Blackbuck Ltd Management Discussions

Economic Overview

Indian Economy1

India continues to strengthen its position among the worlds fastest-growing major economies. Real GDP is estimated to grow by 7.7% in FY26, compared with 7.1% in the previous year. Growth was driven by strong domestic demand, resilient private consumption across rural and urban markets, and monetary easing. Inflation moderated to 3.4%, enabling the RBI to reduce the policy repo rate by 125 basis points. This improved liquidity and supported economic activity.

Industrial activity remained resilient during the year, supported by robust domestic demand and sustained public capital expenditure. The Government budgeted H11.21 lakh crore towards capital expenditure, equivalent to 3.1% of GDP2, while H2.87 lakh crore was allocated to the Ministry of Road Transport and Highways. This investment is expected to strengthen infrastructure and improve connectivity. Indias accelerating digital economy also remained a key growth driver, with technology penetration deepening across smaller towns and the countrys most fragmented sectors.

Outlook3

India is expected to remain the fastest-growing major economy. Real GDP growth for FY 2027 is projected at 6.6%, supported by continued government capital expenditure and a recovery in private consumption. In the near term, volatility in global energy prices and supply disruptions in West Asia could exert inflationary pressure and temper growth, with CPI inflation for FY27 projected at 5.1%. Over the medium to long term, however, the outlook remains favourable - supported by robust domestic demand, deepening digital and physical infrastructure, and structural reforms that continue to improve the ease of doing business.

The Union Budget 2026-27 reinforces this infrastructure focus, raising capital expenditure to H12.2 lakh crore - a clear signal of the Governments continued commitment to infrastructure-led growth. Sustained investment of this scale is expected to accelerate development across key sectors, including roads, while strengthening connectivity and improving logistics efficiency. Structural initiatives such as the Infrastructure Risk Guarantee Fund should help lower financing costs and mitigate execution risks, and the development of City Economic Regions (CERs) is expected to promote balanced urbanisation and more broad-based regional growth.

Industry Overview

Indias Road Infrastructure

Infrastructure remains a critical driver of Indias economic growth and social development. India possesses the worlds second-largest road network, which includes a primary arterial system of National Highways extending across 146,572 kilometres.4 Road transport continues to dominate Indias mobility landscape, accounting for approximately 78% of passenger movement and 66% of freight transport.5

Digital transformation is improving sector efficiency, with electronic toll collection, real-time monitoring and AI-enabled predictive maintenance helping identify asset deterioration, anticipate maintenance requirements and improve the availability of roads and related infrastructure. Operational access-controlled highways and expressways have expanded to 3,052 km. Four-lane and above National Highways now extend to 48,568 km. These developments have strengthened connectivity across urban, rural and industrial regions.6

Toll collections increased to Rs. 82,342 crore, reflecting higher traffic volumes and continued infrastructure expansion. Growth was supported by the expansion of toll roads and wider adoption of digital tolling. FASTag transactions increased to approximately 47,817 lakh during FY26, compared with 41,638 lakh in FY25, reflecting continued adoption of digital tolling and improving efficiency in toll collection and traffic movement.7 Government support remained strong through higher allocations for National Highways, expressways and access-controlled corridors. Funding continues through public

1https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/BULLETINJUNE22062026C6FB415DA85745E485148DAD8F0A1912.PDF

2https://www.pib.gov.in/PressReleaseIframePage.aspxRsPRID=2098353 3https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/BULLETINJUNE22062026C6FB415DA85745E485148DAD8F0A1912.PDF 4https://morth.gov.in/backend/documents/uploaded/RTH%20Annual%20Report%20English.pdf

5https://www.niti.gov.in/sites/default/files/2026-02/Scenarios-Towards-Viksit-Bharat-and-Net-Zero-Sectoral-Insights-Transport.pdf 6https://www.pib.gov.in/PressReleasePage.aspxRsPRID=2298526r=48&lang=2 7https://ihmcl.co.in/etc-transaction-reports expenditure, toll revenues and asset monetisation. Continued investment in logistics infrastructure and last-mile connectivity is expected to strengthen the road network.

