Interim report
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Ref: BLACKBUCK/CORP/2025-26/146 February 05, 2026 To National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 To BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001 Scrip Code: 544288, Scrip Symbol: BLACKBUCK, Series – EQ ISIN- INE0UIZ01018 Dear Sir/Madam, Sub: Outcome of the Board Meeting held on Thursday, February 05, 2026 Dear Sir/ Madam, Pursuant to the Regulation 33 and other applicable provisions of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), it is hereby informed that the Board of Directors of BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) (“the Board” and “the Company”, respectively) at its meeting held today i.e. Thursday, February 05, 2026, inter alia, has considered and approved: 1. Un-audited financial results (Standalone and Consolidated) for the quarter ended December 31, 2025 (“Financial Results”) along with the Limited Review Report issued by M/s B S R & Co. LLP, Chartered Accountants, Statutory Auditors is enclosed. The Meeting of the Board commenced at 01:00 PM (IST) and concluded at 01:45 PM (IST). The above intimation will also be hosted on the website of the Company i.e., www.blackbuck.com. Kindly take the above information on record. Thanking you Yours Sincerely, For BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) _____________________ Barun Pandey Company Secretary and Compliance Officer Membership No: A39508 BLACK BUCK $' +91 80461 2280 0 ~ cs@bl ockbuc k.com 1!!11 blockbuck.com ~ BlockBuck Limited (Form er ly known os Z ink a logi s tics Solution s limit ed) Regist ered office address: Vaswan i Presidio, No. 84/2, II Floor, Panathur Main Road, Off Outer Ring Road, Banga lore - 5601 03, Karnataka, Indio C/N: l 63030 KA201 5PlC07 9894
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Dl11cklluck Llmlled (Formerly known II Zlnka Loi;:1Jtlc1 Solutlon1 Ltmltctl, Zink ■ l,oglsllc1 Scilutlon1 Prh-' ■ lc Limited) CIN: UiJ0J0KA2015PLC079R94 Rq!\1tercd ■ ntl Corpontle omce: Va.wnnl Prc1ltllo No. H4l2, 2nd Floor, Panathur Main Ro:ul, OrrOulcr Rin1,1 Road, Bcni;?aluru, K11m11t11kn - 560103 S!alemenl or un ■ udll etl 1hrndalooe fln11ncl1l rc1ull1 fur lhe 11u1rler and nine mnnlh1 ended December JI, 2025 (All •mounh In R1. Mllllon, unleu olhcn,l1c 11i11ed) Par1lculu1 ort e<1u11.rtcrcnllcll furthequ11r1cren1c1 Port c11u11rtcrcnllc1 fort cnlncmonl 1cni.ltll ForTiienncmonlh1entcll orl c ycarcnllcll DcccmherJI, 2025 ScplcmhcrJ0 , 202!1. DccemhcrJl,2024 DcccmherJl,2025 DcccmbcrJl,2024 Marth JI , 2025 n.Jnaudltcd\ tUnaudllc11' tUn:.iutlllctl\ tUn:.iudltcdl mnaudllcdl Audllcd\ Con!lnulne 01Jet11llon1 Income RCVL"TlUC from oncrntions l ,6R7.13 1,4R6.6R 1,125.10 4.5R4.23 3,015.88 4,219.39 Other income 166.01 161.62 H9.12 4R7.54 203.23 355.22 Other ~aim (net) O.QJ 2.19 0.39 1.98 0.119 Tol ■ llncomc 1 HSJ.14 16-tfl.33 1216AI 5 072.16 J 221.09 4 575.!i0 II Exncn1c1 Emnlovcc benefits cxtx.-n~c 396.60 405.37 352.16 1.155.70 1.136.38 1.464.01 Finance co~ts 7.33 5.25 8.94 18.11 20.9] 22.97 Dcnn:\!in\ion nntl 11mortisntion cxocnsc 135.20 123.30 76.12 351.36 217.04 J3R .SO Olherexpcnsc s 841.73 710.05 482 .36 2,199.22 1,165.61 1,846.02 Totalupenie1 I 3H0.fl6 I 243,97 919.58 3 724.39 2 739.96 J 671.50 Ill Prnnt hero~ uceptlonal llemJ and In from conlinulng 472.28 -I0.U6 29ti.83 1,347.77 4fll.13 904.00 operallons [I-II] IV E1eeptlonal llems • [moncl of new lohoUT codes (refer nute 3) (38.30) (38.30) • IPO rd11lcd c:-."