Interim report
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Ref: BLACKBUCK/CORP/2026-27/100 October 29, 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, October 29, 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, October 29, 2026, inter alia, has considered and approved: 1. Un-audited financial results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026 (“Financial Results”) along with the Limited Review Report issued by M/s B S R & Co. LLP, Chartered Accountants, Statutory Auditors is enclosed. 2. Corporate guarantee of Rs. 40,00,00,000/- (Rupees Forty Crores Only) in favour of Axis Bank Limited for the term loan facility availed by Blackbuck Finserve Private Limited, a material wholly owned subsidiary of the Company. 3. Change in designation of Mr. Abhishek Singh to Chief Business Officer , Senior Management Personnel (“SMP”) of the Company. 4. Grant of Stock Options- The Board of Directors of the Company at its meeting held today on October 29, 2026 based on the recommendation of Nomination and Remuneration Committee has approved grant of stock options equivalent to 34,399 equity shares under BlackBuck Limited Employee Stock Option Scheme 2016 (“ESOP 2016”) to the eligible employees. The Meeting of the Board commenced at 12:50 PM (IST) and concluded at 2:09 PM (IST). We have enclosed herewith the details required under Regulation 30 read with events specified Schedule III of SEBI Listing Regulations and Master SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 as Annexures.
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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
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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 standalone financial results of Blackbuck Limited (formerly known as 'Zinka Logistics Solutions Limited') for the quarter ended September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 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') 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Blackbuck Limited (formerly known as 'Zinka Logistics Solutions Limited'} (hereinafter referred to as "the Company") for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("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. Accord ingly, 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. Bengaluru 29 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Ashish Chadha Partner Membership No.: 500160 UDIN:26500160LDJGYA7471 Registered Office: BS R & Co. (a partnership firm wilh Registration No. BA61223) converted into 8 SR & Co. LLP (a limited Liability Partnership with LLP Registration No. AAB-81B1) with effect from October 14, 2013 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4 , Nesco Center, Weslern E>,:press Highway, Goregilan (East), Mumbai -4000 63 Page 1 of 2
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I II HI IV V \'I VII VIII IX X BlackBuck Limited (Formerly known 2s Zink:i. Logistics Solulions Lim ited) CIN: L63030KA2015PLC079894 I Website: www.bl:.1ekbuck.com Registered Office: Essae V:i.ishnav~-Summil Isl Floor, No--6/8, 7th Main, 80 Feel Road, 3rd Block, Kor:tm:mg:11:i, Beng:i.luru - 560034 Statement of Unaudited StandKlonc Financial Results for the quarter and h:.1lr-year ended September 30, 2026 (All amounts in Rs. Million, unless othcnvise staled) Particulars For the Fort he For the For the For the quarter ended quarler ended quar1cr ended hair-year ended halr-ye:1r ended September JO, 2026 June 30, 2026 Sentembcr 30, 2025 September 30. 2026 September JO, 2025 CUnaudited1 (Unaudited) lUn::rnclitcdl (Umauditedl CUnauditcdl Income Revenue from operations 2.318.40 2,012.34 1,486.68 4,330.74 2,897.10 Other income 165.32 147.78 161.65 313.10 321.92 Total income 2 48) .72 2 160.12 I 648.)3 4 643.84 J 219.02 Expenses Empfoyec benefits expense 41).85 410.15 405.)7 824.00 759.10 Finance costs 6.82 8.02 5.25 14.84 10.78 Depreciation and amonisation expense 244.95 225.00 123.30 469.95 216.16 Other expenses I.]69.93 1.101.84 710.05 2,471.77 1,357.48 Tol:il expenses 2 035.55 I 745_01 1,243 .97 3 780.56 2 343.52 Profit before exccptio1rnl item and tax 11-111 448.17 415.11 404.36 863.28 875.50 Exceptiona l ilem merer nole 31 Profit before t:ix flll+IVJ 448.17 415.11 404.)6 863.28 875.50 Income lax expense/ (credit) Current \;1x :!