Zinka Logistics Solutions Ltd (NSE: BLACKBUCK) Q3 2026 Earnings Call dated Feb. 05, 2026
Corporate Participants:
Rajesh Kumar Naidu Yabaji — Chairman, Managing Director and Chief Executive Officer
Analysts:
Unidentified Participant
Presentation:
operator
Good afternoon everyone. We’ll start the meeting in a bit. Foreign. Ladies and gentlemen, welcome to the Q3FY26 earnings conference call of Blackbuck Limited hosted by Radhi Capital. As a reminder, all attendees will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. If you have any questions, please feel free to press the raise hand button. We’ll call on you in turn and unmute your line so you can speak. You can also post your questions in the chat window and we’ll try to answer either during the call or get back to you on email. Important note, if you need to ask a question, please ensure Microsoft Teams has permission to access your microphone when you log in.
Otherwise you will not be able to unmute. Please note that this conference is being recorded. Kindly also note that the audio of the earnings call is a corporate material of Blackbuck Limited and cannot be copied, rebroadcasted or attributed in the PR media without specific and written consent of the company. Please note that anything said on this call that reflects the outlook towards the future, which can be construed as a forward looking statement, must be reviewed in conjunction with the risk that the company faces. A copy of the disclosure is available on the Investor Relations section of the website as well as on the stock exchanges.
To give you an in depth understanding of the company and answer all your queries we have from the management side today, Mr. Rajesh Kumar Naidu Yabaji, Chairman Managing Director and CEO and Mr. Satyakam G.N. chief Financial Officer. I now hand over the conference to Mr. Rajesh for his opening remarks. Thank you. And over to you sir.
Rajesh Kumar Naidu Yabaji — Chairman, Managing Director and Chief Executive Officer
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. And we’ll walk you through what has been the last quarter and we can discuss thereon. Yeah, so 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, part of about 32 crores last year.
Because of exceptional items. There’s no comparison so 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 metric 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 and a half percentage on a year on year basis. GT mean payments payments forms critical part of our revenue. So we keep reporting this. That’s roughly growth of about 23 and a half percent on a year on year basis. So headline, you know, being that, you know, as, as all of you are aware, we are investing, you know, very strongly in newer business verticals like super loads 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 are building.
As all of you are aware, Blackbird is essentially trying to recast the whole trucking ecosystem, how it works today. And 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’ll take in place what we are solving today 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. And we believe that if we can solve this, it makes us multiple steps closer to really recasting how trucking works in the country.
So, so as all of you know, we’ve shown this slide in probably all our earnings call 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 blackbook app that these customers transact. And for these customers, this is like as consumers, if we fire X or we use Safari as our browser, as the platforms where we use, where we put in max amount of time during the day for a trucker, it’s basically the Blackberg platform and our very unique distribution.
So as you know, in offerings, we’ve like varied offerings which we have enabled for our customer right from tolling to vehicle tracking to fuel payments to fuel sensor to fleet docs and many of these offerings. And we continue to research and continue to launch these our platform. Most of these transacting customers that we talked about are spending close to 45 minutes daily. That’s a powerful usage which continues to compound distribution. A very unique, 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.
So 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. And we are essentially virtually present everywhere. So through this strategy is how our revenue gets delivered. This is the strategy in which our teams are you know, broken up, broken out in inside the company. This has been the same strategy for the last five years. And we continue executing, you know, on these fronts as we speak, you know today. Now this strategy fructifying into execution is largely the key KPIs some, some of them have already spoken in the headline slide.
So if you can see monthly transaction truck operators growing on a year on year basis at about 13%. Largely the nine month numbers are synonymous to the quarterly growth numbers. I will highlight wherever there is specific call outs there. Gross transaction value of payments as I mentioned grew by about 23.5% on a year on year basis. Revenue from operations 51%. And 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%. And 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. Nine month number is very stark because roughly about the same timeline last year is when we started compounding on our profitability. So 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 nine month basis.