Indias truck market is valued at USD 25.6 billion in 2025. Growth is driven by government infrastructure investment and higher logistics spending. Digital logistics platforms and telematics are improving fleet efficiency across the value chain.

Large-scale investments in highways, expressways, logistics parks, industrial corridors and smart cities continue to strengthen connectivity. These investments reduce transportation bottlenecks and improve freight movement across industrial clusters, ports, warehouses and urban centres. Improved road infrastructure is expected to increase demand for light, medium and heavy-duty trucks across logistics applications.

11.86 Cr

FASTags Issued till December 20258

98%+

User Fee Collected through FASTag8

Outlook

Aligned with the Viksit Bharat vision, the Ministry of Road Transport and Highways aims to improve logistics efficiency on National Highways to global standards. The focus remains on safe, efficient and sustainable mobility, while promoting ease of living and ease of doing business. The transition to barrier-free tolling through ANPR-based systems integrated with FASTag is expected to improve traffic flow further and reduce congestion at toll plazas. Sustainability is gaining prominence through the use of alternative materials and environmentally responsible construction practices.

At the centre of this is the investments under the National Infrastructure Pipeline, involving projects across core sectors spanning transport, logistics, and digital connectivity. Supported further by the PM GatiShakti Plan, India is progressing towards unified, technology-driven planning that minimises delays and improves asset utilisation.

The Indian truck market is expected to maintain steady growth through FY 2034. Market size is projected to increase from USD 25.6 billion in FY 2025 to USD 47.8 billion by FY 2034, reflecting a CAGR of 7.16%. Growth is expected to be supported by infrastructure investment, manufacturing expansion, organised logistics and digital adoption.

Indian Logistics Industry9

Road freight remains the backbone of Indias logistics sector, accounting for 60-65% of the countrys freight movement. Despite improvements in logistics infrastructure and policy reforms, the trucking industry continues to remain highly fragmented, with a large proportion of operators owning fewer than five vehicles. Rising operating costs, working capital requirements and limited access to organised credit continue to accelerate the adoption of digital platforms and formal financial services. Government initiatives such as digital tolling, vehicle tracking through AIS-140 compliant devices, the National Logistics Policy and GST-led supply chain formalisation are further supporting the transition towards a more efficient and technology-enabled trucking ecosystem.

60-65%

Freight Transported by Trucks10

Digitalisation of Trucking11

The digitalisation of trucking is being driven by the growing adoption of telematics devices including GPS trackers, IoT sensors and connected-vehicle hardware that give fleet operators real-time visibility into location, movement and fuel. This data is enabling route optimisation, better asset utilisation and improved operational efficiency across the value chain. Regulatory mandates under Automotive Industry Standard 140 (AIS-140), which require Vehicle Location Tracking devices in public service and commercial vehicles, are further accelerating adoption. Together, these forces are formalising vehicle tracking as essential infrastructure and expanding the market for telematics and connected-mobility solutions.

Connected fleet technologies and logistics modernisation are expected to reshape the industry. Light and medium commercial vehicles are expected to benefit from expanding urban logistics and e-commerce demand.

Indias Truck Industry

Rapid Scaling of Digital Toll Infrastructure

National highway investments and mandatory electronic tolling expand the digital payments market. This shift accelerates toll transaction volumes and deepens platform engagement with fleet operators.

Compliance and Productivity-Driven Telematics Adoption

Regulatory mandates and rising fuel costs push fleet owners toward connected IoT ecosystem. Demand is rising for vehicle tracking and real-time fuel monitoring devices to optimize asset utilization and increase operational efficiency.

Structural Migration to Digital Freight Marketplaces

The freight industry is moving from fragmented broker networks toward trusted technology platforms. This transition significantly improves load discovery, reduces empty runs and increases realisations for truck owners.