~.69 36.:!5 38.69 58.94 76.65 Deferred lax Cl 1.741 (39.60) 59.90 (51.341 143.70 Tot.ti lax: cx11ensc/ (credit) 10.95 (3.35) 98.59 7.60 220.)5 Profil for the period/ ~·car (V-V 11 437-22 418.46 305 .77 855.68 655.1 5 Other comprehensive income Items lhHt will not be reclass ified to profit or loss Remcasurcments ofpos1-cmploymc111 benefit obligations 0.60 J.20 0.09 l.80 0.51 Tax imp.tel on abo\'e CO.ISi CO.Sil C0.02) C0.96) C0.13 Other comprehensive income ror lhe 11eriod/ \'Ur OAS 2.39 0.07 2.84 0.)8 Total comprehensive income for the period/ year (Vll+VIIII 4)7 .67 420.85 305.84 858.52 655.53 Earnings per equily share (in RupecsJ (Refer note 5J Face ,,atue or Rs. 10 each Ba..,ic 2.39 2.29 1.68 4.70 3.60 Oilutcd 2.39 2.28 1.67 4.68 3.58 For the ye:i.r ended ;\farch JI, 2026 lAuditedl 6,409.77 611.50 7,021-27 1,552.72 26. 18 524.5-1 J,171.34 5 274.78 I 746.49 (38--301 1,708_!9 149.0 1 C78.18' 70.83 1,637-36 0.51 (0.13 ) 0.38 I 637_74 8.97 8.95
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Website: www.blackbuck.com Registered Office: Essae Vaishnavi-Summit Isl Floor, No-6/B, 7th Main, 80 Feet Road, 3rd Block, Koramangala, Bengaluru - 560034 Statement of Unaudited Standalone Balance Sheet as at September 30, 2026 (All amounts in Rs. Million, unless otherwise stated) Particulars As at As at Sentembcr 30, 2026 March 31, 2026 <Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 1,150.91 859.53 Capital work-in-progress - 23.03 Right-of-use assets 262. 15 302.67 Financial assets i. Investments 2,188.73 1,968.73 ii. Other financial assets 686.83 3,801.86 Other tax assets (net) - 85.47 Defcn·ed tax assets (net) 2,601.24 2,550.87 Other non-current assets 284.61 220.86 Total non-current assets 7 174.47 9,813.02 Current assets Financial assets i. Investments 0.01 0.01 ii. Trade receivables 304.98 259.28 iii. Cash and cash equivalents 972.40 746 .23 iv. Bank balances other than cash and cash equivalents 8,245.11 4,517.41 v. Other financial assets 844.27 923.40 Other current assets 800.53 821.39 Total current assets 11 167.30 7,267 .72 TOTAL ASSETS 18,341.77 17 080.74 EQUITY AND LIABILITIES Equity Equity share capital 182.24 181.80 Other equity 15,006.88 14,054.99 Total CllUity 15,189.12 14 236.79 Liabilities Non-current liabilities Financial liabilities i. Lease liabilities 235.75 271.60 Contract liabilities 141.50 120.74 Provisions 61.84 64.58 Total non-current liabilities 439.09 456.92 Current liabilities Financial liabilities i. Lease liabilities 49.16 59.52 ii. Trade payables Total outstanding dues of micro and small enterprises 8.05 3.79 Total outstanding dues of creditors other than micro and small enterprises 412 .81 370.73 iii. Other financial liabilities 737.53 724.78 Contract liabilities 1,341.13 1,053.22 Other current liabilities 91.04 107.98 Provisions 62.39 67.01 Other tax liabilities (net) 11.45 - Total current liabilities 2,713.56 2,387.03 TOTAL LIABILITIES 3,152.65 2,843.95 TOTAL EOUITY AND LIABILITIES 18 341.77 17 080.74
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Website : www.blackbuck.com Registered Office: Essae Vaishnavi-Summit 1st Floor, No-6/B, 7th Main, 80 Fee( Road, 3rd Block, Koramangala, Bengaluru - 560034 Statement of Unaudited Standalone Cash Flows for the half-year ended September 30, 2026 (All amounts in Rs. Million, unless otherwise stated) Cash flows from operating activilies Profit before tax for the period Adjustments for: Depreciation and amortisation expense Employee share-based payment expense Finance costs Net impainnent losses on financial assets Net gain on sale of mutual funds Particulars Fair value gain from mutual funds designated as FVTPL Interest income Gain on sale of property, plant and equipment Gain on termination of lease Working capital adjustments : -Increase in trade receivables - Decrease in other financial assets and other assets - Increase in trade payables and provisions - Increase in contract liabilities - (Decre ase)/ increase