Giving a narrative on really what’s happening behind these numbers. As I spoke, revenue grew by 53%. Within that, the core businesses had a growth of very healthy growth of 31.5% on a year, on year basis. And as I was mentioning at the starting of the call that H2 is the positive season for the CV industry, that’s 11.5% growth on a sequential quarter basis. So the whole momentum of H2 has essentially picked up and underneath the core business foot, 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 an 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 continue 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 us with sales revenue, the incremental sales we have done in the last quarter are like almost highest ever in all the product categories, which was a very good milestone for us From a growth business perspective, which is again largely led by Super Loads 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 Super Loads. 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 four cities. Now we are live in totally nine cities. That’s on Super Loads. Vehicle finance, again aided by industry tailwinds, we were able to sequentially grow by 35% on the disbursals for our partners on the platform.
And that business continues on a healthy growth path. So that’s broad commentary on revenue getting into adjusted ebitda. Despite continuing to step up investments in newer businesses as we have spoken, we are aggressively pursuing expansion in Super Loads, which is Super Loads and Vehicle Finance are unprofitable categories for us today. So 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 and 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 new businesses and which will be the, you know, the businesses which will help us really realize our vision, you know, as quickly as possible.
So that’s the commentary on, you know, these numbers, these numbers reflecting in, you know, the accounting pnl 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 voiceover, have grown by 31% growth. Businesses roughly growing at about like 4x 3.7 to 4x on a year on year basis. On a net revenue basis, all these 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 you know, regular P and 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 and a half to 4 crores on the wages, labor code sort of regulations changing. So that’s the, and obviously highlighting the nine month adjusted EBITDA here again 64 crores last year versus this year 140 crores and EBITDA 53 versus 122. So that’s a strong growth on EBITDA continue to compound.
So that’s on the P and L perspective summarizing all this from a profitability angle. This is like a zoomed out view of the last two and a half, three years. So if you can see this quarter we’ve delivered our highest ever adjusted EBITDA despite very strong expansion in newer businesses and also investing back in core businesses. Because we’ve grown, 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 and super loads. Having said all of that done still we’ve delivered an adjusted EBITDA highest ever of 50 crores.
And if you reflect that on a nine month basis which is 140 crores FY25 you did close to 100 crores this number fast supersedes that to 140 and obviously like, you know, the last quarter we still have to get through. So that will be a good end to the financial year as well. So again, summarizing, again what I spoke in the overall narrative is that, you know, this consistent profitability continues largely based on the, you know, core businesses which are compounding and delivering and anchoring, you know, these results where the operating leverage continues to hold and continues to sort of, you know, help us deliver the profitability.
Summarizing similar slide which I used last quarter, thinking ahead largely remains same. I think, you know, I think it would not be, you know, 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 five years and we continue to execute on that strategy. So simply thinking ahead, core businesses, which is, you know, payments and telematics businesses and a lot of adjacencies which we continue to 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, you know, under the hood. So there, I don’t think, you know, as a company after going public, we’ve really pulled back. We’ve actually gone much. Once we were public, we probably tested, 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, thank you.
Questions and Answers:
operator
We’ll now open the call for questions. Kindly raise your hand to ask a question. We will unmute your line. And as a reminder, we request all participants to restrict themselves to two questions and come back in the queue. The first question is from the line of Mr. Sachin. This diction, Sachin Please go ahead.
Unidentified Participant
Yeah, hi. Congrats Rajesh, on the great set of results. I had a couple of questions. The first one was basically on payments gtv and so we have seen this number growing at roughly 35% y and fiscal year 25 and gradually now we are in roughly in the mid to early 20s range. In terms of this number, what do you think is let’s say two years out? Like where do we position on this P side because there is some market share gain happening on tolling, but it’s also happening in an industry which is growing only 10%.
So any views on how do you think this payment GTV should shape out?
Rajesh Kumar Naidu Yabaji
Yeah, I mean Sajan, as you’re aware, I again repeat that we typically would not give forward understanding of really how we look at it. But I think what you’re saying is absolutely right that because as you know that our market share are like market shares are pretty much, you know, closer to that 50% level range late 40s right as we speak today. And as you rightly said, the market right now is growing at probably between 9 to 10% and definitely we will compound much stronger on top of that. But this number which you just quoted, that the market is growing at 10% if you look at the last probably two years of data at every quarter level, sometimes this number has grown between 15 to 20%, sometimes the number has grown at 9, 10%.