Data-Driven Underwriting for Embedded Truck Financing

Formalized transport data opens massive opportunities for embedded financial services. Verifiable toll, fuel and vehicle tracking data allows platforms to underwrite commercial vehicle loans for underserved segments.

National Regulatory Push for Logistics Modernization

Regulatory mandates such as the e-way bill system continue to drive digitisation across logistics, turning technology platforms from a convenience into an operational necessity for transporters.

Outlook

Indias logistics industry is expected to maintain a strong growth trajectory, supported by sustained economic expansion, infrastructure development and increasing digital adoption. Continued investments in multimodal transport infrastructure, warehousing and supply chain modernisation, along with supportive government initiatives, are expected to improve freight efficiency, reduce logistics costs and strengthen connectivity across the country.

The increasing adoption of digital platforms, automation and data analytics is enhancing operational efficiency, shipment visibility and network scalability across the logistics value chain. In parallel, the proposed transition towards Multi-Lane Free Flow (MLFF) and GNSS-based tolling is expected to accelerate the digital transformation of road transportation by enabling barrier-free, distance-based toll collection. The implementation of these technologies is likely to reduce transit time, minimise fuel consumption and improve freight movement efficiency, supporting the development of a more integrated and technology-driven logistics ecosystem. Supported by rising domestic consumption, manufacturing growth and increasing formalisation of the sector, the Indian logistics industry is well positioned for sustained long-term growth.

Opportunities and Threats

Opportunities

Structural Growth in Consumption

Rising domestic demand, expanding manufacturing activity, and growing inter-state trade continue to drive higher freight volumes and long-haul logistics requirements.

Formalisation of Supply Chains

Shift towards organised logistics providers, creating opportunities for scalable platforms

Digitisation and Platform Adoption

Increasing use of digital freight platforms, telematics and data-driven logistics is improving efficiency and transparency

Infrastructure Development

Government investments in multimodal connectivity, corridors and logistics parks are reducing transit time and costs

Commercial Vehicle Financing

Increasing access to formal financing and digital lending solutions is supporting fleet expansion and technology adoption among commercial vehicle operators.

Growth in the Manufacturing Sector

Targeted initiatives in the Union Budget 2026-27 focus on investment incentives, innovation, and infrastructure to drive the sector as a growth engine for a $35 trillion economy by 2047. This accelerates industrial freight volumes and trucking demand.

Connected Fleet Adoption

AIS-140 compliant Vehicle Location Tracking Devices (VLTDs) are accelerating the adoption of GPS-enabled fleet tracking and connected mobility solutions.

Threats

High Fragmentation

The ecosystem remains dominated by small, largely cash-based operators owning fewer than five vehicles. Slow formalisation limits the pace at which digital platforms and formal financial services can penetrate the sector

Regulatory and Compliance Risks

Changes in policies related to transportation, tolling and warehousing are affecting operations

Freight-demand cyclicality

Freight is a derived demand tied to industrial output, consumption and agricultural cycles. A domestic slowdown, weak monsoon or global trade disruption would moderate transaction volumes across the logistics value chain.

Technology Adoption Gap

Uneven adoption of technology across players is leading to operational disparities

Global Economic Uncertainty

External shocks impacting trade flows, fuel prices and supply chain stability

Against this backdrop, BlackBuck operates Indias largest digital platform for truck operators. Its ecosystem spans payments including tolling and fueling , telematics, loads and sourcing of financing for commercial vehicles. Continued industry formalisation is expected to support long-term growth.

Company Overview

Since its establishment in 2015, BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited) has emerged as Indias largest digital platform for truck operators, with 1 million truck operators in the country transacting on the platform, which comprises 30% of Indias truck operators. Its offerings help fleet owners improve utilisation, reduce inefficiencies, and manage operations efficiently.

The Company changed its legal name from Zinka Logistics Solutions Limited to BlackBuck Limited in August 2025 to align its corporate identity with the BlackBuck brand. Its strategy focuses on developing customer-focused solutions through continuous innovation, delivered through a highly engaged digital platform and an extensive, cost-efficient distribution network with a strong on-ground presence. A stable base of recurring revenue and high customer retention support the Companys scalable, asset-light business model.

