Black Box Management Guidance Tracker
8 forward-looking guidance items tracked across 2 quarters.
Margins
Management reiterated EBITDA margin guidance of 9-9.2% for FY26, despite Q1 margin of 8.4%, expecting improvement from better fixed cost absorption.
Q3 FY26Target EBITDA margin of 10%TrackedManagement targets moving EBITDA margin to 10% over time, supported by scale and operational efficiencies.
Growth
Targeting cumulative order bookings of $1 billion in FY26, with Q1 contributing $176 million and expecting acceleration in subsequent quarters.
Q1 FY26Backlog to reach $700 million by FY26 endTrackedExpect backlog to exit FY26 at approximately $700 million, up from $518 million at Q1 end, driven by large deal wins.
Q3 FY26Order backlog to exceed $800 million by March 2026ActiveBacklog expected to reach ~$800 million, up from earlier estimate of $700 million, driven by incremental orders in Q4.
Revenue
Expect sequential revenue growth of 15-20% from Q2 onwards, with potential for higher growth in H2 as backlog converts.
Q3 FY26FY26 revenue guidance revised to ₹6,325-6,375 croreTrackedRevenue guidance lowered from ₹6,750-7,000 crore due to supply chain delays; EBITDA guidance set at ₹555-575 crore and PAT at ₹220-230 crore.