So I think definitely we are indexed a bit to that. But we continue to gain market share in broadly the similar method as you know, as probably a few quarters back, I think that’s continuing to happen. And 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. So I think that’s what I would like to sort of articulate, you know, other than that. But, but yeah, but whatever points you facts you, you outline, you know, are.
Right. Yeah.
Unidentified Participant
Just to clarify that. Right. So and I know I’ve asked this question in your, I think probably the first earnings call as well. So do you think market shares for you can reach more than let’s say a 65% odd range or somewhere below that they will start to bloody out.
Rajesh Kumar Naidu Yabaji
See basically at a high level, obviously.
Unidentified Participant
Not as a guidance at a very high level.
Rajesh Kumar Naidu Yabaji
Yeah, I mean like that whatever number you just quoted is possible because we’ve been gaining market share continuously. But the point is the pace to reach there is hard to determine. It’ll all depend on basically how the whole industry models out and when our acquisition market share, let’s say assuming that whatever number you said, if our acquisition market share is that number, then we can see this number reaching, you know, reaching the market share number, reaching that number maybe in a two, three years timeline. So that’s how I think it will work. So 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.
Unidentified Participant
Right, Fair enough. That’s, that’s very detailed. Secondly, on the incremental EBITDA margin that we have been getting, right. So obviously we have seen very good incremental EBITDA margins this quarter while you have invested as you have highlighted in super lots, 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. So on this number, Karzling, you are already in nine 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.
Rajesh Kumar Naidu Yabaji
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 HU cost 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. So incremental EBITDA margins of the core businesses continue the same story as we’ve always delivered. Point number one. And this is essentially an independent business which has basically its losses, right? So the overall incremental EBITDA margin is actually a composite metric of these two factors playing out more.
If we see signs of very like let’s say, you know, a breakout signs in our super loads business and we really want to out invest, right. Then you’ll definitely see depression in the overall EBITDA and then the incremental EBITDA margin loses its concept itself because it’s basically two different businesses. So 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.
Unidentified Participant
So just to follow up question on that, are you seeing that breakout sort of phase in super loads yet or are you still figuring it out?
Rajesh Kumar Naidu Yabaji
I think we’re still figuring out we’re building a lot of product inside, you know and yeah, doing a lot of experimentation, doing a lot of like, you know, I think I would say groundwork at this moment and like, yeah, sure.
Unidentified Participant
Thank you and all the best.
operator
Thank you. The next question is from the line of Vishal Agarwal. Please go ahead.
Unidentified Participant
Hi, I want to ask two questions. Firstly, do you have any competition, the. Market listed or unlisted space who could be directly competing with you? Like in platform businesses you have Sugi and then you have Zomato, you have PayTM, you have PhonePe. So if you want to compare with Blackbuck, who will be next to you?
Rajesh Kumar Naidu Yabaji
Yeah. So as you know, as we’ve highlighted right, Blackbuck basically vision is unique and hence the whole execution is pretty unique. And the whole avatar of blackbook which you see today essentially is nothing but a, you know, iterative version of trying to get to the vision. And we’ve got in here which really looks like a payments company, intermediate telematics company with a loads company with a load or like a loan origination company.
It’s very like 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. So because of that literally at broad scale there is literally, you know, no competition from an overall end to end perspective. But 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, which do this because they have customers and they do this business for retail. So they also extend this towards, you know, commercial vehicles. Right? So definitely there are banks in the tolling business.
In telematics business there is a company, you know, there is a private company with which we compete with like you know, they do, they do, they do like 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 market share perspective, like low classifieds, we drive a large number of loads on the platform, let’s say where there is literally not much kind of profitable competition. So if you look at it from this lens, each of these verticals may have some competition.
And in the recent past there is one public company which wants to try replicating something what we are doing but I think we’ve still not seen, you know, much execution yet going on. And there is, 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, you know, 2%, 3% kind of a share also is not there yet. So just to clarify, the public company would be delivery? Yeah, I mean like no comments but yeah, no comments on that point.