(}Cnses (R4.SJ) (84.53) {92.36) - Shore b1m.-d NIYTIH."Tll CXPCnscs (694.41) (3,901.81) (3,901.111) - Goin on scltlcmenl offinnneial linbilil\' 256.23 256.23 Tolaluceptlonalllcm1 J!i.J0 7711_9.,i\ /JR.JO /3710.11\ 3 737.94 V Pn1nu {L(1n) llcforc 1n rrom continuing optn1llon1 4JJ,9fl .rn-1.J6 (4112.11) 1,309.47 (J,24H.9fl) (2,HJJ,94) flll+rVl VI Income tax cxr,cnsd (crcdil) -Cwr cn1 tax 40.14 38.69 116.79 27.03 • Deferred lox 68.95 59.90 212.65 (2,474.47) Tohal In npcnsc/ (credit) 109.09 98.59 329.-1-1 (2447.44 VII Profit/ (Lou) for the pcrloll/ year frum conllnuln1: 324,119 J05.77 (482.11) 9fl0.03 (3,248.98) (386,50) opcnillon1JV-VIJ VIII Dl1canltnucd 011cnitlon1 Profit from tfaconlinucd Ont.'T111ions before UiX 352.10 296.24 Prnfll from dllconllnued oprr■ lltm1 352.10 296.24 IX Profit/ (Lou) for lhc period/ ycu [Vll+VIII] 324.H9 305.77 '4H2.ll\ 9H0.03 /2896.Bfll (90.26 X Othcrcomnrchcn1lvclncome ll em1 that u·l1I not he n:clu1tncd lo pron1 or lou - Rcmcasuremcnl'I ofpos\-cmnlovmcnl bcnclil obli11.olions 0.02 0.09 1.70 0.53 6.19 6 .59 -Toximpactonnh<)\'c 0.00 (0.02) (0.13) (1.66) Oth~r comprehcOJln Income for the period/ yctr 0.02 0.07 1.70 0.40 6.19 4.93 XI Total comprchcn1h•c Income for lhc pcrloll/ yea r flX+XJ J2-l.91 30.!i.11-1 (-180.41) 980.4J (2,890.69) (85.JJ) xn Earnlne1/ (Lon) ner cqullv 1harc (EPSl Enming!!/ (Loss) per equity share from conlinuing oocroliom fin Runccsl: Ba!ic 1.78 1.68 (2.81) 5.37 (18 .01) (2.21) Diluted 1.77 1.67 (2.Rl) 5.35 (18 .01\ (2.21) Earning.sf (Los.1) pt.'1' equity share from tliscontinut."1.1 ooero\iom fin Runcesl: Basic 1.95 1.70 Dilu1cd 1.92 1.66 Earnings/ (Lo:u) pcr equity .1h11rc from con1inuine and discontinued oocrutions lin Ru1~s] : Basic 1.78 1.6R (2.81) 5.37 (16.06) (0.5 11 Diluted 1.77 1.67 (2.81) 5.35 (16.09) (0lS)
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Notes: BlackBuck Limited (Formerly known as Zink.'! Logistics Solutions Limited, Zinka Logistics Solutions Private Limited) CIN: L63030KA2015PLC079894 Registered office and corporate office: Vaswani Presidio No. 84/2, 2nd Floor, Panathur Main Road, Off Outer Ring road, Bengaluru, Karnatak.'l - 560103 Notes to the unaudited standalone financial results (All amounts in Rs. Million, unless othenvise stated) The above standalone financial results has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards 34 "Interim Financial Reporting" prescribed Lmder section 133 of Companies Act, 2013 read with relevant rnles issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations 2015"). 2 Pursuant to the approval granted by the shareholders and the Registrar of Companies, the name of the Company has been changed from Zinka Logistics Solutions Limited to BlackBuck Limited with effect from August 20, 2025. 3 On November 21, 2025, the Government of India notified the four Labour Codes the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enab le assessment of the financial impact due to changes in regulation s. The Company has assessed and disclosed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Company has presented such incremental impact as Exceptional Item in these standalone financial results. Accordingly, an incremental liability of Rs. 38.30 Million has been recognized as an "Exceptional Items" during the quarter and nine months ended December 3 I, 2025. The Ministry is yet to notify related Rules to the New Labour Codes and impact of those, if any, will be evaluated and accounted for as and when notified. 