loader2
Login Open ICICI 3-in-1 Account
Text Size
Text to Speech
Color Contrast
Pause Animations
Open ICICI 3-in-1 Account

Black Box Results: Latest Quarterly Results & Analysis

Open Free Trading Account Online with ICICIDIRECT
+91
Black Box Ltd. 12 Feb 2026 12:52 PM
Result PDF

Q3FY26 Quarterly Result Announced for Black Box Ltd.

IT Consulting & Software company Black Box announced Q3FY26 results

  • Revenue for Q3 FY26 stood at Rs 1,660 crore compared from Rs 1,585 crore in Q2FY26, reflecting an 11% YoY growth and 5% QoQ, driven by sustained execution and improved momentum.
  • EBITDA for the quarter was Rs 147 crore, representing a 10% YoY growth and 3% QoQ increase.
  • EBITDA margins remained stable at 8.9%.
  • Profit after tax (PAT) stood at Rs 50 crore compared to Rs 56 crore in Q3FY25, and Q2FY26 respectively.

Sanjeev Verma, Executive Director & Chief Executive Officer, Black Box, said: “Our Q3 performance reflects the strength of our focused go-to-market strategy and improving execution across regions. With order bookings on track to reach USD 1 billion in FY26 and backlog expected to grow meaningfully ahead of earlier estimates, we are entering FY27 with strong revenue visibility and momentum. As the business mix continues to improve and higher-value opportunities scale, we are confident of accelerating growth while enhancing the quality and resilience of earnings.

The acquisition of 2S is a significant milestone for Black Box. By combining 2S’s CISCO and cloud expertise with Black Box’s infrastructure and A/V capabilities, we are well positioned to deliver a unified enterprise solution, accelerate digital transformation across the high-growth LATAM market, and strengthen our networking and datacentre business. This will allow us to drive greater efficiency and innovation for our customers in the LATAM market, while creating long-term value for our shareholders.”

Deepak Bansal, Chief Financial Officer, Black Box, said: “We delivered steady revenue growth with stable operating margins during the quarter, supported by disciplined execution and improved cost absorption. While PAT was impacted by a one-time provision related to the New Labour Code, the underlying profitability trajectory of the business remains intact. With a growing backlog, improving revenue mix, and continued operational efficiencies, we expect earnings growth to progressively strengthen in the coming quarters. Our balance sheet and cash flow position us well to support both organic expansion and strategic inorganic initiatives maintaining financial discipline.

The proposed acquisition of 2S represents disciplined and strategically aligned capital allocation that enhances both our growth and profitability profile. We are expecting to add around Rs 500 crore of revenue in FY27 and expect to complete integration and synergy within 90 days of closing. This acquisition strengthens our long-term shareholder value, while our balance sheet remains well positioned to support disciplined organic and inorganic growth.”

Result PDF

Result PDF

IT Consulting & Software company Black Box announced Q2FY26 results

  • Revenue for Q2FY26 stood at Rs 1,585 crore from Rs 1,387 crore in Q1FY26, witnessing a growth of 14% QoQ and 6% YoY.
  • EBITDA for the quarter stood at Rs 143 crore, up from Rs 116 crore in Q1FY26 representing a growth of 23% QoQ and 6% YoY.
  • EBITDA margins improved by 60 basis points on a sequential basis to 9.0% in Q2FY26, compared to 8.4% in Q1FY26.
  • Profit after Tax (PAT) stood at Rs 56 crore, up from Rs 47 crore, a growth of 17% quarter-onquarter and 9% YoY.
  • Order momentum remained strong, with the backlog at the end of Q2FY26 at Rs 4,846 crore (USD 555 million), up from Rs 4,523 crore (USD 518 million) at the close of Q1FY26.

Sanjeev Verma, Executive Director & Chief Executive Officer, Black Box, said: “Q2FY26 has been a strong quarter, with revenue up 14% sequentially and broad-based growth across key markets. Our transformation journey is driving sustained, profitable momentum, backed by a strong and diversified order book. We are witnessing strong traction in high-growth areas such as data centers and overall digital infrastructure, across our operating markets, and are scaling strategically to capture these opportunities. With solid execution, deep client partnerships, and a healthy pipeline, we remain confident of meeting our FY26 goals.”

