Q3 Results: Black Box Limited, a leading provider of digital infrastructure solutions, announced its unaudited financial results for the quarter and nine months ended December 31, 2025.
The company delivered sustained growth, with improvements across revenue and operating profit, driven by broad-based performance across its key markets. With its transformation program now stabilized and a focused go-to-market architecture in place, the Company continues to advance toward revenue acceleration and a higher-quality business mix. Supported by growing order wins, expanding backlog, improved execution, deepening client relationships, and a healthy pipeline, the Company is firmly positioned for a growth trajectory in the quarters ahead.
Revenue for Q3 FY26 stood at Rs 1,660 crore compared from Rs 1,585 crore in Q2 FY26, reflecting an 11% year-on-year growth and 5% quarter-on-quarter, driven by sustained execution and improved momentum.
EBITDA for the quarter was Rs 147 crore, representing a 10% year-on-year growth and 3% quarter-on-quarter increase. EBITDA margins remained stable at 8.9%, supported by better fixed-cost absorption and a balanced business mix. With ongoing operational efficiency and cost optimization initiatives, there remains further potential for incremental margin expansion as strategic priorities continue to execute in the quarters ahead.
Profit after tax (PAT) stood at Rs 50 crore compared to Rs 56 crore in Q3 FY25, and Q2 FY26 respectively. PAT was primarily impacted due to one-time exceptional impact amounting to Rs 6 crore due to changes in employee benefit provisions arising from the New Labour Code. As revenue growth accelerates, PAT expansion is expected to outpace topline growth, driven by margin normalization, improved revenue quality, and greater contribution from high-value opportunities.
Business and Operations Highlights
For the 9MFY26 the company booked orders worth $626 million (approx. Rs 5,466 crore). The company is on track to book $1 billion (approx. Rs 9,000 crore) of orders in FY26 on the back of strong pipeline.
Order backlog as of December 31, 2025 was $601 million (Rs 5,402 crore). Order backlog has grown by about $100 million in the 9 months of current fiscal year on the back of strong order booking including from datacentre vertical. Our investments in datacentre vertical have started to yield results and the momentum is expected to continue in the coming quarters. Order backlog at the end of FY26 (Mar 31, 2026) is expected to reach $800m+, exceeding our initial estimate of $700mn (Rs 6,300 crore).
Notable orders during the quarter include datacentre orders from hyperscalers, multiple orders from US public sector, a large order from an Indian internet giant, and a large order from a bank in Australia.
Strategic Expansion
Black Box has executed definitive agreements to acquire 100% equity of 2S Inovações Tecnológicas S.A., a Brazilian technology company, headquartered in Sao Paulo subject to customary closing conditions, certain consents and approvals. The transaction is expected to close by end of March 2026. The transaction reinforces Black Box’s global growth plan focused on technology, innovation, and the expansion of its technological capabilities through the 2030 cycle.
The transaction is aligned with Black Box’s global strategic plan to achieve US$ 2 billion in annual revenues by 2030.
In this context, Brazil plays an important role in Black Box’s global expansion, given the strength of its technology ecosystem, access to highly qualified talent, and its potential as a hub for the development of technological solutions to other markets. The acquisition of 2S reinforces this strategic positioning and further expands Black Box’s presence in the country and reinforces Brazil as a core platform for its global operations.
