Black Box Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY26 to the Bombay Stock Exchange and the National Stock Exchange on August 24, 2026. The filing outlines the company’s consolidated environmental, social, and governance disclosures across its global operations.

The report identifies data security, supply chain management, and climate resilience as material issues. Black Box operates across 35 countries with 13 national offices in India and 52 international locations. It serves customers across broadcast, data centre, finance, and government sectors.

Key Disclosures

The company reported a total workforce of 2,931 permanent employees as of March 31, 2026. Female representation among permanent employees stood at 19.14%, with women comprising 14.28% of the Board of Directors. No female members serve in Key Management Personnel or Senior Management roles.

Black Box disclosed zero monetary penalties or fines from regulators during the reporting period. The company maintains an anti-corruption policy with a zero-tolerance approach to bribery. All contracts include clauses prohibiting payments of bribes or kickbacks.

Environmental Impact

Total energy consumption decreased to 63,484 GJ in FY26, down from 65,911 GJ in the prior year. Non-renewable sources accounted for the majority of usage at 63,025 GJ. Scope 1 greenhouse gas emissions fell to 5,138 metric tonnes of CO2 equivalent, while Scope 2 emissions dropped to 2,034 metric tonnes.

Waste generation declined significantly to 143 metric tonnes, compared to 281 metric tonnes in FY25. The company recycled 83 metric tonnes of waste, primarily paper and cardboard. E-waste management remains a focus, with 0.3945 MT recorded and managed under Extended Producer Responsibility rules in India.

Governance and Compliance

The Board of Directors oversees business responsibility policies, supported by an ESG Core Committee. Black Box holds multiple certifications including ISO 27001 for information security and ISO 14001 for environmental management. The company received the EcoVadis Committed Badge during the reporting period.

No complaints were filed regarding sexual harassment or child labour. Two complaints related to workplace discrimination and two regarding wages were filed and remain pending resolution. The company maintains whistleblower mechanisms across all regions of operation.

Black Box Limited reported its highest-ever quarterly revenue of ₹1,719 crore for Q1FY27, marking a 24% year-on-year increase. The digital infrastructure solutions provider also posted a record order backlog of approximately $950 million, up 83% YoY.

Profit after tax (PAT) grew 18% to ₹56 crore, while EBITDA surged 38% to ₹160 crore. The quarter included two months of consolidation from the recently acquired Brazilian entity, 2S.

Financial Performance

The company’s top-line growth was supported by improved execution of its rising order backlog and contributions from the Brazil acquisition. Management highlighted that organic revenue constituted the majority of the total, with the inorganic contribution from 2S estimated at around ₹60 crore.

EBITDA margin expanded by 90 basis points to 9.3%, reflecting operating leverage and a better business mix. The company aims to consistently operate at or above a 10% EBITDA margin in the medium term.

Order Book and Growth Pipeline

Black Box secured new orders worth $339 million during the quarter, including a significant $131 million win from a global hyperscaler in the United States. This addition brought the total order backlog to a record high of approximately $950 million as of March 31, 2026 (end of Q1FY27).

The tenure of data center engagements now ranges between 24 and 36 months, providing strong revenue visibility. Management noted that supply chain conditions have improved, particularly for cables and fiber, supporting faster project execution.

What the Numbers Show

A key analytical observation is the divergence between the robust order inflow and the current revenue conversion timeline. While the backlog grew 83% YoY, management indicated that a significant portion of this execution will spill into FY28. This suggests that the current FY27 guidance, which projects revenue growth of 23-27%, may be conservative relative to the scale of the secured pipeline, as large gigawatt-scale sites require extended deployment periods before revenue recognition begins.

FY27 Guidance

Co-CEO reaffirmed the full-year guidance for FY27:

• Revenue: ₹7,800 crore to ₹8,000 crore (growth of 23-27%)
• EBITDA: ₹725 crore to ₹750 crore (growth of 27-32%)
• EBITDA Margin: 9.3% to 9.4%
• Net Profit: ₹300 crore to ₹325 crore (growth of 38-50%)
• Order Backlog: $1.3 billion to $1.4 billion by March 31, 2027

The company expects stronger revenue conversion and operating leverage in the second half of the fiscal year. Tax rates are expected to remain between 10% and 15% for FY27 and FY28 due to the consumption of past operating losses, before regularizing to around 20% thereafter.