Black Box Limited has informed the Exchange about Transcript
BBOX · price
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Black Box Limited's Q4 FY25 earnings call revealed record quarterly order wins of INR 1,550 crore (more than 2x Q3) and an order book of US$504 million as of March 2025. Q4 revenue grew 4% YoY, with EBITDA up 21% YoY at a 9.5% margin and PAT up 48% YoY at a 3.9% margin, both all-time highs. Full-year FY25 PAT reached INR 205 crore (up 9x from FY23) and ROE was 27%, with CRISIL upgrading the long-term rating to BBB+/Stable. Management guided FY26 EBITDA growth of 14-22% and PAT growth of 29-39%, reaffirmed the US$2 billion revenue target by FY29 (which includes US$600-700M from inorganic moves), and proposed a final dividend of INR 1 per share.
The strong margin trajectory, raised FY26 guidance and BBB+ rating upgrade are positive for sentiment, while the multi-year US$2 billion target offers a clear long-term thesis. However, hitting this target depends on US$600-700M of acquisitions that management has not yet identified, and revenue growth needs to inflect to double-digits from Q2 FY26 — execution on the order pipeline and inorganic pipeline will be the key swing factors for the stock.