To clearly outline operational dynamics, the Companys multi-product platform can be split as below:

Core Businesses: Comprises high-frequency, recurring-use offerings such as tolling, vehicle tracking, fuel cards and related value-added services. With deep customer engagement and disciplined execution, these businesses deliver consistent margins and strong operating cash flows. Revenue from operations in the core businesses grew by 34% YoY to H525.46 crore in FY26, sustaining strong momentum that continues to extend the Companys market leadership. Combined with operating leverage, these businesses position BlackBuck to drive long-term transformation in Indias logistics sector by funding new growth initiatives.

Growth Businesses: Comprising SuperLoads, Vehicle Financing and Loads Classifieds represent strategic investments aimed at unlocking the next phase of transformation in Indias logistics sector. Revenue from operations in these businesses grew 266% YoY to H126.51 crore in FY26, reflecting rapid scale-up and strong early traction.

Core Strengths

Indias largest digital platform for truck operators.

Market leadership in a large, underpenetrated ecosystem

BlackBuck has established itself as Indias largest digital platforms for truck operators. Its expanding base of transacting users provides a strong foundation for scalable growth and monetisation.

Network effects driving engagement and monetisation

Rising adoption across multiple services has increased the base of power users (users adopting 2 services). This strengthens customer retention, enhances lifetime value and creates cross-selling opportunities.

Integrated multi-product platform

The platform offers integrated solutions across Payments, Telematics, Loads and Vehicle Financing. This enables deeper customer engagement and diversified revenue streams.

Proven innovation-led playbook

BlackBuck has consistently incubated, scaled and monetised new offerings by leveraging its platform and distribution network. This supports lower incremental customer acquisition costs and faster market adoption.

Extensive omnichannel distribution and servicing network

A network of over 10,000 touchpoints, complemented by digital channels, enables customer acquisition, servicing and trust-building across a fragmented and largely offline market.

Scalable, asset-light and high operating leverage

Technology-led recurring revenue and high contribution margins provide strong operating leverage. This supports profitability while enabling continued investment in growth.

Robust in-house technology platform and data capabilities

The Companys in-house technology platform integrates multiple stakeholders across the ecosystem. This enables real-time insights, improves fleet efficiency and supports continuous product development.

High customer engagement and platform stickiness

Strong user engagement, reflected in high daily app usage exceeding 40 minutes and increasing transaction intensity, indicates deep integration into customer workflows. This strengthens customer retention and platform stickiness.

Significant growth runway

Indias highly fragmented trucking industry, dominated by small fleet operators, offers substantial opportunities for digital adoption, productivity improvement and platform-led consolidation.

Operational Performance

The Company delivered a strong operational performance in FY26, driven by a growing base of transacting customers, higher multi-service adoption and continued momentum across its core and growth businesses. Increased scale translated into improving operating leverage and strong profitability during the year.

The BlackBuck app offers services across four key areas - Payments, Telematics, Loads and Vehicle Financing.

Payments

As the Companys largest business, the Payments platform offers integrated toll and fuel payment solutions that make everyday transactions simple and seamless for truck operators, while giving them greater transparency and control over transactions. It remained a key revenue contributor in FY26, with growth supported by favourable macro tailwinds in Indias logistics sector, strong product capabilities and an extensive distribution network.

29,095

Total Payments GTV (H Cr)

25,904

Tolling GTV (H Cr)

3,191

Fuel GTV (H Cr)

66.91

Total number of Tolling Transactions (H Cr)

Telematics

The Telematics business provides truck operators real-time visibility and control over their vehicles. Tracking location, movement, fuel consumption, driver behaviour etc., on one integrated platform Enables them to improve fleet utilisation and security. Growth during the year was supported by strengthening product capabilities, an extensive distribution network and regulatory requirements.

