Q1 2027 Black Box Ltd Earnings Call

August 13, 2026

Operator: Ladies and gentlemen, good day and welcome to the Q1 FY 2027 Earnings Conference Call of Black Box Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements do not guarantee the future performance of the company and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded.

Speaker #1: This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call.

Speaker #1: These statements do not guarantee the future performance of the company, and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero, on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Sanjeev Varma, Whole-Time Director and CEO of Black Box Limited. Thank you, and over to you, sir.

Operator: I now hand the conference over to Mr. Sanjeev Verma, Whole-Time Director and CEO of Black Box Limited. Thank you, and over to you, sir.

Speaker #2: Good morning, everyone, and thank you for joining us today. On behalf of Black Box Limited, I extend a warm welcome to all of you to our Q1 FY27 earnings conference call.

Sanjeev Verma: Good morning, everyone, and thank you for joining us today. On behalf of Black Box Limited, I extend a warm welcome to all of you to our Q1 FY27 earnings conference call. I will begin by sharing an overview of our business performance, the evolving industry landscape, and the strategic progress we have made during the quarter. After which, our CFO, Mr. Deepak Bansal, will take you through the financial highlights in greater detail. A couple of months ago, during our Capital Markets Day, we shared an important milestone in Black Box journey. We spoke about how the transformation that we embarked upon over the last several years had largely been completed, and that the next phase of our journey would be centered around growth, scale, and disciplined execution.

Sanjeev Verma: Good morning, everyone, and thank you for joining us today. On behalf of Black Box Limited, I extend a warm welcome to all of you to our Q1 FY 2027 earnings conference call. I will begin by sharing an overview of our business performance, the evolving industry landscape, and the strategic progress we have made during the quarter. After which, our CFO, Mr. Deepak Bansal, will take you through the financial highlights in greater detail. A couple of months ago, during our Capital Markets Day, we shared an important milestone in Black Box journey. We spoke about how the transformation that we embarked upon over the last several years had largely been completed, and that the next phase of our journey would be centered around growth, scale, and disciplined execution.

Speaker #2: I'll begin by sharing an overview of our business performance, the evolving industry landscape, and the strategic progress we have made during the quarter. After that, our CFO, Mr. Deepak Bansal, will take you through the financial highlights in greater detail.

Speaker #2: A couple of months ago, during our Capital Markets Day, we shared an important milestone in Black Box's journey. We spoke about how the transformation that we embarked upon over the last several years had largely been completed, and that the next phase of our journey will be centered around growth, scale, and disciplined execution.

Speaker #2: As I reflect on the first quarter of FY27, I'm pleased to say that we have made a strong start on both fronts—financially and operationally—reinforcing our confidence in the road ahead.

Sanjeev Verma: As I reflect on the first quarter of FY27, I am pleased to say that we have made a strong start on both fronts, financially and operationally, reinforcing our confidence in the road ahead. Financially, we have delivered our highest-ever quarterly revenue, supported by improved execution of the rising order backlog and the contribution from our recently acquired Brazilian entity, 2S. The quarter also saw our order bookings of $339 million, taking our order backlog to a record ever of approximately $950 million, up 83% year on year, and providing strong visibility for future growth. Equally important, we made significant operational progress during the quarter, adding a new global hyperscaler in the United States through a $131 million, about INR 1,240 crores order, while continuing to deepen our relationship with our existing hyperscalers. These wins are a strong validation of the capabilities and scale we have built.

Sanjeev Verma: As I reflect on the Q1 of FY 2027, I am pleased to say that we have made a strong start on both fronts, financially and operationally, reinforcing our confidence in the road ahead. Financially, we have delivered our highest-ever quarterly revenue, supported by improved execution of the rising order backlog and the contribution from our recently acquired Brazilian entity, 2S. The quarter also saw our order bookings of $339 million, taking our order backlog to a record ever of approximately $950 million, up 83% year-on-year, and providing strong visibility for future growth. Equally important, we made significant operational progress during the quarter, adding a new global hyperscaler in the United States through a $131 million, about INR 1,240 crores order, while continuing to deepen our relationship with our existing hyperscalers. These wins are a strong validation of the capabilities and scale we have built.

Speaker #2: Financially, we have delivered our highest-ever quarterly revenue, supported by improved execution of the rising order backlog and the contribution from our recently acquired Brazilian entity, 2S.

Speaker #2: The quarter also saw our order bookings of $339 million, taking our order backlog to a record high of approximately $950 million, up 83% year-on-year, and providing strong visibility for future growth.

Speaker #2: Equally importantly, we made significant operational progress during the quarter, adding a new global hyperscaler in the United States through a $131 million (₹1,240 crore) order, while continuing to deepen our relationship with our existing hyperscalers.

