Black Box Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Black Box Ltd filed with BSE on 20 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Black Box reported its highest ever quarterly revenue of INR1,719 crores for Q1 FY27, up 24% year-on-year, with EBITDA rising 38% to INR160 crores and profit after tax growing 18% to INR56 crores. Order bookings for the quarter were US$339 million, taking the order backlog to a record approximately US$950 million, up 83% year-on-year. Management gave FY27 guidance for revenue of INR7,800-8,000 crores, EBITDA of INR725-750 crores, and PAT of INR300-325 crores, and reiterated its FY30 aspiration of an INR18,000 crores or US$2 billion revenue company.
Numbers mentioned
Revenue: INR1,719 crores (Q1 FY27)
p. 6
“we reported highest ever revenue of INR1,719 crores, representing a 24% year-on-year growth”
Deepak Bansal, page 6 of the filed PDF · View the filing
EBITDA: INR160 crores (Q1 FY27)
p. 6
“EBITDA increased to INR160 crores, up 38% year-on-year”
Deepak Bansal, page 6 of the filed PDF · View the filing
Profit after tax: INR56 crores (Q1 FY27)
p. 6
“profit after-tax grew to INR56 crores, an increase of 18% over the corresponding quarter last year”
Deepak Bansal, page 6 of the filed PDF · View the filing
EBITDA margin: 9.3% (Q1 FY27)
p. 6
“EBITDA margin expanded by 90 basis points to 9.3%”
Deepak Bansal, page 6 of the filed PDF · View the filing
Order bookings: US$339 million (Q1 FY27)
p. 7
“During the quarter, we secured orders worth US$339 million.”
Deepak Bansal, page 7 of the filed PDF · View the filing
Order backlog: approximately US$950 million (Q1 FY27)
p. 7
“it has increased by 83% to over US$950 million at the end of quarter one of FY27”
Deepak Bansal, page 7 of the filed PDF · View the filing
New hyperscaler order size: US$131 million, about INR1,240 crores
p. 3
“adding a new global hyperscaler in the United States through a US$131 million, about INR1,240 crores order”
Sanjeev Verma, page 3 of the filed PDF · View the filing
2S Brazil acquisition revenue contribution: INR60 crores (Q1 FY27)
p. 8
“So INR60 crores came from the 2S Brazil acquisition because it was like two months and first quarter of them”
Deepak Bansal, page 8 of the filed PDF · View the filing
Other income: INR4 crores positive
p. 13
“Other income is INR4 crores positive.”
Deepak Bansal, page 13 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Order backlog — US$1.3 billion to US$1.4 billion · March 31, 2027
stated firmly by Deepak Bansal
p. 7
“order backlog, we should end on March 31, 2027 at US$ 1.3 billion to US$ 1.4 billion”
Deepak Bansal, page 7 of the filed PDF · View the filing
Order bookings — US$1.3 billion to US$1.4 billion · FY27
stated firmly by Deepak Bansal
p. 7
“Order bookings in the year, we should do between US$1.3 billion to US$1.4 billion, which is again a growth between 32% to 45%”
Deepak Bansal, page 7 of the filed PDF · View the filing
Revenue — INR7,800 crores to INR8,000 crores · FY27
stated firmly by Deepak Bansal
p. 7
“Revenue, we should do between INR7,800 crores to INR8,000 crores, which is a growth of 23% to 27%.”
Deepak Bansal, page 7 of the filed PDF · View the filing
EBITDA — INR725 crores to INR750 crores · FY27
stated firmly by Deepak Bansal
p. 7
“EBITDA, we should do between INR725 crores to INR750 crores”
Deepak Bansal, page 7 of the filed PDF · View the filing
EBITDA margin — 9.3% to 9.4% · FY27
stated firmly by Deepak Bansal
p. 7
“EBITDA margins will range between 9.3% to 9.4%, which is again up by around 30 to 40 basis points.”
Deepak Bansal, page 7 of the filed PDF · View the filing
Profit after tax — INR300 crores to INR 325 crores · FY27
stated firmly by Deepak Bansal
p. 7
“Profit after tax, we are expecting between INR300 crores to INR 325 crores”
Deepak Bansal, page 7 of the filed PDF · View the filing
Operating cash flow to EBITDA conversion — FY27
stated conditionally by Deepak Bansal
p. 7
“For FY27, we expect our operating cash flow to EBITDA conversion to improve meaningfully over FY26, supported by disciplined working capital management.”
Deepak Bansal, page 7 of the filed PDF · View the filing
Revenue — INR18,000 crores or US$2 billion · FY30
stated as an aspiration by Sanjeev Verma
p. 5
“our aspiration is to build Black Box into an INR18,000 crores or US$2 billion revenue company by FY30.”
Sanjeev Verma, page 5 of the filed PDF · View the filing
EBITDA margin — 10% or above
stated as an aspiration by Deepak Bansal
p. 6
“Our medium-term objective remains to consistently operate at or above a 10% EBITDA margin while maintaining healthy returns on capital.”