507,236

Average Monthly Active Devices

Loads

The loads business is a technology-enabled digital freight platform connecting shippers with truck operators. It streamlines load discovery for operators and access to capacity for shippers, reducing empty runs and improving vehicle utilisation across the network.

Loads Classifieds

The Loads Classifieds business is a subscription-based listing platform that enables digital discovery and matchmaking of loads. By allowing shippers to post freight requirements and truck operators to list and discover available loads, it deepens engagement on both sides of the marketplace and strengthens the network effects that underpin the broader loads business.

4.2

Digital Loads Posted during FY2025-26 (in Mn)

12,938

Average no. of Transacting Shippers

SuperLoads

BlackBuck SuperLoads connects shippers with a nationwide network of truck operators. In addition to enabling truck discovery and booking, it provides seamless and reliable experience to both the Shippers and the truck operators. During FY26, the business continued to scale its established Bengaluru and Hyderabad hubs, while expanding into 10 new cities by the end of FY26. The new markets are gaining traction by leveraging established customer relationships and the engaged supply base from existing markets. Subsequent to the year-end, the SuperLoads network expanded further to 14 cities.

Vehicle Financing

The vehicle financing business enables truck operators to purchase used commercial vehicles or raise finance against existing ones, extending formal credit to a largely underserved segment. The Company offers tailored financing solutions through an asset-light, partnership-led model, leveraging platform data for efficient customer qualification and reach.

6,896

Vehicles Financed during the Year

Revenue from Operations (consolidated)

(H in Million)

Particulars FY 2026 FY 2025 FY 2024

Commission income 2,141.61 1,679.58 1,272.46

Subscription and truck hiring income 3,138.34 1,641.63 1,178.89

Service fees 1,114.96 874.91 509.51

Interest income on loans given 109.92 53.38 7.78

Others 14.84 17.78 0.58

Revenue from continuing operations 6,519.67 4,267.28 2,969.22

Technology

The Companys in-house technology platform forms the foundation of its integrated digital ecosystem. It supports seamless execution across payments, telematics, loads and adjacent services. Built on a modular, service-oriented architecture, the platform leverages scalable microservices to support rapid product development, system reliability and efficient deployment.

The platform incorporates advanced data analytics to generate real-time insights, improve decision-making and deliver personalised user experiences. Its architecture is designed to support increasing transaction volumes while maintaining high uptime, low latency and consistent performance. The platform also delivers a responsive user experience in low-connectivity environments.

The Company prioritises data security and system resilience through secure architecture frameworks, continuous monitoring and risk management protocols.

Human Resources

The Company considers its employees central to its long-term success.

Employee benefit expense remained the Companys largest component of operating costs, reflecting continued investment in sales, product, engineering and operations talent. During the year, the Company ensured continuity in its leadership through managed senior-management transitions while maintaining leadership continuity.

The Company continues to invest in talent acquisition, capability development and employee engagement to support business growth. Its technology-led, omnichannel model requires a balanced workforce of domain specialists, technology professionals and field teams.

The Company promotes accountability, continuous learning and innovation through structured learning programmes, productivity initiatives and cross-functional exposure. These initiatives strengthen leadership capability and align individual performance with business objectives.

Key talent development and engagement initiatives include:

1. Structured Capability Development Programmes:

Training across technical, functional and behavioural areas strengthens role effectiveness and prepares employees for expanded responsibilities.

2. Digital Learning Ecosystem:

Access to curated e-learning platforms and internal knowledge resources supports continued learning across technology, operations, data analytics and leadership.

3. Leadership Development:

Focused programmes identify and develop high-potential talent through mentorship, cross-functional assignments and exposure to strategic projects, ensuring a strong leadership bench for future growth.

4. Performance-Driven Culture:

A robust performance management framework aligned with business objectives promotes accountability, meritocracy and continuous feedback, driving both individual and organisational performance.

5. Employee Engagement and Retention:

Focused initiatives aim to enhance employee experience, strengthenengagementandimproveretention,particularly in critical roles across technology and field operations.