Deepak Bansal, Chief Financial Officer, Black Box, said: "We delivered a revenue growth in Q2 on the back of good order backlog with EBITDA margins at 9%. Our financial performance reflects the benefits of operational discipline and the impact of our continued transformation efforts. We are focusing on growing business with prudent capital deployment."

Result PDF

IT Consulting & Software company Black Box announced Q1FY26 results

  • Revenue for Q1FY26 stood at Rs 1,387 crore compared to Rs 1,423 crore in Q1FY25.
  • EBITDA for the quarter was Rs 116 crore, representing a 1% YoY growth.
  • EBITDA margins improved by 30 basis points to 8.4% in Q1FY26 YoY.
  • Profit after tax (PAT) rose 28% YoY to Rs 47 crore from Rs 37 crore in Q1FY25.
  • PAT Margin: 3.4% for Q1FY26.

Sanjeev Verma, Whole Time Director, said: "Over the past five years, we have transformed Black Box from a loss-making entity into a profitable, cash-generating business with a strong balance sheet. With the turnaround complete, FY26 is about accelerating growth, scaling revenues, and capturing market leadership. While the year began at a slower pace, we are seeing solid traction in key accounts and are actively engaged in multiple high-value opportunities. Supported by our differentiated capabilities, robust pipeline, and committed teams, we remain confident in delivering sustainable, long-term growth."

Deepak Kumar Bansal, Executive Director and Global CFO, said: “While Q1 is typically softer than Q4, this quarter’s performance also reflected some client-driven delays in equipment procurement due to the prevailing tariff environment, which impacted the timing of revenue recognition and operating margins. Despite this, we achieved year-on-year growth in both EBITDA and PAT, demonstrating our operational efficiency and margin resilience. With a robust order book, healthy cash reserves, and a strengthened go-to-market strategy, we remain confident to deliver on our growth ambitions for the remainder of the fiscal year.”

Result PDF

IT Consulting & Software company Black Box announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue: Rs 1,545 crore, up 4% YoY
  • EBITDA: Rs 147 crore, up 21% YoY; EBITDA margin at 9.5%, up 130 bps YoY
  • PAT: Rs 60 crore, up 48% YoY and 8% QoQ; PAT margin at 3.9%, up 120 bps YoY

FY25 Financial Highlights:

  • Revenue: Rs 5,967 crore vs. Rs 6,282 crore in FY24
    • FY25 revenue moderated due to delayed customer decision-making and strategic exit from low-margin accounts
    • Renewed go-to-market strategy and improved pipeline execution expected to support growth from Q2 FY26
  • EBITDA: Rs 531 crore, up 24% YoY; EBITDA margin improved by 210 bps to 8.9%
  • PAT: Rs 205 crore, up 49% YoY; PAT margin improved to 3.4%, up 120 bps YoY

Sanjeev Verma, Whole Time Director, stated: "Our strategic focus on high-value customer segments and operational rigor has led to a meaningful expansion in both order book and profitability. The ongoing digital and AI-driven transformation across industries presents structural growth opportunities, and we are well-positioned to capitalize on them."

Deepak Kumar Bansal, Executive Director and Global CFO, added: " FY25 marked strong progress on profitability and capital efficiency. Our EBITDA margins continue to move toward our double-digit target, supported by quality of revenues and operating discipline. With strong ROE, a robust pipeline, and healthy cash reserves, we remain confident in delivering on our financial performance guidance for FY26."

Result PDF

IT Consulting & Software company Black Box announced Q3FY25 results

  • Revenue for Q3FY25 stood at Rs 1,502 crore, compared to Rs 1,655 crore in Q3FY24
  • EBITDA for the quarter was Rs 134 crore, reflecting a growth of 15% YoY.
  • EBITDA margins for Q3FY25 improved by 130 basis points YoY to 8.9%
  • Profit after tax for Q3FY25 stood at Rs 56 crore, highest ever, growing by 37% YoY and 10% QoQ.
  • PAT margins improved by 120 bps YoY and stood at 3.7% in Q3FY25

Sanjeev Verma, Whole Time Director, Black Box said, “The rapid advancements in AI and the ongoing developments in this field are expected to drive a global surge in demand for AI tools across businesses. This, in turn, will accelerate the need for robust digital infrastructure. As a result, hyperscalers are making significant capital investments in AI infrastructure and data centers, reinforcing our confidence in reaching our growth target of US $2 billion in revenue by FY29.”

