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Tariff-related delays persisting beyond Q2
View Risks →Black Box Limited — Q1 FY26
Black Box reported Q1 FY26 revenue of INR 1,387 Cr, down 3% YoY, impacted by client-driven delays in equipment procurement due to tariff uncertainty.
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Black Box reported Q1 FY26 revenue of INR 1,387 Cr, down 3% YoY, impacted by client-driven delays in equipment procurement due to tariff uncertainty. EBITDA grew 1% to INR 116 Cr with margin expansion of 30 bps to 8.4%, while PAT rose 28% to INR 47 Cr aided by lower exceptional expenses. Order bookings remained strong at $176 million, with backlog increasing to $518 million. Management maintained FY26 guidance of 9-9.2% EBITDA margin and $1 billion order bookings, expecting revenue momentum to pick up from Q2 as tariff clarity improves. Key risk: sustained tariff-related delays could push revenue recognition further into H2, challenging the implied 15-20% sequential growth needed to meet annual targets.
ब्लैक बॉक्स ने वित्त वर्ष 2026 की पहली तिमाही में 1,387 करोड़ रुपये का कारोबार किया, जो पिछले साल से 3% कम है। इसकी वजह टैरिफ (आयात शुल्क) को लेकर अनिश्चितता के कारण ग्राहकों ने उपकरण खरीदने में देरी की। कंपनी की कमाई (EBITDA) 1% बढ़कर 116 करोड़ रुपये हुई और मुनाफा (PAT) 28% बढ़कर 47 करोड़ रुपये पहुंचा। ऑर्डर बुकिंग मजबूत रही - 176 मिलियन डॉलर के नए ऑर्डर मिले और बकाया ऑर्डर 518 मिलियन डॉलर हो गए। कंपनी को उम्मीद है कि टैरिफ साफ होने पर दूसरी तिमाही से कारोबार रफ्तार पकड़ेगा। लेकिन अगर देरी जारी रही तो सालाना लक्ष्य पूरा करने के लिए जरूरी 15-20% तिमाही वृद्धि मुश्किल हो सकती है।
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Read Transcript →Quarter Snapshot
Order Bookings
$176M
-12% QoQ
Q1 order bookings of $176M, down from ~$200M in Q4 FY25, but 2/3 were high-value deals.
Order Backlog
$518M
+$464M vs FY25
Backlog at end of Q1 was $518M, up from $54M at end of FY25, driven by large deal wins.
Longtail Customer Count
<1,000
-50% YoY
Reduced longtail accounts to under 1,000 from over 2,000 two years ago, streamlining focus.
Data Center Order Share
20-25%
flat
Data center orders expected to be 20-25% of total bookings, currently tracking slightly lower.
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Guidance and risk preview
Management reiterated EBITDA margin guidance of 9-9.2% for FY26, despite Q1 margin of 8.4%, expecting improvement from better fixed cost absorption.
Client-driven delays in equipment procurement due to tariff uncertainty may extend beyond Q2, impacting revenue recognition and growth trajectory.
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