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.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
How can guidance be met given revenue growth impacted by delayed ordering?
Asked by Deep Sha, BNK Securities
Management gave qualitative confidence but did not provide specific numbers to bridge the gap.
no specific numbers for backlog burn ratequalitative confidence
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Question
revenue growth was impacted due to dering um clients equipment ordering. Now this is unlikely to change in the near term. ... what deserve gives us the confidence to uh stick with our guidance?
Sanjiv (CEO)
we expect our revenue and outwork momentum to track between 15 to 20%, in fact, audible will track more than that going forward each quarter from here. So, we have still remained uh positive with respect to our guidance
Evasive
High priority
Does EBITDA of 116 crores include forex gains?
Asked by Deep Sha, BNK Securities
Management did not directly confirm whether the 11 crore forex gain was included in EBITDA.
did not confirm or deny the 11 crore figuregave lengthy explanation without direct answer
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Question
in our press release we mentioned the bitid of 116 crores but uh if my understanding is correct this includes 11 tr of uh Forex DN is is that understanding correct?
Deepak (CFO)
So, so this so so there are there are three type of forex normally in the business. ... it is a real money which flows us with respect to the collection or with respect to the inventory consumption in terms of the margin.
Answered
High priority
Is the 9.2% margin guidance exclusive of forex impacts?
Asked by Deep Sha, BNK Securities
Management clearly stated that the margin guidance includes forex strategies.
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Question
when you give your estimates for or guidance for 26 ... should we think that this guidance that we've given of 9.2% margins is exclusive of all of these impacts?
Deepak (CFO)
So, so when we when we forecast when we forecast this 9.9% that includes some of these some of these strategies
Answered
Medium priority
Reason for 40% increase in purchase of stock?
Asked by Deep Sha, BNK Securities
Management directly attributed the increase to tariff-related inventory stocking.
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Question
this quarter we saw some 40% increase in purchase of stock so so anything to call out here or it is just uh time timing difference
Deepak (CFO)
it's a timing difference ... because of the tariff things on our TPS side of thing, we little bit purchased more uh for to to basically store the inventory in US to reduce the impact of the tariff
Answered
High priority
Is the $1 billion order booking target cumulative for FY26?
Asked by Abhishek Kumar, GM Financial Limited
Management confirmed the cumulative nature of the $1 billion target.
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Question
when you say that you expect $1 billion of order booking uh in FI26 uh is it corresponding to the $176 million inflow that we did in Q1 that cumulatively you expect F uh to reach $1 billion in FI26?
Sanjiv (CEO)
So basically as a cumulative order booking for the year starting at 176 when you track 200 250 200 we'll do a cumulative of $1 billion for the year. You're correct I'm saying.
Partial answer
High priority
What gives confidence to achieve $1 billion order booking from $2 billion pipeline?
Asked by Abhishek Kumar, GM Financial Limited
Management gave a win ratio of 12% but did not provide specific deal closure timelines.
win ratio not explicitly statedqualitative confidence
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Question
What is giving us the confidence that out of $2 billion pipeline we can billion a $2 billion is a point in time.
Sanjiv (CEO)
if you're looking at $250 million you're looking at 12%. So it's a very healthy pipeline. ... we believe uh we're confident of an absolute booking of a billion dollar exiting 700 million of backlog.
Answered
High priority
Will Q2 be soft due to increased lead times?
Asked by Abhishek Kumar, GM Financial Limited
Management directly stated Q2 will be better than Q1.
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Question
the lead time has increased uh to four to 6 months. ... So therefore we we might have a soft Q2 as well.
Sanjiv (CEO)
So we expect that Q2 to be uh much better than Q1 and you know so uh so we already have a backlog which is delayed bird so which you know we didn't impact all of that in Q1
Answered
High priority
Why is revenue affected by tariffs if impact was said to be limited?
Asked by CA Garvit Goyel, Nvest Analytics Advisory LLP
Management clearly distinguished between margin impact (pass-through) and revenue timing (customer delays).
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Question
you mentioned that uh you will be having a limited impact uh as far as the tariffs are concerned. ... why we are seeing key uh in this quarter our revenue is getting affected because the customers are delaying the purchase on account of the tariff environment.
Sanjiv (CEO) and Deepak (CFO)
So when we said the tariff wouldn't impact us from a perspective of a margin and profitability as such because it's a pass through for us from product side ... but from a customer perspective his cost of purchase is is going to go up right and I think uh so there is a delay for larger projects
Evasive
Medium priority
Any risks that could prevent achieving guidance?
Asked by CA Garvit Goyel, Nvest Analytics Advisory LLP
Management did not list any specific risks, only said known risks are baked in.
no specific risks identifiedgeneric statement
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Question
any kind of risk like do you see like after the quarter uh you make uh mentioned like this kind of risk occurred. So any kind of risk are you seeing right now uh which can uh stop us uh from uh from achieving this guidance.
Sanjiv (CEO)
So any all of the known risks from the past are baked in the future risk which we can't see we can't see right. ... considering there's no other event uh that we couldn't answer uh you know we as guided by intact based on that.
Answered
Medium priority
What percentage of new orders will be from data centers?
Asked by CA Garvit Goyel, Nvest Analytics Advisory LLP
Management provided a specific percentage range and timeline.
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Question
how much uh percentage of these orders are going to be uh from data center and uh uh uh what kind uh of uh timelines uh for these orders to be executed.
Sanjiv (CEO)
So our ballpark range our datent orders should in the range of 20 25%. ... with respect to our project timelines in general depending when we book the projects our average project timelines are between 6 to 9 months time.
Partial answer
High priority
Why isn't data center revenue rising despite US boom?
Asked by Jatan Desh Pande, PKday Advisor
Management explained the lag but did not quantify when revenue would materialize.
no specific numbers on pipeline conversionqualitative explanation
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Question
the data center industry is going through a boom in the US numbers aren't rising as fast and so what is the reason for that?
Sanjiv (CEO)
I think so so the data center of course you see a lot of announcements in the data center between the announcements of data center and the time it goes uh online with project there's a huge lag
Partial answer
High priority
How can $1 billion order booking be achieved when Q1 orders fell?
Asked by Vive Chararia, Individual Investor
Management cited large deals in pipeline but did not provide concrete evidence of closures.
no specific large deal namesqualitative pipeline description
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Question
Q4 order booking was in the range of $200 million ... Q1 that has actually gone down from 200 to $176 million. So why are we still confident of putting orders to the tune of $1 billion?
Sanjiv (CEO)
We are staring at uh large bookings uh coming up uh that we expect to close in Q2, Q3 and Q4. ... many of the engagements currently from a large ticket perspective which is over 10 million 20 million some going to $50 million is in the works
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA of 116 crores for Q1 FY26 | ₹116 cr | ₹116 cr | Matches filing |
| Revenue growth guidance of 15-20% per quarter | 15% | -3% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.