in other financial liabilities and other liabilitie s Cash generated from operations Income taxes refund/ (paid), net Net cash generated from operating activities (A) Cash flows from investing activities Investment in subsidiary Purchase of mutual funds Proceeds from sale of mutual funds Investment in deposits with financial institutions Proceeds from maturity of deposits with financial institutions Purchase of property, plant and equipment Proceeds from disposal of property, plant and equipment Investment in bank deposits with maturity more than 3 months Proceeds from bank deposits with maturity more than 3 months Interest received Net cash used in investing activities (B) Cash flows rrom financing activities Proceeds from exercise of share options by employees Proceeds from current borrowings Repayment of current borrowings Principal element of lease payments Interest element of lease payments Interest paid Net cash used in financing activities (C) Net increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the period Cash and cash equivalents at end of the period Reconciliation of cash and cash equivalents as per the Standalone Statement of Cash Flows Cash and cash equivalents as per above comprise of the following: Cash and cash equivalents Balance as ner Standalone Statement of Cash Flows For the half-year ended Sentember 30 2026 (Unaudited) 863.28 469.95 91.69 14.84 - (406) (293.17) - (6.29) I 136.24 (45.70) 14.15 42.78 308.67 (4.19) 1,451.95 37.98 1,489.93 (220.00) (4,282.09) 4,286. 16 (250.00) 314.55 (771.36) - (1,332 .75) 892.26 137.50 (1,225.73) 0.44 - - (23.63) (14.84) - (38.03) 226.17 746.23 972.40 972.40 972.40 For the half-year ended Sentember 30, 2025 (Unaudited) 875.50 216.16 127.38 10.78 22.59 (3.85) (0 .08) (304 .54) (0.44) (0 .96) 942.54 (33 .12) 79.89 45 .35 95.79 328.15 1,458.60 (64 .83) 1,393.77 (3,425 .59) 3,260.23 (215.59) 200.00 (463.42) 0.44 (3,791.45) 2,616.87 157.77 (1,660.74) 3.31 100.00 (100 .00) (I 0. I 8) (10 .57) (0.21) (17.65) (284.62) 970 .37 685.75 685.75 685 .75
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 \ Website: www.blackbuck.com Registered Office: Essae Vaishnavi-Summit 1st Floor, No-6/B, 7th Main, 80 Feet Road, 3rd Block, Koramangala, Bengaluru - 560034 Notes to the Unaudited Standalone Financial Results (All amounts in Rs. Million, unless otherwise stated) Notes: The above unaudited 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 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") . 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 Effective November 2 l, 2025 the Government of India had consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the New Labour Codes. Under Ind AS 19. changes to employee benefit plans arising from legislative amendments constitute a pbn amendment, requiring recognition of past service cost immediately in the Statement of Profit and Loss. The New Labour Codes has resulted in estimated one time increase in provision for employee benefits of the Company amounting to Rs. 38.30 million and the same was recognized as an exceptional item for the year ended March 31, 2026. 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 infonnation in the consolidated financial results. 5 The earnings per share (basic and diluted) for the interim periods arc not annualized. 6 These unaudited standalone financial results has been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on October 29, 2026 . 7 These unaudited standalone financial results are also being made available on the Stock Exchange websites www.bseindia.com and W\VW.nseindia.com and on Company's website WW\v.blackbuck.com. 8 During the quarter, the Company incorporated BlackBuck Transport Services Private Limited, a wholly owned subsidiary, on September 24, 2026. Subsequent to the reporting period and pursuant to the Board's approval, the Company has entered into a Business Transfer Agreement to transfer its Loads business to BlackBuck Transport Services Private Limited on a going concern basis by way of a slump sale executed on October 12, 2026, for consideration based on the Net Asset Value of the undertaking as at the closing date. Place: Bengaluru Date: October 29, 2026 For and on behalf of the Board of Directors BlackBuck imited (Formerly own as Zinka Logistics Solutions Limited) R•j~hK•m•~ Chainnan, Managing Director and Chief Executive Officer DIN:07096048
