Black Box Limited announced its unaudited consolidated financial results for the quarter ended December 31, 2025 (Q3 FY26). The company reported a strong 11% YoY revenue growth, reaching ₹1,660 crore, with EBITDA increasing by 10% YoY to ₹147 crore. The quarter was marked by a key strategic move: executing an agreement to acquire Brazilian technology company, 2S Inovações Tecnológicas S.A., reinforcing its global growth plan.
Q3 FY26 Consolidated Financial Performance
Black Box Limited released its unaudited financial results for the quarter and nine months ended December 31, 2025, demonstrating sustained growth driven by broad-based performance across its key markets. The company is focused on revenue acceleration following the stabilization of its transformation program.
Key Quarterly Figures (Q3 FY26 vs Q3 FY25)
| Particulars (in ₹ Cr) | Q3 FY26 | Q3 FY25 | YoY (%) |
|---|---|---|---|
| Revenue | 1,660 | 1,502 | 11% |
| EBITDA | 147 | 134 | 10% |
| EBITDA Margin (%) | 8.9% | 8.9% | — |
| PAT * | 50 | 56 | -11% |
Revenue for Q3 FY26 stood at ₹1,660 crore, showing 11% YoY growth and 5% QoQ growth. EBITDA grew by 10% YoY to ₹147 crore, with margins remaining stable at 8.9%. Profit After Tax (PAT) was reported at ₹50 crore, impacted by a one-time exceptional charge of ₹6 crore related to employee benefit provisions under the New Labour Code.
Nine-Month Performance Highlights
For the first nine months of FY26 (9M FY26), Revenue was ₹4,631 crore (5% YoY growth), and EBITDA reached ₹406 crore (6% YoY growth). The EBITDA margin for the nine months was 8.8%.
Business Momentum and Strategic Outlook
Order Book Strength
The company’s order momentum remains robust. For the 9M FY26, the company booked orders worth $626 million (approx. ₹5,466 crore). The order backlog as of December 31, 2025, stood at $601 million (₹5,402 crore). Black Box projects the order backlog to reach $800 million+ by the end of FY26 (March 31, 2026), exceeding the initial estimate of $700 million.
Notable orders secured during the quarter included datacentre orders from hyperscalers, public sector business from the US, and significant deals from an Indian internet giant and an Australian bank.
Strategic Acquisition in LATAM
A major highlight of the quarter is the execution of definitive agreements to acquire 100% equity of 2S Inovações Tecnológicas S.A., a Brazilian technology company. This transaction is expected to close by the end of March 2026.
The acquisition of 2S, with its CISCO and cloud expertise, is designed to accelerate digital transformation in the high-growth LATAM market and bolster Black Box’s networking and datacentre business. This move aligns with the company’s global strategic plan to achieve US$ 2 billion in annual revenues by 2030.
Management Commentary
CEO Perspective
Sanjeev Verma, Executive Director & CEO, stated that the performance reflects a focused go-to-market strategy and improving execution. He expressed confidence in accelerating growth in FY27, supported by increasing order visibility and a continuously improving, higher-value business mix. The 2S acquisition is highlighted as a key step in enhancing shareholder value.
CFO Perspective
Deepak Bansal, Chief Financial Officer, confirmed that the underlying profitability trajectory remains intact despite the temporary PAT impact. He noted that the proposed acquisition of 2S is expected to add around ₹500 crore of revenue in FY27, strengthening the company’s growth and profitability profile through disciplined capital allocation.
Source: BSE