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented, “Our relentless focus on improving operating performance allowed us to achieve highest ever quarterly PAT. The company has, over the last few years, consistently generated strong ROE and ROCE, and remains committed to generating positive cash flows and better returns for the shareholders. Better efficiencies and productivity helped us in achieving stronger than estimated margins.”

Result PDF

IT Consulting & Software company Black Box announced Q2FY25 results

  • Revenue from Operations: Rs 1,497 crore compared to Rs 1,574 crore during Q2FY24, change -5%
  • Q2FY25 PAT at Rs 51 crore; up 60% YoY.
  • PAT Margin: 3.4% for Q2FY25.
  • Q2FY25 EBITDA at Rs 135 crore; up 34% YoY.
  • EBITDA margin: 9.0% for Q2FY25.

Sanjeev Verma, Whole Time Director, Black Box said: “Our strategic focus on reorganising the business into industry verticals and a horizontal business layer will help us to transition into the next phase of growth. A focused approach to targeting premium customers will lead to deeper engagement with our clients making us among the preferred digital infrastructure solutions provider globally. Additionally, our cost optimization efforts will yield consistent growth in operating performance and enhanced productivity leading to better margins. We have secured funding of Rs 386 crore, which will strengthen our balance sheet and help us make accelerated investments to propel growth across key focus areas.”

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, said: “Our commitment towards better performance achieved through operating leveraging is starting to yield results as our operating and profitability margins continue to rise quarter on quarter. As we re-architecture our GTM, we will see further improvement in our operating performance, higher profitability and improved cash flows. At Rs 51 crore of PAT in Q2FY25 we are already at a run-rate of above Rs 200 crore of PAT and are hopeful to achieve our full year FY25 profitability targets.

Result PDF

IT Consulting & Software company Black Box announced Q4FY24 & FY24 results:

  • EBITDA increased by a robust 59% YoY to Rs 428 crore with EBITDA margins at 6.8%, a growth of 250 bps YoY. For Q4FY24 EBITDA increased by 28% YoY to Rs 122 crore with EBITDA margins growth of 260 bps YoY to 8.2%.
  • Profit after tax for FY24 increased by 5.8x to Rs 138 crore compared to FY23. For Q4FY24 profit after tax increased by 77% YoY to Rs 41 crore.

Commenting on the results and performance Sanjeev Verma, Whole Time Director, Black Box said, “For FY24, we have been exiting low value and long tail customers which led to a miss on our revenue guidance, however, we were able to achieve our EBITDA guidance and PAT was very close to lower end of the guided range. Our core operations have shown remarkable strength, with significant growth in key areas that underscore the robustness of our business model. The slight deviation from our forecast does not detract from the progress we have made and the solid foundation we have built. With robust pipeline and a strong order book, we are confident in the resilience of our business model. As each of our business segments gains momentum, our belief in delivering improved performance in the upcoming years is further reinforced.”

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented, “The growth in topline was affected due to delays in decision-making, resulting in a hold-up of new orders in the second half of FY24. However, our strong focus on EBITDA and profitability over the last few quarters has begun to show positive outcomes, as evidenced by a 59% YoY growth in EBITDA and 5.8 times YoY increase in our profit after tax for FY24. We are optimistic that this trend will continue, enhancing both margins and overall profitability, and we are confident in achieving strong performance in fiscal year 2025 and beyond.”

Result PDF

IT Consulting & Software company Black Box announced Q3FY24 & 9MFY24 results:

Financial Performance:
- Revenue: For Q3FY24, Black Box reported a QoQ growth of 5% to Rs 1,655 crore and a YoY growth of 4% to Rs 4,801 crore in 9MFY24.
- EBITDA: EBITDA grew significantly by 62% YoY to Rs 116 crores in Q3FY24, and for 9MFY24, EBITDA increased to Rs 306 crores at a margin of 6.4%, demonstrating a YoY increase of 260 basis points.
- Profit After Tax (PAT): PAT for Q3FY24 surged by 5.2x YoY to Rs 41 crores and increased by 28% on a quarter-on-quarter basis. For 9MFY24, PAT increased to Rs 97 crores, a substantial rise from Rs 1 crore in 9MFY23.

