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Supply chain constraints delaying execution
View Risks →Black Box Limited — Q3 FY26
Black Box reported Q3 FY26 revenue of ₹1,660 crore (+11% YoY) and EBITDA of ₹147 crore (+10% YoY), with margins stable at 8.9%.
bearish
high
Financial stats pending filing verification
2-Minute Summary
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Black Box reported Q3 FY26 revenue of ₹1,660 crore (+11% YoY) and EBITDA of ₹147 crore (+10% YoY), with margins stable at 8.9%. However, the company slashed its FY26 revenue guidance from ₹6,750-7,000 crore to ₹6,325-6,375 crore, citing industry-wide supply chain constraints (fiber, GPUs, racks) that delayed project execution. Order backlog is expected to reach $800 million by March 2026 (vs. earlier $700M), driven by strong data center demand. Management maintained its FY26 order booking guidance of $1 billion and announced the acquisition of Brazil-based 2S Technology for ~₹275 crore, expected to add ₹500 crore revenue in FY27. Risks include persistent supply chain issues, execution delays, and the need to scale quarterly order bookings from ~$230M to $350M+ to meet long-term $2B revenue target.
ब्लैक बॉक्स ने तीसरी तिमाही में 1,660 करोड़ रुपये की कमाई की, जो पिछले साल से 11% ज्यादा है। मुनाफा 147 करोड़ रुपये रहा, जो 10% बढ़ा। कंपनी ने अपने सालाना कमाई के अनुमान को घटाकर 6,325-6,375 करोड़ रुपये कर दिया, क्योंकि फाइबर, GPU और रैक जैसी चीजों की कमी से काम में देरी हुई। मार्च 2026 तक ऑर्डर बैकलॉग 800 मिलियन डॉलर होने की उम्मीद है, जो पहले 700 मिलियन डॉलर था। कंपनी ने ब्राजील की 2S टेक्नोलॉजी को 275 करोड़ रुपये में खरीदा, जिससे अगले साल 500 करोड़ रुपये की कमाई होगी। जोखिमों में सप्लाई की कमी और ऑर्डर बढ़ाने की चुनौती शामिल है।
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Read Transcript →Quarter Snapshot
Order Bookings (Q3 FY26)
$232M
+47% QoQ
Order bookings in Q3 FY26 were $232 million, up from $158 million in Q2 FY26.
Order Backlog (Dec 2025)
$601M
+60% YoY
Order backlog stood at $601 million as of December 2025, reflecting strong demand.
Project Order Book (Q3 FY26)
$195M
+23% QoQ
Project order book grew to $195 million from $158 million in Q2 FY26.
FY26 Order Booking Guidance
$1B
On track
Management reiterated its FY26 order booking guidance of approximately $1 billion.
What Changed vs Last Quarter
NEW
FY26 revenue guidance revised to ₹6,325-6,375 crore
Revenue 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.
NEW
Order backlog to exceed $800 million by March 2026
Backlog expected to reach ~$800 million, up from earlier estimate of $700 million, driven by incremental orders in Q4.
NEW
Acquisition of 2S Technology to add ₹500 crore revenue in FY27
Brazilian acquisition expected to close by end of FY26, contributing ₹500 crore revenue in FY27 with EBITDA run rate of ₹50 crore post-integration.
NEW
Target EBITDA margin of 10%
Management targets moving EBITDA margin to 10% over time, supported by scale and operational efficiencies.
DROPPED
FY26 EBITDA margin guidance of 9-9.2%
Management reiterated EBITDA margin guidance of 9-9.2% for FY26, despite Q1 margin of 8.4%, expecting improvement from better fixed cost absorption.
DROPPED
FY26 order bookings target of $1 billion
Targeting cumulative order bookings of $1 billion in FY26, with Q1 contributing $176 million and expecting acceleration in subsequent quarters.
DROPPED
Backlog to reach $700 million by FY26 end
Expect backlog to exit FY26 at approximately $700 million, up from $518 million at Q1 end, driven by large deal wins.
DROPPED
Revenue to grow 15-20% sequentially from Q2
Expect sequential revenue growth of 15-20% from Q2 onwards, with potential for higher growth in H2 as backlog converts.
NEW RISK
Supply chain constraints delaying execution
Industry-wide shortages of fiber, GPUs, and racks have pushed revenue recognition to FY27; normalization timeline uncertain.
NEW RISK
Revenue guidance miss and credibility gap
Analysts questioned repeated guidance misses and the gap between order booking run-rate ($230M/quarter) and $2B revenue target.
NEW RISK
Dependence on large, lumpy data center orders
Order book growth relies on a few large hyperscaler projects; any delay or loss could impact revenue visibility.
NEW RISK
Exceptional items persisting
Exceptional expenses related to severance and lease restructuring expected to continue for at least two more quarters, impacting PAT.
RISK GONE
Tariff-related delays persisting beyond Q2
Client-driven delays in equipment procurement due to tariff uncertainty may extend beyond Q2, impacting revenue recognition and growth trajectory.
RISK GONE
Revenue growth dependency on large deal closures
Achieving $1 billion bookings and 15-20% sequential revenue growth hinges on closing several large deals ($10M+), which have long lead times and uncertain timing.
RISK GONE
Exceptional items may persist beyond FY26
While management expects exceptional items of INR 40-50 Cr for FY26 to be the last, further restructuring could arise from macroeconomic changes.
Fast read
Guidance and risk preview
Revenue 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.
Industry-wide shortages of fiber, GPUs, and racks have pushed revenue recognition to FY27; normalization timeline uncertain.
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