Black Box (500463) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 revenue was ₹1,497.23 crore, down 5% YoY and up 5% QoQ; EBITDA reached ₹135 crore and net profit ₹51.14 crore, up 35% and 60% YoY, respectively.

• H1 FY25 revenue was ₹2,920.61 crore, down 7% YoY; EBITDA rose 31% to ₹250 crore and net profit rose 58% to ₹88.23 crore.

Financial highlights

• Q2 FY25 gross profit was ₹452 crore, up 3% YoY, with gross margin at 30.2% versus 27.7%.

• H1 FY25 operating cash flow was ₹117 crore versus ₹46.69 crore in H1 FY24; period-end cash and cash equivalents were ₹281.76 crore.

• Q2 FY25 total income was ₹1,498.25 crore and profit before exceptional items and tax was ₹75.33 crore, versus ₹1,580.78 crore and ₹47.67 crore in Q2 FY24.

• Standalone Q2 FY25 revenue was ₹81.09 crore with a net loss of ₹2.47 crore; H1 revenue was ₹165.27 crore with a net loss of ₹5.05 crore.

Outlook and guidance

• FY25E targets: revenue ₹6,600–6,900 crore; normalised EBITDA ₹525–560 crore at 8.0%–8.1% margin; PAT ₹220–250 crore at 3.3%–3.6% margin.

• FY25 EBITDA guidance remains unchanged; management expects to maintain margins and improve PAT guidance, targeting a sustainable 10% operating margin and beyond.

• Aspiration remains $2 billion revenue by FY28/29; larger order books and pipeline conversion are expected from FY26.

• Execution is expected to improve from FY26 through stronger supply-chain readiness, modular delivery and better resource utilization.