Through these initiatives, the Company continues to build a resilient, skilled and future-ready workforce capable of supporting its long-term strategic objectives.

1,629

Permanent employees as of 31st March, 2026 (on consolidated basis)

Financial Performance

The following table highlights key components of the statement of Profit and Loss for the fiscal years ended March 31, 2026 (FY26) and March 31, 2025 (FY 2025)

Financial Performance

(H in Million)

Standalone Consolidated

Particulars FY 2026 FY 2025 FY 2026 FY 2025

Revenue from operations 6,409.77 4,219.39 6,519.67 4,267.28

EBITDA 1,685.71 909.36 1,667.56 932.15

Profit before exceptional items and tax from continuing operations 1,746.49 904.00 1,713.05 908.72

Profit/(Loss) before tax from continuing operations 1,708.19 (2,833.94) 1,674.75 (2,829.22)

Profit/(Loss) for the year 1,637.36 (90.26) 1,603.43 (86.55)

Basic EPS [from continuing operations] 8.97 (2.21) 8.79 (2.19)

Net worth 14,236.79 12,360.87 14,218.58 12,375.20

Key Financial Ratios

Standalone Consolidated

Particulars FY 2026 FY 2025 FY 2026 FY 2025

Trade Receivable Turnover Ratio (in times) 23.78 17.19 23.79 17.71

Interest Coverage Ratio (in times) Not Applicable Not Applicable 39.05 18.60

Current Ratio (in times) 3.04 5.66 3.33 5.45

Debt Equity Ratio (in times) - - 0.02 0.02

EBITDA Margin (in %) 26.30 21.55 25.58 21.84

PAT Margin (in %) 23.32 (1.97) 22.44 (1.87)

Return to Net Worth (in %) 11.50 (0.73) 11.28 (0.70)

Risk Management

Your Company recognises that the disciplined identification, assessment and management of risk is fundamental to protecting stakeholder value and to the sustainable execution of its strategy. The Risk Management Committee, constituted in accordance with Regulation 21 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, assists the Board in overseeing and reviewing the risk management framework. The Audit Committee reviews financial, compliance and internal-control risks, while the Board retains overall responsibility for the Companys risk appetite and for ensuring that material risks are appropriately mitigated.

Risk Description Rationale for Identifying the Risk Mitigation Approach

Revenue Diversification: Expand and diversify services beyond core offerings to reduce dependence on any single revenue stream

Economic Risk Exposure to macroeconomic cycles impacting freight demand, transaction volumes and customer spending Cross-selling Strategy: Implement a diversified engagement model that helps offset downturns in one category by maintaining activity in others

Financial Resilience: Maintain prudent liquidity management, disciplined cost control and financial planning to navigate economic cycles

The Companys growth strategy depends on successful execution of new initiatives, scaling operations and effective market adoption Phased Scale-up: Calibrated investments and phased expansion

Business Execution Platform Leverage: Leverage the existing platform and distribution network

Risk Performance Monitoring: Track operating metrics and customer adoption to support disciplined expansion

Differentiation Strategy: Focus on unique value propositions and innovative service offerings

Competition Increasing competition from technology platforms, financial service providers and logistics solution providers may impact customer acquisition, retention and pricing Multi-category Approach: Leverage cross-selling across business lines to strengthen the customer value proposition and deepen engagement

Risk Customer Retention: Enhance customer experience through an omnichannel service model and consistent service delivery

Market Intelligence: Maintain continuous competitive analysis and market positioning

Technology Architecture: Continue investing in scalable architecture and core technology capabilities to enhance platform reliability and reduce dependency on external technology providers

Technology and Platform Risk The Companys business relies on the availability, scalability and reliability of its technology platform to support a growing user base and transaction volumes Enhanced IT Infrastructure: Build redundancy in critical IT systems, including backup servers, cloud- based storage and failover mechanisms