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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 BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited') for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosu re Requiremen ts) Regulations, 2015, as amended To the Board of Directors of BlackBuck Limited (forme rly known as Zinka Logistics Solutions Limited') 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of BlackBuck Limited (formerly known as Zinka Logistics Solutions 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 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 ("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. BS R & Co. {a partnership firm with Registralion No. BA6 1223) converted into BS R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-818 1) with effect from October 1~, 201 J Registered Office. 14th Floor. Central B Wing and North C Wing, Ncsco IT Park 4 , Nesc:o Center, Western E)(press Highway, Goregaon (East), Mumbai . 4000 63 Page 1 of 3
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BS R & Co. LLP Limited Review Report (Continued) BlackBuck Limited (formerly known as Zinka Logistics Solutions Limited') 6. We did not review the interim financial results of two Subsidiaries included in the Statement, whose interim financial results reflects total assets (before consolidation adjustments) of Rs. 1,994.99 million as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 56.33 million and Rs. 106.49 million, total net loss after tax (before consolidation adjustments) of Rs. 23.24 million and Rs. 20.09 million and total comprehensive loss (before consolidation adjustments) of Rs. 23.24 million and Rs. 20.09 million, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively , and cash flows (net) (before consolidation adjustments) of Rs. 115.45 million for the period from 1 April 2026 to 30 September 2026 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 29 October 2026 For B S R & Co. LLP Chartered Accountants Firm's Registration No.:101248W/W-100022 Ashish Chadha Partner Membership No.: 500160 UDIN:26500160RVFORO6204 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'} Annexure I List of entities included in unaudited consolidated financial results . Sr. No Name of component Relationship 1 BlackBuck Finserve Private Limited Wholly owned subsidiary 2 TZF Logistics Solutions Private Limited Wholly owned subsidiary 3 ZZ Logistics Solutions Private Limited Wholly owned subsidiary (This company was struck off from the Register Of Companies with effect from 11 May 2026, pursuant to Section 248 of the Companies Act, 2013, as notified in the Official Gazette) 4 BlackBuck Transport Services Private Limited Wholly owned subsidiary Page 3 of 3
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I II lll IV V VI VII Vlll IX X BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limiled) CIN: L63030KA2015PLC079894 I Website: www.blackbuck.com Registered Office: Essae Vaishna,•i-Summit ht Floor, No-6/8, 7th Main, RO Feet Road, 3rd Block, Koram:m~ala, Bengaluru - 560034 Statement or Unaudited Consolidaled Financial Results for the quarter and ha"lf-yenr ended September 30, 2026 (All amounts in Rs. Million, unless othenvise stated) rarticulars For the For the For the For the For the quarter ended quarter ended quarter ended half-year ended half-year ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 (Unaudited) (Unaudited) {Unauditcdl CUnauditcdl <Unaudited) Income Revenue from opcra1ions 2.353.30 2,041.68 1,511.40 4.394.98 2,947 .50 Other income 178.2 1 163.12 160.59 ]41.3] 320.08 Total income 2 531.51 2 204.80 I 671.99 4 736.31 3,267.58 Expenses Employee benefits expense 447.15 425.59 4 16.85 872.74 787.82 Finance costs 11.23 13.64 12.73 24.87 25.60 Dcprccialion and amortisation expense 244.88 225.38 123.68 470.26 216.92 Olhcr expenses 1,400.08 1,118.97 729.32 2,519.05 1,390.47 Total