Zinka Logistics Solutions Limited, operating as BlackBuck, is a leading digital platform designed for truck operators. The company provides a comprehensive suite of tools that enable the digital management of payments for tolling and fueling, monitor drivers and fleets through telematics, find loads on a marketplace, and access financing for used vehicle purchases. Founded in 2015, BlackBuck has established itself as India's largest trucking platform, pioneering the digitization of offline trucking operations. Its mission is to empower every fleet owner in India to manage and grow their business efficiently.
Zinka Logistics Solutions Ltd was incorporated in 2015, with its registered office located at Vaswani Presidio #.84/2 2nd Fr, Panathur Main Rd Kadubeesanaha, Bangalore, Karnataka, 560103. The company primarily operates within the Miscellaneous industry and trades on the Indian stock exchanges under the symbol BLACKBUCK on NSE and BSE code 544288.
Zinka Logistics Solutions Ltd offers a digital trucking platform encompassing services for payments, telematics, a loads marketplace, and vehicle financing. Initially, ZLSL adopted an asset-light FTL (Full Truck Load) model focused on long-haul trucking. Its current operations are structured as follows:
- Freight: Operates an asset-light model for long-haul FTL services, specializing in open-truck, standard-delivery, and inter-city freight.
- Truck Operator Services: Provides essential services to truck operators, including Fastags, fuel loyalty cards, and GPS tracking subscriptions. While initially supporting its freight segment, this has evolved into a holistic solution for fleet owners, covering fuel management to access to load boards.
BlackBuck's platform leverages data science and machine learning to efficiently match shippers with suitable truckers. Key features include:
- Digital Contracts: Truckers can accept jobs digitally, ensuring transparency in pricing and terms.
- Fuel and Toll Services: Offers fuel cards and toll solutions, providing truckers with discounts and streamlined operations.
BlackBuck generates revenue through several channels:
- Commissions: Charges truckers and shippers a commission ranging from 15% to 20% on the freight value.
Headquartered in Bengaluru, Karnataka, BlackBuck connects truckers and shippers, thereby simplifying logistics operations for businesses across India. The company operates in over 200 cities, addressing critical trucking challenges such as route optimization, pricing, and resource management. In the fiscal year 2024, a significant 963,345 truck operators in the country conducted their business through the platform, representing approximately 27.52% of all Indian truck operators.
The company's core businesses, including tolling and vehicle tracking solutions, which contribute the majority of its revenues, continued their growth momentum, delivering a Year-on-Year (YoY) growth of 47% in Q2 FY25. The average number of monthly transacting truck operators increased by 22.32% to 699,206 units during the quarter, compared to 571,606 units in the same quarter of the previous year.
- Q4 FY25 Results (March 2025):
- Net profit reported at ₹280.17 crore, a significant improvement from a net loss of ₹90.75 crore in the previous quarter ended March 2024.
- Sales increased by 30.67% to ₹121.81 crore from ₹93.22 crore in the previous quarter ended March 2024.
- FY25 Full Year Performance:
- Net loss for the full year stood at ₹8.66 crore, a substantial reduction from a net loss of ₹193.95 crore in the previous year ended March 2024.
- Sales rose by 43.72% to ₹426.73 crore from ₹296.92 crore in the previous year ended March 2024.
- Q3 FY25 Results (December 2024):
- Net Loss reported at ₹48.03 crore, compared to a net loss of ₹19.59 crore in the previous quarter ended December 2023.
- Sales increased by 40.94% to ₹113.98 crore from ₹80.87 crore in the previous quarter ended December 2023.
- Q2 FY25 Results (September 2024):
- Revenue from operations jumped 55.89% YoY to ₹98.77 crore.
- The company reported a Profit Before Exceptional Items and Tax (PBIT) of ₹12.49 crore, a notable recovery from a loss before exceptional items and tax of ₹39.69 crore in Q2 FY24.
- Market Capitalization: ₹7,821.59 Crores (as of June 26, 2025)
- Valuation Ratios:
- PE Ratio: 23.50 (as of June 26, 2025)
- PB Ratio: 6.32 (as of June 26, 2025)
- Earnings Per Share (EPS):
- ₹26.20 for the quarter ended March 2025.
- -₹10.52 for the financial year 2023-24.
- Share Price Performance (as of June 26, 2025):
- 52-Week High: ₹550.70
- 52-Week Low: ₹248.35
- Company Rebranding: Zinka Logistics Solutions' board approved a name change to Blackbuck.
- Q4 Earnings Impact: The company reported Q4 earnings that missed revenue estimates, leading Morgan Stanley to maintain its target price at ₹490.
- Employee Stock Options (ESOPs): Zinka Logistics Solutions allotted 1,91,833 equity shares under ESOP on March 12, 2025. This increased the issued, subscribed, and paid-up equity share capital from ₹17,72,14,834/- to ₹17,74,06,667/-.
- Regulatory Approvals: RBI granted a PPI (Prepaid Payment Instrument) license to TZF Logistics, enabling prepaid payment operations.
- Promoter Holding: Has decreased to 27.70% as of March 2025 from 27.84% as of November 2024.
- Institutional Investor Movements:
- Accel India IV reduced its stake by 1.32% through open market transactions, now holding 9.40%.
- Quickroutes International has completely exited its 9.01% stake.
- Despite these exits, Zinka remains supported by prominent investors and has experienced increased activity since its recent public listing.
- IPO Dates: Opened on November 13, 2024, and closed on November 18, 2024.
- Listing Date: Shares were listed on BSE and NSE on November 22, 2024.
- IPO Price Band: ₹273 per share.
- Funding: The company has raised $364 million across nine funding rounds from prominent investors including Tiger Global, Sequoia Capital, and Goldman Sachs.
- BUY Rating: 83.33% of analysts recommend a 'BUY' rating for Zinka Logistics Solutions Ltd.
- Average Target Price: ₹571.17, representing a potential upside of 31.58% compared to the current price of ₹434.1 (as per 6 analysts).
The company represents a significant player in India's digital logistics transformation, effectively leveraging technology to modernize the traditional trucking industry. It demonstrates strong revenue growth, despite intermittent profitability challenges, on its path toward sustainable operations.
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