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 outcome may differ materially from the expectations indicated or implied in the statement 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 later developments.
Economy
Indian Economic Review
Overview
The Indian economy demonstrated strong and resilient growth amid a volatile global economic landscape. With a GDP growth rate of 6.5% in FY 2025, India maintained its position as one of the fastest-growing economies in the world.1 Indias GDP is projected to grow by 6.5% in FY 2026, supported by a stable inflation outlook.2 Furthermore, India is expected to become the worlds third-largest economy by 2028, overtaking Japan and Germany.
This performance was significantly supported by various Government initiatives and policy interventions in the logistics such as:
Infrastructure Development: Initiatives like Bharatmala, Gati Shakti, and Dedicated Freight Corridors are creating an extensive and efficient transportation network. The Bharatmala program, launched in 2017, focuses on developing 34,800 km of National Highway corridors, linking over 580 districts. Gati Shakti prioritizes corridorbased infrastructure development to facilitate faster and more efficient transportation.
Digitization and Tech deployment: Innovations like FASTags, digital fuel cards and e-way bills, along with regulatory mandates, have optimized logistics workflows, enhancing efficiency. Emergence of companies optimizing demand and supply through digital infrastructure are witnessing increasing adoption because of the services offered
Regulatory Reforms: Government reforms promoting digital adoption have further transformed the logistics sector. Indias Logistics Performance Index score has improved from 3.07 to 3.4 between 2007 and 2023, indicating the sectors growth and efficiency. The Indian government has implemented AIS 140, requiring the compulsory installation of tracking devices in specific trucks. Adoption of these devices has led to optimized truck utilization.
Zinka Logistics Solutions Limited
Since its establishment in 2015, Zinka Logistics Solutions Limited (Zinka) has emerged as Indias largest digital platform for truck operators with over 1 million truck operators in the country transacting on the platform in Fiscal 2025, which comprises ~30% of Indias truck operators.
The Companys digital platform empowers Indias truck operators, helping them manage their business and grow their income. Using the platform, truck operators digitally manage payments for tolling and fueling, monitor drivers and fleets using telematics, find loads on the marketplace and get access to financing for the purchase of used vehicles. In addition, its large, omnichannel distribution network and multi-pronged approach help the Company to reach, onboard and serve a wide base of truck operators nationwide.
1
https://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/0BULT19032025F9CCA0AB1F7294130A950E2FD5448B5FC.PDF 2https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2120509Key strengths of the Company
Zinka is Indias largest digital platform for truck operators and holds a strong market position providing a solid foundation for future growth.
Over the years, the platform has seen strong network effects driving robust customer retention rates and higher monetisation on theplatform
The Company has built a repeatable playbook of creating and launching new offerings.
The Company has built a strong Omnichannel distribution network with robust sales and service strategy driving customer adoption
The Company has built a scalable and reliable in-house technology stack integrating with multiple stakeholders to provide accurate, reliable and real-time services.
Operational performance
Zinkas BlackBuck App currently offers four key services of payment, telematics, loads marketplace and vehicle financing services.
Payments
The payments platform provides solutions for toll and fuel payments, enabling truck operators to make these transactions efficiently.
Telematics
The telematics solutions offered to truck operators provide real-time visibility into fleet movements, route optimisation and enhanced fuel management, thereby increasing cost savings and improving efficiency.
Loads marketplace
The loads marketplace is Indias largest digital freight platform, with 3.1 million digital loads posted in Fiscal 2025
Vehicle Financing
Through vehicle financing, the Company helps the truck operators either purchase used commercial vehicles or secure financing on existing vehicles by providing a tailored financial solution.
Revenue from operations
( H in Million)
Fiscal Year (FY) |
|||
Particulars |
2025 | 2024 | 2023 |
Commission income | 1,645.38 | 1,272.46 | 880.64 |
Subscription fees | 1,641.63 | 1,178.89 | 742.75 |
Service fees | 910.01 | 511.91 | 132.79 |
Others* | 22.37 | 0.58 | 0.62 |
Revenue from continuing | 4219.39 | 2,963.84 | 1,756.80 |
operations |
*Others include interest income from loans given and revenues from other ancillary activities, which do not fall under any of the previous categories of revenue.
Indian Truck Industry
The Indian trucking industry is undergoing a significant transformation, driven by positive economic growth, infrastructure development and increased adoption of digitisation. Industry growth has been supported by rising transportation demand and a flourishing logistics sector. The Indian trucking industry space is highly competitive, with the presence of numerous key players resulting in continuous innovation, strategic partnerships, and extensive distribution networks. Additionally, the integration of technologies such as vehicle tracking and GPS has enabled better vehicle monitoring, thereby improving operational efficiency across the sector.