ex11enscs 2,103 .34 I 783 .58 I 282.58 3 886.92 2 420.81 Profit before exceptional ilcm .and lax fl-Tl) 428.17 421.22 389.41 849.39 846.77 Exceptional item (Refer note 21 - - - - Profit before tax (lll+IVJ 428.17 421.22 389.41 849.39 846.77 Income tax expense/ (credit) Current tax 25.91 39.15 38.71 65.06 76.74 Deferred ta., I ll .7ll (39.60) 58.75 151.3 I) 141.12 Total tax expense/ (credit) 14.20 10.45) 97.46 13.75 217.86 Profit for the period/ year JV-VII 413.97 421.67 291.95 835.64 628.91 Other comprehensive income Items that wiU not be reclassified to profit or loss Rcmcasuremcnts of post-employment bcncfil obliga1ions 0.51 3.20 0.09 J.71 0.51 Tax imract on above C0.12) (0.81) ro.021 ro.931 f0.13) Other comprehensive incom e for the period/ yea r 0.39 2.39 0.07 2.78 0.38 Total comprchcnsi\'e income for the period/ }'Car fVll+\'1111 414.36 424.06 292.02 838.42 629.29 Earriings per c«1uity share [in Rupees! IRefcr note 6) Face value or Rs. 10 each Basic 2.27 2.31 1.60 4.59 J.45 Diluted 2.26 2.30 1.59 4.57 3.43 For the year ended March 31, 2026 (Audilcd) 6.519.67 626 .36 7 146.03 1,601.73 54.82 526.05 l,250.38 5.432.98 1,713.05 C38.30l 1,674.75 149.31 C77.99) 71.32 I 6113.43 2.36 ro.59J 1.77 1,605.20 8.79 8.76
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Website: www.blackbuck.com Registered Office: Essae Vaishnavi-Summit Isl Floor, No-6/8, 7th Main, 80 Feel Road, 3rd Block, Koramangala, Bengaluru - 560034 Statement of Unaudited Consolidated Balance Sheet :is at September 30, 2026 (All amounts in Rs. Million, unless otherwise stated) Particulars As at As at Seotember 30. 2026 March 31, 2026 /Unaudited) /Audited) ASSETS Non-current assets Property, plant and equipment 1,150.91 859.53 Capital work-in-progress 23 .03 Right-of-use assets 262.76 304.73 Financial assets i. Investments 408.73 408.73 ii. Loans 395.32 398.73 iii. Other financial assets 687.00 3,802.03 Other tax assets (net) - 88.77 Deferred tax assets (net) 2,601.24 2,550.87 Other non-current assets 289.24 224.12 Total non-current assets 5 795.20 8 660.54 Current assets Financial assets i. Investments 161.40 92.64 ii. Trade receivables 345.33 274.55 iii. Cash and cash equivalents 998.26 915 .61 iv. Bank balances other than cash and cash equivalents 9,259.96 5,468.23 v. Loans 261.70 199.14 vi. Other financial assets 837.48 922.05 Other current assets 805.12 830.36 Total current assets 12,669.25 8 702.58 TOTAL ASSETS 18 464.45 17 363.12 EQUITY AND LIABILITIES Equity Equity share capital 182.24 181.80 Other equity 14,968.54 14,036.78 Total equity 15,150.78 14,218.58 Liabilities Non-current liabilities Financial liabilities i. Borrowings 27.27 74.52 ii. Lease liabilities 235.75 271.60 Contract .liab.i_l_ities 141.50 120.74 Provisions 64.73 66.38 Total non-current liabilities 469.25 533.24 Current liabilities Financial liabilities i. Borrowings 127.47 184.26 ii. Lease liabilities 49.83 61.73 iii. Trade payables Total outstanding dues ofmiero and small enterprises 8.15 3.81 Total outstanding dues of creditors other than micro and small enterprises 406.03 375.32 iv. Other financial liabilities 736.90 755.34 Contract liabilities 1,345.61 1,053.36 Other current liabilities 95.17 109.63 Provisions 68.65 67.85 Other tax liabilities (net) 6.61 - Total current liabilities 2,844.42 2,611.30 TOTAL LIABILITIES 3,313.67 3,144.54 TOTAL EOUITY AND LIABILITIES 18 464.45 17.363.12
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Website: www.blackbuck.com Registered Office: Essae Vaishnavi-Summit 1st Floor, No-6/B, 7th Main, 80 Feet Road, 3rd Block, Koramangala, Bengaluru - 560034 Statement of Unaudited Consolidated Cash Flows for the half-year ended September 30, 2026 (All amounts in Rs. Million, unless otherwise stated) Particulars For the half-year For the half-year ended ended Sentember 30 2026 Seatember 30 2025 (Unaudited) (Unaudited) Cash nows from opera tine: activities Profit before tax for the period 849.39 846.77 Adjustments for: Depreciation and amortisation expense 470.26 216.92 Employee share-based payment expense 93.33 129.75 Finance costs 24.87 25.60 Net impainnent losses on financial assets 30.03 41.34 Net gain