Slides
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Q2’FY27 Earnings Presentation
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1. Total Income is defined as Total Income as per Statement of unaudited consolidated financial results 2. EBITDA is defined as profit before tax and adjusted for (a) other income (b) finance costs (c) depreciation and amortisation expense and (d) exceptional item 3. PAT is defined as profit for the period as per Statement of unaudited consolidated financial results Snapshot of Q2’FY27 2 Total Income1 ₹ 253.15 Cr. ▲ 51% YoY EBITDA2 ₹ 50.61 Cr. ▲ 39% YoY PAT3 ₹ 41.40 Cr. ▲ 42% YoY Transacting Customers 895,125 ▲13% YoY Users (>=2 Services) 476,628 ▲ 19% YoY GTV Tolling ₹ 7,070 Cr. ▲ 17% YoY
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Distribution Our Strategy 3 Offerings PipelineLoads Classified Vehicle Finance Vehicle TrackingTolling Superloads Fuel Sensor Fuel Payments Fleet Docs + … BlackBuck Platform 42 Mins Daily App Usage 895K+ Transacting Customers x Truck Operator’s Lifecycle 10K+ Physical Touchpoint Network 80%+ Districts Presence
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4 Key KPIs METRICS Q2’FY27 Q2’FY26 YoY H1’FY27 H1’FY26 YoY Average monthly transacting truck operators Units 895,125 791,670 13% 889,256 787,535 13% Monthly transacting users using at least two services Units 476,628 399,051 19% 467,774 392,361 19% Time spent on App daily by transacting customers Minutes 41.81 43.19 (3%) 42.96 43.49 (1%) Gross transaction value of tolling ₹ in Cr 7,070 6,039 17% 14,115 12,112 17% Total number of tolling transactions Units in Cr 17.41 15.52 12% 35.25 31.30 13% Revenue from operations ₹ in Cr 235.33 151.14 56% 439.50 294.75 49% Net revenues1 ₹ in Cr 182.96 135.86 35% 347.99 267.71 30% Contribution margin2 ₹ in Cr 168.79 126.54 33% 321.52 248.74 29% Contribution margin (% of Net Revenue) % 92% 93% 92% 93% Adjusted EBITDA3 ₹ in Cr 55.04 42.69 29% 109.65 89.90 22% 1. Net revenues is defined as Revenue from operation as per Statement of unaudited consolidated financial results (-) Revenues of superloads business (+) Gross margin of superloads business 2. Contribution margin is defined as Revenue from operations as per Statement of unaudited consolidated financial results excluding superloads business (-) Direct costs associated with delivering service activities 3. Adjusted EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) employee share-based payment expenses (d) other Income and (e) exceptional item
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Key Highlights • Revenue from operations grew by 56% Y-o-Y and 15% Q-o-Q in Q2’FY27 to 235.33 Cr o Core businesses grew by 31% Y-o-Y and 11% Q-o-Q in Q2'FY27, despite Q2 being a seasonally low quarter ✓ Tolling business continued to deliver strong performance with GTV growth of ~17% Y-o-Y; significant uptick in BlackBuck FASTag issuances (Tags issued by the subsidiary PPI entity) ✓ Telematics business had another strong quarter, touching newer highs in device sales o Growth businesses grew by 166% Y-o-Y and 25% Q-o-Q in Q2’FY27 ✓ In Superloads business, placements and revenue grew strongly, led by AI-driven productivity gains in existing cities and hyper-scaling in Expansion cities; Unit economics continue to strengthen ✓ Vehicle Finance business on track to EBITDA break-even; backed by AUM growth on a steady cost base • Adjusted EBITDA grew 29% Y-o-Y in Q2’FY27 to 55.04 Cr o Core businesses continued to deliver consistent profitability and operating cash flows; operating leverage continues to trend close to 50% despite upfront investments in strong customer acquisition o Calibrated step-up of investments in Superloads continued during the period; in line with Plan o Total expenses increase of 36% Y-o-Y primarily driven by strong growth in acquisition across core categories and Investments in SuperLoads 5
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6 P&L Overview METRICS Q2’FY27 Q2’FY26 YoY H1’FY27 H1’FY26 YoY Total Income ₹ in Cr 253.15 167.20 51% 473.63 326.76 45% Revenue from operations ₹ in Cr 235.33 151.14 56% 439.50 294.75 49% - Core (Payments & Telematics) ₹ in Cr 161.39 123.35 31% 306.57 243.62 26% - Growth businesses ₹ in Cr 73.94 27.79 166% 132.93 51.13 160% Net Revenues1 ₹ in Cr 182.96 135.86 35% 347.99 267.71 30% Direct costs ₹ in Cr 14.18 9.31 52% 26.47 18.96 40% Contribution margin2 ₹ in Cr 168.79 126.54 33% 321.52 248.74 29% Contribution margin % (% of Net Revenues) % 92% 93% 92% 93% Total expenses ₹ in Cr 113.75 83.85 36% 211.87 158.84 33% Adjusted EBITDA3 ₹ in Cr 55.04 42.69 29% 109.65 89.90 22% EBITDA4 ₹ in Cr 50.61 36.52 39% 100.32 76.92 30% PBT ₹ in Cr 42.82 38.94 10% 84.94 84.68 0% PAT ₹ in Cr 41.40 29.20 42% 83.56 62.89 33% 1. Net revenues is defined as Revenue from operation as per Statement of unaudited consolidated financial results (-) Revenues of superloads business (+) Gross margin of superloads business 2. Contribution margin is defined as Revenue from operations as per Statement of unaudited consolidated financial results excluding superloads business (-) Direct costs associated with delivering service activities 3. Adjusted EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) employee share-based payment expenses (d) other Income and (e) exceptional item 4. EBITDA is defined as profit before tax adjusted for (a) finance costs (b) depreciation and amortization expense (c) other Income and (d) exceptional item
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7 Annexures
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8 Annexure 1: PAT to Adjusted EBITDA Walk and ESOP Expense Projection Particulars Q2’FY27 Profit after tax (PAT) 41.40 Less: Other income 17.82 Add: Income tax expense 1.42 Finance costs 1.12 Depreciation and amortisation expense 24.49 EBITDA 50.61 Add: Employee shared-based payment expenses 4.43 Adjusted EBITDA 55.04 (in INR Cr.) Quarters ESOP charge in P&L* Q3’FY27 3.54 Q4’FY27 2.63 Q1’FY28 2.30 Q2’FY28 2.25 Q3’FY28 1.83 Q4’FY28 1.35 Q1’FY29 1.19 Q2’FY29 1.16 (in INR Cr.) * ESOP Charge is projected assuming no further grants and estimates regarding attrition rate. The attrition rate is based on historical and other factors including expectation of future events. PAT to Adjusted EBITDA Walk ESOP Expense Projection
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9 Annexure 2: Historical GTV Tolling (in INR Cr.) Quarters GTV Tolling Q2’FY27 7,070 Q1’FY27 7,045 Q4’FY26 7,094 Q3’FY26 6,699 Q2’FY26 6,039 Q1’FY26 6,073 Q4’FY25 5,861 Q3’FY25 5,339 Q2’FY25 4,573 Q1’FY25 4,613