Black Box Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Black Box Ltd filed with BSE on 07 Jun 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 management outlined a strategic plan to grow revenue to INR12,000 crores organically and INR18,000 crores (about $2 billion) including inorganic growth by FY30, up from roughly INR6,000 crores in FY26. Management described a three-phase transformation completed since 2019 that expanded EBITDA margin from 4.3% to 9% and grew the order backlog to approximately $800 million. Executives across data center, enterprise (GSI), technology products (TPS), and India businesses presented growth targets, and fielded analyst questions on margins, funding, contract structures, and working capital.
Numbers mentioned
Revenue: Over INR6,000 crores (FY26)
p. 4
“Over INR6,000 crores of revenue in FY26, expanded by 470 basis points, PAT over 9x growth over the last three years' time, return on capital over 34%.”
Sanjeev Verma, page 4 of the filed PDF · View the filing
EBITDA: INR570 crores (FY26)
p. 6
“EBITDA has more than doubled from INR269 crores in FY23 to INR570 crores in FY26, with margin expansion from 4.3% to 9%.”
Deepak Bansal, page 6 of the filed PDF · View the filing
Order backlog: nearly $800 million
p. 6
“Our order backlog has grown from approximately $500 million to nearly $800 million, providing strong visibility into future revenue streams.”
Deepak Bansal, page 6 of the filed PDF · View the filing
Promoter capital infusion: close to around INR425 crores
p. 7
“Over the last few years, promoters have invested close to around INR425 crores into the business through two rounds of capital infusion.”
Deepak Bansal, page 7 of the filed PDF · View the filing
TPS revenue: $90 million (current)
p. 24
“today, and Sanjeev mentioned at the very beginning, we're $90 million today in the current business for TPS.”
Paul Williams, page 24 of the filed PDF · View the filing
TPS gross margin: 40%
p. 25
“We have 40% margins.”
Paul Williams, page 25 of the filed PDF · View the filing
India revenue share: 6% to 7% (current)
p. 34
“So, you know, the India contributes close to around 6% to 7% of our revenues as of now.”
Deepak Bansal, page 34 of the filed PDF · View the filing
Order book (data center share): 25% (current)
p. 33
“And on the order backlog, roughly around I will say currently 25% of our order book is data centres.”
Deepak Bansal, page 33 of the filed PDF · View the filing
Employee learning hours: 36 hours per person per year
p. 26
“The number of hours our people spend in learning is extensive. 36 hours per person per year.”
Kannan Ramaiah, page 26 of the filed PDF · View the filing
Revenue per employee improvement: 30% (last 3 years)
p. 27
“if you look at the revenue per employee in the last 3 years, 30% improvement on productivity.”
Kannan Ramaiah, page 27 of the filed PDF · View the filing
Total equity: around INR1,300 crores (current)
p. 39
“So, right now let's say our total equity is around INR1,300 crores, and total debt is close to around INR800 crores.”
Deepak Bansal, page 39 of the filed PDF · View the filing
Tax rate: 10% (current)
p. 42
“we are right now operating at a 10% tax rate at the overall company level including India and everything.”
Deepak Bansal, page 42 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.
Revenue — $2 billion / INR18,000 crores · FY30
stated as an aspiration by Sanjeev Verma
p. 12
“FY30, we target INR12,000 crores, about $1.3 billion organically, 10% plus of EBITDA.”
Sanjeev Verma, page 12 of the filed PDF · View the filing
EBITDA margin — 10% · FY27
stated firmly by Sanjeev Verma
p. 30
“That's our short-term goal to get into FY27, 10% margin, and we'll continue to do that.”
Sanjeev Verma, page 30 of the filed PDF · View the filing
TPS revenue — $200 million · FY30
stated as an aspiration by Paul Williams
p. 24
“But we're targeting $200 million by FY30.”
Paul Williams, page 24 of the filed PDF · View the filing
TPS EBITDA margin — 10% · FY30
stated as an aspiration by Paul Williams
p. 25
“with returning a 10% EBITDA margin target that we've got there.”
Paul Williams, page 25 of the filed PDF · View the filing
Debt-to-equity ratio — 1:1 · after acquisition program
stated conditionally by Deepak Bansal
p. 39
“I am expecting probably our debt will go -- maybe the debt-equity can go up to 1:1 once we finish off this whole program on the acquisition side of it.”
