Q2 FY27 results analysis · November 13, 2026
Black Box Q2 FY27 Results Analysis: PAT Jumps 31%, Record Revenue Rises 22% (BBOX)
+30.6%PAT year on year, Rs. 72.68 Cr
Source: Quarterly results filing (BSE)
Quick summary
Black Box Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,936.30 Cr (+22.20% YoY) and PAT growth of +30.60% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 13, 2026 |
|---|---|
| Revenue (Q2) | Rs. 1,936.30 Cr (+22.20% YoY) |
| PAT (Q2) | Rs. 72.68 Cr (+30.60% YoY) |
| EBITDA margin | 9.05% (+4 bps YoY) |
| EPS (Q2) | Rs. 4.09 (+16.80% YoY) |
Quarter Snapshot
Black Box delivered record revenue of Rs.1,936.30 Cr (+22.2% YoY) with PAT growth of 30.6% outpacing the top line, and Technology Product Solutions swung to a Rs.4.07 Cr profit from losses. H1 is on track against FY27 guidance of Rs.7,800–8,000 Cr revenue and Rs.725–750 Cr EBITDA, though the 9.05% Q2 margin sits below the 9.3–9.4% full-year band, making a Q3 margin inflection the key watch item. Acquisition-related debt lifted net debt to Rs.615.18 Cr (~0.92× annualized EBITDA), within management's committed ceiling.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue "should still trend above Q1's Rs.1,718.50 Cr" with 2S full-quarter + Wind River ramp | Direction: up | Rs.1,936.30 Cr, +12.7% QoQ | Played out |
| Margin "flat-to-slightly-below Q1's 9.3%" on equipment cost inflation, wage hikes, US visa fees | Direction: flat-to-down | 9.05% (−25 bps QoQ) | Played out |
| Exceptionals vs Rs.18.91 Cr; severance declining | Direction: down | Net Rs.12.50 Cr; severance Rs.9.38 Cr | Played out |
| TPS loss narrowing from Rs.14.11 Cr | Direction: narrowing | +Rs.4.07 Cr profit | Played out |
| DSO normalization toward 55–60 days | Direction: improve | Receivables-based DSO ~42.7 days | Played out |
| Bookings/backlog raise ("full clarity after Q2") | Pivotal disclosure | Not in filing | Not observable |
| 2S run-rate / Wind River quarterly ramp | Check vs guides | Not separately disclosed | Not observable |
| Mild FX translation headwind (rupee ~95.9 vs ~96.2–96.3 mid-July, per pre-call note) | Small headwind | FX translation loss Rs.8.28 Cr vs +Rs.10.95 Cr gain in Q1 | Played out |
Read our full results preview.
Management Guidance vs Delivery
| What management said | What happened | Verdict |
|---|---|---|
| FY27 revenue Rs.7,800–8,000 Cr | H1 Rs.3,654.80 Cr (46.9% of low end); H2 must deliver Rs.4,145.20–4,345.20 Cr (+13.4% to +18.9% vs H1) | On Track |
| FY27 EBITDA Rs.725–750 Cr | H1 Rs.335.04 Cr; H2 must deliver Rs.389.96–414.96 Cr (implied H2 margin 8.97–10.01%) | On Track |
| FY27 EBITDA margin 9.3–9.4% | Q2 9.05%; H1 9.17% — below the band, but management explicitly framed Q2/Q3 as the depressed quarters before operating leverage | Stretch |
| FY27 PAT Rs.300–325 Cr | H1 Rs.128.60 Cr (42.9% of low end); H2 must deliver Rs.171.40–196.40 Cr vs H1 PAT margin 3.52% | On Track |
| ~10% EBITDA margin, Q4 FY27 "in that range or higher" | Q2 at 9.05% | Too Early |
| Severance to decline "drastically" over the coming quarters | Q2 severance Rs.9.38 Cr vs Rs.15.82 Cr in Q1 (−40.7% QoQ) | Met for Q2 |
| Exceptionals "at least another two quarters in FY27" | Q2 booked Rs.12.50 Cr net — the guided final run is proceeding at declining magnitude | Met for Q2 |
| Q2/Q3 margins "slightly depressed" before operating leverage lifts Q4 FY27 to ~10% (Q1 FY27 call) | Q2 margin 9.05% vs 9.30% in Q1, 9.17% H1 | Confirmed so far |
| TPS losses to diminish as it scales (Q1 FY27 call) | TPS result +Rs.4.07 Cr vs −Rs.13.90 Cr in Q1 | Confirmed |
| Severance to fall drastically over three quarters (Q3 FY26 call, reiterated Q1) | Rs.15.82 → Rs.9.38 Cr | Confirmed |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|
| Revenue (Rs. Cr) | 1,584.59 | 1,660 | 1,690.94 | 1,718.50 | 1,936.30 |
| EBITDA (Rs. Cr) | 142.72 | 147 | 164 | 159.88 | 175.16 |
| Margin % | 9.01 | 8.9 | 9.7 | 9.30 | 9.05 |
Key Investment Insights
Key Positives
- Record revenue of Rs.1,936.30 Cr, up 22.2% YoY and 12.7% QoQ
- EBITDA of Rs.175.16 Cr grew 22.7% YoY; H1 EBITDA +29.4% YoY vs revenue +23.0%
- Reported PAT of Rs.72.68 Cr grew 30.6% YoY; normalized PAT Rs.83.86 Cr, +22.3% YoY
- Technology Product Solutions swung to a Rs.4.07 Cr profit from a Rs.13.90 Cr loss in Q1 and Rs.10.06 Cr loss a year ago
- System Integration revenue grew 21.6% YoY with segment margin up 31 bps YoY to 8.83%
- Severance exceptionals fell 40.7% QoQ to Rs.9.38 Cr, tracking management's guided decline
- Receivables-based DSO improved to ~42.7 days from ~61 days on the March-26 basis
- Net debt of Rs.615.18 Cr is ~0.92× annualized H1 EBITDA, within the committed 1.5–2.0x post-acquisition ceiling
Risk Factors
- EBITDA margin of 9.05% is below management's FY27 guidance band of 9.3–9.4% (H1 at 9.17%)
- Employee benefits expense grew 37.0% YoY, faster than revenue, compressing margin 25 bps QoQ
- Finance costs rose 25.9% YoY to Rs.49.67 Cr on acquisition-related borrowings
- Effective tax rate normalized to 10.58% from 8.82% YoY, a structural PAT headwind guided to 15–20% over time
- FEMA remittance delays of Rs.20.44 Cr remain an auditor emphasis-of-matter with condonation applications pending
- FX translation loss of Rs.8.28 Cr vs a Rs.10.95 Cr gain in Q1
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.