Black box Limited has completed the allotment of 1,29,499 equity shares following the conversion of convertible warrants by non-promoter investor Ushma Mehta on January 9, 2026. The conversion represents a significant capital infusion for the technology solutions company, generating total consideration of ₹5.40 crores.

Warrant Conversion Details

The warrant conversion was executed at the predetermined price of ₹417 per share, consisting of a face value of ₹2 and premium of ₹415 per equity share. Ushma Mehta, classified as a non-promoter investor, exercised her option to convert 1,29,499 warrants from her total holding of 8,58,235 convertible warrants.

Impact on Share Capital

The allotment resulted in an increase in Black Box Limited's issued, subscribed and paid-up capital. The company's equity base expanded from 17,03,53,044 equity shares to 17,04,82,543 equity shares, representing an increase in paid-up capital from ₹34,07,06,088 to ₹34,09,65,086.

Shareholding Pattern Changes

Following the warrant conversion, Ushma Mehta's shareholding in Black Box Limited increased from 5,84,163 shares (0.34% holding) to 7,13,662 shares (0.42% holding). The newly allotted shares rank pari passu with existing equity shares of the company, carrying equal rights and privileges.

Outstanding Warrants Position

After the current allotment, Black Box Limited has 70,12,712 warrants outstanding for conversion. These warrants were part of the original issuance of 92,65,215 convertible warrants allotted on September 27, 2024, to 25 allottees across promoter and non-promoter categories. The warrant holders have an 18-month period from the original allotment date to exercise their conversion rights.

Regulatory Compliance

The Board of Directors approved the allotment through a circular resolution dated January 9, 2026. The allotment was conducted as a preferential issue in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The company has fulfilled all disclosure requirements under Regulation 30 of SEBI Listing Regulations and relevant SEBI circulars for preferential allotments.

Black Box Limited , a global digital solutions provider, has reported a strong financial performance for the second quarter of fiscal year 2026, with significant revenue growth and strategic partnerships positioning the company for future expansion.

Q2 FY26 Financial Highlights

Black Box achieved a revenue of INR 1,585 crore in Q2 FY26, marking a robust 14% quarter-on-quarter growth and a 6% year-on-year increase. This performance underscores the company's building business momentum and improved execution capabilities.

The company's EBITDA for Q2 FY26 stood at INR 143 crore, representing a 17% quarter-on-quarter growth and a 4% year-on-year increase. EBITDA margins improved by 60 basis points sequentially to 9%, driven by higher revenue throughput and better fixed cost absorption.

Profit after tax for Q2 FY26 reached INR 56 crore, showing a strong 17% quarter-on-quarter and 9% year-on-year growth, reflecting improved operating leverage and enhanced profitability in the core portfolio.

Strategic Partnership with Wind River

Black Box has announced a significant strategic partnership with Wind River, a global leader in intelligent edge software. This collaboration is expected to generate approximately INR 1,350 crore in revenue over the next 5 years, averaging about INR 270 crore annually. The partnership encompasses two key aspects:

1. Global Sales Rights: Black Box has secured the rights to sell Wind River solutions globally, with preferred status in India and the Middle East.
2. Customer Engagement Management: Under a separate agreement, Black Box will manage end-user customer engagements across multiple geographies.

This partnership positions Black Box to expand its offerings in the Platform space, complementing its existing portfolio in connectivity, network, cyber, and data center solutions.

Order Book and Future Outlook

The company's order book momentum remains strong, with the backlog at the end of Q2 FY26 standing at $555 million, up from $518 million at the close of Q1 FY26. Order bookings during Q2 were robust at $218 million (over INR 1,900 crore), compared to $176 million in Q1 FY26.

Black Box remains confident in achieving its full-year order booking target of $1 billion, driven by a continued focus on high-value contracts and expansion in the data center segment.

Management Commentary

Sanjeev Verma, Whole-Time Director and CEO of Black Box Limited, commented on the results: "We expect H2 FY26 to be stronger than H1. This confidence is driven by a healthy and diversified order book, improving visibility into key regional pipelines, and stronger execution momentum across the businesses."

Looking ahead, Black Box anticipates continued growth, with plans to achieve $2 billion in revenues by fiscal year 2029, comprising approximately $1.1-$1.2 billion in organic revenues and $750-$800 million through strategic acquisitions.

The company remains focused on expanding its presence in high-growth areas such as data centers and AI-led digital infrastructure, particularly across the U.S. and hyperscaler segments.