Blackbuck Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Blackbuck Ltd trades at ₹543, in a downtrend and 10 weeks into that stage. That is −3.7% against its own 200-day average. It sits at 21% of a 52-week range of ₹500 to ₹699. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 4 straight weeks.

Today the stock is in a downtrend — week 10 of stage 4, confirmed. At ₹543 it trades −3.7% versus its 200-day average and sits at 21% of its 52-week range (₹500–₹699).

Against the market, two honest reads. Cumulative: over the last 1.7 years the stock moved +109% while the NIFTY 500 moved +3% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 4 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Blackbuck Ltd trades at 57.6× P/E, at the pricey end of its own range (93rd percentile). Its long-run median P/E is 30.0×, measured across 0.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 57.6× is at the pricey end of its own range (93rd percentile), against a long-run median of 30.0× measured over 0.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Blackbuck Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

57.8/100 — rank 3 of 18 in Logistics · 87% evidence confidence

Blackbuck Ltd scores 57.8 out of 100 against the 18 companies it is compared with in Logistics, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 24 + 12.9 + 8.3 + 12.6 = 57.8. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Blackbuck Ltd reported ₹204 Cr of revenue in the Jun 26 quarter, +41.7% year on year. That is the 9th straight quarter of year-on-year growth. Over 5 years it has compounded at −5.5% a year. The last full year, FY26, came in at ₹652 Cr. The last four reported quarters add to ₹712 Cr.

FY26 revenue came in at ₹652 Cr (+52.7% on the year), capping 5 years at −5.5% compound. The latest quarter (Jun 26) printed ₹204 Cr, +41.7% year on year — the 9th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +49.2% growth against the decade's −5.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +48.6% over the last 4 quarters against +47.1%/yr over the last 8 — stabilising.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Blackbuck Ltd's operating margin is 24.0% in the Jun 26 quarter, −4.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged −194.0% to 26.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 24.0%, −4.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged −194.0%–26.0%, and FY26's 26.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −3.8 pp year on year while gross margin went +0.0 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Blackbuck Ltd earned ₹42.0 Cr of net profit in the Jun 26 quarter, +23.5% year on year. Full-year FY26 profit was ₹160 Cr. That is 20.6% of the quarter's revenue. The same quarter a year earlier earned ₹34.0 Cr. 5 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹42.0 Cr, +23.5% year on year. On the full year, FY26 printed ₹160 Cr (null).

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Blackbuck Ltd's cash-flow history is too thin to judge how much reported profit converts into cash. In FY26 that was ₹169 Cr of operating cash against ₹160 Cr of profit. After ₹126 Cr of capital spending, ₹43.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹169 Cr against reported profit of ₹160 Cr, leaving free cash of ₹43.0 Cr after ₹126 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: the bigger cash user is investment — capital spending ran 1.8× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Blackbuck Ltd's cash conversion cycle runs 15 days in FY26, down from 119 days in FY21. Capital spending ran ₹199 Cr over the last 3 years. At FY26 sales of ₹652 Cr each day of that cycle holds about ₹1.8 Cr, so roughly ₹27.0 Cr sits inside the business at any moment.

FY26: debtors at 15 days (an asset-light business — no inventory to speak of) — for a full cycle of 15 days, tighter than FY21's 119.

In money terms: at FY26 sales of ₹652 Cr, each day of the cycle holds about ₹1.8 Cr — so the 15-day loop keeps roughly ₹27.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹199 Cr over the last 3 fiscal years against ₹112 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Blackbuck Ltd earns a ROCE of 13% in FY26. That is up from a trough of −36% in FY23. Return on invested capital clears the cost of that capital by +1.2 percentage points, so growth here adds value rather than only size. The wiring behind it is 24.5% net margin on 0.38× asset turns.

FY26 ROCE is 13%, recovered from a FY23 trough of −36% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 24.5% net margin × 0.38× asset turns × 1.22× balance-sheet leverage ≈ 11.4% on equity. Margin is doing the heavy lifting; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 13.2% − 12.0% = a +1.2 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Blackbuck Ltd carries total debt of ₹59.0 Cr against shareholder equity of ₹1,422 Cr as of Mar 26, a debt-to-equity of 0.04 — effectively unlevered. On the annual view that ratio went from 0.59 in FY24 to 0.04 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹59.0 Cr against shareholder equity of ₹1,422 Cr — a debt-to-equity of 0.04. On the annual view, debt-to-equity went from 0.59 (FY24) to 0.04 (FY26). The returns on this page are earned, not borrowed.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 19.7 points of Blackbuck Ltd over 6 quarters, the biggest move on the register. That takes foreign institutions to 31.5% of the company. Domestic institutions moved +4.4 points over the same window, to 14.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +19.7 points over 6 quarters to 31.5%; Domestic institutions: +4.4 points over 6 quarters to 14.4%; Promoters: −2.8 points over 6 quarters to 25.0%.

Why the register moved: foreign institutions drove it (+19.7 points), alongside domestic institutions (+4.4 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Blackbuck Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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