Black Box LimitedInformation TechnologyBBOX
Q1 FY27 concall · 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 | ₹1,719 Cr | 24% | |
| EBITDA | ₹160 Cr | 38% | |
| Profit After Tax | ₹56 Cr | 18% | |
| EBITDA Margin | 9.3% | 90 bps | |
| Order Bookings (Q1) | US$339 million | — | |
| Order Backlog (end Q1) | ~US$950 million | 83% |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| 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.
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