India · Delayed Price · Currency is INR Black Box Earnings Call Transcripts
Fiscal Year 2027
-
Q1 FY27 delivered record revenue of INR 1,719 crore and a record US$950 million backlog. FY27 guidance anticipates continued growth, with H2 conversion and execution of large hyperscale projects central to delivery.
Fiscal Year 2026
-
Q3 revenue rose 11% YoY, while supply-chain and customer delays prompted a lower FY26 revenue outlook. Bookings and backlog remain strong, and the Brazil acquisition is expected to add FY27 revenue and EBITDA.
-
Q2 revenue and EBITDA grew YoY, while margins and PAT improved. Strong backlog, data center demand and the Wind River partnership underpin H2 confidence and the $1 billion FY26 bookings target.
-
Q1 revenue fell 3% YoY as equipment delays deferred project work, while EBITDA and PAT rose. Management maintained FY26 margin guidance and targets $1 billion in orders and $700 million in year-end backlog, with revenue momentum expected from Q2.
Fiscal Year 2025
-
Q4 delivered record margins and order wins, while FY 2025 PAT reached INR 205 crore. Guidance calls for FY 2026 profit growth and a revenue ramp from Q2, supporting the US$2 billion FY 2029 target.
-
Q3 and 9M PAT and EBITDA grew as revenue declined amid delayed orders. FY26 growth depends on a stronger pipeline converting from Q2, while guidance factors in project timing and continued severance costs.
-
Q2 profitability improved sharply, with PAT up 60% YoY and EBITDA margin at 9%, despite lower YoY revenue. Growth plans center on priority customers, data centers and India, with larger orders expected from FY26.
-
Revenue declined 9% YoY to INR 1,423 crore, while EBITDA rose 28% and PAT 55% as margins improved. Management reaffirmed FY25 guidance, expects a stronger H2 and is investing the INR 410 crore raise in growth areas.
Fiscal Year 2024
-
FY24 EBITDA rose 59% and PAT reached INR 138 crore despite flat revenue, as delayed decisions weighed on execution. The strategy prioritizes larger customers and data-center growth, with a 10% long-term operating-margin goal.
-
9M FY24 revenue rose 4% YoY, while EBITDA grew 75% and PAT reached INR 97 crore. Customer delays weighed on growth, but the $2bn pipeline supports a double-digit FY25 growth outlook and a 10% EBITDA margin ambition.