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Revenue
₹1,387 Cr
verified against source
Revenue YoY
-3%
reported change
EBITDA
₹116 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated EBITDA margin guidance of 9-9.2% for FY26, despite Q1 margin of 8.4%, expecting improvement from better fixed cost absorption.
- Targeting cumulative order bookings of $1 billion in FY26, with Q1 contributing $176 million and expecting acceleration in subsequent quarters.
- Expect backlog to exit FY26 at approximately $700 million, up from $518 million at Q1 end, driven by large deal wins.
- Expect sequential revenue growth of 15-20% from Q2 onwards, with potential for higher growth in H2 as backlog converts.
Risks flagged
- Client-driven delays in equipment procurement due to tariff uncertainty may extend beyond Q2, impacting revenue recognition and growth trajectory.
- 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.
- While management expects exceptional items of INR 40-50 Cr for FY26 to be the last, further restructuring could arise from macroeconomic changes.
Key quotes
- We are confident of reaching $100 million of backlog by end of the fiscal year. We're also targeting to book orders worth $1 billion in FY26.
- Our guidance of 9 to 9.2% EBITDA margin in FY26 remains intact.
- We expect that the burn rate would be better because we baked in last 3-4 months of order books that has come through that has not gone into revenues.
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