Q2 25/26

Nov 12, 2025

Summary

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.

Ladies and gentlemen, good day and welcome to the Q2 and H1 FY 2026 earnings call of Black Box Limited. This conference call may contain forward-looking statements about the company which are based on beliefs, opinions and expectation of the company as on date of this call. These statements are not guarantee of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participants line will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Sanjeev Verma, Whole Time Director and CEO of the Black Box Limited. Thank you and over to you, sir. Good morning, everyone. I hope you all are doing well. On behalf of Black Box Limited, I would like to welcome you to our Q2 and H1 FY 2026 earnings call. I will start with an overview of our business performance and then our CFO, Deepak Bansal, will walk you through the financials. Starting with quarter 2 performance, I am pleased to share that our revenue for quarter 2 of FY 2026 reached INR 1,585 crore, marking a solid step up of 14% quarter-on-quarter and 6% year-on-year, underscoring the business momentum we are building. This strong sequential growth is on the back of stronger execution. Looking ahead, we expect H2 FY 2026 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. On top of that, previously delayed projects are now moving into the delivery phase, which further strengthens our outlook. In short, we see the second half outperforming the first half, supported by a larger and more diversified order book, increased visibility into the U.S. and Europe pipeline, and the progression of delayed projects into delivery. We are also seeing strong traction in high growth areas such as data centers and AI-led digital infrastructure, particularly across the U.S. and hyperscaler segments. To capture these expanding opportunities, we are building the specialized data center and AI services team in the U.S. that will focus on higher value multi-hyperscaler engagements. Further, on the strategic front, we are happy to share that Black Box has partnered with Wind River, an Aptiv company and global leader in intelligent edge software, to deliver next generation edge and cloud solutions across industries. As part of this partnership, we have secured the rights to sell Wind River solutions globally with preferred status in India and Middle East. In addition, under a separate agreement, Black Box will manage end user customer engagements across multiple geographies. This collaboration is expected to generate approximately INR 1,350 crore in revenue over the next five years at $30 million annually, further strengthening our position to scale up and diversify our revenue base. By combining Wind River's cutting edge solutions with Black Box deep integration expertise, we are well positioned to drive accelerated digital transformation for our customers. Turning to the order book, momentum in Q2 remains strong with the backlog at the end of quarter standing at $555 million, up from $518 million at the close of Q1 FY 2026. Order bookings during the quarter were robust at $218 million over INR 1,900 crores compared to $176 million in Q1 FY26, reflecting an increase of $42 million. For the first half FY26, total order book stood at $394 million. Based on the current trajectory, we remain well on track to achieve our full year order booking target of $1 billion, driven by continued focus on high value contracts. Notable orders during the quarter included significant extension from company's existing large value clients for networking and connectivity from the company's largest global financial services customer and further engagement from our hyperscaler customers, reinforcing Black Box's position as a trusted partner in complex high value digital infrastructure programs. The company received orders in digital workplace from U.S.-based local county and a sizable order from a healthcare institution. Financial services, healthcare and data center continue to contribute higher across the vertical served. In addition to the expansions, the company secured new client wins across education, municipal sectors in India, reflecting the growing breadth of its market reach and the success of its go-to-market strategy. Our order book will continue to expand as we execute on our new go-to-market strategy, supported by experienced leadership and business teams now in place across verticals and horizontal solutions. This foundation positions us well to achieve our long-term goal of reaching $2 billion in revenues by fiscal 2029, backed by growing and diversified order pipeline. To summarize, with the business transformation program now largely complete and with a more focused go-to-market structure in place, we are moving visibly towards sustained revenue acceleration and a higher quality business mix through FY26. We are seeing a significant headroom for growth driven by digital infrastructure demand, which is fueling fresh deployments and modernization of technology infrastructure. Backed by these strong fundamentals and market tailwinds, we are confident of delivering a stronger second half. Thank you. I will now hand over to Deepak to take you through the financial performance in detail. Thank you, Sanjiv, for the detailed overview. Good morning, everybody. I will now discuss our financial performance for Q2 and H1 of fiscal 2026. Revenue for quarter 2, FY26, stood at INR 1,585 crores, witnessing a growth of 14% quarter-on-quarter and 6% year-on-year on the back of strong execution. For H1 FY26, revenue