4 The Company publishes these financial results along with the consolidated financial results. In accordance with IND AS I 08 - Operating segments, the Company has disclosed segment information in the consolidated financial results. 5 These standalone financial results has been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on Febrnary 05, 2026. 6 These standalone financial results are also being made available on the Stock Exchange websites www.bseindia .com and www.nseindia.com and on Company's website www.blackbuck.com. Place: Bengalurn Date: February 05, 2026 For and on behalf of the Board of Directors Blackbuck Limited (Formerly known as Zinka Logistics Solutions Limited, Zinka Logistics Solutions Private Limited) Rajesh ~umar Naill ~ Chairman, Managing Director and Chief Executive Officer DIN:07096048
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8 SR & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999 Limited Review Report on unaudited standalone financial results of BlackBuck Limited (formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of BlackBuck Limited (formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') 1. We have reviewed the accompanying Statement of unaudited standalone financial results of BlackBuck Limited (formerly known_ as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') (hereinafter referred to as "the Company") for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 ("the Statement"). 2. This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 0 SR&. Co. (il parrnorsllif) firm VJilh Registration No. BA6122~1) COtl\/Crted inlo BS R & Co, LLP (8 Umile d liability Parlner ship with LLP Registration No. AAB-6181) with effect from October 14, 2013 Registered Office: Mlh Floor, Ccn(ral B Wing and Nort!l C Wing, Ncsco IT Park 4, Nosco Genier, Western E)('press Highway, Goregaon (Eas!}. Mumbai - 400063 Page 1 of 2
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BS R & Co. LLP Limited Revi ew Report (Continued ) BlackBu ck Limited (formerly known as 'Zinka Logistics Solut ions Limited' and 'Zinka Logist ics Solutions Private Limited') 5. The standalone financial results of the Company for the year ended 31 March 2025 were audited by the predecessor auditor whose report dated 27 May 2025 had expressed an unmodified opinion. The standalone financial results of the Company for the corresponding quarter ended 31 December 2024 and the corresponding period from 1 April 2024 to 31 December 2024 were reviewed by the predecessor auditor whose report dated 05 February 2025 had expressed an unmodified opinion. Bengaluru 05 February 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.: 101248W/W-100022 Ashish Chadha Partner Membership No.: 500160 UDIN:26500160FFNTES9457 Page 2 of 2
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Bl•ckBud,:. Uml1cd (Formerly known III Zlnklli Lo~hlic1 Solullon1 Lln1lled, Zin kn Los;:i1tln SolullonJ Prln1lc Umilctl) CIN: L6J0J0K.A2015PLC{)791!!J-I Rcghtcrcd i nd Corponilc Ofncc: Vuw1nl Prcddlo No. H-1/2, 2ntl Floor, P11nNthur !\bin Ro11tl, Off Outer Rini:: Ro11d, Bens::11luru, K ■ rn111nkl - 560l0J Sl ■ lemcnt ofun11udlled con10lld1led fln11ncl11I Ruults for the quu1er 11nd nine monlh1 cntlcd Dcccn1bn 31, 2025 (All 1mounls ln Rs. Mllllon, unlcu othcn\ 'he 1111cd) Contlnulns::011enflon1 I Income Rc\·cnuc from noen1lion~ Ollu .. -rincome O1hcrl!11in!