Black Box LimitedInformation TechnologyBBOX
Q1 FY27 earnings callBlack Box Limited
Black Box reported record quarterly revenue and order backlog driven by large hyperscaler wins, positioning the company to scale in the global AI infrastructure build-out cycle.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR1,719 crores | 24% | |
| EBITDA | INR160 crores | 38% | |
| Profit After Tax | INR56 crores | 18% | |
| EBITDA Margin | 9.3% | 90 bps | |
| Order Bookings (Q1) | US$339 million | — | |
| Order Backlog (end Q1) | ~US$950 million | 83% |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,501.72 Cr-9.3% YoY+0.3% QoQ | ₹56.08 Cr+37.2% YoY+9.7% QoQ | ₹3.33+37% YoY+9.5% QoQ |
| Q2 FY25 | ₹1,497.23 Cr-4.9% YoY+5.2% QoQ | ₹51.14 Cr+60% YoY+37.9% QoQ | ₹3.04+60% YoY+37.6% QoQ |
| Q1 FY25 | ₹1,423.38 Cr-9.4% YoY-3.8% QoQ | ₹37.09 Cr+54.9% YoY-9.3% QoQ | ₹2.21+54.5% YoY-9.4% QoQ |
| Q4 FY24 | ₹1,480.35 Cr-12% YoY-10.6% QoQ | ₹40.90 Cr+77.1% YoY+0.1% QoQ | ₹2.44+76.8% YoY+0.4% QoQ |
| Q3 FY24 | ₹1,655.47 Cr-1% YoY+5.2% QoQ | ₹40.87 Cr+424.6% YoY+27.9% QoQ | ₹2.43+417% YoY+27.9% QoQ |
TL;DR
- Achieved highest ever quarterly revenue of INR1,719 crores, up 24% year-on-year.
- Order backlog reached a record ~US$950 million, up 83% year-on-year.
- Won a US$131 million order from a new global hyperscaler.
- EBITDA grew 38% YoY to INR160 crores, with margin expansion of 90 bps to 9.3%.
- Guidance for FY27 includes revenue of INR7,800-8,000 crores and order backlog of US$1.3-1.4 billion.
- Management is confident in the long-term outlook, targeting US$2 billion in revenue by FY30.
Said on the call
“We are in the midst of one of the largest digital infrastructure investment cycles in history.”
From the Q&A
| Topic | What management said |
|---|---|
| Organic Revenue Growth and Cash Flow | Management clarified that INR60 crores of Q1 revenue came from the 2S Brazil acquisition, with the rest being organic, and expects operating cash flow to improve in FY27. |
| Growth Outlook and Backlog Conversion | CFO stated a large part of the current backlog will flow into FY28 revenue, which is why the FY27 revenue guidance is not considered conservative. |
| Non-Data Center Business Growth | CEO expects the non-hyperscale enterprise business to grow at a modest double-digit rate (~10%), lagging the data center cycle but expected to pick up later. |
| Product (TPS) Business | The product business is expected to grow around 20% this year and become more accretive as it scales. |
| Margin Trajectory | While the medium-term goal is 10%+ EBITDA margin, guidance for FY27 is 9.3-9.4% due to planned investments in talent and training for large-scale projects. |
| Tax Rate | CFO expects the tax rate to be 10-15% for FY27 and FY28 due to past loss carryforwards, normalizing to around 20% thereafter. |
| Hyperscaler Capex Risk | CEO sees minimal near-term risk of order cancellations given the massive scale of AI infrastructure spend (~US$1.6 trillion over four years) and Black Box's small current slice. |
| Competitive Moat | CEO stated the competitive advantage lies in execution capability at scale, global delivery, and established customer relationships, not just price. |
Guidance
- FY27 Order Backlog: US$1.3 billion to US$1.4 billion (growth of 65% to 75%).
- FY27 Order Bookings: US$1.3 billion to US$1.4 billion (growth of 32% to 45%).
- FY27 Revenue: INR7,800 crores to INR8,000 crores (growth of 23% to 27%).
- FY27 EBITDA: INR725 crores to INR750 crores (growth of 27% to 32%).
- FY27 EBITDA Margin: 9.3% to 9.4% (up 30 to 40 bps).
- FY27 Profit After Tax: INR300 crores to INR325 crores (growth of 38% to 50%).
Source
Summary written from the transcript filed by Black Box Limited for the call held on 13 Aug 2026; published 20 Aug 2026, 22:40 IST.