stood at INR 2,970 crores. EBITDA for the quarter stood at INR 142 crores, representing a growth of 17% quarter-on-quarter and 4% year-on-year. EBITDA margins improved by 60 basis points on a quarter-on-quarter basis to 9% in quarter 2 of FY26. EBITDA margins recovered from 8.4% in quarter 1 due to higher revenue throughput and better fixed cost absorption. For H1, EBITDA grew by 4% year-on-year and stood at INR 259 crores with margins at 8.7%. Looking ahead, we expect near-term margins to remain within the guided range. Over the medium term, margin expansion will be supported by improved operating leverage as volumes scale, a continued shift in business mix towards data center and enterprise transformation engagements, and sustained focus on cost discipline and delivery efficiency. As we execute our strategic priorities, we see potential for further margin improvement and continued strengthening of overall profitability. Profit after tax for quarter 2 of FY 2026 stood at INR 56 crores, a growth of 17% quarter-on-quarter and 9% year-on-year, reflecting strong operating leverage and improved profitability in the core portfolio. For H1 of FY 2026, PAT increased by 17% year-on-year and stood at INR 103 crores, with margin increasing by 50 basis points to 3.5% in H1 of FY 2026. As revenue growth accelerates in H2 of FY 2026, profit after tax expansion is further expected to outpace top-line growth, driven by margin normalization, improved revenue quality, and greater contribution from high-value U.S. opportunities. As Sanjiv highlighted earlier, quarter 2 saw continued strong order momentum, with the backlog reaching at $555 million at quarter end, up from $518 million at the close of quarter 1 of FY 2026. Order bookings for the first half of FY 2026 were robust at $394 million. Driven by this momentum, we remain on track to achieve our full year FY 2026 financial guidance, fueled by a sustained focus on high-value contracts as well as in the data center segment. To summarize, with strong order wins, growing backlog, strong execution capabilities, deepening client relationships, and a healthy pipeline, the company is firmly on a growth trajectory. We remain confident in delivering an even stronger performance in the second half of the year. Thank you, and I would now request the moderator to open the floor for the questions. Thank you so much, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Deep Shah from B&K Securities. Please go ahead. Yeah, hi. Good morning. Thanks for the opportunity. Sir, it is good to hear that you have maintained your full year guidance. That implies somewhat like 25% revenue growth and somewhat similar EBITDA growth in second half of the year. My question is, as we move into 2027, 2028, do we expect this, say, early 20 kind of revenue momentum to sustain given the order backlog that will increase? Or on a slightly medium-term basis, revenue growth should again come down to, say, early teens or mid-teen kind of levels? That is my first question. Accordingly, you did allude that margins will improve because of op lev, but that is more like 2027, 2028, or you mean slightly even further ahead, next few four years? That is my first question. Okay. I will break it, your answers in three parts. One for the revenue for H2. Then the second question was revenue growth for the next fiscal year, and then of course, the margin expansion. As Deepak Bansal alluded as well and in my comments, we expect our second half to be stronger than the first half at the back of the pipeline. We expect to be able to meet the guidance between 12% and 15% of sequential growth. I think our order book currently would support that, and the pipeline that we have for the remainder of the year should be able to support our current year guidance that Deepak Bansal just alluded to. Going back to the next year, fiscal 2026, 2027, and beyond, I think our plans are well enumerated. We talked about overall goal for the next fiscal 2029 to $2 billion. The organic growth plan is close to 15%. So we expect our organic plan for fiscal 2026, 2027, in that range, although it is still slightly early. Could we go higher than that? That will depend upon our exit backlog that possibly when we guide that, when we get into the last quarter. Our pipelines are very strong. But clearly, our overall go-to-market momentum, our overall investments, our overall pipeline is currently giving us confidence that we should be able to be at the mid-double-digit range, for organic perspective going forward in fiscal 2026, 2027, and beyond. Coming back on the margin expansion, I will give it to Deepak Bansal to allude the efficiency of scale and whether we expect some margin expansion within the current year as well. So, margin expansion will little bit depend on the volume growth. The volume growth of, let us say, roughly around 10%-12% quarter on quarter, we are estimating right now. So in the current year, we are estimating that the margins should play in the range of, let us say, 9%-9.5% type of range. But in FY27, obviously, on this sustenance will continue in FY27. And, with the growth coming in and all those stuff, we will see that on organic basis, our margins will continue to be over around 10% or moving upwards to that. Sure. This is very helpful. Second question is on the cash flow. If you could just help us understand better the inventory increase of roughly INR 180 crores, kind of represented on the liability side by INR 186 crores provision increase, and then receivable increase of INR 107 crores, which effectively