Speaker #2: These wins are a strong validation of the capabilities and scale we have built. I'm proud to say that Black Box is the only India-origin digital infrastructure solutions company currently executing gigawatt-scale data center programs, demonstrating the scale of capabilities it has built to participate in accelerating global AI infrastructure buildout.

Sanjeev Verma: I am proud to say that Black Box is the only India origin digital infrastructure solutions company currently executing gigawatt scale data center programs, demonstrating the scale of capabilities it has built to participate in accelerating global AI infrastructure build-out. To understand in detail why we are increasingly confident about our long-term outlook, it is also useful to step back and look at the broader technology landscape, because what we are witnessing today is far bigger than a normal technology cycle. We are in the midst of one of the largest digital infrastructure investment cycles in history. This is not a short-term trend driven by single technology. Rather, it is a structural transformation powered by artificial intelligence, cloud computing, networking, cybersecurity, and next generation digital infrastructure that is expected to reshape industries and economies over the coming decade. Industrial estimates continue to move higher.

Speaker #2: To understand in detail why we are increasingly confident about our long-term outlook, it is also useful to step back and look at the broader technology landscape, because what we are witnessing today is far bigger than a normal technology cycle.

Speaker #2: We are in the midst of one of the largest digital infrastructure investment cycles in history. This is not a short-term trend driven by a single technology; rather, it is a structural transformation powered by artificial intelligence, cloud computing, networking, cybersecurity, and next-generation digital infrastructure that is expected to reshape industries and economies over the coming decade.

Speaker #2: Industry estimates continue to move higher, according to Gartner's article published in July. Global enterprise technology spending is expected to exceed $6.4 trillion, up 14.2% year-on-year, including $822 billion on data center systems alone—a whopping increase of 62.5% year-on-year.

Sanjeev Verma: According to Gartner's article published in July, global enterprise technology spending is expected to exceed $6.4 trillion, up 14.2% year on year, including $822 billion on data center systems alone, a whopping increase of 62.5% year on year. At the same time, leading hyperscalers, including Google, have increased its budget to $190 to $205 billion for FY26 in its current earnings released in July, double from last year, and so have other large players followed suit. Within this landscape, Black Box participates across nearly $250 to $300 billion of addressable opportunities, spanning data centers, enterprise networking, connectivity infrastructure, cybersecurity, managed services, digital workplace solutions. Importantly, a majority of this spending is occurring in markets where we already have strong positions, particularly in the United States, where nearly 60% to 70% of spending is targeted. What makes this investment cycle particularly compelling is the convergence of multiple long-term technology trends.

Sanjeev Verma: According to Gartner's article published in July, global enterprise technology spending is expected to exceed $6.4 trillion, up 14.2% year-on-year, including $822 billion on data center systems alone, a whopping increase of 62.5% year-on-year. At the same time, leading hyperscalers, including Google, have increased its budget to $190 to $205 billion for FY26 in its current earnings released in July, double from last year, and so have other large players followed suit. Within this landscape, Black Box participates across nearly $250 to $300 billion of addressable opportunities, spanning data centers, enterprise networking, connectivity infrastructure, cybersecurity, managed services, digital workplace solutions. Importantly, a majority of this spending is occurring in markets where we already have strong positions, particularly in the United States, where nearly 60% to 70% of spending is targeted. What makes this investment cycle particularly compelling is the convergence of multiple long-term technology trends.

Speaker #2: At the same time, leading hyperscalers, including Google, have increased their budgets to $190 to $205 billion for FY26, according to their current earnings to be released in July. This is double from last year, and other large players have followed suit.

Speaker #2: Within this landscape, Black Box participates across nearly $250 to $300 billion of addressable opportunities spanning data centers, enterprise networking, connectivity infrastructure, cybersecurity, managed services, and digital workplace solutions.

Speaker #2: Importantly, a majority of this spending is occurring in markets where we already have strong positions, particularly in the United States, where nearly 60 to 70 percent of spending is targeted.

Speaker #2: What makes this investment cycle particularly compelling is the convergence of multiple long-term technology trends. AI workloads are driving unprecedented demand for compute capacity. Enterprise networks are being modernized through high-speed connectivity, edge computing, private 5G, and Wi-Fi 7.

Sanjeev Verma: AI workloads are driving unprecedented demand for compute capacity. Enterprise networks are being modernized through high-speed connectivity, edge computing, private 5G, Wi-Fi 7. At the same time, cybersecurity is becoming increasingly mission-critical as organizations strengthen digital resilience. These trends are creating sustained demand across the very capabilities that Black Box has been building over many years. Today, Black Box participates across a sizable addressable market spanning data center, enterprise networking, connected buildings, cybersecurity, managed services, and digital workplace solutions. More importantly, a significant portion of this investment is taking place in markets where we already have deep customer relationships, particularly in the United States, where we continue to maintain a strong presence. However, the size of the opportunity alone is not enough. Success in this market increasingly depends on the ability to execute at scale.