Continuous Monitoring: Establish 24/7 monitoring of IT systems to detect anomalies in real-time

Incident Response: Maintain dedicated incident response team to mitigate potential disruptions and cybersecurity threats

Technology Partnerships: Diversify technology vendor base to reduce single-point-of-failure risks

Cybersecurity Framework: Implement comprehensive cybersecurity measures and protocols

Regular Security Audits: Perform periodic internal audits to assess data protection compliance

Cybersecurity and Data Privacy Risk Increased digitisation exposes the platform to potential data breaches and cyber threats Access Controls: Establish robust data access controls and user authentication systems

Incident Response Plan: Develop and maintain data breach response and recovery procedures

Compliance Monitoring: Stay updated with data protection regulations and ensure compliance

Capability Development: Invest in technical, functional and leadership development programmes to strengthen workforce capabilities

People and Talent Risk Ability to attract and retain skilled talent across technology, product and field operations remains critical for growth Talent Development: Invest in continuous skill development and career progression pathways

Competitive Compensation: Maintain market- competitive compensation and benefits packages

Knowledge Management: Document critical processes and create knowledge transfer mechanisms

Regulatory Compliance: Maintain strict adherence to RBI regulations and guidelines through regular compliance reviews

The company must ensure the implementation of effective risk management policies. Otherwise, it can hamper its long-term growth and expansion activities Diversified Partnerships: Reduce dependency on key partners by onboarding multiple strategic partners with improved commercial terms

Financial Risk Controls: Financial Strengthen internal financial controls and risk assessment mechanisms

Scenario Planning: Regularly assess potential impacts of regulatory changes and develop contingency plans

Capital Management: Maintain adequate capital reserves and secure alternate funding sources

Partner Due Diligence: Conduct thorough evaluation of financial partners and maintain backup options

Product Innovation: Continuously enhance product offerings to improve affordability and customer value

Customer Retention Risk Sustained growth depends on continued customer engagement, service adoption and long-term relationships in a competitive market Integrated Solutions: Drive customer stickiness through bundled service offerings across payments, telematics, loads and vehicle financing

Customer Engagement: Monitor adoption and renewal trends while strengthening after-sales support and customer experience

Business Outlook

BlackBuck Limited is well-positioned to sustain its growth momentum, driven by structural tailwinds in Indias logistics sector and increasing digital adoption among truck operators. The Companys core businesses are expected to benefit from strong customer engagement, higher multi-service adoption and operating leverage.

The Company continues to scale its Growth businesses, including SuperLoads and Vehicle Financing, through a disciplined and calibrated approach. Leveraging its integrated platform, extensive distribution network and customer relationships provide a strong foundation for expanding these businesses and strengthening its digital trucking ecosystem.

The ongoing conflict in West Asia may affect freight movement in the near term, which could moderate growth. Management expects the Companys long-term growth trajectory to remain unchanged.

Internal Control Systems and Their Adequacy

The Company has in place an adequate system of internal controls commensurate with the size, scale and complexity of its operations. These controls are designed to ensure that assets are safeguarded, transactions are authorised, recorded and reported correctly and that applicable statutes, accounting standards and Company policies are complied with. The control framework is supported by documented policies and procedures, automated financial controls, including platform-level reconciliation processes across the Companys banking relationships and periodic reviews by an independent internal audit function. The Audit Committee reviews internal audit findings and the adequacy of internal financial controls on a regular basis. The statutory auditors have, in their report, opined on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting.

Cautionary Statement

This document contains information about the Companys objectives, plans, estimates and expectations, which may be considered forward-looking statements under applicable laws and regulations. Forward-looking statements are based on assumptions and projections about future events and they are subject to inherent risks and uncertainties. The Company does not guarantee the validity or fulfilment of these assumptions and expectations. The actual outcomes may differ materially from the expectations indicated or implied in the statements owing to external circumstances outside the Companys control. The Company assumes no obligation to publicly amend, modify, or revise any forward-looking statements in light of subsequent developments.