made our cash flow conversion pretty poor. If you could explain what has led to this and will be a fair expectation that this will completely reverse in second half of the year, or there will be some spillover into 2027 also. I think as we have announced earlier, and today also Sanjeev spoke about a Wind River agreement and a Wind River partnership. We have partnered with Wind River and we have committed to buy the licenses from Wind River to have those platform which we have launched in partnership with them globally. Against that, we have purchased the inventory of those licenses at a very deep discount rate, which will drive, obviously, in the future, the revenue, which I think Sanjeev spoke about $30 million on an annualized basis, which will scale up slowly now from next quarter, which is quarter 3 onwards. It will scale up, which will drive the revenue. That most of the inventory increase, I will say 100% of the inventory increase is due to those licenses. What has also happened is that, we have negotiated the payment terms of that inventory. As per the GAAP, what has happened is those licenses have come and sit in our inventory and the payment terms we have negotiated is a longer tenure. We are paying in eight installments to them, and the first payment starts from December 2026. That is why that is not sitting in the accounts payable, but that is sitting in the non-current liability, because that is a longer tenure. Part of that will come next quarter in the current liability because of the one-year type of nature. That's the overall, let's say, on the working capital side of it. You also asked about the increase in receivable. Which is increase in receivable is close to around INR 100 crores. The INR 100 crores receivable is primarily because there's a lot of invoicing which happens to our customers in the month end and in the last 10 days period, and all those things. Because we have always, in our business, we always will have a skewness within the quarter, where the first month 1 and month 2, will be probably between 55%-57% of the overall quarterly revenues. Most of the revenues happens in the last month of the quarter. Because of that receivable, let's say around 60% of the overall revenue, or let's say around 55% of the revenue comes in the last month. Because of that, the receivable has built up and we have already started collecting the money now in this quarter. We have collected the money and that's how the cash flow cycle goes on. Sure. This is very useful. Thank you so much and all the best. Yeah. Thank you, sir. Our next question comes from the line of Nandan Arekal from JM Financial Limited. Please go ahead. Hi, am I audible? Yes, sir. You are. Yeah. Since you have won an engagement from Wind River, this is an IoT software provider. What is the rough split between the reselling and the management contracts in this deal? What is the margin expected in this deal? I missed the first line. What is the first question? What would be the rough split between the reselling and the management contract aspect within the deal? What is the figure margin profile you are looking at? No, your first question is still not clear, Nandan. Can you be- Hello a little bit clarify what you are looking at on the first question. Second question of the margin is clear. The first question, you are saying reselling or what? Reselling. We are doing both the reselling aspect and the management of engagements. What is the split between that? Yes. Yeah. And what is the split between that? Okay. These are two separate agreement and contracts. This is a strategic partnership worldwide. Just to give some light on the Wind River, a part of an Aptiv company, publicly traded, $21 billion. Wind River is a virtualized software service provider for both from an IoT standpoint and also for large telecom operators. It is adjacent to products by VMware, Red Hat. This puts Black Box within the platform space that we didn't have. We do connectivity, network, cyber data center. This is a platform space. Just to explain what this is about. As more and more edge data centers, more and more IoT and OT is built in manufacturing, the need for this software will increase, and therefore, Black Box considered a global partnership. The split for these two are not connected. Our services partnership, as I've told before, is an agreement. We have a potential agreement of over INR 1,350 over five years' time. If you look at over the five years' time, we expect the average quarterly revenue between INR 40 and INR 60 crores. So that's our services revenue. The product revenue or licensing revenue will have two, three more. One, of course, we will be selling the license, we'll be installing, and there'll be some services as well. So these are not connected. But if you look at the potential of that, I would say 50/50 on both sides. If you add both and say what we expect over the next five years' time, it will be about 50/50. From a margin perspective, for the support and services margin, we are looking between 25% and 30%. We expect similar margin overall blended from our software sale as well. It could be sometimes we have got, like Deepak said, we have got a very good discounting because it's long-term partnership. He's also arranged a kind of a long-term payment plan. So we expect the average margin in that range as well, although some cases will possibly have better margin, and some cases might have slightly lower. But we should be able to have a licensing margin when sale of software at 25%, 30% odd, and the support services