Speaker #2: At the same time, cybersecurity is becoming increasingly mission-critical as organizations strengthen digital resilience. These trends are creating sustained demand across the very capabilities that Black Box has been building over many years.

Speaker #2: Today, Black Box participates across a sizable addressable market spanning data centers, enterprise networking, connected buildings, cybersecurity, managed services, and digital workplace solutions. More importantly, a significant portion of this investment is taking place in markets where we already have deep customer relationships, particularly in the United States, where we continue to maintain a strong presence.

Speaker #2: However, the size of the opportunity alone is not enough. Success in this market increasingly depends on the ability to execute at scale. As hyperscale projects become larger and more complex, customers increasingly prioritize execution capability, scale experience, and the ability to mobilize skilled resources quickly across multiple locations.

Sanjeev Verma: As hyperscale projects become larger and more complex, customers increasingly prioritize execution capability, scale experience, and the ability to mobilize skilled resources quickly across multiple locations. Winning these engagements is no longer simply about offering at lowest price. It is about demonstrating consistent execution on mission-critical infrastructure. This is precisely where Black Box enjoys a meaningful competitive advantage. Over the past several years, we have deliberately invested in strengthening our execution capabilities, expanding our leadership team, and building a global delivery platform that can support large-scale infrastructure programs. We continue to hire and train talent at scale with plans to onboard nearly 2,000 professionals, ensuring that we have the resources required to support our customers' long-term growth plans. These investments create significant barriers to entry and position us favorably as customers increasingly consolidate spending with trusted partners capable of delivering at scale.

Speaker #2: Winning this engagement is no longer simply about offering at the lowest price. It is about demonstrating consistent execution on mission-critical infrastructure. This is precisely where Black Box enjoys a meaningful competitive advantage.

Speaker #2: Over the past several years, they have deliberately invested in strengthening our execution capabilities, expanding our leadership team, and building a global delivery platform that can support large-scale infrastructure programs.

Speaker #2: We continue to hire and train talent at scale, with plans to onboard nearly 2,000 professionals, ensuring that we have the resources required to support our customers' long-term growth plans.

Speaker #2: This investment creates significant barriers to entry and positions us favorably, as customers increasingly consolidate spending with trusted partners capable of delivering at scale. Equally important is the strength of the customer relationships we have built over the years.

Sanjeev Verma: Equally important is the strength of the customer relationships we have built over the years. We work with leading hyperscalers, Fortune 500 enterprises, financial institutions, healthcare organizations, manufacturers, global technology companies across more than 35 countries. Over the years, we have built and become deeply embedded within many of their mission-critical environments, and we believe this trust creates significant opportunity to expand wallet share as customers increase investments in AI-led infrastructure. Alongside strengthening customer relationships, we have also continued to improve the quality of our own business. Over the past few quarters, we have consciously rationalized several low-value, long-tail customer accounts while increasing our focus on larger strategic enterprises. This approach significantly improves the quality, visibility, and profitability of our revenue base over the long term. Our objective is clear: go deeper with strategic customers rather than simply becoming broader across smaller accounts.

Speaker #2: We work with leading hyperscalers, Fortune 500 enterprises, financial institutions, healthcare organizations, manufacturers, and global technology companies across more than 35 countries. Over the years, we have built and become deeply embedded within many of their mission-critical environments, and we believe this trust creates significant opportunity to expand while it's shared as customers increase investments in AI-led infrastructure.

Speaker #2: Alongside strengthening customer relationships, we have also continued to improve the quality of our own business. Over the past few quarters, we have consciously rationalized several low-value, long-tail customer accounts while increasing our focus on larger, strategic enterprise accounts.

Speaker #2: This approach significantly improves the quality, visibility, and profitability of our revenue base over the long term. Our objective is clear: go deeper with strategic customers, rather than simply becoming broader across smaller accounts.

Speaker #2: The strategy is already translating into encouraging business momentum, particularly in one of our most important growth areas. The momentum in our data center business continues to remain particularly encouraging.

Sanjeev Verma: The strategy is already translating into increasing business momentum, particularly in one of our most important growth areas. The momentum in our data center business continues to remain particularly encouraging. We continue to see healthy customer demand across AI campuses, hyperscale infrastructure, enterprise modernization, networking, and managed services. Encouragingly, supply chain conditions have also improved over the last quarter, particularly across cables and fiber, supporting faster project execution and a stronger pace of backlog conversion going forward. Taken together, these developments reinforce our confidence in the long-term roadmap that we have shared during our Capital Markets Day. As we highlighted during our Capital Markets Day, our aspiration is to build Black Box into an INR 18,000 crore or US$2 billion revenue company by FY30.

