Black Box (500463) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY26 revenue was Rs. 1,584.59 crore, up 14% QoQ and 6% YoY; net profit was Rs. 55.65 crore. H1 revenue was Rs. 2,971.33 crore and net profit Rs. 103.08 crore.

• Q2 EBITDA margin recovered to 9.0% from 8.4% in Q1; management expects H2 to outperform H1, citing stronger pipeline visibility and delayed projects entering delivery.

• H1 order bookings totaled $394 million, Q2 bookings were $218 million, and quarter-end backlog reached $555 million; management remains confident in the $1 billion FY26 bookings target.

Financial highlights

• H1 FY26 revenue was Rs. 2,971.33 crore versus Rs. 2,920.61 crore YoY; EBITDA was Rs. 259 crore, up 4%, and PAT was Rs. 103.08 crore, up 17%.

• Q2 net profit was Rs. 55.65 crore versus Rs. 51.14 crore YoY; H1 net profit was Rs. 103.08 crore versus Rs. 88.23 crore.

• Q2 EBIT was Rs. 115 crore versus Rs. 108 crore YoY; Q2 PAT margin was 3.5%.

• Consolidated exceptional expenses were Rs. 14.14 crore in Q2 and Rs. 26.74 crore in H1, including severance and lease-foreclosure costs.

• Standalone Q2 revenue was Rs. 116.77 crore and net profit Rs. 3.23 crore, versus a net loss of Rs. 2.47 crore YoY.

Outlook and guidance

• FY26 guidance is Rs. 6,750–7,000 crore revenue, Rs. 605–645 crore EBITDA at 9.0%–9.2% margin, and Rs. 265–285 crore PAT.

• H2 FY26 organic sequential growth of 10%–15% is expected, with H2 stronger than H1; FY26 exit backlog is targeted at $700 million.

• FY26 order bookings target remains $1 billion; management cited active pipeline opportunities and execution as key to delivery.

• Organic growth is planned at ~15% in FY27 and beyond; the FY29 target is $2 billion revenue, including $1.1–$1.2 billion organic and $750–$800 million inorganic revenue.

• Near-term margins are expected at 9%–9.5%; FY27 organic margins are expected to exceed 10% or trend upward, subject to volume growth and execution.