on sale of mutual funds (7.64) (4.24) Fair value gain from mutual funds designated as FVTPL (I 70) (0.02) Interest income (321 32) (306.77) Gain on sale of properly. plant and equipment - (0.44) Gain on termination of lease 16.38) (0.96) I 130.84 947 .95 Working capital adjustments: - Increase in trade receivables (70.78) (58.88) - Increase in loans (89 18) ( 102.28) - Decrease in other financial assets and other assets 20.94 91.19 - Increase in trade payables and provisions 37.91 51.01 - Increase in contract liabilities 313.01 95.67 - (Decrease)/ increase in other financial liabilities and other liabilities (32.90) 344 .90 Cash 2.cneratcd from operations 1 309.84 1.369.56 Income taxes refund/ (paid), net 30.32 (66.00) Net cash generated from operating activities (A) 1,340.16 1,303.56 Cash flows from investing activities: Proceeds from sale of mutual funds 4,556.14 3,357.27 Purchase of mutual funds (4,615.56) (3,486 .58) Investment in deposits with financial institutions (25000) (215.59) Proceeds from maturity of deposits with financial institutions 314.56 200.00 Purchase of property, plant and equipment (771.36) (463.41) Proceeds from disposal of property, plant and equipment - 0.44 Investment in bank deposits with maturity more than 3 months (1,884.73) (3,740.14) Proceeds from bank deposits with maturity more than 3 months 1,369.83 2,616.19 Interest received 176.03 157.75 Net cash used in investing activities (B) (1,105.09) (1,574 .07) Cash flows from financin~ activities: Proceeds from exercise of share options by employees 0.44 3.31 Proceeds from current borrowings 170.00 Repayment of current borrowings (102 56) ( 180.80) Principal element of lease payments (23.95) (I0.02) Interest element ofleasc payments (14.89) (10.73) Interest paid 111.46) 114.87) Net cash used in financing activities (C) (152.42) (43.11) Net increase/ (decrease) in cash and cash equivalents (A+B+C) 82.65 (313.62) Cash and cash equivalents at the beginning of the period 915.61 1,044.93 Cash and cash equivalents at end of the period 998.26 731.31 Reconciliation of cash and cash equivalents as per the Consolidated Statement of Cash Flows Cash and cash equivalents as per above comprise of the following: Cash and cash equivalents 998.26 731.31 Balance as ner Consolidated Statement of Cash Flows 998.26 731.31
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A B C D BlackBuck Limited (Formerly known as Zink.a Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Wcbsilc: www.blackbuck.com Registered Office: Essac Vaishna\'i-Summit 1st Floor, No-6/B, 7th Main, 80 Feet Road, 3rd Block, Koramangala, Bengaluru - 560034 Statement of segment information for the quarter and half-year ended September 30, 2026 (All amounts in Rs. Million, unless othcn\'ise stated) Particulars Fo.- the For the For the For the For the qua rte.- ended quarter ended qua.-tcr ended half-yea.- ended half-year ended Seotember 30, 2026 June 30, 2026 Se11tember 30, 2025 Sentember 30, 2026 Se1>tember 30, 2025 (Unaudited) /Unaudited) lUnauditedl (Unauditedl {Unaudited) Se(!ment rc,·cnuc Trnck operator services 2,319.62 2,011.81 1,486.68 4,331.43 2,897.10 Lending business 33.68 31.81 28.16 65.49 54.95 2 353.30 2 043.62 1.514.84 4 396.92 2,952.05 Less: Inter segment revenue (0.00) (1.94) (3.44) (1.94) (4.55) Rc,·cnuc from opc.-ations 2.353.30 2041.68 I.SI 1.40 4 394.98 2.947.50 Sc(!mcnt rcrnlls Truck t1pcrator services 567.26 544.78 434.66 I, 112.04 913.10 Lcndin~ business (16.89) l.l7 (7.75) (15.52) (14.141 Total segment resulls 550.37 546.15 426.91 I 096.52 898,96 Add: Other income 178.21 163.12 160.59 341.)3 320.08 Less: Finance costs ( 11.23) (13.64) (12.73) (24.87) (25.60) Less: Depreciation and amortisalion expense (244.88) (225.38) (123.68) (470.26) (216.92) Less: Employee share-based paymc111 expenses (44.30) (49.03) (61.681 (93.33) 1129.751 Profil before excep1ional ilcm and lax 428.17 421.22 389.41 849.39 846.77 Less: Exceptional item [Refer note 21 Profit before tax 428.17 421.22 389.41 849.39 846.77 Segment :,sscts Truck operator services 18,309.63 17,649.18 15,412.18 18.309.63 15.412.f8 Lending business I 662.46 1,735.37 857.78 