Speaker #2: We continue to see healthy customer demand across AI campuses, hyperscale infrastructure, enterprise modernization, networking, and managed services. Encouragingly, supply chain conditions have also improved over the last quarter, particularly across cables and fiber, supporting faster project execution and a stronger pace of backlog conversion going forward.

Speaker #2: Taken together, these developments reinforce our confidence in the long-term roadmap that we shared during our Capital Markets Day. As we highlighted during our Capital Markets Day, our aspiration is to build Black Box into an ₹18,000 crore, or $2 billion, revenue company by FY30. Around ₹12,000 crore of this growth is expected to come organically, supported by strong execution, conversion of our robust order backlog, sustained demand for AI-led digital infrastructure, deeper engagement with strategic customers, and improved project execution.

Sanjeev Verma: Around 12,000 crores of this growth is expected to come organically, supported by strong execution, conversion of our robust order backlog, sustained demand for AI-led digital infrastructure, deeper engagement with strategic customers, and improved project execution. The balance 6,000 crores is expected to come through inorganic growth, leveraging our proven M&A engine, successful integration track record, and a healthy acquisition pipeline. The recently completed Brazil acquisition, which adds approximately US$50 million in annual revenue, represents another meaningful step towards this objective. This ambition is supported by four growth pillars: hyperscale digital infrastructure, GSA Americas, growth across India and rest-of-the-world markets, and evolution of our technology product solutions business towards recurring and platform-led revenues. These pillars are reinforced by our strong execution excellence. Overall, the first quarter has further strengthened our conviction that we are well-positioned to execute on this roadmap.

Sanjeev Verma: Around 12,000 crores of this growth is expected to come organically, supported by strong execution, conversion of our robust order backlog, sustained demand for AI-led digital infrastructure, deeper engagement with strategic customers, and improved project execution. The balance 6,000 crores is expected to come through inorganic growth, leveraging our proven M&A engine, successful integration track record, and a healthy acquisition pipeline. The recently completed Brazil acquisition, which adds approximately US$50 million in annual revenue, represents another meaningful step towards this objective. This ambition is supported by four growth pillars: hyperscale digital infrastructure, GSA Americas, growth across India and rest-of-the-world markets, and evolution of our technology product solutions business towards recurring and platform-led revenues. These pillars are reinforced by our strong execution excellence. Overall, Q1 has further strengthened our conviction that we are well-positioned to execute on this roadmap.

Speaker #2: The balance, ₹6,000 crore, is expected to come through inorganic growth, leveraging our proven M&A engine, successful integration track record, and a healthy acquisition pipeline.

Speaker #2: The recently completed Brazil acquisition, which adds approximately $50 million in annual revenue, represents another meaningful step towards this objective. This ambition is supported by four growth pillars: hyperscale digital infrastructure, GSI Americas growth across India and rest of the world markets, and the evolution of our technology product solutions business towards recurring and platform-led revenues.

Speaker #2: These pillars are reinforced by our strong execution excellence. Overall, the first quarter has further strengthened our conviction that we are well-positioned to execute on this roadmap.

Speaker #2: We believe FY27 is not the beginning of our journey; it is the beginning of the scaling phase of our journey. We enter this year with a stronger business, a healthier balance sheet, expanding customer relationships, and multiple long-term growth drivers working in our favor.

Sanjeev Verma: We believe FY27 is not the beginning of our journey; it is the beginning of the scaling phase of our journey. We enter this year with a stronger business, a healthier balance sheet, expanding customer relationships, and multiple long-term growth drivers working in our favor. With that, let me now hand over the call to Deepak, who will take you through the financial performance in greater detail. Thank you.

Speaker #2: With that, let me now hand over the call to Deepak, who will take you through the financial performance and give you the details. Thank you.

Speaker #1: Thank you, Sanjeev. And good morning, everyone. Sanjeev has shared our strategic progress and the strong industry fundamentals supporting our business, and the tailwind that we have right now.

Deepak Bansal: Thank you, Sanjeev, and good morning, everyone. Sanjeev has shared our strategic progress and the strong industry fundamentals supporting our business and the tailwind what we have right now. Let me now take you through our financial performance for the first quarter, the operational progress we continue to make, and our outlook for the year ahead. Over the last three years, our focus has been on building a business that can scale profitably and sustainably. Our transformation has centered around five priorities: strengthening the balance sheet, improving profitability, disciplined capital allocation, simplifying operations, and building a scalable operating model. Today, the quality of our business is fundamentally stronger, providing us with a solid platform to capitalize on the opportunities ahead. A key outcome of this transformation has been the improvement in our customer portfolio.