(ncl) II E1n cn1c1 Emnlo\'ee benefits cxncnsc FinnncccosL'I P1r1lcul11n Depreciation 1md nmor1isotion ext>en.,e Ol11crex1>cnscs Tot11le1rcn1cs III Prom bcforc t1c cpUon11,] llcm1 1nd tu from conllnulni: oµen.tlon1 fl-Ill IV E1ccpllon1I Hcm1 - lmnacl of new ]11hour codes (refer nnlc 3 l - IPO rclu1cd cxpcn:;c! - Shore based nn,ment cx0t.-nsc! . Gain on ~cllkmenl offinnndal linhilitv Tot11lctceplloo1lllcn11 V PruflU (Lon) before tu from contlnuin1t opcnitton1 !IIl+IV] VI Incon1c111x cxpcnsc/(crcd it) -CurrcnllnX • Defcrrct.l l11x Tot11,l tuc1prn1c/(crcdlt) VII Pront/ {Lou) for the period/ yru from conllnuloi;: opcr11lon1 IV VIJ VIII Dl1contlnucd 011cnitlon1 Prolil Cromtlisconlinuc<l or,cro1ionsbcforetnx Profll from dhcontlnucd opel'llllon1 IX ProflU (Lou) for the pcrimi/ yc ■ r fVll+VIII] X Olhcr comr,rchcnrln~ Income ltem1 1h11 wlll nol be rrd1111lflcd to r,rofll or lou • Rcmensurcmcnl s oCoost--emolo\menl bcncli! ohli1mlion~ - Tax imvncl on abo\'C Other comrirrhemh ·e Income for 1hr period/ rur XI Tol1I con1prchcn1ln Income ror 1hc period/ yc ■ r [IX+X] XII Eunlnu/ (Lou\ per r11ullv 1h ■ r-e (EPS\ Earnings/ (Loss) per equity share from coolinuing operations [in RuJX.-esl: n11sic Dilu1ccl Eomlng!II' (Loss) J>er cq11i1y shnrc from discontinued opcrnlion! [in Rupees]: lla sic Diluted Enmin gs/ (Lms) per equity shllfC from conlinuing and tlisconlinuc<l operations [in Rupees]: Bn~ic Dilu1L-<l ,:;&c ~ ill / ±-/ For the qu ■ ricr cndctl For the qu11r1cr ended For the qu11r1cr cndrd For lhc nine monthJ cndctl For the nine monlhJ rndcd December 31, 2025 Scplcn1bcr30, 2025 December 31, 202-1 Dccrmhcr3I, 2025 December 31, 202-1 {Un ■ udlted) 1.717.84 164.87 1 HH2.71 405.49 14.40 ]35.58 864.64 1-120.11 ,162.60 (38.301 (JR.JO -12-1.30 40.30 66.80 107.10 317.20 317.20 o.oi 0.02 317 .. 22 1.74 1.73 1.74 1.73 (Unam.tltcdl 1.511.40 160.56 0.03 1671..99 416.85 12.73 123.68 729.32 l2R2.5R J89.-1I 389.-11 38.71 58.15 97.46 291..95 291.95 0.09 (0.021 0.07 292.02 1.60 1.59 1.60 1.59 (Un11udltcd) 1.139.80 R9.77 2.19 1231.76 353,49 15.48 76.36 486.53 931.86 299 .. 90 (84.53) (694.4\) (778.9,1 (-179.0-l) I.JO (0.02) l.2R (-IH0.J2) (-IH0.32 1.70 1.70 (-178.62) (2.BO) (2.801 (2.80) (2.80) (Un11udltcd) 4.665.34 4S4.56 0.39 ~150.29 1.193.31 40.00 352,50 2.255. 11 JH-10 .. 92 l,J09.J7 (]l!.30) (38.J0 1,271.07 117.04 207,92 32-1.96 9-16 .. 11 9-16.11 0.53 (0.IJl 0.-10 9-16.SI 5.18 5.17 5.18 5.17 (Un11udltcd) 3.n49.l8 206.30 1.98 3257,,16 1.141.09 31.51 217.61 1.374.36 2 76-l.57 -192.119 (84.53) 0.901.81) 256.B (3 7JO.lll (3,2J7,22) 3.15 (0.021 3.13 (J,2,10,J5) 3Sl.lO J.52.10 l2HIIR.2!1i) 6.19 6 .. 19 (2,882.06) (17.96) (17,96) 1.95 1.92 (16.01) n6.o-n Forlhc yc ■ rcndcd MuchJl,2025 (AutJllcd 4.267.28 355,111 0.89 -I 623 .. 911 1.470.71 110.74 339.39 UIM.42 3715.26 908.72 (92.36) (3.90 1.111) 256.23 (J 7J7.9,1) (2,1129.22) 211 .69 (2.475.121 (2-1-16.-13\ (382.79) 296.24 296.2-l (IHi .. 55) 6.59 fl.66) -1 .. 93 (111,62) (2.191 (2 .19) 1.70 1.66 (0,,19) <0 .53)