I said, I didn’t say yes. Okay. And second question is what’s your target for super loads in terms of the coverage area, number of cities? Like you now gone to nine cities so we’ll take it to 30, 100 or what’s the potential? How many cities can you cover? See last earnings call we’d given the visibility we were live in four. We decided to open 10 which will make it to 14. And we gave a visibility that by, you know, by end of second, by the, 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 will be predicated on how well the business is performing and in terms of ability to, you know, really scalably build this business with the right economics, I think that’s going to predicate the growth of this business which we today like, let’s say, you know, don’t have much visibility on. Okay, thank you and all the best.
operator
Thank you. The next question is from the line of Anil Serene. Anil, please go ahead with your question. Anil, We’ll take the next question from the line of Parikshit Kabra Parikshit, please go ahead.
Unidentified Participant
Hi. Am I audible? Yes, yes, thank you. Thank you for the opportunity and congratulations on another set of good numbers. I think I’m going to get into the other expenses and I think a lot of this conversation happened in the last fall as well last quarter. But I just wanted to dig into it a little bit more. When I adjust for the expenses, your cost of goods for your super loads business and then look at your other expenses even then they’re increasing rapidly now I know we are investing in super load, setting up offices and teams etc etc but when I look at it from a year on year perspective it’s almost 18 to 19 crore expense which is higher on a quarterly basis.
Can you help us understand where all of this extra expenses are coming from?
Rajesh Kumar Naidu Yabaji
Parishit Broadly, if you look at it. There are two areas where this is coming from other than like you said, cost of super loads. One would be manpower. The second would be in terms of, let’s say sim cost for GPS etc. Right. So 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 business side as well. And obviously we are expanding teams on super loads. There are no other significant increases other than manpower, the GPS related direct costs and the super loads direct costs.
Unidentified Participant
Right. So the manpower that we are increasing, we are not putting it under employee cost, we are putting the incremental manpower under the other expenses. Is that right?
Rajesh Kumar Naidu Yabaji
So there are different models that we operate in. Who the employees who are on our payroll are reflected in the employee cost. The other models that we operate in might be off road, might be other models. All of those are reflected in the manpower cost in the other expenses.
Unidentified Participant
Majority of the 19 crores compared to last year, would majority of it be just the manpower cost?
Rajesh Kumar Naidu Yabaji
Yes, majority would be manpower cost except for what is reflected in the increase in direct costs.
Unidentified Participant
Correct. So then let me move on to the next part of my question is that, you know, we have invested. We were in Bangalore and we were already doing pretty well from there. We went to four cities. From there we’ve gone to nine cities. And if I recall last quarter we said from 50 employees we are going to 250 employees. Correct me if I’m wrong. So it seems like we are investing and of course, you know, the team takes time to ramp up. But I’m just trying to understand that the growth from super loads from previous quarter this quarter probably is of, you know, maybe 4 or 5 crores additional.
Are we, 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, you know, how we are deploying resources versus how the impact is actually happening?
Rajesh Kumar Naidu Yabaji
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. So obviously the question is that can it be faster? The answer is yes. But the question also is that something which really builds out very fast also comes down that fast. So the type of growth is something which I think we very clearly indexed on in terms of high quality growth. Broadly at this point in time, what we can share about superloads is that the operating model, 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 you know, the first city, which is Bangalore, and probably day after day we are able to discover newer insights which are in the same direction as we speak today. So 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.
Unidentified Participant
And just a quick follow up and maybe you can. I mean, we cannot. How’s Bangalore doing? Is that also going in line or has that plateaued to some extent?
Rajesh Kumar Naidu Yabaji
No, it’s also growing in line.
Unidentified Participant
All right, great. Thank you. Thank you.
operator
Thank you. The next question is from the line of Rishi Junjanwala. Rishi, please go ahead.
Unidentified Participant
Yes, thank you, Rajesh. So just following up on the previous question. Right. So Bangalore is where we started first. Can you give us some sense in terms of where we are, you know, in, in Bangalore, in terms of, you know, 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, you know, an ideal scale and an optimal scale and you know, I mean of optimal will of course capture the full potential of the TAM there. But ideally somewhere where you would, you know, like you’ve been in the past talked about, say 5% or 10% market share.
So somewhere around that, if you can get, give some color around that, both on revenue side as well as on investment side to just understand, you know, 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?