Deepak Bansal: Thank you, Sanjeev, and good morning, everyone. Sanjeev has shared our strategic progress and the strong industry fundamentals supporting our business and the tailwind what we have right now. Let me now take you through our financial performance for Q1, the operational progress we continue to make, and our outlook for the year ahead. Over the last three years, our focus has been on building a business that can scale profitably and sustainably. Our transformation has centered around five priorities: strengthening the balance sheet, improving profitability, disciplined capital allocation, simplifying operations, and building a scalable operating model. Today, the quality of our business is fundamentally stronger, providing us with a solid platform to capitalize on the opportunities ahead. A key outcome of this transformation has been the improvement in our customer portfolio.

Speaker #1: Let me now take you through our financial performance for the first quarter, the operational progress we continue to make, and our outlook for the year ahead.

Speaker #1: Over the last three years, our focus has been on building a business that can scale profitably and sustainably. Our transformation has centered around five priorities: strengthening the balance sheet, improving profitability, disciplined capital allocation, simplifying operations, and building a scalable operating model.

Speaker #1: Today, the quality of our business is fundamentally stronger, providing us with a solid platform to capitalize on the opportunities ahead. A key outcome of this transformation has been the improvement in our customer portfolio.

Speaker #1: As Sanjeev highlighted, we have transitioned from a fragmented customer base to approximately 300 strategic accounts, including hyperscalers, enabling greater wallet share, stronger revenue visibility, and healthier margins.

Deepak Bansal: As Sanjeev highlighted, we have transitioned from a fragmented customer base to approximately 300 strategic accounts, including hyperscalers, enabling greater wallet share, stronger revenue visibility, and healthier margins. This has significantly improved both the quality and predictability of our revenues while positioning us to execute larger multi-year engagements. Against this backdrop, we have started FY27 on a particularly strong financial footing. Q1 of FY27 was one of our strongest quarters as we reported highest-ever revenue of INR 1,719 crores, representing a 24% year-on-year growth. EBITDA increased to INR 160 crores, up 38% year on year, while profit after tax grew to INR 56 crores, an increase of 18% over the corresponding quarter last year. The quarter also includes two months of financial consolidation from our Brazil acquisition, 2S. Equally encouraging was the improvement in profitability.

Deepak Bansal: As Sanjeev highlighted, we have transitioned from a fragmented customer base to approximately 300 strategic accounts, including hyperscalers, enabling greater wallet share, stronger revenue visibility, and healthier margins. This has significantly improved both the quality and predictability of our revenues while positioning us to execute larger multi-year engagements. Against this backdrop, we have started FY27 on a particularly strong financial footing. Q1 of FY27 was one of our strongest quarters as we reported highest-ever revenue of INR 1,719 crores, representing a 24% year-on-year growth. EBITDA increased to INR 160 crores, up 38% year-on-year, while profit after tax grew to INR 56 crores, an increase of 18% over the corresponding quarter last year. The quarter also includes two months of financial consolidation from our Brazil acquisition, 2S. Equally encouraging was the improvement in profitability.

Speaker #1: This has significantly improved both the quality and predictability of our revenues, while positioning us to execute larger, multi-year engagements. Against this backdrop, we have started FY27 on a particularly strong financial footing.

Speaker #1: Q1 of FY27 was one of our strongest quarters as we reported our highest ever revenue of Rs 1,719 crore, representing 24% year-on-year growth.

Speaker #1: EBITDA increased to Rs. 160 crore, up 38% year-on-year, while profit after tax grew to Rs. 56 crore, an increase of 18% over the corresponding quarter last year.

Speaker #1: The quarter also includes two months of financial consolidation from our Brazil acquisition to us. Equally encouraging was the improvement in profitability. EBITDA margin expanded by 90 basis points to Rs.

Deepak Bansal: EBITDA margin expanded by 90 basis points to 9.3%, reflecting operating leverage, a better business mix, disciplined execution, and the benefits of the structural initiatives implemented over the last few years. While we continue to invest in our sales organization, engineering capabilities, and delivery teams, operational efficiencies through our global capability center in Bengaluru, AI-led productivity initiatives, centralized delivery, procurement discipline, and stronger project controls continue to support margin improvement. Our medium term objective remains to consistently operate at or above a 10% EBITDA margin while maintaining healthy returns on capital. The healthy demand environment that Sanjeev spoke about also continues to translate into a robust order pipeline. Demand across our core businesses also remains healthy. We continue to see strong customer spending across AI-led digital infrastructure, data centers, enterprise networking, managed services, and cybersecurity, giving us confidence in the sustainability of our growth pipeline.

