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BlackBuck Limited Allots 2,09,416 Equity Shares Under ESOP Schemes
BlackBuck Limited (formerly Zinka Logistics Solutions Limited) has allotted 2,09,416 equity shares to employees following the exercise of stock options. The allotment includes 1,32,671 shares from the 2016 ESOP scheme and 76,745 shares from the 2019 scheme. Consequently, the company's paid-up equity share capital has increased from Rs. 18.13 crore to Rs. 18.15 crore. This is a routine administrative procedure to fulfill employee compensation obligations.
Key Highlights
Total allotment of 2,09,416 equity shares with a face value of Re. 1 each
1,32,671 shares issued under ESOP 2016 and 76,745 shares under ESOP 2019
Paid-up share capital increased to Rs. 18,14,91,278 from Rs. 18,12,81,862
Exercise price for the allotted shares was Re. 1 per share
The new shares rank pari-passu with existing equity shares of the company
💼 Action for Investors
No action is required as this is a routine ESOP allotment with minimal impact on overall shareholding and negligible equity dilution.
BlackBuck Short-Term Credit Rating Upgraded to [ICRA]A2+ on Strong Financial Profile
ICRA has upgraded BlackBuck Limited's short-term rating to [ICRA]A2+ from [ICRA]A3+, reflecting a significant improvement in its financial risk profile following its November 2024 IPO and the hive-off of its low-margin corporate freight business. The company demonstrated strong profitability in H1 FY2026 with a PAT of Rs. 62.9 crore and maintains a robust liquidity position with cash reserves of Rs. 1,025.3 crore. The transition to an asset-light, technology-focused model has resulted in high operating margins of 27.5% and a very low gearing ratio of 0.04 times.
Key Highlights
Short-term credit rating upgraded to [ICRA]A2+ from [ICRA]A3+ for Rs. 43 crore bank facilities.
Reported H1 FY2026 revenue of Rs. 289.6 crore and PAT of Rs. 62.9 crore.
Maintains strong liquidity with cash and liquid investments totaling Rs. 1,025.3 crore as of September 2025.
Debt-to-equity ratio (gearing) improved significantly to 0.04x with an interest coverage ratio of 30.9x.
Average monthly transacting truck operators grew at a 28% CAGR to 7.87 lakh over FY2022-H1 FY2026.
💼 Action for Investors
The rating upgrade validates BlackBuck's successful pivot to a high-margin digital platform model; investors should maintain a positive outlook while monitoring the asset quality of its NBFC subsidiary.