Operational Highlights:
- Margin Enhancement: EBITDA margins rose by 270 basis points YoY to 7.0% for Q3FY24, indicating effective cost rationalization and improved productivity measures.
- Deal Wins: Black Box Limited secured deal wins of over $50 million during the quarter, including notable clients and projects: a social networking giant, a short-form video hosting service provider, correctional departments, engineering services providers, energy companies, defense organizations, and hospitals.

Commenting on the results and performance Sanjeev Verma, Whole Time Director, Black Box said, “We are delighted by our achievements in Q3 and 9MFY24. Our EBITDA margins and overall profitability both on a QoQ and YoY basis have increased substantially due to our emphasis on cost rationalization and enhanced productivity. Strong order book coupled with deal wins in excess of $50 million during the quarter, makes us confident in our resilient business model. As each of our business segments gathers momentum, it reinforces our confidence in delivering improved performance in the upcoming quarters.”

Deepak Kumar Bansal, Executive Director and Global Chief Financial Officer of Black Box, commented, “Revenue for Q3FY24 witnessed a growth of 5% QoQ and was muted on a YoY basis. For 9MFY24 revenue grew by 4% YoY. Our strong focus on profitability over the last few quarters has started yielding positive results as evidenced by our profit after tax surging 5.2 times YoY in Q3FY24. Further, we are optimistic, that this trend to continue both in terms of margin enhancement and overall profitability, boosting our confidence in achieving strong performance in fiscal year 2024 and onwards.”

 

 

Result PDF

Trending News

Nestle India adds 20,500 tonnes of Maggi capacity at Sanand facility

Nestle India has announced addition of 20,500 tonnes/annum of Maggi capacity at Sanand facility. 

Published on 02-Apr-2026 09:19

Power Grid wins transmission project for 2.7 GW of renewable energy capacity at Tumkur-II, Karnataka

Power Grid Corporation of India Limited (POWERGRID) has been declared the successful bidder under Tariff-Based Competitive Bidding (TBCB) for a transmission project aimed at integrating 2.7 GW of additional renewable energy capacity at Tumkur-II, Karnataka. 

Published on 02-Apr-2026 09:18

Tata Power resumes operations at 4,150 MW Mundra thermal power plant

Tata Power Company Limited has resumed operations at its 4,150 MW Mundra thermal power plant in Gujarat from April 1, 2026, after a nine-month shutdown. 

Published on 02-Apr-2026 09:17

Indian Bank's gross advances grow 13.6% YoY to ₹6,680 lakh crore

Indian Bank reported steady business growth in Q4FY26 (provisional), with gross advances rising to ₹6.68 lakh crore, up 13.6% YoY (4.5% QoQ). 

Published on 02-Apr-2026 09:16

South Indian Bank's gross advances grow 15.7% YoY to ₹101,295 crore

South Indian Bank reported steady business growth in Q4FY26 (provisional), with gross advances rising to ₹1,01,295 crore, up 15.7% YoY (4.7% QoQ). 

Published on 02-Apr-2026 09:15

Karnataka Bank's gross advances grow 6.9% YoY to ₹83,336.9 crore

Karnataka Bank reported healthy sequential business growth in Q4FY26 (provisional), with gross advances rising to ₹83,336.9 crore, up 6.9% YoY (7.8% QoQ). 

Published on 02-Apr-2026 09:14

Disclaimer – I ICICI Securities Ltd. ( I-Sec). Registered office of I-Sec is at ICICI Securities Ltd. - ICICI Venture House, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India, Tel No : 022 - 6807 7100. I-Sec is acting as a distributor to solicit bond related products. All disputes with respect to the distribution activity, would not have access to Exchange investor redressal forum or Arbitration mechanism. The contents herein above shall not be considered as an invitation or persuasion to trade or invest. I-Sec and affiliates accept no liabilities for any loss or damage of any kind arising out of any actions taken in reliance thereon. Investments in securities market are subject to market risks, read all the related documents carefully before investing. The contents herein mentioned are solely for informational and educational purpose.
Download App

Download Our App

Get it on google Play Store Download on the App Store
market app