Deepak Bansal, page 39 of the filed PDF · View the filing
Order book growth — 50% growth · this year
stated as an aspiration by Sanjeev Verma
p. 36
“We're expecting 50% growth on order book if not more this year.”
Sanjeev Verma, page 36 of the filed PDF · View the filing
Order book — $1.3-1.4 billion · March '27
stated firmly by Deepak Bansal
p. 36
“We are expecting that when we end this fiscal year, which is March '27, our order book will remain in the range of probably $1.3-1.4 billion.”
Deepak Bansal, page 36 of the filed PDF · View the filing
Data center share of order book — 35% to 40% · next couple of quarters
stated conditionally by Deepak Bansal
p. 34
“So, this this percentage will continue to move upside on terms of 25% to probably 35% to towards to 40% type of numbers moving forward.”
Deepak Bansal, page 34 of the filed PDF · View the filing
India revenue share — 8% to 10% · at $2 billion scale
stated as an aspiration by Deepak Bansal
p. 34
“The idea is that that when we grow to $2 billion, India continues to be between 8% to 10% type of share because every all the geographies will grow, US will grow, Europe will grow and all those things, but the India will contribute.”
Deepak Bansal, page 34 of the filed PDF · View the filing
Workforce — 7,000 people · next few years
stated firmly by Kannan Ramaiah
p. 26
“Now, from here, for a $2 billion journey, from 4,000 workforce, we're going to be 7,000 people in the next few years.”
Kannan Ramaiah, page 26 of the filed PDF · View the filing
GCC headcount — 1,000 people · coming years
stated as an aspiration by Kannan Ramaiah
p. 27
“we will grow that to be about 1,000 people in the coming years and so on.”
Kannan Ramaiah, page 27 of the filed PDF · View the filing
Data center headcount hiring — 2,100 additional team members · next 12 months
stated firmly by Rick Gannon
p. 17
“In the next 12 months, based on what we can foresee and our bookings, allocations, and what's coming down the pipe, we will hire 2,100 additional data center team members to support all of the work that's coming our way.”
Rick Gannon, page 17 of the filed PDF · View the filing
Working capital days — 60 to 75 days · next quarters
stated conditionally by Deepak Bansal
p. 41
“I will say, we will we will adjust again to the to the normal skewness of let's say 45:55 and then the receivable days will come back again to probably 60 to 75 days what it was earlier instead of right now looking at 90 plus.”
Deepak Bansal, page 41 of the filed PDF · View the filing
Inorganic revenue target — INR6,000 crores ($700 million) · between now and FY30
stated as an aspiration by Deepak Bansal
p. 29
“Inorganic, we want to achieve INR6,000 crores of revenue from between now and FY30, which is around $700 million.”
Deepak Bansal, page 29 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 the overall margin goal is 10% across all businesses, currently at 9%, and that acquisitions will be funded through internal accruals plus some debt.
Answered by Sanjeev Verma
Asked: Beyond TPS, what is the margin trajectory for the rest of the business, and how will the company fund acquisitions?
p. 30
“So, the overall margin goal, we are at 9% at this time. A little bit of scale and we should be able to get to 10.”
Sanjeev Verma, page 30 of the filed PDF · View the filing
Management explained a mix of annuity, fixed-price and cost-plus contracts depending on project scope and scale.
Answered by Sanjeev Verma
Asked by Pritesh: Are contracts time-based or fixed-price, and how are costs controlled?
p. 31
“Our margins and costs are discussed upfront. Every change of scope is covered and therefore, a certain amount of margin is predictable.”
Sanjeev Verma, page 31 of the filed PDF · View the filing
Management said roughly 25% of project value can be unknown at project start and is handled via change orders.
Answered by Mike Carney
Asked by Pritesh: What percentage of project cost changes from the originally conceived scope?
p. 33
“And then I would say you know there's probably a good 25% plus that is of the value that is not known at the beginning.”
Mike Carney, page 33 of the filed PDF · View the filing
Management said margins do not differ by customer type but do vary by geography, and disclosed the current hyperscaler share of the backlog.