Speaker #1: 9.3%, reflecting operating leverage, a better business mix, disciplined execution, and the benefits of the structural initiatives implemented over the last few years. While we continue to invest in our sales organization, engineering capabilities, and delivery teams, operational efficiencies through our Global Capability Center in Bengaluru, AI-led productivity initiatives, centralized delivery, procurement discipline, and stronger project controls continue to support margin improvement.

Speaker #1: Our medium-term objective remains to consistently operate at or above a 10% EBITDA margin while maintaining healthy returns on capital. The healthy demand environment that Sanjeev spoke about also continues to translate into a robust order pipeline.

Speaker #1: Demand across our core businesses also remains healthy. We continue to see strong customer spending across AI-led digital infrastructure, data centers, enterprise networking, managed services, and cybersecurity, giving us confidence in the sustainability of our growth pipeline.

Speaker #1: From an order book perspective, we continue to witness healthy customer demand. During the quarter, we secured orders worth $339 million; our backlog continues to reflect the progress we have made.

Deepak Bansal: From an order book perspective, we continue to witness healthy customer demand. During the quarter, we secured orders worth USD 339 million. Our backlog continues to reflect the progress we have made. Since the beginning of our transformation journey, it has increased by 83% to over USD 950 million at the end of Q1 of FY27, with a growing share of large multi-year and mission-critical infrastructure programs. The tenure of our data center engagements now ranges between 24 and 36 months, providing strong revenue visibility and improving the predictability of our business. While the industry opportunity is significant, our focus remains on converting that opportunity into profitable growth, healthy margins, strong cash generation, and long term shareholder value. Cash flow continues to remain a key management priority. For FY27, we expect our operating cash flow to EBITDA conversion to improve meaningfully over FY26, supported by disciplined working capital management.

Speaker #1: Since the beginning of our transformation journey, it has increased by 83% to over $950 million at the end of Q1 of FY27, with a growing share of large, multi-year, and mission-critical infrastructure programs.

Speaker #1: The tenure of our data center engagements now ranges between 24 and 36 months, providing strong revenue visibility and improving the predictability of our business.

Speaker #1: While the industry opportunity is significant, our focus remains on converting that opportunity into profitable growth, healthy margins, strong cash generation, and long-term shareholder value.

Speaker #1: Cash flow continues to remain a key management priority. For FY27, we expect our operating cash flow to EBITDA conversion to improve meaningfully over FY26, supported by disciplined working capital management.

Speaker #1: Our capital allocation philosophy also remains unchanged and continues to focus on long-term value creation. We will continue to invest across three priorities: strengthening our people and technology capabilities, supporting the working capital requirements of our growing business, and pursuing selective acquisitions that enhance our capabilities and geographic reach.

Deepak Bansal: Our capital allocation philosophy also remains unchanged and continues to focus on long term value creation. We will continue to invest across three priorities: strengthening our people and technology capabilities, supporting the working capital requirements of our growing business, and pursuing selective acquisitions that enhance our capabilities and geographic reach. The acquisition of 2S reflects this disciplined approach. In addition to strengthening our presence in Brazil, it expands our capabilities across networking, cybersecurity, and managed services while providing a strategic platform to participate in the broader Latin American opportunity. As with every acquisition, our focus remains on disciplined integration and realizing long term synergies. Based on the visibility we have today, we remain confident in our outlook for FY27. Our guidance for FY27 is as follows. Order backlog, we should end on 31 March 2027 at USD 1.4 to 1.5 billion, which is a growth of 65% to 75%.

Speaker #1: The acquisition of 2S reflects this disciplined approach. In addition to strengthening our presence in Brazil, it expands our capabilities across networking, cybersecurity, and managed services while providing a strategic platform to participate in the broader Latin American opportunity.

Speaker #1: As with every acquisition, our focus remains on disciplined integration and realizing long-term synergies. Based on the visibility we have today, we remain confident in our outlook for FY27.

Speaker #1: Our guidance for FY27 is as follows: order backlog should end on March 31, 2027, at $1.4 to $1.5 billion, which is a growth of 65% to 75%.

Speaker #1: Order bookings in the year, we should do between $1.3 to $1.4 billion, which is again a growth of 45% to 50%. Revenue, we should do between ₹7,800 to ₹8,000 crore, which is a growth of 23% to 27%.

Deepak Bansal: Order bookings in the year, we should do between USD 1.3 to 1.4 billion, which is again a growth between 45% to 50%. Revenue, we should do between INR 7,800 to 8,000 crores, which is a growth of 23% to 27%. EBITDA, we should do between INR 700 to 725 crores, which is a growth of 27% to 32%. EBITDA margins will range between 9.3% to 9.4%, which is again up by around 30 to 40 basis points. Profit after tax, we are expecting between INR 325 to 350 crores, a growth of 38% to 50%. Historically, Q1 has been a relatively softer quarter for Black Box. We expect stronger revenue conversion and operating leverage in the second half of the fiscal year, with this momentum supporting the delivery of the FY27 guidance outlined in our presentation. Assuming normal execution timelines and no significant customer-led delays, we believe this guidance is achievable.

