Black Box Limited Reports Strong Q2 FY26 Performance with 14% QoQ Revenue Growth
Black Box Limited announced unaudited financial results for Q2 FY26, showing significant improvements. Consolidated revenue increased 14% quarter-on-quarter to Rs. 1,584.59 crore. EBITDA rose 23% to Rs. 143.00 crore, with margin improving to 9.0%. Net profit grew 17% to Rs. 55.65 crore. The company's order book stood at Rs. 4,846 crore. Black Box secured major client extensions and entered a strategic partnership with Wind River. Management expressed confidence in meeting FY26 goals, focusing on high-growth areas in digital infrastructure.
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Black Box Limited , a global digital infrastructure solutions provider, has announced its unaudited financial results for the quarter and half year ended September 30, 2025, showcasing a robust performance with significant quarter-on-quarter improvements across key financial metrics.
Financial Highlights
Revenue: The company reported a consolidated revenue of Rs. 1,584.59 crore for Q2 FY26, marking a substantial 14% increase from Rs. 1,386.74 crore in Q1 FY26. Year-on-year, revenue grew by 6% from Rs. 1,497.23 crore in Q2 FY25.
EBITDA: Q2 FY26 EBITDA stood at Rs. 143.00 crore, up 23% quarter-on-quarter from Rs. 116.00 crore in Q1 FY26, and 6% year-on-year from Rs. 135.00 crore in Q2 FY25. The EBITDA margin improved to 9.0% in Q2 FY26, compared to 8.4% in Q1 FY26.
Net Profit: The company's net profit for Q2 FY26 reached Rs. 55.65 crore, showing a 17% increase from Rs. 47.43 crore in Q1 FY26 and a 9% rise from Rs. 51.14 crore in Q2 FY25.
Segment Performance
| Segment | Revenue (Q2 FY26) |
|---|---|
| System Integration | Rs. 1,322.85 cr |
| Technology Product Solutions | Rs. 220.54 cr |
| Others | Rs. 41.20 cr |
Order Book and Business Highlights
The company's order book remained strong, with a backlog of Rs. 4,846 crore (US$555 million) at the end of Q2 FY26, up from Rs. 4,523 crore (US$518 million) at the close of Q1 FY26. Order bookings during the quarter were robust at Rs. 1,906 crore (US$218 million).
Black Box secured significant extensions from existing large-value clients, including orders for networking and connectivity from its largest global financial services customer and further engagement from a hyperscaler customer.
Strategic Partnership
During the quarter, Black Box entered into a strategic global partnership with Wind River, an Aptiv company specializing in intelligent edge software. This partnership is expected to generate approximately Rs. 1,350 crore in revenue over the next five years, strengthening Black Box's position in advanced edge, cloud, and AI-driven solutions.
Management Commentary
Sanjeev Verma, Executive Director & Chief Executive Officer of Black Box, stated, "Q2 FY26 has been a strong quarter, with revenue up 14% sequentially and broad-based growth across key markets. Our transformation journey is driving sustained, profitable momentum, backed by a strong and diversified order book."
Deepak Bansal, Chief Financial Officer, added, "We delivered revenue growth in Q2 on the back of a good order backlog with EBITDA margins at 9%. Our financial performance reflects the benefits of operational discipline and the impact of our continued transformation efforts."
Outlook
The company expects H2 FY26 to outperform H1, supported by a growing order book, improving pipeline visibility, and stronger execution momentum across regions. Black Box remains confident in meeting its FY26 goals, focusing on high-growth areas such as data centers and overall digital infrastructure across its operating markets.
With its transformation program now largely stabilized and a more focused go-to-market architecture in place, Black Box is poised for sustained revenue acceleration and a higher-quality business mix through FY26.
Historical Stock Returns for Black Box
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.23% | -4.08% | -1.20% | +13.03% | -8.42% | +336.16% |
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