Financial Performance Summary

Q4 FY26 Performance:

  • Revenue: ₹1,691 crore, up 9% YoY from ₹1,545 crore in Q4 FY25
  • EBITDA: ₹164 crore, up 12% YoY from ₹147 crore in Q4 FY25
  • PAT: ₹65 crore, up 7% YoY from ₹60 crore in Q4 FY25
  • EBITDA Margin: 9.7%, improved by 20 bps from 9.5% in Q4 FY25

Full Year FY26 Performance:

  • EBITDA: ₹570 crore (compared to ₹531 crore in previous period)
  • EBITDA Margin: 9.0%, improved by 80 bps from 8.9% in previous period

Order Metrics and Business Momentum

Order Backlog: $792 million (approximately ₹7,000 crore), up 57% YoY

Order Bookings:

  • Q4 FY26: $377 million (approximately ₹3,331 crore)
  • First 9 months FY26: $626 million (approximately ₹553 crore)
  • Total FY26: Crossed $1 billion milestone

Key Order Wins in Q4 FY26:

  • $75 million (approx. ₹663 crore) data center services engagement from US-based global hyperscaler
  • Additional $31 million (approx. ₹277 crore) contract
  • Multi-year strategic engagement worth over $90 million (approx. ₹795 crore) with major U.S. international airport
  • Multiple orders totaling $19 million (approx. ₹169 crore) from US healthcare and pharmaceutical clients
  • $7 million (approx. ₹62 crore) engagement from major retail chain
  • $3.3 million (approx. ₹29 crore) order from travel company
  • $2 million (approx. ₹18 crore) order from utility company
  • $2 million (approx. ₹18 crore) engagement from world's largest chip manufacturer

India Order Wins:

  • ₹21 crore from leading telecom operator for enterprise networking and connectivity solutions
  • ₹16 crore from prominent PSU bank for networking solutions

Strategic and Financial Updates

Dividend Declaration: Board recommended final dividend of 50% (₹1 per equity share of face value ₹2 each), subject to shareholder approval

Acquisition: Completed acquisition of Brazil-based 2S Inovações Tecnológicas S.A. effective May 1, 2026. The acquisition:

  • Enhances presence across Latin America
  • Strengthens capabilities in data center networking, digital connectivity, cybersecurity, and managed infrastructure services
  • Expected to contribute approximately ₹500 crore in annualized revenue
  • Company has 35+ years legacy in Brazilian market

Fundraising: Successfully raised ₹386.36 crore through conversion of warrants issued on September 27, 2024

  • 92,65,215 warrants converted into equity shares at issue price of ₹417 per share
  • Promoters contributed ₹200 crore (51.76% of total capital infusion)
  • Post-conversion promoter shareholding: 69.99%

Management Commentary

Mr. Sanjeev Verma, Executive Director & Chief Executive Officer:

  • Black Box is a direct beneficiary of global AI-driven infrastructure boom
  • Enterprises and hyperscalers are accelerating spending on next-generation networks, data centers, and connectivity
  • Strong visibility into FY27 and beyond with multi-year growth opportunity from AI and enterprise modernization investments
  • Focus on disciplined execution and long-term shareholder value

Mr. Deepak Kumar Bansal, Executive Director and Global CFO:

  • FY26 was a year of disciplined execution and continued improvement in business quality
  • Industry entering multi-year investment cycle with significant long-term growth opportunities
  • Focus on driving scalable growth with financial discipline, improving operational efficiencies, and strengthening cash flow generation

Forward Looking Events

  • Capital Markets Day scheduled for June 1, 2026
  • No earnings call for Q4 and full year FY26 due to upcoming Capital Markets Day