The Independent Auditor’s Review Report confirms the consolidated unaudited financial results of Black Box Limited for the quarter ended December 31, 2025, and the nine months ended the same date. Management confirms compliance with accounting standards and disclosure requirements. A key highlight involves delayed remittances/repatriations related to FEMA regulations, for which extension applications are pending. The results also include a share in the associate, Black Box DMCC, which was divested effective December 31, 2025.
Independent Auditor’s Review Conclusion
MSKA & Associates LLP has concluded its review of the consolidated unaudited financial results of Black Box Limited (the Group) for the quarter ended December 31, 2025, and the year-to-date period from April 1, 2025, to December 31, 2025. Based on the review, nothing has come to the auditor’s attention that causes them to believe the accompanying Statement is materially misstated or non-compliant with recognition and measurement principles under Ind AS 34.
Key Financial Highlights (Consolidated)
The results show an aggregate total income of Rs. 1,660.76 Crores for the quarter ended 31/12/2025, compared to Rs. 1,503.16 Crores in the corresponding quarter last year. The net profit for the period/year for the quarter stood at Rs. 49.68 Crores, versus Rs. 56.08 Crores in the previous year’s comparable quarter.
For the nine months ended December 31, 2025, Total Income was Rs. 4,634.75 Crores, yielding a Net Profit of Rs. 152.76 Crores. This compares favorably to the nine months ended 31/12/2024, which saw a Net Profit of Rs. 144.31 Crores.
Segment Performance Summary
The Board reviews performance based on a business activity focused format, primarily encompassing System Integration and Technology Product Solutions.
- System Integration: This segment generated revenue of Rs. 1,396.78 Crores for the quarter ended 31/12/2025, contributing a segment result of Rs. 110.04 Crores.
- Technology Product Solutions: This segment reported revenue of Rs. 226.47 Crores for the quarter, with a segment result of Rs. 5.86 Crores.
Regulatory Compliance and Operational Notes
Foreign Exchange Delays
Attention is drawn to Note 6 regarding delays in remittance of import payments, repatriation of export proceeds, and other receipts. Aggregating Rs. 30.52 Crores, Rs. 6.35 Crores, and Rs. 2.15 Crores, respectively, these are beyond the timelines stipulated under FEMA. Management has filed necessary applications for extension and condonation, with responses awaited.
Associate Divestiture
The Statement includes the Group’s share of net profit from one associate up to December 31, 2025. Note 11 confirms that the Group entered an agreement on December 30, 2025, to sell its 39.53% stake in Black Box DMCC. Consequently, the Group ceased to be an associate of the Company effective December 31, 2025.
Exceptional Items
Exceptional expenses for the quarter totaled (Rs. 21.92 Crores). This amount primarily includes Rs. 13.96 Crores for severance expenses related to BBX Inc. rationalization and Rs. 5.55 Crores related to the impact of the implementation of the New Labour Codes (Note 10).
Share Capital and Warrants
The paid-up equity share capital increased to Rs. 34.07 Crores (170,353,044 shares) by the end of the period, driven by ESOP allotments and the conversion of 9,265,215 convertible warrants issued pursuant to the Board and shareholder approvals obtained in 2024.
Standalone Results Highlights
The standalone results for the Company showed a Net Loss for the quarter ended 31/12/2025 of (Rs. 1.34 Crores), compared to a Net Loss of (Rs. 3.59) for the same period last year. The nine months ended 31/12/2025 resulted in a Net Profit of Rs. 3.05 Crores.
Auditor Sign-off
The review was signed by Udit Brijesh Parikh, Partner, on February 11, 2026, in Mumbai.
Source: BSE