Deepak Bansal: Order bookings in the year, we should do between USD 1.3 to 1.4 billion, which is again a growth between 45% to 50%. Revenue, we should do between INR 7,800 to 8,000 crores, which is a growth of 23% to 27%. EBITDA, we should do between INR 700 to 725 crores, which is a growth of 27% to 32%. EBITDA margins will range between 9.3% to 9.4%, which is again up by around 30 to 40 basis points. Profit after tax, we are expecting between INR 325 to 350 crores, a growth of 38% to 50%. Historically, Q1 has been a relatively softer quarter for Black Box. We expect stronger revenue conversion and operating leverage in the H2 of the fiscal year, with this momentum supporting the delivery of the FY27 guidance outlined in our presentation. Assuming normal execution timelines and no significant customer-led delays, we believe this guidance is achievable.

Speaker #1: EBITDA should be between ₹700 to ₹725 crores, which is a growth of 27% to 32%. EBITDA margins will range between 9.3% to 9.4%, which is again up by around 30 to 40 basis points.

Speaker #1: Profit after tax, we are expecting between ₹325 to ₹350 crore, a growth of 38% to 50%. Historically, Q1 has been a relatively softer quarter for Black Box.

Speaker #1: We expect stronger revenue conversion and operating leverage in the second half of the fiscal year, with this momentum supporting the delivery of the FY27 guidance outlined in our presentation.

Speaker #1: Assuming normal execution timelines and no significant customer-led delays, we believe this guidance is achievable. Going forward, we will continue to prioritize profitable growth, disciplined capital allocation, operational excellence, and balance sheet strength.

Deepak Bansal: Going forward, we will continue to prioritize profitable growth, disciplined capital allocation, operational excellence, and balance sheet strength. Supported by a healthy order backlog, improving customer quality, and favorable industry tailwinds, we remain confident in our growth outlook. Black Box enters this next phase with a stronger financial foundation, a disciplined operating model, and a clear roadmap towards our aspiration of building a USD 2 billion business by FY30 while creating a long-term shareholder value. Thank you. With that, I would now like to hand the call back to the operator to open the floor for questions.

Speaker #1: Supported by a healthy order backlog, improving customer quality, and favorable industry tailwinds, we remain confident in our growth outlook. Black Box enters this next phase with a stronger financial foundation, a disciplined operating model, and a clear roadmap towards our aspiration of building a $2 billion business by FY30, while creating long-term shareholder value.

Speaker #1: Thank you. With that, I would now like to hand the call back to the operator to open the floor for questions.

Speaker #2: Thank you. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Deep Shah with 361 Capital. Please go ahead.

Speaker #2: If you wish to remove yourself from the question queue, you may press star, then two. Participants are requested to use handsets while asking a question.

Speaker #2: Ladies and gentlemen, we will wait for a moment. While the question queue assembles, the first question comes from the line of Deep Shah with 361 Capital.

Speaker #2: Please go ahead.

Speaker #1: Yeah, hi. Thanks for the opportunity, and Sanjeev and Deepa, that's a great set of numbers. A couple of bookkeeping questions first. If you could highlight the organic revenue growth, given that 2S was there from 1st of May, that is one.

Deep Shah: Yeah. Hi. Thanks for the opportunity, and Sanjeev and Deep, congrats on a great set of numbers. A couple of bookkeeping questions first. If you could highlight the organic revenue growth, given that 2S Inovações Tecnológicas S.A. was there from 1 May. That is one. Second, I appreciate the comment that you made in your opening remarks about cash flow improvement. You also explained the past as to the accelerated investments that you have to make leading to a benign cash flow relative to EBITDA. If you give some more color as to maybe a ballpark figure where you expect this to be or the causes why you expect this to improve, given the order backlog suggests that we will actually have to make a lot more investments this year. Is that assessment correct? That is second.

Speaker #1: Second, I appreciate the comment you made in your opening remarks about cash flow improvement. Now, you have also explained in the past about the adversity investments that we have to make, which lead to a benign cash flow relative to EBITDA.

Speaker #1: So, if you could give some more color as to maybe a ballpark figure where you expect this to be, or the causes why you expect this to improve, given the order backlog suggests that we will actually have to make a lot more investments this year.

Speaker #1: And is that assessment correct? So that's second. Third, if I look at our order backlog and say, for a moment, I exclude projects which would be longer-term in nature, I still see a 38% kind of increase in our order backlog.