margin in the range of 20% to 30%. So that's our expectation. Deepak, what do you add? Yeah. So license, technically, I think we are pushing our sales team because we have purchased those licenses at deep discount and the competition is only with VMware. And the VMware pricing at a, I will say, standard price level, which is a MRP level, MSRP level is almost like 3x of the Wind River licenses. Now it is on our sales team. We already have the sales team training going on right now on all these things and internally. So, by this quarter it will pick up. We are expecting from some customers 30%, some 40% and some 50% also on this, but on a blended basis, the license margin should be We are expecting at least, I'm modeling right now at around 35%. Okay. Wonderful. This will be booked in TPS segment, right? No, this will be in GSI. This will be in GSI segment only. This is a services business. This is a compute, storage, and platform business. I know. As we speak, this is an initiative to expand our portfolio. The current portfolio had a missing link of platforms. With more and more edge data centers and computing and AI coming in, and more and more IoT coming in, we expect that we should be playing in this space. That is the reason we have had this tight partnership. It is a global partnership, very strategic, not only for buying and selling licenses, but also supporting many of Wind River's existing customers as well. That is the support contract. Okay. Wonderful. Thanks. Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and 1 on their touch-tone telephone. Our next question comes from the line of CA Garvit Goyal from Nvest Analytics Advisory. Please go ahead. Hi. Good morning. Am I audible? Yes. I am good for a good set of numbers, sir. The first question is on inorganic growth. We are speaking about, and in fact, we have been speaking about it for a while now. I want to understand at what stage of evaluation are we currently in, and when can we expect something material out of it, sir? Gravit, last time also, I think we spoke about it, that we continue to look at the opportunities. We have a huge pipeline. Like we have the sales order pipeline, we have the pipeline for the acquisitions also. Like we stated earlier also that we are very, very prudent in terms of our capital deployment. We are taking a little bit of time in terms of decision-making, in terms of reviewing it, engagement, and you know how these inorganic opportunities work, that it is not like there is one variable which needs to be solved. There are multiple variables which are getting into the angle, including the geography, the sellers, the business itself, what are the cost-cutting opportunities, what are the revenue growth opportunities, and what is the multiple ultimately we are paying, how prudently we can deploy our capital and generate the returns, and that is where everything is right now going on. But I can say that by end of this fiscal year, we should have at least, let us say, some good news available in terms of the acquisition and all those things. At the right opportune time, obviously, as soon as we will take it to the board as we make the progress, and then accordingly, we will inform, obviously, the market about it. And sir, what is the potential size we are looking at? You mentioned about the geography as well. So what is the geography are we targeting? And what kind of areas do we- I think Black Box is a global company, so we are targeting across all the markets, Americas, Europe, APAC. Our thesis for acquisition is expansion of geography, going deeper in our portfolios, and of course, remaining value accretive from a shareholder standpoint. Yeah. These are the three thesis point. From a size perspective, of course, we said we look at between $50 million moving up, going up to couple of hundred. Our total inorganic goal for the next four years' time is about $700 million-$800 million- of revenues. of sales, revenues. We don't want to make 20, 30 acquisitions. So if you look at, we are looking at a kind of a mid-range between 50 and 100, depending upon Yeah, 50 to 200. The capital deployment, obviously, to buy those type of revenues, obviously, we don't want to pay all the amount upfront. We will have all those negotiations where we pay between 60% and 70% upfront, and then balance amount we pay in year one, year two, and all those things. Like I told, there are a lot of variables on which we are working on. In the geographies also. In some of the geographies, we are sub-scale. We are not opening any new country. Within our countries, we have the economies of scale, which is missing right now in lot of countries, and that is where the economies of scale will come in those countries. Of course, the U.S. continues to be our largest market, so the U.S. will be in the picture all the time. Got it, sir. Secondly, on the tax rate, sir. Currently our tax rate seems to be very low. When can we expect these rates to be normalized, and what is the expected tax rate for this financial year on full year basis and for next financial year as well, sir? The tax rate basically works basis that what are the past, what is my revenue and profitability mix geography-wise. We have the past NOLs which are available in some geographies from the acquisition what we have made, because those companies were earlier making the losses. Those carry forward losses in terms of the net operating losses, we have some statute of limitation and all those things which we are utilizing on a regular basis. This year we should be able to maintain at