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited, Zinka Logistics Solutions Private Limited) CIN: L63030KA2015PLC079894 Registered office and corporate office: Vaswani Presidio No. 84/2, 2nd Floor, Panathur Main Road, Off Outer Ring road, Bengaluru, Karnataka- 560103 Notes to the unaudited consolidated financial results (All amounts in Rs. Million, unless otherwise stated) Notes: The above consolidated financial results has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards 34 "Interim Financial Reporting" prescribed under section 133 of Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations 2015"). The Consolidated financial results include the results of the following entities (together "the Group"): Blackbuck Limited (Formerly known as Zinka Logistics Solutions Limited, Zinka Logistics Solutions Private Limited) ("the Company"/ "the Holding Company") Subsidiaries: BlackBuck Finserve Private Limited TZF Logistics Solutions Private Limited ZZ Logistics Solutions Private Limited 2 Pursuant to the approval granted by the shareholders and the Registrar of Companies, the name of the Company has been changed from Zinka Logistics Solutions Limited to BlackBuck Limited with effect from August 20, 2025. 3 On November 21, 2025, the Government of India notified the four Labour Codes the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditions Code, 2020 consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in reb'lllations. The Group has assessed and disclosed the incremental impact of these changes on the basis of the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. Considering the materiality and regulatory-driven, non-recurring nature of this impact, the Group has presented such incremental impact as Exceptional Items in these consolidated financial results. Accordingly, an incremental liability of Rs. 38.30 Million has been recognized as an "Exceptional Items" during the quarter and nine months ended December 31, 2025. The Ministry is yet to notify related Rules to the New Labour Codes and impact of those, if any, will be evaluated and accounted for as and when notified. 3 Segment information Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM"), in deciding how to allocate resources and assessing performance. The Group's chief operating decision maker is the Managing Director and Chief Executive Officer. The operating segments comprises of: (i) Truck operator services : Providing services to empower truck operators and corporates to efficiently manage their business and maximize their earnings through logistics technology platforms (ii) Lending business : Engaged in business of providing loans for Purchase of Commercial Vehicles Accordingly, Group's business activity primarily falls within two operating segments.The Group is engaged in ("Truck operator services"). Further, Blackbuck Finserve Private Limited (a subsidiary) has a non-banking financial company license and is into the "Lending business". ~ ~\ ngalore lJ} .;y
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Parllcuhm (") A Revenue from nocnillon1 (lolll.l tC'2mt nl revenue) Truck operator services Lcndin11. bu.1incu Tnt1l 8 ?An: lnl cr 1c1,?mcnl cllmlnsl lont Trucknt)l.-rn\orS\.'T'Viccs C Re,·cnuc from OJ}tn llon, (A· D) Truck r,f)Cro\or St.7viccs Lemlim.?hll\iness s«i:mcntrc1u lh Truck 01,cmlnr llCMccs Lendiniz business Total 1C1,?mcn1 rcrulh Add:Olherincome(U) Leu: Finance cos\ Leu: Dcurcciotion Les.~: Emolovec shnrcd-haSt."1.1 pa,mcnl e)if)Cnses Add/ (Less): Other 1min~ (losses) (ncl) ProOI hcforc nccpliun111l llcm1 vnd h.11 from contlnuinl,? opcrallonr Addi (Less): Exceolionul items Prnnu (Lon) before In from conllnulnl! operations Less: Cum:nt t.ix I.cu : Defoncd lltx PrnOU (Lon) ancr hl1e1 from '"ontinulns.? operallon1 D Othc rlnform atlon MQ:mcnlaueh Truck oix.