Rajesh Kumar Naidu Yabaji
Yeah. So I think assuming that if we believe that, you know, 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. And this number probably, let’s say a quarterback would have been at 40, 45. This number, another quarterback would have been at 30, 35. So there is a continuous consistent progress in even the first city because they continue to deepen our cards, continue to improve. More customers, more customers continue to open up. More customer segments continue to open up.
Repeat rates continue to get better, ability to like liquidity of the marketplace, continues to improve availability, which is very important, which is a network effects driven phenomena. Where you know, as marketplaces scale, like it’s very hard to beat them on, you know, availability. Right. Because there are more trucks, you know, there are more, more, you know, shippers wanting to use it. Like 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, you know, in that dimension, it’s continuing to compound.
Well, so if, and then similarly, as as we mentioned, Hyderabad probably was a market which probably was launched like you know, a year or six, nine months later is again on the similar path as Bangalore. Like probably it would be like six months always away from Bangalore. So that has a much stronger takeoff in the beginning. Right. So. So 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 very 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 and we are consistently improving. And newer markets are following through the path which the first market followed. And 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 there’s a lot of momentum there.
Unidentified Participant
And on the cost or the investment phase side, are we kind of largely done the amount of investment we had to which are largely fixed in nature, at least in the Bangalore side.
Rajesh Kumar Naidu Yabaji
Yeah. See, the large fixed costs probably are done in terms of the top line. Right. Let the top levels of people and resources. But then the whole context is that because as you rightly said, there’s an optimal scale also which you need to hit. So for that you need to keep investing. If we, let’s say assuming pause investing in Bangalore, for example, we will break even in few months. But then that’s not the objective. The objective is to create a, you know, create a working capacity for that particular number so that like incremental profits can be way higher.
Right. So from a investment perspective, I would say good part is done, but not all understood.
Unidentified Participant
And just one question. On the tolling fast tag business, on the take rate that we get, you know, on that I’m not talking about the, the gold programs, but on the take rate, has there been an improvement there?
Rajesh Kumar Naidu Yabaji
As in overall take rate from an MDR perspective, you’re talking about. Yes, the eight blended bibs or something. 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. So you may have seen some one bib or two bibs kind of a change, which is not a material change. But yeah, you may have seen that.
Unidentified Participant
Okay, but there’s no, no major improvement there.
Rajesh Kumar Naidu Yabaji
No standard change. No major improvement. Largely same.
Unidentified Participant
Understood. All right, thank you so much. And maybe one question for Satya. So this. So you know, on the tax rate side, I mean, how should we model that going forward as well? And just want to understand, you know, has there been any change given that we had carry forward losses? But of course, I think we are, you know, recognizing deferred taxes as well.
Rajesh Kumar Naidu Yabaji
Yeah. So broadly, the current tax you should always model on as 25% of other income. Right, Broadly that should hold through. And the deferred tax you should model it as broadly about 25% of the EBITDA, excluding the other income. That’s broadly how. What it should hold to.
Unidentified Participant
So, so going forward, just if I. We have to build ETR, we it still would remain around the 25 for the console overall entity.
Rajesh Kumar Naidu Yabaji
That’s correct.
Unidentified Participant
Okay, understood. Thank you.
operator
Thank you. The next question is from Moesh Chandani. Moish, please go ahead. Please unmute yourself and go ahead. The next question is from Gaurav. Gaurav, please go ahead. Gaurav rataria.
Unidentified Participant
Am I audible?
operator
Yes, please go ahead.
Unidentified Participant
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 these cities. Sorry, both sound similar. No, whatever you said. Can you repeat again and help me understand the difference?
Rajesh Kumar Naidu Yabaji
So 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 these cities. And the second comment was more to say that, okay, the maximum potential in the city is 100 and I have already reached 50 means that headroom to grow is to just double the size from here. No, no, 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 like after that it’s only replication and expansion. So that’s what I meant. And at that hundred, we will be under 5% of the market. Sorry, under 5% of. Under. Under 2 1/2% of the overall market and of the TAM, under 5%. So it would be like big headroom to grow still after that.
