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
✓ 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.
83%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
How will order book gap from 5400 cr to 7200 cr be filled?
Asked by CA Garvid Goyel, screen alpha
Management gave directional confidence but no concrete numbers or signed orders.
no specific order value givendeferred to quarter-end reporting
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Question
we are having around 5,400 cr order book as of today and we are guiding for INRA 7200 CR order book as on FY26... What is giving you the confidence of getting these big orders sir?
Sanjiv (CEO)
we are not taking the order book from newly acquired company... we are expecting a very large order booking in quarter 4 which is currently in progress... our confidence for being able to meet our $1 billion order booking is very high.
Partial answer
Medium priority
What are operating margins and debt levels of acquired company?
Asked by CA Garvid Goyel, screen alpha
Management gave revenue and EBITDA run-rate but not operating margin percentage.
no explicit operating margin givenfocused on EBITDA instead
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Question
what are the operating margins of that company sir and what are the debt levels do we have?
Sanjiv (CEO) and another executive
the company which we are acquiring in Brazil... we will be adding close to around 500 crores of the revenues out of it in FY27... we are expecting to generate with a run rate of around 50 crores post integration... there is no debt in the company.
Answered
High priority
What caused supply chain delays and will they persist?
Asked by CA Garvid Goyel, screen alpha
Management explained the cause (fiber shortage) and gave a timeline for resolution.
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Question
regarding the delays in the supply chain that you highlighted in the PPD. Can you put some more color on it exactly? What is the issue?
Sanjiv (CEO)
some of the activity specifically in infrastructure projects AI projects more specifically data center has extremely heightened up... there has been a tremendous demand for fiber and there is a cue to get that... we expect this to gradually ease out.
Answered
High priority
Is the supply chain issue industry-wide and what is acquisition multiple?
Asked by Joti Singh, Aryan Capital Markets Limited
Management confirmed industry-wide issue and provided acquisition multiple (5.5x EBITDA).
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Question
few of our peers are also facing same kind of issues. So is there a industry issues that is going on... what is the acquisition multiple that we are seeing on our EV by EBITDA or EV by sales?
Sanjiv (CEO) and another executive
this is a trend across the industry specifically in North America... we will be paying close to around 275 crores at closing... roughly let's say we will be making around 50 crores of EBITDA from this. So we will be paying at closing close to around five and a half times.
Answered
Medium priority
What is the expected DSO going forward?
Asked by Joti Singh, Aryan Capital Markets Limited
Management gave a clear DSO range and explained the temporary increase.
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Question
this time our trade receivable has increased 674 cr. So what kind of DSO we are seeing going forward and currently compared to FY25?
Another executive (CFO)
our normal DSO is close to around 55 to 60 days that's our DSO so that will come to the normal level when we look at let's say now or at any other period.
Partial answer
High priority
Why should we believe $350 million quarterly order run-rate is achievable?
Asked by Vive, individual investor
Management cited a large pipeline but no firm orders to back the claim.
no signed contracts citedrelied on pipeline confidence
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Question
we've constantly missed on our topline guidance... what gives us the confidence that we'll hit a $350 million run rate?
Sanjiv (CEO)
we had guided a booking of a billion dollar for the year and we are holding on to that... we are orders in the bag significantly one specifically for data center $700 million and more to come.
Answered
High priority
How does 10-15% growth get to $2 billion by 2030?
Asked by Vive, individual investor
Management clarified that the 10-15% was organic only; overall CAGR includes inorganic.
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Question
if we end the year at 6,300 crores that's a $700 million... for us to move from 700 to 1.2 in 4 years time that will take a lot higher than just a 10 to 15% cure.
Sanjiv (CEO)
we possibly will do more... we are targeting a CAGR of 30-35% including inorganic to get to our goal of two billion dollar.
Partial answer
High priority
What is the sales team performance beyond data center?
Asked by Vive, individual investor
Management gave aspirational targets but no concrete sales performance data.
no specific sales metricsforward-looking without evidence
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Question
this order booking of about $230 million every quarter will not lead us to $2 billion... can you just give me a broad macro view on how the sales teams are performing, not just on the data center side?
Sanjiv (CEO)
we will see normal growth in the enterprise sector which is more 15 to 20%... our goal next year moving into should be upward of 300-350 every quarter going forward.
Answered
Medium priority
What is the execution timeline for the current order book?
Asked by Disha, Sapphire Capital
Management provided clear ranges for different project types.
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Question
on this current order that we have what sort of execution timeline do we see here?
Sanjiv (CEO)
project backlog run between 9 months to 24 months... large hyperscale projects run over several years. Enterprise projects usually run within three months to six months time.
Answered
Medium priority
What is the revenue growth trajectory for the acquired company?
Asked by Disha, Sapphire Capital
Management gave historical and expected growth rates.
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Question
for the acquisition that we've done what sort of revenue growth do we see with this company?
Another executive (CFO)
this company has grown at a CAGR of close to around 20%... we are expecting at least 12 to 15% growth because Brazil is a very high growth market.
Answered
Medium priority
How much longer will exceptional expenses continue?
Asked by Rohan Nagpar, Helios Capital Management
Management gave a clear timeline and trend.
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Question
this is the seventh quarter in which we've been recording exceptional expenses on provision for rents and foreclosure leases. How much longer do we expect to record these exceptional items?
Another executive (CFO)
technically FY26 should be the last one but right now I think at least another two quarters in FY27 we should have these exceptional items but the exceptional expenses should little bit go down.
Answered
Medium priority
How does the sales cycle work for hyperscaler capex?
Asked by Rohan Nagpar, Helios Capital Management
Management explained the sales cycle and selection criteria clearly.
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Question
if someone's announced $200 million of capex this year... how exactly does the sales cycle work in this situation?
Another executive (CFO) and Sanjiv (CEO)
sales cycle typically on this whole data center thing is more like 3 to 9 months... the selection or allotment of the project is more happening on the technical parameters.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Acquired company to add 500 cr revenue in FY27 | ₹500 cr | ₹1,660 cr | Understated vs filing |
| Acquired company EBITDA run-rate 50 cr post integration | ₹50 cr | ₹147 cr | Understated vs filing |
| Revenue guidance upper end 6,375 cr | ₹6,375 cr | ₹1,660 cr | Overstated vs filing |
| Target EBITDA margin 10% | 10% | 8.9% | Overstated vs filing |
| Acquired company historical CAGR ~20% | 20% | 11% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.