Black Box (500463) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was Rs 1,659.58 crore, up from Rs 1,501.72 crore YoY; net profit was Rs 49.68 crore versus Rs 56.08 crore.

• Nine-month revenue rose to Rs 4,630.91 crore from Rs 4,422.33 crore; net profit increased to Rs 152.76 crore from Rs 144.31 crore.

• FY26 revenue guidance was reduced to INR 6,325–6,375 crore after customer delays and supply constraints deferred project execution; management expects deferred work to support FY27.

• Q3 bookings were $232 million and nine-month bookings $626 million; the proposed 2S acquisition is expected to add INR 500 crore revenue in FY27.

Financial highlights

• Q3 FY26 revenue was INR 1,659.58 crore; nine-month revenue was INR 4,630.91 crore.

• Q3 EBITDA was INR 147 crore, up 10% YoY; nine-month EBITDA was INR 406 crore, up 6% YoY.

• Q3 net profit was INR 49.68 crore versus INR 56.08 crore; nine-month net profit was INR 152.76 crore versus INR 144.31 crore.

• Q3 gross profit was INR 507 crore, up 13% YoY; gross margin was 30.5% versus 29.8%.

• Q3 consolidated exceptional expenses were INR 21.92 crore; profit before exceptional items and tax was INR 78.69 crore, and net profit before tax was INR 56.77 crore.

Outlook and guidance

• Revised FY26 guidance: revenue INR 6,325–6,375 crore; EBITDA INR 555–575 crore; EBITDA margin 8.8%–9.0%; PAT INR 220–230 crore.

• FY26 order-booking target remains $1 billion; Q4 bookings are expected to be significant, with more than $350 million of prospective orders at advanced stages.

• Revised FY26 closing backlog guidance is $775–825 million; management expects more than $800 million, versus an earlier $700 million estimate.

• $40–45 million of delayed FY26 revenue is expected to move into FY27 as customer-level supply constraints normalize.