateau out?

See basically

I mean at a high level, obviously not as a guidance, at a very high level.

Like that whatever number you just quoted is possible, because we've been gaining, market share continuously. The point is the pace to reach there is is hard to determine.

It will all depend on basically, how the whole like sort of industry sort of models out. When our acquisition market share, like let's say assuming is that assuming that whatever number you said, if our acquisition market share is at that number, then we can see this number reaching, reaching the the market share number reaching that number maybe in a 2-, 3-year span line.

That's how I think it will work. We will first have to make our acquisition market share go to that number, then the actual market share starts reaching that number over a period of time.

Right. Fair enough.

That's very detailed. Secondly, on the incremental EBITDA margin that we have been getting, right.

Obviously we have seen very good incremental EBITDA margins this quarter while you have invested, as you have highlighted in Superloads, you have already reached 9 cities. Our incremental EBITDA margin was not brilliant, but still healthy at 44-odd percent QoQ if I look at it.

On this number, considering you are already in 9 cities, should we expect this to be the worst probably incremental EBITDA margin you are going to get and we should expect slightly better as we proceed ahead,

or

how should we look at this number, right? Obviously, we have seen 80% numbers for you as well.

Of course. See, basically, blended incremental EBITDA margin, I don't think is the right way to look at this business.

We need to basically split this, after allocating the HQ costs, into what is the core business EBITDA margin and what is the new business EBITDA margin, because at the business line vertical level, there is literally no connection in terms of both these businesses. The costs are pretty independent, right?

Incremental EBITDA margins of the core businesses continue the same story as we've always delivered, point number one. This is essentially a independent business which has basically its losses, right?

The overall incremental EBITDA margin is actually a composite metric of these two factors playing out. More if we see, let's say, breakout signs in our Superloads business and we really want to outinvest, right, then you'll definitely see depression in the overall EBITDA, and then the incremental EBITDA margin loses its concept itself, right, because it's basically two different businesses, right?

What I'm trying to help you understand is that very hard for me to comment on really whether this is the worst or what it is going to be, point number one. Point number two, the core business has the same flavor of operating leverage in terms of incremental EBITDA margins, right?

Third, the investment into new businesses are very independent decisions basis the signals we get in the market and basis how that independent business performs.

Just to follow up question on that, are you seeing that breakout sort of phase in Superloads yet, or are you still figuring it out?

I think we're still figuring out. We're building a lot of products inside, and yeah, doing a lot of experimentation, doing a lot of I think I would say groundwork at this moment and yeah.

Sure, Rajesh. Thank you and all the best.

I want to ask two questions. Firstly, do you have any competition, the market listed or unlisted space, who could be kind of competing with you?

Like in platform businesses, you have Swiggy and then you have Zomato, you have Paytm, you have PhonePe. If you want to compare BlackBuck, who will be next to you?

Yeah. As we've highlighted, right, BlackBuck's basically vision is unique and hence the whole execution is pretty unique.

The whole avatar of BlackBuck which you see today essentially is nothing but a iterative version of trying to get to the vision, and we've gotten here, which really looks like a payments company intermeshed with a telematics company, with a loads company, with a loan origination company. Looks very different, but when played on a platform and when understood the story, we all know that it's all originating from the same platform.

Because of that, literally at broad scale, there is literally no competition from a overall end-to-end perspective. If you look at segment-wise, if you look at let's say assuming payments, right, there are a lot of banks which do this because they have customers and they do this business for retail, they also extend this towards commercial vehicles, right?

Definitely there are banks in the tolling business. In telematics business, there is a private company with which we compete with.

They do decently well the telematics business. That's one competition segmentally, right?

Now from a classifieds loads perspective, the loads business perspective, there is basically not much any formidable competition, I think from a market share perspective, classifieds we drive a large number of loads on the platform, right? Let's say where there is literally not much kind of a formidable competition, right?

If you look at it from this lens, each of these verticals may have some competition. In the recent past there's one public company which wants to try replicating something what we are doing, but I think we've still not seen much execution yet going on.

I think there's one more public company which is smaller, they are also trying to replicate something, but then still literally from a meaningful perspective having something in the 2%, 3% kind of a share also is not there yet. Okay.

Just to clarify, that public company would be Delhivery?

Yeah. No comments, but yeah.

No comments on that point, I said. I didn't say yes.

Okay. Second question is what's your target for Superloads in terms of the coverage area, number of cities?

Like you now have gone to 9 cities. Would take it to 30, 100, or what's the potential?

How many cities can you cover?