between, let's say, 8% to 10% type of tax rate or let's say little lower than that. We are H1 now, so H2 also, I am not expecting that the rate should go up more that. From a long-term perspective, maybe down the line after couple of years or something, we should stabilize at between 15% and 20%. We continue to work on our structure, so that how we can do between our multi-geography structure, how we can plan so that between the Black Box group itself, we can have the tax management and all those things so that our tax rate doesn't go more than 15% to 20%. It also will depend on the new inorganic opportunities which come into the play. The future tax rate will depend on that too, with our stated objective of growing through inorganic acquisition. Is it fair to assume like whatever the PAT guidance we are giving, we are taking into consideration the tax rate after taxes, right? Sorry, tax rate? Whatever the- Yes. Yeah. Got it. Yeah. Thank you very much, sir, and all the best for the future. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Next question comes from the line of Sanjay Dam, an individual investor. Please go ahead. Yeah. Good morning, gentlemen. I have two questions. First is, what is your comfort regarding debt to EBITDA when you do inorganic acquisitions? Secondly, the kind of cash conversion and cash from operations that we've seen, should we take that as a normal rate of cash conversion and cash from operation in future? Thank you. What is the first question? Debt to EBITDA. Debt to EBITDA ratio. I think we have stated all the times that we are not acquiring the companies which are fully priced. From an overall basis, we will be acquiring the companies which are, let's say, sub-optimal in terms of the profitability and all. We will be paying the lesser amount, and we will be paying between, let's say, 60% and 70% upfront. The EBITDA obviously will flow, number one, whatever company is making, and number two, in next, let's say, 90 to 180 days, we will have the EBITDA transformation story done. With the transformation, the EBITDA margin range should go between 9%-10%, depending on how, let's say, the transformation happens in terms of the integration and everything between 90 to 180 days. On a, let's say, transformed basis, after 180 days or after 6 months, we are expecting that our leverage should not go more than probably 1.5x-2x. It should remain between that. I am not expecting leverage to go up much. Right now also our basis, our overall EBITDA, we are not leveraged more than 1.5x anyway. From that perspective, I am expecting that it should be within that range only. For the cash flow from operations perspective, this quarter, obviously because of the inventory and all those stuff, our working capital has moved up more. Otherwise, we are not expecting that this quarter, this Wind River inventory has taken up our working capital a little bit more. Otherwise, I am not expecting much on the working capital to change. The working capital deployment will continue to be there when we are growing our business. If our business is growing by 10%-15%, obviously for every growth, we have to have almost like 25% because we are in a services business. For every dollar of the growth, we will have a 0.25 of the working capital involved. I cannot give as a percentage because it is on the business and it is on a timing also that because when we are reporting the numbers on any given date, the working capital may be a little higher or lower because it depends on the payroll cycle, because like in U.S., which is our largest geography, the payroll doesn't happen on the month-end. There are two payrolls happen on different dates depending on the weekly cycles. There are a lot of things which goes into it, but on an average basis, if you look at it between the four quarters, then the working capital deployment will be probably close to around 0.2x-0.3x of our overall growth. Yeah, thanks. That is very clear. One last question, if I may. When I look at your growth aspiration of $2 billion that you said, making it into two parts, organic and inorganic, your organic growth has not been much, but that is probably because you have been churning your portfolio plan and you have been stuck somewhere around the INR 6,000 crore mark in the last couple of years or slightly more than that. Is your growth aspiration, if I understood correct from your statements earlier, around about 15% going ahead? Yes. I just alluded that earlier in the call as well. We expect from an organic growth perspective in the mid-teens range of about 15%. Can we do more than that? I know we will give a guidance towards the end of the year for next fiscal year. As I said, the pipeline is very strong. Our current organic growth plans are at 15%, and that is what we are guiding. The balance, of course, inorganic to go towards the billion. If I understand correctly, from INR 6,000 crores that you did in last year, roughly if you keep growing at 15%, that is broadly about, that will bring you to around INR 9,500 crores by FY29, somewhere around that. If you are to reach $2 billion, broadly that probably is another INR 9,000 crores, broadly, which has to come from acquisitions. That understanding is correct? Yeah. We are looking at between $1.1 billion to $1.2 billion of organic revenues by fiscal 2029, and about $750 million-$800 million worth of revenue acquisition to total by fiscal 2029, you are right, to be able to go to $2 billion. Got it. Thanks, gentlemen, and wish you all the best. Thank you, sir. