Black Box Limited

Key Financial Figures - Consolidated (₹ Crores)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹1,936.30 (vs. ₹1,584.59 in Q2 FY26; +22.2% YoY)
  • Other Income: ₹3.19
  • Total Income: ₹1,939.49
  • Total Expenses: ₹1,837.43
  • Profit Before Exceptional Items & Tax: ₹93.78 (vs. ₹75.17 in Q2 FY26)
  • Exceptional Items (net expense): ₹12.50 (severance & lease foreclosure costs)
  • Profit Before Tax: ₹81.28 (vs. ₹61.03 in Q2 FY26)
  • Tax Expense: ₹8.60
  • Profit After Tax: ₹72.68 (vs. ₹55.65 in Q2 FY26)
  • Other Comprehensive Income (net): ₹14.57
  • Total Comprehensive Income: ₹87.25

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹3,654.80 (vs. ₹2,971.33 in H1 FY26)
  • Profit After Tax: ₹128.60 (vs. ₹103.08 in H1 FY26)
  • Total Comprehensive Income: ₹145.69

Earnings Per Share (EPS) - Consolidated (₹ per share, not annualized):

  • Q2 FY27 Basic EPS (before exceptional items): ₹4.80
  • Q2 FY27 Basic EPS (after exceptional items): ₹4.09
  • H1 FY27 Basic EPS (before exceptional items): ₹9.01
  • H1 FY27 Basic EPS (after exceptional items): ₹7.24

Key Financial Figures - Standalone (₹ Crores)

Quarter Ended September 30, 2026 (Q2 FY27):

  • Revenue from Operations: ₹109.81
  • Profit/(Loss) After Tax: ₹1.92 (Profit) (vs. ₹(2.40) loss in Q1 FY27 and ₹3.23 profit in Q2 FY26)

Half Year Ended September 30, 2026 (H1 FY27):

  • Revenue from Operations: ₹206.19
  • Profit/(Loss) After Tax: ₹(0.48) (Loss)

Exceptional Items

Consolidated exceptional expenses of ₹12.50 Cr for Q2 FY27 primarily comprised:

  • ₹9.38 Cr: Severance cost at BBX Inc. for manpower rationalization.
  • ₹3.12 Cr: Early termination of lease agreements (Holding Co. & BBX Inc.).

Capital Structure

Paid-up equity share capital increased to ₹35.52 Cr (177,599,205 equity shares of ₹2 each) from ₹35.50 Cr, due to the allotment of 103,950 shares under ESOP Scheme 2015 during the quarter ended June 30, 2026.

Acquisition & Goodwill

Effective May 1, 2026, the Group acquired 100% equity in 2S Inovações Tecnológicas S.A. for a total consideration of ₹427.34 Crore, including deferred and earn-out components. Provisional goodwill recognized is ₹568.23 Cr. 2S is consolidated from the acquisition date.

Regulatory & Compliance Matter - Foreign Exchange (FEMA)

The Independent Auditor's Report draws attention to Note 6 regarding delays in foreign exchange transactions:

  • Delays in Remittance of Import Payments: ₹20.44 Cr (Group) / ₹2.97 Cr (Standalone)
  • Delays in Repatriation of Export Proceeds: ₹7.44 Cr (Group) / ₹5.64 Cr (Standalone)
  • Delays in Other Receipts: ₹11.14 Cr (Group) / ₹10.90 Cr (Standalone)

The Holding Company and its Indian subsidiaries have filed applications with their Authorized Dealer Banks for extension/condonation of delays for significant portions of these amounts. Management believes no material penalties will be levied and has not provided for any in these results. The outcome is pending.

Segment Performance (Consolidated)

  • System Integration: Revenue of ₹1,608.95 Cr in Q2 FY27; Segment result ₹142.12 Cr.
  • Technology Product Solutions: Revenue of ₹292.54 Cr in Q2 FY27; Segment result ₹4.07 Cr.
  • Others: Revenue of ₹34.81 Cr in Q2 FY27; Segment result ₹2.35 Cr.

Dividend

A final dividend of ₹1 per equity share (face value ₹2) for FY26 was approved by shareholders at the AGM on September 16, 2026, and paid on September 23, 2026.

Auditor's Review

The financial results were reviewed by the Audit Committee and the Board. The Statutory Auditors, MSKA & Associates LLP, have issued a limited review report with an unmodified conclusion, emphasizing the matter concerning foreign exchange delays.

Balance Sheet Highlights (Consolidated - as of Sept 30, 2026)

  • Total Assets: ₹5,360.22 Cr (vs. ₹4,293.70 Cr on Mar 31, 2026)
  • Goodwill: ₹963.33 Cr (significant increase due to the 2S acquisition)
  • Borrowings (Non-Current): ₹1,184.86 Cr
  • Cash & Cash Equivalents: ₹595.87 Cr
  • Total Equity: ₹1,415.79 Cr

Cash Flow (Consolidated - H1 FY27)

  • Net Cash from Operating Activities: ₹115.27 Cr
  • Net Cash Used in Investing Activities: ₹(276.48) Cr (primarily ₹315.46 Cr paid for acquisition)
  • Net Cash from Financing Activities: ₹229.47 Cr (primarily ₹395.06 Cr from term loans)