See, last earnings call we'd given a visibility. We were live in 4, we decided to open 10, which will make it to 14, and we gave a visibility that by probably June 2026 is when we will be in 14.

That's the visibility we gave in the last call. Broadly that visibility stays, and largely it will be predicated on how well the business is performing, and in terms of ability to really scalably build this business with right economics.

I think that's going to predicate the growth of this business, which we today let's say don't have much visibility on.

Okay. Thank you and all the best.

Hi. Am I audible?

Yes.

Thank you. Thank you for the opportunity, and congratulations on another set of good numbers.

I think I want to get into the other expenses, and I think a lot of this conversation happened in the last call as well, last quarter. I just wanted to dig into it a little bit more.

When I adjust for the expenses, your cost of goods for your Superloads business, and then look at your other expenses, even then they are increasing rapidly. Now I know we are investing in Superloads, setting up offices and teams, etc., etc.

When I look at it from a year-on-year perspective, it's almost a ₹18 to ₹19 crore expense which is higher on a quarterly basis. Can you help us understand where all of this extra expenses is coming from?

See, Parikshit, broadly if you look at it, there are two areas where this is coming from, other than like you said cost of Superloads. One would be manpower, the second would be in terms of let's say SIM cost for GPS, etc., right?

SIM cost for GPS, etc., you can broadly track from the direct costs that we report. From a manpower point of view, the expansion is across.

Even in the last quarter we gave you flavor around how we are expanding teams on the core businesses side as well, and obviously we are expanding teams on Superloads. There are no other significant increases other than manpower, the GPS-related direct costs, and the Superloads direct costs.

Right. The manpower that we are increasing, we're not putting in under employee costs, we're putting the incremental manpower under the other expenses.

Is that right?

There are different models that we operate in. The employees who are on our payroll are reflected in the employee cost.

The other models that we operate in might be off-roll, might be other models, all of those are reflected in the manpower cost in the other expenses.

Would majority of the ₹19 crores compared to last year, would majority of it be just the manpower cost then?

Yes, majority would be manpower cost, except for what is reflected in the increase in direct cost.

Correct. Then let me move on to the next part of my question is that we were in Bangalore and we were already doing pretty well.

From there we went to 4 cities, from there we've gone to 9 cities, and if I recall last quarter we said from 50 employees we're going to 250 employees, correct me if I'm wrong. It seems like we are investing, and of course, the team takes time to ramp up.

I'm just trying to understand that the growth from Superloads from previous quarter to this quarter probably is of maybe 5 ₹4, ₹5 crores additional. Are we struggling to ramp up in the other cities?

Is it breaking down from what we saw in Bangalore? Is there a problem in the scaling up of how we're deploying resources versus how the impact is actually happening?

Yeah. See, broadly, I mean your point is that there's a like sequential something like a 25% kind of a growth, right, broadly that's what you're trying to say, which is a ₹4, ₹5 crore kind of a growth number, right?

Obviously the question is that can it be faster? The answer is yes.

The question also is that something which really builds out very fast also comes down that fast. The type of growth is something which I think we are very clearly indexed on in terms of a high-quality growth.

Broadly, at this point in time, what we can share about Superloads is that the operating model, the the crux of the operating model continues to deliver and work well. The cities which basically have been launched later continue on the similar path as, the first city, which is Bangalore.

Day like like probably day after day, we are able to discover newer insights which are in the same direction as we speak today. Most of the operating metrics continue to improve, continue to compound well even in the Superloads business.

This is the visibility which we can provide at this point in time.

Got it. Just a quick follow-up, and maybe you can and maybe you cannot, how's Bangalore doing?

Is that also growing in line, or has that plateaued to some extent?

No, it's also growing in line.

All right. Great.

Thank you. Thank you, Rajesh.

Yes. Thank you.

Rajesh, just following up on the previous question, right? Bangalore is where we started first.

Can you give us some sense in terms of where we are in Bangalore in terms of scaling up either in the form of number of leads that we are converting on a daily basis or the overall revenues we are generating, how far we are from an ideal scale and an optimal scale? Optimal will of course capture the full potential of the TAM there, but ideal is somewhere where you would, like you've in the past talked about say 5% or 10% market share, somewhere around that.

If you can give some color around that, both on revenue side as well as on investment side, to just understand how much time it takes to ramp up, where we are in that, is it enough success that we have gotten there which could be then replicated to other cities?

Yeah. I think assuming that if we believe that we've really built out the playbook, the distance to that is let's say 100, right?

