Black Box Ltd (BOM:500463)

Q1 2027 Black Box Ltd Earnings Call Transcript

Aug 12, 2026 / 04:00 AM GMT

Release Date Price: ₹832.95 (+7.71%)

Transcript

Key Points

Positve

Black Box Ltd (BOM:500463) reported its highest-ever quarterly revenue of Rs 1,719 crores, a 24% year-on-year growth, driven by strong execution and a record order backlog.
The company secured a major new global hyperscaler client in the US with a US$131 million order, validating its capabilities and scale in the AI infrastructure market.
Order bookings reached US$339 million in Q1 FY27, pushing the total order backlog to a record US$950 million, up 83% year-on-year, providing strong revenue visibility.
EBITDA margin expanded by 90 basis points to 9.3%, reflecting improved operating leverage, better business mix, and disciplined execution, with a medium-term target of 10% or above.
The company provided a confident FY27 guidance, projecting revenue growth of 23-27% and profit after tax growth of 38-50%, supported by a robust pipeline and improving supply chain conditions.
The acquisition of 2S in Brazil is expected to add approximately US$50 million in annual revenue, expanding capabilities in networking, cybersecurity, and managed services in Latin America.

Negative

The company's growth is heavily dependent on the hyperscaler and data center segment, which could be vulnerable to any moderation in customer capital expenditure.
Q1 FY27 results included only two months of contribution from the 2S Brazil acquisition, and the integration process may pose execution risks.
The company expects a significant portion of revenue growth to materialize in the second half of FY27, with Q1 being a seasonally softer quarter, indicating potential lumpiness in quarterly performance.
The tax rate is currently low (10-15%) due to past operating losses, but it is expected to normalize to around 20% after FY28, which could impact future profitability.
The non-data center business is expected to grow at only a modest double-digit rate (around 10%), lagging the overall company growth, and the technology product solutions business is still incurring EBIT losses.
The company's cash flow conversion from EBITDA is expected to improve only meaningfully in FY27, suggesting that working capital requirements remain a challenge for the growing business.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

BLAC.NS - Black Box Ltd
Q1 2027 Black Box Ltd Earnings Call
Aug 13, 2026 / 04:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Q1 FY27 earnings conference call of Black Box Limited.

This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes.

Should you need assistance during this conference call, please signal an operator by pressing then 0 on your touchstone phone.

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