Deepak Bansal, page 6 of the filed PDF · View the filing
Technology product solutions (TPS) business growth — around 20% · FY27
stated as an aspiration by Sanjeev Verma
p. 10
“So our product business also, we're expecting in the current year to be able to grow in the range of 20-odd percent.”
Sanjeev Verma, page 10 of the filed PDF · View the filing
Headcount addition — nearly 2,000 professionals
stated firmly by Sanjeev Verma
p. 5
“We continue to hire and train talent at scale with plans to onboard nearly 2,000 professionals”
Sanjeev Verma, page 5 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said INR60 crores of the INR1,719 crores revenue came from 2S Brazil, with the rest organic.
Answered by Deepak Bansal
Asked by Deep Shah: What was the organic revenue growth excluding the 2S Brazil acquisition contribution?
p. 8
“So INR60 crores came from the 2S Brazil acquisition because it was like two months and first quarter of them”
Deepak Bansal, page 8 of the filed PDF · View the filing
Management explained that much of the order backlog execution will spill into FY28 due to long lead times on large projects.
Answered by Deepak Bansal
Asked by Deep Shah: Is FY27 revenue guidance conservative given the order backlog growth?
p. 9
“most of the growth is coming with all the execution of these projects by, let's say, end of the quarter 3 and quarter 4, and it will spill into the next year.”
Deepak Bansal, page 9 of the filed PDF · View the filing
Management said the non-hyperscale enterprise business would grow at a modest double-digit rate, with the hyperscale-driven infrastructure eventually benefiting enterprise demand with a lag.
Answered by Sanjeev Verma
Asked by Vivek Choraria: Is the non-data center enterprise business growing or just tracking along?
p. 10
“The non-hyperscale enterprise will grow at modest double-digit 10% odd. Combining, we are putting at 25% odd at this time.”
Sanjeev Verma, page 10 of the filed PDF · View the filing
Management said they expect Q4 margins to be at or above the 10% goal, while investing in talent and training in the interim.
Answered by Sanjeev Verma
Asked by Nandan Arekal: Will margins be depressed in Q2/Q3 before recovering with operating leverage?
p. 11
“as we move forward, our Q4 to be in that range or more.”
Sanjeev Verma, page 11 of the filed PDF · View the filing
Management expects the tax rate to stay between 10-15% for FY27 and FY28 before normalizing to around 20%.
Answered by Deepak Bansal
Asked by Mohammed Nameer: What is the outlook for the tax rate given it is currently low?
p. 12
“for FY27 and FY28, I'm expecting it to be in the range between 10% to 15% and after that, it should regularize to around 20% type of levels.”
Deepak Bansal, page 12 of the filed PDF · View the filing
Management confirmed the order was entirely services with no product component.
Answered by Sanjeev Verma
Asked by Vivek Seth: How much of the recent hyperscaler AI data center order is products versus services?
p. 13
“No products, 100% services.”
Sanjeev Verma, page 13 of the filed PDF · View the filing
Management said the overall AI infrastructure spend is large and they have taken only a small slice of it, and current conversations show acceleration rather than slowdown.
Answered by Sanjeev Verma
Asked by Keshav Bharadia: Would moderation in hyperscaler capex put Black Box at risk of order cancellations?
p. 13
“we have taken over a very fairly small slice at this time of that from our -- within our addressable market”
Sanjeev Verma, page 13 of the filed PDF · View the filing
Management pointed to scale, execution capability, and existing customer relationships as the moat, noting few companies can execute such large projects.
Answered by Sanjeev Verma
Asked by Keshav Bharadia: What differentiates Black Box from competitors in winning new orders?
p. 15
“I think moat is what? Moat is scale. Moat is capability. Moat is the relationship and execution already done.”
Sanjeev Verma, page 15 of the filed PDF · View the filing
Risks flagged
Growth spilling into FY28 due to long lead times on large project execution
p. 9
“the growth will be -- growth when we will project about FY28, you will see that there will be a growth over the current year.”
Deepak Bansal, page 9 of the filed PDF · View the filing
Possible shift or delay of hyperscaler sites
p. 13
“Should there be a shift of a hyper A or hyper B or some site getting delayed or some site getting revamped, I think we're talking about a massive spend.”
Sanjeev Verma, page 13 of the filed PDF · View the filing
Investment in training required for large-scale project execution could pressure near-term margins
p. 11
“We are looking to invest in talent and training. We are getting into a very large-scale, build-out of multi-billion dollar backlogs.”
Sanjeev Verma, page 11 of the filed PDF · View the filing
Competitive intensity as more players may enter the market
p. 15
“Now, coming to take share, I think from that perspective, will there be some competition? Of course, you can't be the only one playing.”
Sanjeev Verma, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.