I believe in the city of Bangalore we are somewhere in the zone of 50 to 60, right? This number probably let's say a quarter back would have been at 40, 45, this number another quarter back would have been at 30, 35.

There is a continuous, consistent progress in even the first city because they continue to deepen, our cohorts continue to improve, more customers continue to open up, more customer segments continue to open up, repeat rates continue to get better, liquidity of the marketplace continues to improve, availability, which is very important, which is a network effects-driven phenomena where as marketplaces scale, it's very hard to beat them on availability, right? Because there are more trucks, there are more shippers wanting to use it.

If there are more shippers, then more trucks will come in. If there are more trucks, then more shippers will come in, right?

This whole virtuous cycle of the network effects, I think, in that dimension, it's continuing to compound well. Then similarly, as we mentioned, Hyderabad probably was a market which probably was launched a year or 6, 9 months later, is again on the similar path as Bangalore, probably it would be 6 months always away from Bangalore, so that has a much stronger takeoff in the beginning, right?

I would say that the playbook, if it is 100 where we can believe that we have significant scale in a market which is called as a good, significant business, not the ideal, but the optimal stage where we can assume that the business is really working, thumping the table, I think we are at 50%, 60% level at building that playbook. We're consistently improving, and newer markets are following through the path which the first market followed.

We are also getting multiple newer avenues to really accelerate this marketplace, which I think, leveraging technology, leveraging AI, we are able to do that. I think yeah.

I think there's a lot of momentum there.

On the cost or the investment phase side, are we largely done the amount of investment we had to, which are largely fixed in nature, at least in the Bangalore side?

Yeah. See the large fixed costs probably are done in terms of the top line, right?

Let's say top levels of people and resources, right? Then a whole context is that as you rightly said, right, there's an optimal scale also which you need to hit, right?

For that you need to keep investing. If we let's say assuming pause investing in Bangalore, right, for example, right, we will break even in few months.

Then that's not the objective. The objective is to create a working capacity for that particular number so that incremental profits can be way higher, right?

From a investment perspective, I would say good part is done, but not all.

Understood. Just one question on the tolling FASTag business.

On the take rate that we get on that, I'm not talking about the gold programs, but on the take rate, has there been an improvement there?

As in overall take rate from an MDR perspective you're talking about?

Yes. The 8

bps

or something.

Yeah. See, blended, because blended mix between partners, because one partner is at a higher take rate which we get, one partner we get a lower take rate, the mix definitely has changed, you may have seen some 1 bip or 2 bips kind of a change, which is not a material change, but yeah, you may have seen that.

Okay. There's no major improvement there.

No standard change, no major improvement, largely same.

Understood. All right.

Thank you so much. Maybe one question for Satya.

On the tax rate side, how should we model that going forward as well, and just want to understand, has there been any change given that we had carryforward losses, but of course, I think we are recognizing deferred taxes as well?

Yeah. Broadly, the current tax you should always model on as 25% of other income, right, broadly that should hold true.

The deferred tax you should model it as broadly about 25% of the EBITDA excluding the other income. That's broadly what should hold true.

Going forward, just if we have to build ETR, it still would remain around that 25% for the consol overall entity?

That's correct.

Okay. Understood.

Thank you.

Am I audible?

Yeah. Hi.

Congrats on great execution. Rajesh, my first question is on your comment that you made on if the playbook is 100 and we are 50, was it more to talk about the optimal stage of business where you can say that, yeah, the business has reached a particular scale, or was it to say that you have reached a potential of 50 versus the total 100 is optimal size of the business in some of the cities?

Sorry, both sound similar, whatever you said. Can you repeat again and help me understand the difference?

Yeah. One is a bare minimum size where you start calling out that your business has reached a particular scale at which you can start calling it out as a different segment individually in each cities.

The second comment was more to say that, okay, the maximum potential in this city is 100 and I have already reached 50, means that headroom to grow is to just double the size from here on.

No. It's actually neither of these definitions.

It's more like if we reach and hit that scale of 100, we know how to build this business fully, and after that it's only replication and expansion. That's what I meant.

At that 100, we will be under 5% of the market. Under 5% of actual under 2.5% of the overall market and of the TAM under 5%.

It would be big headroom to grow still after that.

Got it. Okay.

Secondly, are we still targeting mostly the transporters or there will be a stage at which we will be directly possibly contracting with the shippers as well and the scope of the business will expand substantially?

As we've articulated our marketplace strategy, right, the end shippers are two: one is SMEs, and other is basically corporates, right? Corporates are not equipped to work on a platform, a spot kind of a platform where they can decide on a daily basis the rates.