The Indian trucking industry is expected to grow consistently in the coming years, driven by infrastructure development and increased reliance on road transport.The continued integration of advanced telematics and connectivity solutions is also expected to benefit the sector in the years ahead.
Key Opportunities
Opportunities
Growth in consumption
The Indian trucking industry is expected to benefit from increased consumer consumption levels, which will, in turn, raise demand for goods transportation.
Infrastructure development
Aligned with the Viksit Bharat@2047 vision, the Indian Government has allocated INR11.21 lakh crore for the infrastructure sector, which will support growth in the domestic truck industry by expanding road networks.
Growth in the manufacturing sector
Indias manufacturing sector is projected to grow at a CAGR of 9.11% from 2025-2030. This is expected to drive truck demand by increasing vehicle production and the need for transportation of raw materials.3
Threats
The growth in the Indian truck industry may be hindered by the implementation of obsolete technology and increased vehicle maintenance costs. The integration of obsolete technologies leads to reduced operational efficiency, thereby undermining the competitiveness of the Indian trucking industry. Whereas the increased vehicle maintenance cost arising from overuse and depreciation of the trucks increases the vehicle maintenance cost, thereby making it difficult for transportation companies to remain profitable
Technology
The Companys in-house technology systems provide the necessary features and functionality to support operational efficiency. The Company ensures the integration of advanced, secure, reliable and efficient technologies across its operations. Its platform architecture is based on the principles of service-oriented architecture, comprising small, maintainable, and scalable building blocks that deliver high uptime and a light, fast user application.
Human Resource
The workforce plays an integral role in the Companys successful operations. In FY 2025, the total number of permanent employees stood at 1664, with an employee retention rate of 60%. The Company also focuses on promoting continuous learning and development among its employees, helping employees upskill and remain competent in a dynamic business landscape.
The Company is committed to fostering a culture of continuous learning and professional growth. To that end, it has implemented a range of initiatives aimed at upskilling and reskilling the workforce. Key initiatives include:
1. Structured Training Programs:
Regulartechnical,functional,andsoftskillstrainingsessions are organized across levels to support employees in their current roles and prepare them for future responsibilities.
2. E-Learning Platforms:
The Company has partnered with leading online learning platforms to provide employees with access to a wide array of courses covering industry-relevant topics, leadership development, compliance, and digital transformation.
3. Leadership Development:
Special programs have been designed to identify and groom high-potential employees for leadership roles. Theseincludementoringbyseniorleaders,cross-functional projects, and external executive education opportunities.
Financial Performance
Financial performance on standalone basis
Particulars |
FY 2025 | FY 2024 |
Revenue from Operation | 4,219.39 | 2,963.84 |
EBITDA | 1,265.47 | (1,395.47) |
Profit/ (Loss) before exceptional | 904.00 | (1,675.34) |
items and tax from continuing | ||
operations | ||
(Loss) before tax from continuing | (2,833.94) | (1,675.34) |
operations | ||
(Loss) for the year | (90.26) | (1,944.97) |
Net Worth | 12,360.87 | 3,102.31 |
FY 2025 | FY 2024 | |
Debtors Turnover (no. of days) | 17.19 | 9.50 |
Trade payables turnover ratio | 6.99 | 24.64 |
Interest Coverage Ratio (in times) | Nil | Nil |
Current Ratio (in times) | 5.66 | 1.48 |
Debt Equity Ratio (in times) | - | 0.54 |
EBITDA Margin (in %) | 27.66 | (44.24) |
PAT Margin (in %) | (1.97) | (61.67) |
Return to Net Worth (in %) | (0.01) | (0.59) |
Internal control systems and their adequacy
The Company has a robust internal control system in place to ensure the effective functioning of all departments. The system is well-suited to the nature of the business and the size of the Company. It successfully tracks numerous financial activities and confirms compliance with statutory laws and regulations, hence improving the Companys operating efficiencies. The internal audit results, as well as any subsequent remedial actions undertaken and implemented, are regularly presented to the Audit Committee of the Board of Directors.
By Order of the Board of Directors, | |
For Zinka Logistics Solutions Limited | |
(Formerly Known as Zinka Logistics Solutions Private Limited) | |
Sd/- | |
(Rajesh Kumar Naidu Yabaji) | |
Place: Bangalore | CMD & CEO |
Date: 27-05-2025 | DIN: 07096048 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.