Black Box (500463) Q1 26/27 earnings summary

Executive summary

• Q1 FY27 consolidated revenue was ₹1,718.50 crore and net profit was ₹55.92 crore, both above the prior-year quarter; EBITDA rose 38% and margin expanded 90 bps to 9.3%.

• Q1 bookings of $339 million lifted backlog to a record $949 million, supporting multi-year revenue visibility and the FY27 growth outlook.

• FY30 revenue ambition is ₹18,000 crore ($2 billion), combining ~₹12,000 crore organic and ~₹6,000 crore inorganic growth.

Financial highlights

• Revenue from operations was ₹1,718.50 crore versus ₹1,386.74 crore YoY; total income was ₹1,722.25 crore versus ₹1,388.46 crore.

• EBITDA was ₹160 crore versus ₹116 crore; EBIT was ₹128 crore versus ₹91 crore, and EBITDA margin rose to 9.3% from 8.4%.

• PBT was ₹61.13 crore versus ₹45.20 crore and net profit was ₹55.92 crore versus ₹47.43 crore; basic and diluted EPS after exceptional items were ₹3.15 each.

• Finance costs increased to ₹48.00 crore from ₹33.58 crore; exceptional net expenses of ₹18.91 crore included ₹15.82 crore severance costs and ₹3.09 crore lease-foreclosure costs.

• Gross margin was 30.5% versus 30.9%; PAT margin was 3.3% versus 3.4%.

Outlook and guidance

• FY27 guidance: revenue ₹7,800–8,000 crore, up 23%–27%; EBITDA ₹725–750 crore, up 27%–32%; PAT ₹300–325 crore, up 38%–50%.

• FY27 EBITDA margin guidance is 9.3%–9.4%, up 30–40 bps; the targeted margin is 10% by FY27-end.

• FY27 order booking guidance is $1,325–1,450 million and backlog guidance is $1,300–1,400 million, including expected Brazil acquisition consolidation.

• H2 revenue conversion and operating leverage are expected to strengthen, subject to normal execution timelines and no significant customer-led delays; much of current backlog growth is expected to flow into FY28.

• FY30 organic revenue target is ~₹12,000 crore, implying ~17% CAGR from FY26; broader ambition is ₹18,000 crore ($2 billion).