Black Box Limited Earnings Summary — Q4 FY2026
Black Box Limited Achieves Record Quarterly Profit Amid Sustained Margin Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 5 consecutive quarters.
- Revenue of ₹1,719 Cr is 23.9% higher year-on-year.
- Revenue has compounded at 6.9% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹56 Cr is 17.9% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 14.9% annualised across the period.
- Operating margin stands at 9.3% in Q1 FY2027.
- Operating margin expanded by 92 bps year-on-year.
- Over the last two years operating margin has expanded by 124 bps.
- PBT margin is 3.6%.
- Expense growth of 22.7% remained below revenue growth of 23.9%.
- Operating profit of ₹160 Cr is 37.6% higher year-on-year.
- Operating leverage continues to improve.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 68/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 1,719 | 1,691 | 1,660 | 1,585 | 1,387 | 1,545 | 1,502 | 1,497 | 1,423 | 1,480 |
| Expenses | Stable | 1,559 | 1,527 | 1,513 | 1,442 | 1,271 | 1,402 | 1,368 | 1,365 | 1,309 | 1,355 |
| Operating Profit | Improving | 160 | 164 | 147 | 143 | 116 | 143 | 134 | 133 | 115 | 125 |
| Operating Margin | Stable | 9.3% | 9.7% | 8.8% | 9.0% | 8.4% | 9.3% | 8.9% | 8.9% | 8.1% | 8.4% |
| Other Income | Declining | -15 | -12 | -21 | -13 | -11 | -10 | -12 | -17 | -14 | -8 |
| Interest | Improving | 48 | 45 | 40 | 39 | 34 | 47 | 31 | 32 | 34 | 41 |
| Depreciation | Stable | 36 | 31 | 30 | 29 | 27 | 28 | 31 | 28 | 26 | 29 |
| Profit Before Tax | Improving | 61 | 76 | 57 | 61 | 45 | 58 | 59 | 55 | 40 | 47 |
| Tax | Volatile | 5 | 11 | 7 | 5 | -2 | -3 | 3 | 3 | 3 | 6 |
| Net Profit | Improving | 56 | 65 | 50 | 56 | 47 | 60 | 56 | 51 | 37 | 41 |
| Net Margin | Improving | 3.3% | 3.8% | 3.0% | 3.5% | 3.4% | 3.9% | 3.7% | 3.4% | 2.6% | 2.8% |
Key Takeaways
- Delivered record quarterly net profit of Rs 65 Crores in Q4 FY2026, a 30% sequential increase.
- Operating profit margins have stabilized at 9%, reflecting successful integration and operational efficiency post-restructuring.
- Revenue grew 9.4% year-over-year to Rs 1,691 Crores, showing improved organic traction.
- Bore higher interest costs of Rs 45 Crores in Q4, up from Rs 40 Crores in the previous quarter, indicating continued debt servicing pressure.
- Net worth significantly improved to Rs 1,287 Crores by March 2026, providing a better buffer for the company's Rs 1,153 Crore debt load.
- Transitioned from a loss-making entity in FY20 to a consistently profitable ICT solutions global player.
- The tax rate normalized to 15% in Q4 FY2026 compared to a negative tax rate in the prior year's same quarter.
Management Guidance
Management is focused on a strategic pivot towards 'Digital Transformation' and 'Connected Buildings' to sustain the 9% EBITDA margin target.
Sentiment Shift
Improving
The company has transitioned from volatile performance to three consecutive years of profit growth, with structural margin improvements now firmly in place.
Outlook
The long-term outlook remains constructive as the company matures its business model post-Black Box Corp acquisition, though high interest expenses and debtor days require monitoring.
From the Annual Report (Key Quotes)
“The company underwent a massive structural shift... expanding its revenue base from ~Rs 800 Cr to over ~Rs 6,000 Cr.”
“Recent quarters show an improving trend in EBITDA margins nearing 9% as the integration matures.”
“Strategic pivot towards 'Digital Transformation' and 'Connected Buildings' highlights a forward-looking vision.”
Official Quarterly Documents
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This summary is AI-generated from Black Box Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.