Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,660 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹147 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 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.
Colored figures show movement against the previous available record.
Guidance to track
- 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.
- Backlog expected to reach ~$800 million, up from earlier estimate of $700 million, driven by incremental orders in Q4.
- Brazilian acquisition expected to close by end of FY26, contributing ₹500 crore revenue in FY27 with EBITDA run rate of ₹50 crore post-integration.
- Management targets moving EBITDA margin to 10% over time, supported by scale and operational efficiencies.
Risks flagged
- Industry-wide shortages of fiber, GPUs, and racks have pushed revenue recognition to FY27; normalization timeline uncertain.
- Analysts questioned repeated guidance misses and the gap between order booking run-rate ($230M/quarter) and $2B revenue target.
- Order book growth relies on a few large hyperscaler projects; any delay or loss could impact revenue visibility.
- Exceptional expenses related to severance and lease restructuring expected to continue for at least two more quarters, impacting PAT.
Key quotes
- We have revised revenue guidance from the expected range of INR 6,750 to 7,000 crores to now INR 6,325 to INR 6,375 crores.
- The data center ecosystem is currently witnessing heightened industry gravity which has resulted in shortages across several critical inputs including optical fibers, cables, GPUs, racks etc.
- We are expecting to add around 500 crores of revenue in FY27 and expect to complete integration and synergy within 90 days of closing.
Research modules