Unidentified Participant
Okay, okay, got it. Okay. And secondly, are we still targeting mostly the transporters or. There will be a stage at which, you know, we will be directly, possibly contracting with the shippers as well, and the scope of the business will expand substantially.
Rajesh Kumar Naidu Yabaji
As, as we’ve articulated, like, you know, the, 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 like, you know, where they can decide on a daily basis the rates, they will never, ever come to a spot platform. And that also involves working capital and involves the old relationship management, which is a little bit sticky and unscalable. Right. So we don’t believe in that business SMBs. We’ve 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 SMBs. So SMBs, 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. So that’s how we will be working. And we will never go to the end shippers, because that’s not a market, you know, we would want to directly interact with.
Unidentified Participant
Got it. Last question for Sathya. 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. And if you were to exclude that, you know, incremental margins would probably would not have changed compared to what you already delivered in FY25.
Rajesh Kumar Naidu Yabaji
Yeah. So the scale up on. On the growth businesses significantly has happened in the current quarter. So, you know, as Rajesh has articulated consistently, the operating leverage in the core business continues to be supremely high. Right. So I mean, whatever we used to deliver in the past, so that continues to be the case. So, yeah, 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.
Unidentified Participant
Thank you and all the very best.
operator
Thank You. The next question is from Ankush Agarwal. Ankush, please go ahead. Unmute yourself and go ahead. Ankush. The next question is from. From Serene. Anil. Serene, can you please go ahead. Immediately closing to marks. Due to time.
Unidentified Participant
Can you hear me?
operator
Yes, yes, please go ahead.
Unidentified Participant
Oh fantastic. Sorry, my mic was on mute. So Rajesh, first of all, very good performance. I’m still not sure about the super loads business. What I see is a kind of a 21% QoQ growth which includes vehicle finance also. So is this the trend that one can sort of forecast for the coming quarters? I mean 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, you know, rollout what is the EBITDA margin potential? Suppose you, you are able to reach your ideal situation where you said the playbook is 100.
Suppose you’re able to roll out all hundred products and you know, offerings. What is the steady state EBITDA margin potential of the super loads business?
Rajesh Kumar Naidu Yabaji
Yeah, see the, the first question in terms of like, first of all like the, the growth businesses are very dynamic in nature. So ability to really you know, give a guidance on what kind of a growth we can expect sequentially as we keep moving forward is a little hard. But as you, you know, rightly asked, it’s a blend of you know, both and again re emphasizing vehicle finance. Like we only like, let’s say, you know, incorporate the commission revenue which we get from our partners. The loans are on partners, you know, books. So it’s largely a commission driven business for us.
And these businesses are in the nature where we would want to take, if we want to take hard calls in some quarter to really do the right things for the long term, we will do that. So hence they are in nature a bit dynamic. So I would, you know, like let’s, we would when these businesses are at a stage where we would be able to give some forward visibility, you know, you guys will hear it from us at this point in time. I would only, you know, articulate that these are new businesses and they are very dynamic in nature and you know, 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 and at the productivity levels, which let’s say so assuming we also operate this business with agents and people in our teams. So as the business matures, if we take the matured cohorts today, they typically break even in like three to four months of addition in our company as well.
Already. Right. Number one. And number two, the cohorts which are like six, nine months old, they would already be delivering an ebitda of like 30, 40%. So this business can easily be modeled at the same EBITDA as our core businesses. And we believe the nature of the business, nature of the revenue at a net revenue level of the overall company by the addition of super loads is largely going to be similar as you project out in a very, very long term. And that long term you articulated that rolling out multiple products. Actually there’s, there are no multiple products.
It’s only very simple service of, you know, getting a load from us. If the trucker is in the city and we’re able to find him a load, we, he picks the load from us, then we earn a commission and that commission is our net revenue. And then, you know, it’s, we will probably, you know, 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, you know, when the stability sort of comes in. Yeah, so that’s broadly the color of.
Unidentified Participant
Thanks. I just had a small follow up. See in the classified side you make like let’s say 25 plus 12, roughly 37 rupees per load that you find on the classified side. However, if one sort of benchmarks against what the unorganized brokers get per load, assuming a 50,000 rupee kind of a trip, and these people make around 10% of that, this is my understanding from hearing your calls in the past. So they make roughly, let’s say 5000 rupees. Even if you go in at a little bit of a discount and you say I make 3000 rupees, that’s a very, very different kind of a revenue against a similar kind of a cost structure.