Answered by Deepak Bansal
Asked by Moez Chandani: What percentage of order backlog is hyperscalers and how do margins differ between hyperscaler and enterprise projects?
p. 33
“And on the order backlog, roughly around I will say currently 25% of our order book is data centres.”
Deepak Bansal, page 33 of the filed PDF · View the filing
Management confirmed the growth figure was in dollar terms over a ten-year period from 2016 to 2026.
Answered by Sanjeev Verma
Asked by Rahul Jain: Was the 67% growth figure for the banking customer in dollar or rupee terms, and over what period?
p. 35
“No. It was a dollar number, I think back we report into the we in our mental math, we always calculate dollars.”
Sanjeev Verma, page 35 of the filed PDF · View the filing
Management said no business is won purely on price, and that prices have risen due to demand exceeding supply, supporting margin gains.
Answered by Mike Carney
Asked by Amit Agichan: How do pricing pressures compare with the last two years and what share of bids are won on price versus capability?
p. 38
“We have no business that is won on price.”
Mike Carney, page 38 of the filed PDF · View the filing
Management said debt would not rise much given internal accruals but could reach a 1:1 ratio if the acquisition program accelerates.
Answered by Deepak Bansal
Asked by Amit Agichan: What is the targeted debt-to-equity ratio over the next two years?
p. 39
“So, right now let's say our total equity is around INR1,300 crores, and total debt is close to around INR800 crores.”
Deepak Bansal, page 39 of the filed PDF · View the filing
Management attributed the increase to revenue skew toward the last month of the quarter and expects receivable days to normalize.
Answered by Deepak Bansal
Asked by Pooja: Why are net working capital and debtor days increasing, and what is a sustainable level going forward?
p. 41
“But the last quarter, which was a quarter four of the previous fiscal year, that ratio was 38:62.”
Deepak Bansal, page 41 of the filed PDF · View the filing
Management acknowledged a constrained labor market with inflationary pressure and described using a mix of permanent staff, contract labor, and subcontractors.
Answered by Kannan Ramaiah
Asked by Pritesh Vora: Will data center hiring in the US face wage inflation, and how is staffing structured between employees and subcontractors?
p. 42
“So, from a rate point of view, it's a very constrained market. So, there is going to be some inflationary focus on that.”
Kannan Ramaiah, page 42 of the filed PDF · View the filing
Management said the company currently benefits from a lower tax rate due to carried-forward operating losses, expecting normalization in about two years.
Answered by Deepak Bansal
Asked by Pritesh Vora: How does the US tax rate compare with India?
p. 42
“But because of the past operating losses which were carry forward, which is called as NOLs, which is net operating losses, we are right now operating at a 10% tax rate at the overall company level including India and everything.”
Deepak Bansal, page 42 of the filed PDF · View the filing
Management cited talent and attrition risk, geopolitical and currency exposure it considers hedged, and named execution as the biggest risk.
Answered by Sanjeev Verma
Asked by Girish Shanbhag: What risks does management anticipate on the path to 2030?
p. 42
“Well, there will be some risk that the management would frame -- bake in. Risks like talent, attrition, some other stuff, and there'll be some risk that possibly are unforeseen, right?”
Sanjeev Verma, page 42 of the filed PDF · View the filing
Risks flagged
Talent and attrition risk in a constrained skilled-labor market
p. 42
“Risks like talent, attrition, some other stuff, and there'll be some risk that possibly are unforeseen, right?”
Sanjeev Verma, page 42 of the filed PDF · View the filing
Execution and delivery risk on challenging large-scale projects
p. 43
“I think the thing that we have -- if I think about the biggest risk, the biggest risk is in executing.”
Sean Maguire, page 43 of the filed PDF · View the filing
Unforeseen geopolitical events such as conflict
p. 43
“Now, could there be another war at some part of the world? Now, we can't predict that.”
Sanjeev Verma, page 43 of the filed PDF · View the filing
Wage inflation from a constrained skilled labor market for data center technicians
p. 42
“So, from a rate point of view, it's a very constrained market. So, there is going to be some inflationary focus on that.”
Kannan Ramaiah, page 42 of the filed PDF · View the filing
Low-margin geography risk in India due to aggressive negotiation
p. 34
“So, from that perspective, India is a low-margin geography.”
Deepak Bansal, page 34 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.