I 662.46 857.78 19,972.09 19,384.55 16,269.96 19,972.09 16,269.96 Less: Inter segment eliminations (1.507.64) (1,514.47) (589.30) 11,507.64) (589.30) Total assets 18,464.45 17.870.08 15,680.66 18,464.45 15,680.66 Scement liabilities Truck operator services 3.137.73 2.949.04 2.204.56 3.ll7.73 2,204.56 Lending business 181.88 ' 43.97 367.76 181.88 367.76 3,319.61 3,193.01 2,572.32 3,319.61 2;572_32 Less: Inter se~mcnt eliminations (5.94) (14.47) (29.21) (5.94) (29.21) Total liabilities 3.313.67 3,178.54 2,543.11 3 313.67 2.543.11 For the year ended March 31 2026 (Audilcd) 6,419.53 109.92 6 529.45 (9.78) 6 519.67 1,916.41 ns .06) I 901.35 626.36 (54.82) (526.05) 12]3 .79) I 713.05 ()8 .30) I 674.75 17.138.29 1.784.93 18,923.22 (1.560.10) 17,363.12 2.85].84 302.77 3,156 .61 (12.07) 3 144.54
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BlackBuck Limited (Formerly known as Zinka Logistics Solutions Limited) CIN: L63030KA2015PLC079894 I Website: www.blackbuck.com Registered Office: Essae Vaishnavi-Summit 1st Floor, No-6/B, 7th Main, 80 Feet Road, 3rd Block, Koramangala, Bengaluru - 560034 Notes to the Unaudited Consolidated Financial Results (All amounts in Rs. Million, unless otherwise stated) Notes: The above unaudited 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) ("the Company"/ "the Holding Company") Subsidiaiies: BlackBuck Finserve Private Limited TZF Logistics Solutions Private Limited ZZ Logistics Solutions Private Limited (Refer note 4 below) BlackBuck Transport Services Private Limited (Refer note 5 below) 2 Effective November 21, 2025 the Government of India had consolidated multiple existing labour legislations into a unified framework comprising four Labour Codes collectively referred to as the New Labour Codes. Under Ind AS 19, changes to employee benefit plans arising from legislative amendments constitute a plan amendment , requiring recognition of past service cost immediately in the Statement of Profit and Loss. The New Labour Codes has resulted in estimated one time increase in provision for employee benefits of the Group amounting to Rs. 38.30 million and the same was recognized as an exceptional item for the year ended March 31, 2026 . 3 Segment information: Operating segments are identified based on the components of the Group for which discrete financial information is available and whose operating results are regularly reviewed by the Chief Operating Decision Maker ("CODM") to allocate resources and assess perfonnance . The Group's CODM is the Managing Director and Chief Executive Officer. The Group has identified the following operating segments: (i) Truck operator services: Providing technology-based services to enable truck operators to manage their business efficiently and maximise their earnings. (ii) Lending business: Primarily engaged in providing loans for the purchase of commercial vehicles, carried out through the Group's subsidiary, BlackBuck Finserve Private Limited, a non-banking financial company ("NBFC"). 4 ZZ Logistics Solutions Private Limited, a wholly owned subsidiary of the Company, was struck off from the Register of Companies with effect from May 11, 2026, ·pursuant to Section 248 of the Companies Act, 2013, as notified in the Official Gazette. Pursuant to this, the subsidiary has been derecognised from the co_nsolidated financial statements. 5 During the quarter, the Company incorporated BlackBuck Transport Services Private Limited, a wholly owned subsidiary, on September 24, 2026. Subsequent to the reporting period and pursuant to the Board's approval, the Company has entered into a Business Transfer Agreement -to transfer its Loads business to BlackBuck Transport Services Private Limited on a going concern basis by way of a slump sale executed on October 12, 2026, for consideration based on the Net Asset Value of the undertaking as at the closing date. 6 The earnings per share (basic and diluted) for the interim periods are not annualized. 7 These unaudited consolidated financial results has been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meetings held on October 29, 2026. 8 These unaudited consolidated 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: Bcngaluru Date: October 29, 2026 For and on behalf of the Board of D" ctors BlackBuck Li ited (Formerly kn°' as Zinka Logistics Solutions Limited) Rajesh Kumar Na· · abaji Chairman, Managing Director and Chief Executive Officer DIN:07096048