-rulor5Cf\iccs l.cndine busincs:J Lc:u: ln1cr SCIUhcnt climinotioru Tot 1J11nch ScQ.mcnlll 1hllltle1 Truck opcrntor ~er.ice~ Lcntline hu~incu Lc:u: !n!cr scwncn! elimiruitiom Tnt11llt •hlllllt1 BlackOuck Limllcd (Fom" rly kllown 11 lJnk• Logh lln Stilullons Llmllcd, Zlnka U>Jlblln Solullon1 Private Llmllcd) CIN: U.JOJOKA 20l5PLC079R9-I Rc1,:htcrctl office ind torponite offi ce: Vuwsn l Prclld1 o Nn. 8412, 2nd Floor, P1n:1lhur J\.1Nln Ro11d, o rrOu ler Rlnl,l n11d, Ben1,11luru, K1 m 1l1b. 560IOJ Nolu to the un ■ udlled coruolltllltcd nn1ncl1I rc1ulh (All 1mounl1 In Rs. Mllllon, unlcu nlhcrw h c 1t1tcd) Forlhc quarter ended Forlhc quar1crrnd cd Fur the qu11 rlcrcndctl Fnrlhenlnemonlht coded Dcccn1hcrll, 2025 SeplcmhcrJO, 2025 DcccmhcrJI, 2024 Dcccmhcrll,:!.025 runaudltrtll (l/nwudlltd\ " 1naudllcd\ mnaudltrd 1,687.13 1.4R6.70 1.125.10 4,5114.25 H.59 211 .16 15.112 118.S4 1 720.72 1514 .86 1140 .91 4 672.79 (2.88) () .46) (1.12) (7.45) 1,684.25 1,483.24 1.12) .98 4,576.80 13.59 28.16 15.82 88.54 t 717,H4 1511.40 1 139.RO 4ii6~D.f 499.60 434.69 320.81 1,412.70 0.11 1 '1.15 9.MS '13.33 500,41 -126.9-1 330.66 1 399.37 164.87 ]60.56 89.77 4M.56 (14.40) (12.7)) (15.48) (40,00) (llS.58) (123.68) (76.36) (352.SOl (52.70) (6 1.68) (]0.118) (1111.45) 2.19 0.39 462.60 JH9.4 I 199.90 1,309.37 JIUO 778.94 JIUO 424.JO JR9.41 {479.04 1 271.07 (40.JO) (]8 .71) (1 .30) (117.04) (66.RO 158.75 0.02 1207.92\ 317.20 291.95 -'4RO.J2 9.t6.it 16.105.5 1 15,4 12.18 11 .371.5 1 16. 105.5 1 I Rl0.62 857.78 ]99.21 1 810.62 17 916.ll 16 269.96 11 770,72 17916.IJ 1 SliS.23 589.]0 168 .85 1\565 .2] 16150.90 15 6R0.66 11 60Ul7 16 350.90 2.517.93 2,204.56 1.765.10 2,517.93 330.00 367.76 280.97 330,00 lR47.93 2 572.Jl 2046 .07 2 H ◄ 7.9 3 5.15 29.21 R.75 5.15 2H.U.7R 25 ◄ 3.I I 2 037.32 2 H42.7H ~ Docs not include ttmounts rel al mg to d1sconlmucd Op!,TBlmm, smcc the CODM docs nol re\icw rinanc1nl slotemenls rcl11lmg lo the rcsu\Ls of such opcrutmns. Fort he nine montbrcnd r d For the yc11r ende d Dccen1hcr J I , 2024 March J I, 2025 11 ln1rn1llt,cl Audit ed) l,0 15.118 4,2 19.39 37.Jl 53.35 J 053.20 4272.74 (4.02) (5.46) ) ,0 11 .86 4,213 .9) )7.32 SJ.JS J0-19. lff -1267. 2H 621.09 1,01 l.]2 22.91 20.2l 644,00 1031.55 206.)0 JSS.81 (l\ll) (40.74) (2 17,61) (339.39) ( 110.27) (99.40) 1,911 O.R9 492.89 9011.72 3730 .11 3 737.94 J ?37.22 (2 829.lll Cl. IS) (28.69) 0.02 24 75. 12 IJ240 .J5 lRl.79 11 ,371.51 IJ ,995.95 )99 .21 86] .17 I 770.72 14 R59.12 168.85 5]\.05) t160Lff7 14 328.07 1.765. 10 1,633.19 280.97 350.73 2 046.07 I 9RJ.92 8.7S 31.05 2037 .32 I 9~2.H7 II 13uscd on changes in in!emnl reporting of SCgmcnt results effective April 01. 2025, other income which wns pre\iowly included 11., II pru1 of segment rcsulls is now cxclud1."I.!. Accordingly, sc:gm1.-nt infonnution including comparufr,1cs for prC\iou~ pc.'fiods/ )'CM lun-c been rciilillcd. 4 These corunlidatcd rinoncial rcsulls hn.'1 hccn reviewed and recommended by the Audit Commillcc 11nd approved hy the Board of Directors at their meetings held on February OS. 2026. 5 These oonsolidotcd finoncial rcsulL~ arc also being made 11vnilablc on lhc Stock Exchange websites www.bscindio.com and W\\w.nscindio.com ond on Company's website www.blockbuck.com. Fnr and on bdwlfofthc Boord For on hch11lf ofthc 8 :ard of DircelM Plocc: ncn11,11luru Dnlc: Fchmurv OS. 202(,