They will never, ever come to a spot platform. That also involves working capital and involves the whole relationship management, which is a little bit sticky and unscalable, right?

We don't believe in that business. SMEs, we have already started working, as we've always articulated.

There are various markets in which we are probably doing a good share of the business from SMEs. SMEs we are directly working, which is largely spot and cash-and-carry, and we will continue to work with transporters through which the enterprise demand will essentially get channelized.

That's how we will be working, and we will never go to the end shippers because that's not a market we would want to directly interact with.

Got it. Last question for Satya, if you look at your investments in the growth businesses, is it fair to say that a substantial scale-up has happened in FY26 so far and not so much in FY25, and therefore the incremental EBITDA margin that you see, whatever margin has come down compared to last year is largely due to the investments in growth?

If you were to exclude that, incremental margins probably would not have changed compared to what you already delivered in FY25?

The scale-up on the growth businesses significantly has happened in the current quarter. As Rajesh has articulated consistently, the operating leverage in the core business continues to be supremely high, right?

Whatever we used to deliver in the past, so that continues to be the case. Whatever dampening has happened on the EBITDA side from a operating leverage point of view is primarily or mostly driven by the investments in the growth businesses.

That's it.

Yeah.

All right. Thank you and all the very best.

Can you hear me?

Oh, fantastic. Sorry, my mic was on mute.

Rajesh, first of all, very good performance. I'm still not sure about the Superloads business.

What I see is a kind of a 21% QoQ growth, which includes vehicle finance also. Is this the trend that one can sort of forecast for the coming quarters?

Is this the pace that you are comfortable operating at? That is one part of my question.

Second is that what is the fixed cost currently, and assuming a kind of a certain roll out, what is the EBITDA margin potential? Suppose you are able to reach your ideal situation where you said the playbook is 100, suppose you're able to roll out all 100 products and offerings, what is the steady-state EBITDA margin potential of the Superloads business?

Yeah. See, first of all, the growth businesses are very dynamic in nature, ability to really give a guidance on what kind of a growth we can expect sequentially as we keep moving forward is a little hard.

As you rightly asked, it's a blend of both, and again, re-emphasizing, vehicle finance, we only, let's say, incorporate the commission revenue which we get from our partners, the loans are on partners' books, it's largely a commission-driven business for us. These businesses are in the nature where, if we want to take hard calls in some quarter to really do the right things for the long term, we will do that.

Hence they are in nature a bit dynamic, when these businesses are at a stage where we would be able to give some forward visibility, you guys will hear it from us. At this point in time, I would only articulate that these are new businesses and they are very dynamic in nature and it's very hard to project them out.

Question number two is I think in terms of the businesses we've built, and even what we're building, most of them operate at a very high contribution profit businesses. Even the Superloads business, from the net revenue downwards, typically has a very high contribution margin because the direct costs to the business are pretty low.

At the productivity levels which let's say, assuming we also operate this business with agents and people in our teams. As the business matures, if we take the matured cohorts today, right, they typically break even in 3 to 4 months of addition in our company as well already, right, number one.

Number two, the cohorts which are 6, 9 months old, they would already be delivering an EBITDA of 30%, 40%. This business can easily be modeled at the same EBITDA as our core businesses, and we believe the nature of that revenue at a net revenue level of the overall company by the addition of Superloads is largely going to be similar as you project out in a very, very long term.

That long term, you articulated that rolling out multiple products, actually there's no multiple products, it's only very simple service of getting a load from us. If the trucker is in the city and we're able to find him a load, he picks the load from us and we earn a commission, and that commission is our net revenue.

Then we'll probably be able to demonstrate that maybe 50% to 60% of that net revenue can flow into EBITDA on a long-term basis when the stability sort of comes in. Yeah.

That's broadly the color of

Thanks. I just had a small follow-up.

See, in the classifieds side, you make let's say 25 plus 12, roughly ₹37 per load that you find on the classifieds side. However, if one sort of benchmarks against what the unorganized brokers get per load, assuming a ₹50,000 kind of a trip, and these people make around 10% of that.

This is my understanding from hearing your calls in the past. They make roughly let's say ₹5,000.

Even if you go in at a little bit of a discount and you say, "I make ₹3,000," that's a very, very different kind of a revenue against a similar kind of a cost structure. Two questions I'm asking basically.

Firstly, is this 3,000, 4,000 per trip figure anywhere close to reality, that is one. Second, if it is close to reality, then your EBITDA margin should be much, much higher than what you've indicated.