So two questions I’m asking basically if you were to reach. I mean, firstly, is this 3,000, 4,000 per trip figure anywhere close to reality? That is one. And second, if it is close to reality, then your EBITDA margin should be much, much higher than what you have indicated.
Rajesh Kumar Naidu Yabaji
Yeah. So 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 like let’s say we record the communication but we don’t have control on what price they are doing what all or 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? So that’s classifieds, which is low touch and we get a subscription revenue. It’s not a per load revenue, so it’s a.
Whatever you mentioned is more implied revenue. So let’s say if a shipper is posting loads, we sell him a subscription package for a period of six months for 25003000 rupees and he gets access to, you know, probably posting 200 loads or something like that, right? So that’s the model in which the revenue gets accrued to us. Point number one. And similar concept on the trucker side as well. When you flip this into super loads, right? Think of it as when you are basically browsing, you know, trying to buy products on Amazon and there are like products which are basically fulfilled by Amazon versus basically third party sellers, right? So on which there’s a fulfilled Amazon tick, we typically have that trust of converting that hey, the Amazon is doing all of this.
My returns will be easier, everything will be easier. So think of it as on the classified styles only there is a black box super load style which the trucker knows that payments end to end execution. Everything we learned by Blackbuck right now to be able to execute this, we typically have built out the whole value prop which offline broker does into various teams. A broker in the market which you rightly said earns 4,000 to 5,000 rupees a transaction, does his own supply development. In our case that 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 payments and execution team which sort of does that. And 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. So 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 1995 but then essentially it’ll be in the range of that 50% number because there is a cost to executing all of these aspects.
Unidentified Participant
Fair enough. Only one part you left Out Rajesh is a 3,000 per trip a fair ask.
Rajesh Kumar Naidu Yabaji
Yeah, so. So in the longer lanes, so whatever you quoted, 50,000 is actually national average. Japan, India, that would be between 40 and 50k. Today we operate largely regional lanes where the, you know, 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 within Karnataka. I think assuming this is the kind of network we have, so obviously the lead distances are very small. Right. Today and hence the revenue which you’re projecting, a 3000 kind of a number from a pan India basis is very highly likely possible.
Yeah, got it, got it.
Unidentified Participant
And in terms of going national, considering your sphere of influence is essentially southern areas, as you said, intrastate and intra southern states, what is the likelihood of success in areas where you naturally do not dominate? Let’s say northern India and, and eastern India, central India.
Rajesh Kumar Naidu Yabaji
Yeah, I think, 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 our supply, our platform, 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 like so, so and like states like Andhra, which are still not like fully flowed by us, we enjoy 50, 55, 60 kind of a market share. So our market shares are anywhere in the range of 15, 20% to as high as 70% from a long haul big capacity trucks.
So the platform is really widely secular because the fleet management business is present everywhere across the country in like 80, 85%, 90% of the pin codes. Right. So 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. 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.
Unidentified Participant
So, so as you roll out pan India hubs and spokes and everything, won’t the lead distance also increase and won’t the average.
Rajesh Kumar Naidu Yabaji
It will increase.
Unidentified Participant
We have. Yeah. Thank you.
operator
Thank you. The next, next question is from. We’ll take the last question for the day from Moishe Chandani. Moise, please go ahead. Moish, please unmute yourself. That was the last question for the day. I now hand over the conference to Mr. Rajesh for his closing comments. Thank you. And over to you.
Rajesh Kumar Naidu Yabaji
Yeah, I think that’s all from my side. I’ll just rearticulate that. I think we’re just consistently doing what we’re doing from last two years, three years, and nothing is changing. And 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 and continue to build. Thank you so much for attending the call and look forward towards speaking to you guys next quarter. Thank you.
operator
Thank you once again for your time and participation. On behalf of Blackbuck Limited, this concludes today’s conference. For any questions, please feel free to write to us on the email IDs mentioned on the invite. We appreciate your engagement, and you may now disconnect your lines.