Zinka Logistics Solutions has robust growth with sustained operating leverage. Buy for target price of ₹590 (28.3% upside potential): JMFICS

BlackBuck reported a strong quarter with an even stronger margin expansion. As discussed in our IC note, the company continues to demonstrate the advantages of a recurring revenue led business model with cross-sell driving rampant operating leverage. BlackBuck reported INR 1.22bn revenue (+31% YoY / 7% QoQ) with strong growth in its Core business (+28% YoY) further amplified by 50% YoY growth in Growth businesses. Company also delivered strong operating metrics such as 17%+ YoY growth in monthly transacting truck operators (0.77mn as of 4QFY25) and 26% growth in truckers using 2 or more services