Yeah. You're absolutely right in constructing the whole equation, right?

I'll just articulate the difference in both the businesses. In classifieds business, people figure out each other.

We manage the communication through only a like let's say we record the communication, but we don't have control on what price they are doing, what all how will they execute, the whole in-transit, the whole payment flow-through, and we are not accountable for even the trucker receiving the money effectively, right? That's classifieds, which is low touch, and we get a subscription revenue, it's not a per-load revenue.

It's a whatever you mentioned is more an implied revenue. Let's say if if a if a shipper is posting loads, we sell him a subscription package for a period of 6 months for ₹2,500, ₹3,000, and he gets access to, probably posting 200 loads or something like that, right?

That's the model in which the revenue gets accrued to us, point number one. Similar concept on the on the trucker side as well.

When you flip this into Superloads, right, think of it as when you are basically browsing, trying to buy products on Amazon and there are like products which are basically Fulfilled by Amazon versus basically third-party sellers, right? On which there's a Fulfilled by Amazon tick, we typically have that trust of converting that, "Hey, Amazon is doing all of this, my returns will be easier, everything will be easier."

Think of it as on the classifieds styles only, there is a BlackBuck Superloads style which the trucker knows that payments, end-to-end execution, everything will be done by BlackBuck, right? Now, to be able to execute this, we typically have built out the whole value prop which an offline broker does into various teams.

A broker in the market, which you rightly said earns ₹4,000 to ₹5,000 a transaction, does his own supply development, in our case that's comes from our platform. Second, he himself goes to the market, does his demand development, we have our own demand team in the market, right?

He himself does the whole payments flow, payments collections and everything, for that we have our own like payments and execution team which sort of does that. Internal to BlackBuck, we typically have an agent who basically, essentially coordinates the whole matchmaking process and is essentially the key account manager for both the shipper and for the trucker for the whole end-to-end transaction.

These are incremental and additional costs to the classifieds model which we incur, and that is the reason why the steady-state EBITDA number will not be 90%, 95%, but then essentially it will be in the range of that 50%, percent number because there is a cost to, executing all of these aspects.

Fair enough. Only one part you left out, Rajesh.

Is a 3,000 per trip a fair ask?

Yeah. In the longer lanes, whatever you quoted 50,000 is actually national average pan-India, that would be between 40 and 50k.

Today we operate largely regional lanes where the ARPUs are much smaller. Basically, we largely do the south-based lanes where we originate probably in Bangalore, end in Hyderabad, end in Chennai, end in Mumbai, end in Kerala, and end within Karnataka.

I think assuming this is the kind of network we have, obviously the lead distances are very small, right, today, and hence the revenue which you're projecting a 3,000 kind of a number from a pan-India basis is very highly likely possible. Yeah.

Got it, got it. In terms of going national, considering your sphere of influence is essentially southern areas, as you said, intra-state and intra-southern states, what is the likelihood of success in areas where you naturally do not dominate, let's say Northern India and Eastern India, Central India?

I think,

yeah. I think your question also had certain assumptions.

Your assumptions were that we are predominantly a southern-driven company. I think that's not true, because the supply on the platform is pretty much secular all across the country.

In fact, states like Rajasthan, we enjoy something like a 70% kind of a market share, and states like Andhra, which are still not fully explored by us, we enjoy 50 55%, 60% kind of a market share. Our market shares are anywhere in the range of 15%, 20% to as high as 70% from a long-haul big-capacity trucks.

The platform is really widely secular because the fleet management business is present everywhere across the country, in 80 85%, 90% of the pin codes, right? Our ability to execute is fundamentally decided by the platform we've built.

That platform is present everywhere, and we have very high market shares in multiple other cities. It's about unlocking this business, creating this whole, whatever I talked about, right, a particular hub is a composition of all these capabilities which we need to build in that hub.

We go there, we activate that market, build all these capabilities, we unlock that business. That's how the entire replication will happen.

As you roll out pan-India hubs and spokes and everything, wouldn't the lead distance also increase and wouldn't the average

It will increase. It will increase.

thank you.

Yeah. I think that's all from my side.

I'll just re-articulate that I think we're just consistently doing what we're doing from last 2 years, 3 years, and nothing is changing. We continue to be excited quarter after quarter because last quarter actually we had a lot of good revelations in terms of what we could do and how could we really recraft the journey ahead.

Continue to build. Thank you so much for attending the call, and look forward towards speaking to you guys next quarter.

Thank you.