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Annexure I Disclosure of information pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated January 30, 2026 - Corporate Guarantee S. No. Particulars Remarks/Details 1 Name of party for which such guarantees or indemnity or surety was given Blackbuck Finserve Private Limited, an unlisted material subsidiary of BlackBuck Limited (“Company”). 2 Whether the promoter / promoter group / group companies have any interest in this transaction? If yes, nature of interest and details thereof and whether the same is done at “arm’s length” No 3 Brief details of such guarantee or indemnity or becoming a surety viz. brief details of agreement entered (if any) including significant terms and conditions, including amount of guarantee The Corporate Guarantee of INR 40 Crores will be given in favour of Axis Bank Limited to secure term loan facility of INR 40 Crores to be borrowed by Blackbuck Finserve Private Limited, the material wholly owned subsidiary of the Company. 4 Impact of such guarantees or indemnity or surety on listed entity At this point, there is no impact of this guarantee on the Company.
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Annexure-II Disclosure of information pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated January 30, 2026 - Change in Designation of Senior Management Personnel (‘SMP’) of the Company S. No. Particulars Remarks/Details 1 Name Mr. Abhishek Singh 2 Reason for change Pursuant to promotion and based on the recommendation of the Nomination and Remuneration Committee at its meeting held on October 28, 2026, Today, the Board of Directors approved, the change in designation of Mr. Abhishek Singh to Chief Business Officer (“CBO”), BlackBuck. He continues as Senior Management Personnel (“SMP”) of the Company. 3 Date of change Effective October 29, 2026 4 Term Not Applicable 5 Brief Profile (in case of appointment) Not Applicable, as the change pertains only to the designation of the existing Senior Management Personnel. 6 Disclosure of relationships between directors (in case of appointment of a director) Not Applicable
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Annexure-III Disclosure of information pursuant to Regulation 30 of the Listing Regulations read with SEBI Master Circular No. HO/49/14/14(7)2025 -CFD-POD2/I/3762/2026 dated January 30, 2026 - Grant of Stock Options S. No Particulars Details 1. Brief details of options granted Stock options granted under BlackBuck Limited Employee Stock Option Scheme 2016 (“ ESOP 2016”) as recommended by Nomination and Remuneration Committee and approved by Board of Directors are as follows: ESOP 2016: Stock option grant equivalent to 34,399 equity shares. 2. Whether the scheme is in terms of SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 Yes 3. Total number of shares covered by these options Each stock option in ESOP 2016 is convertible into one fully paid up equity share having face value of ₹1 each. 4. Pricing formula/Exercise Price Exercise Price is ₹ 1/- per equity share. 5. Time within which option may be exercised Vesting Schedule: 25% over 4 years 6. Brief details of significant terms The Scheme also provides for the manner in which Stock Options would be dealt with in case of death, permanent incapacity, resignation, termination, retirement, abandonment etc. The equity shares allotted, pursuant to the exercise of the Stock Options, would not be subject to any lock-in. 7. Subsequent changes or cancellation or exercise of such options Not Applicable 8. Options vested 9. Options exercised 10. Money realized by exercise of options 11. The total number of shares arising as a result of exercise of option 12. Options lapsed 13. Variation of terms of options 14. Diluted earnings per share pursuant to issue of equity shares on exercise of options