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touch-tone telephone. Our next question comes from the line of Vivek Choraria, an individual investor. Please go ahead. Hi, Sanjeev and Deepak. Thank you for the opportunity. Finally, we see some growth as you had guided for. I just have a couple of questions. On the order booking front, you had said that we are aiming for a $1 billion 12 months ending FY 2026. We are about 400. Is the traction increasing on the ground? I mean, your order booking, we are almost halfway through Q3. How confident are you in achieving that? Your GTM strategy, is that completely in place now? Do you feel confident that your salespeople are doing the job? So I just wanted to get a more qualitative understanding of the situation as far as the order bookings concern. Thank you. Yeah. So the first response is yes, we feel confident on our booking goal of $1 billion. We are about at the 40% mark, as you rightly alluded. Based on our current pipeline deals in motion Expected pipelines and conversations, some of them are personally involved. We feel very confident that we should be able to deliver $1 billion worth of bookings in the current fiscal year, as we have said. That will put us into a good stage to be able to drive our organic aspiration for FY26 and FY27. From a go-to-market perspective, as alluded, a large part, and I think there is always room for improvement, Vivek, as you know, I think we are seeing stabilization. Our consideration rate with large enterprises, large deals, have significantly improved. We have re-hashed our pipeline. On the data center front, as you know, we had, of course, one very large hyperscaler customer. Our engagement with multiple hyperscalers at this time has started. We have put one of the strongest team on the sales side, led by Sean Maguire, on the operations side by recent hire, Bill Walters, and of course, our CEO, Rick Gannon, and others. I think we have recently concluded a very large event in Washington, D.C., in Virginia, which is the data center capital, as you know. We are also seeing large momentum. So between our enterprise go-to-market, which is run by Jai Venkat across healthcare, banking, and others, and very focused data center that we had put up a team in the last 6 months time. The combination of the GTM engagement on both sides of the aisle, the conversations that we have, the pipeline that we have, we feel we are confident to deliver a billion dollar of booking. That will allow us to have a fairly decent opening backlog getting into FY26, FY27. That will provide us confidence to drive our organic momentum from here. So the answer is positive on each front that you asked for, Vivek. Sanjeev, on the data center front, we have been talking that the opportunity is large, and the market does show that, but we have been very far behind the curve as far as getting orders this time. These hyperscalers have been investing a couple of hundred billion dollars for the past 2, 3 years, but we have barely scratched the surface. So do you feel that within the next quarter or 2, we will hit a point where we start getting larger value orders? I am just trying to get an understanding as to if we were getting, say, a $5 million-$10 million order, can we now aspire to get $50 million-$100 million orders? I am just trying to understand in terms of the capabilities that we will get. Very good question. We not only aspire, we are confident to get the $50 million-$100 million orders within the next five months of this fiscal. The fact that I have been repeating our goals for $1 billion, and Deepak alluded to that as well. Clearly, if you have to go to $600 million worth of booking, we would need that from a 50 perspective. The answer is yes. We are into multiple deals. Of course, as you know, we can't win all deals and surely we can't lose all deals. Yes, apart from $10 million, $15 million, $20 million, that will continue. We love those deals as well. That gives us real momentum. But we are into heavy lifting as well. The answer is yes. We are staring at $50 million-$100 million deals, quite a few as we move forward from here. Sanjeev, just one last question. For H2, in the presentation, you've mentioned that you expect growth to outperform H1 massively. Are we still on track? I mean, you've guided for about INR 6,500 crores to INR 7,000 crores. Can we aspire to about INR 6,500 crores, INR 7,000 crores? That will entail about INR 3,600 crores for H2. We've done about INR 2,900 crores to INR 3,000 crores in H1. Should we be in that ballpark of INR 6,500 crores, INR 7,000 crores? Yes. I'm not sure we said massively. That doesn't look like massive, but we are guiding to our plan upward of INR 6,700 crores was our goal, I believe. Yes. As I told you in my last earnings call, if I remember correctly, Vivek, and you had asked this question, we expect between 10% and 15% of sequential organic to be able to get there. We are on track to do that. Okay. Thank you, Sanjeev and Deepak. Good luck. Thank you, Vivek. Thank you. Thank you. Thank you. Thank you, sir. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to the management for the closing comments. Thank you and over to you, sir. I would like to thank everyone for joining on the call. I hope we have been able to address all your queries. For any further information, kindly get in touch with Purvesh Parekh, our Head of Investor Relations, or Strategic Growth Advisors, our investor relations advisors. Thank you. Thank you. Thank you, sir. On behalf of Black Box Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.