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C BS R & Co. LLP Chartered Accountants Embassy Golf Links Business Park Pebble Beach, B Block, 3rd Floor No. 13/2, off Intermediate Ring Road Bengaluru - 560 071, India Telephone: +91 80 4682 3000 Fax: +91 80 4682 3999 Limited Review Report on unaudited consolidated financial results of BlackBuc k Limited (formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended To the Board of Directors of BlackBuck Limited {formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of BlackBuck Limited (formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited'} (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 31 December 2025 and year to date results for the period from 1 April 2025 to 31 December 2025 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). 2. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting'' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable. 4. The Statement includes the results of the entities mentioned in Annexure I. 5. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. The consolidated financial results of the Group for the year ended 31 March 2025 were audited by the predecessor auditor whose report dated 27 May 2025 had expressed an unmodified opinion. The consolidated financial results of the Group for the corresponding quarter ended 31 December 2024 and the corresponding period from 1 April 2024 to 31 December 2024 were reviewed by the predecessor auditor whose report dated 05 February 2025 had expressed an unmodified opinion. Registered Office: Qrt} ' o. (a partn1m;t11p nrrn wilt1 Registmlion No. C3 AG1223) converted ln\t) BS R & Co. LLP (a 14tti Floor, Centr.il B Wing trnd Nor1tl C Wing, Nesco IT Park 4, Nfrnco Center, Western Express Highwo?ly, Goreg;ion (Easl). Mumbai~ 400063 .. !J""" >•• ••'a-> cce '""'""°" '°· M>m'> ,~ """' ••• "°""" '"" Page 1 of 3
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BS R & Co. LLP Li mited Review Repo rt (Continue d) Blac kBu ck Limi ted (fo rmer ly kn own as 'Zinka Logis tics Solutions Limi ted ' and 'Zinka Lo gistics Solu tion s Priva te Limi ted') 7. We did not review the interim financial results of three subsidiaries included in the Statement, whose interim financial results reflects total revenues (before consolidation adjustments) of Rs. 35.08 million and Rs. 92.71 million, total net loss after tax (before consolidation adjustments) of Rs. 7.66 million and Rs. 33.68 million and total comprehensive loss (before consolidation adjustments) of Rs. 7.66 million and Rs. 33.68 million, for the quarter ended 31 December 2025 and for the period from 01 April 2025 to 31 December 2025 respectively, as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter. Bengaluru 05 February 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Ashish Chadha Partner Membership No.: 500160 UDIN:26500160URQHJW8021 Page 2 of 3
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BS R & Co. LLP Limited Review Report (Continued) BlackBuck Limited (formerly known as 'Zinka Logistics Solutions Limited' and 'Zinka Logistics Solutions Private Limited') Annexure I List of entities included in unaudited consolidated financial results: Sr. No Name of component Relationship 1 Blackbuck Finserve Private Wholly owned subsidiary Limited 2 TZF Logistics Solutions Private Wholly owned subsidiary Limited 3 ZZ Logistics Solutions Private Wholly owned subsidiary Limited Page 3 of 3