Deep Shah: Third, if I look at our order backlog and say for a moment I exclude projects which would be longer term in nature, I still see a 38% kind of increase in our order backlog if I look at managed services, maintenance contracts, and products, which is of course very small. My question here really is that, do you think you are being slightly conservative when you guide on 2027 numbers? Or is it that you are expecting a lot of growth to maybe start in Q3 and Q4, and which is where the numbers will flow in 2028? These are my questions.

Speaker #1: If I look at managed services, maintenance contracts, and products—which, of course, is very small—my question here really is: Do you think you are being slightly conservative when you ride on $27 numbers?

Speaker #1: Or is it that you're expecting a lot of growth to maybe start in Q2 and Q4, and that's why the numbers will flow in '28?

Speaker #1: These are my questions. Thank you so much.

Deepak Bansal: Yes.

Deep Shah: Thank you so much.

Speaker #3: Yeah, okay. Okay, so I will start taking them one by one. So the organic revenue—out of the total ₹1,719 crore of revenue we have done for this year, the inorganic, which is that TS, has contributed around ₹60 crore of revenue.

Deepak Bansal: Okay. I will start taking one by one. The organic revenue. Out of the total INR 1,719 crores of revenue we have done for this year, the inorganic, which is 2S, has contributed around INR 60 crores of revenue. All the balanced revenues are all organic revenues. So INR 60 crores came from the 2S Brazil acquisition because it was like a 2 months and first quarter of them, which is basically the June quarter is normally weak for them because they are into a networking and the Cisco partners and all those things. They contributed INR 60 crores. On the cash flow side of it, one is that I am talking about the operating cash flow. When I am saying operating cash flow is basically that there will be involvement in the working capital and all those stuff.

Deepak Bansal: Okay. I will start taking one by one. The organic revenue. Out of the total INR 1,719 crores of revenue we have done for this year, the inorganic, which is 2S, has contributed around INR 60 crores of revenue. All the balanced revenues are all organic revenues. So INR 60 crores came from the 2S Brazil acquisition because it was like a 2 months and Q1 of them, which is basically the June quarter is normally weak for them because they are into a networking and the Cisco partners and all those things. They contributed INR 60 crores. On the cash flow side of it, one is that I am talking about the operating cash flow. When I am saying operating cash flow is basically that there will be involvement in the working capital and all those stuff.

Speaker #3: So all the balance revenues are inorganic, sorry, are all organic revenues. So 60 crores came from the 2s Brazil acquisition because it was like a two-month and first quarter of them which is basically the June quarter is normally weak for them because they are into a networking and the Cisco partners and all those things.

Speaker #3: So they contributed 60 crores. On the cash flow side of it, so when so one is that I'm talking about an operating cash flow.

Speaker #3: When I'm saying operating cash flow, it's basically that there will be involvement in the working capital and all that stuff. But from an investment perspective, our investment in talent, our investment in people, and all those things—to secure this type of order book and to increase, to convert the pipeline into orders, and to hire, let's say, the best world-class people and all those things—that is largely where we will continue to obviously hire more people and all those things.

Deepak Bansal: From an investment perspective, our investment in the talent, our investment in the people and all those things, to secure these type of order book and to increase to convert the pipeline into orders and to hiring the, let us say, the best world-class people and all those things, that is largely done. We will continue to obviously hire more people and all those things, but right now it looks like that from operations, our cash flow will be positive. The cycle of the cash flow will automatically pick up with the growth, what we are looking at in this year.

Speaker #3: But right now, it looks like our cash flow from operations will be positive. And then the cycle of cash flow will automatically pick up with the growth that we are looking at this year.

Speaker #3: On the, let's say, the order backlog side of it, you are absolutely right, Deep, that most of the growth is coming with all the execution of these projects by, let's say, end of Q3 and Q4.

Deepak Bansal: On the, let us say, the order backlog side of it, you are absolutely right, Deep, is that most of the growth is coming with all the execution of these projects, by let us say, end of Q3 and Q4, and it will spill into the next year. So that will go, let us say, the growth will spill into FY28 with the order backlog what we have. Because see, lot of execution is also dependent on the customer. We have received. Let us say this order, what we have announced, we have received that order from another hyperscaler. Now that order, we are talking since so many days and the work on the ground, the hiring and all those things will start, but the work on the ground will start only from November onwards. Then again, it will scale up.

Speaker #3: And it will spill into the next year, so that will go—let's say, the growth will spill into FY28 with the order backlog that we have.

Speaker #3: Because see, a lot of execution is also dependent on the customer. We have received let's say this order what we have announced we have received that order from another hyper scaler now that order we were talking we are talking since so many days and the real the work on the ground the hiring and all those thing will start but the work on the ground will start only from November onwards.

Speaker #3: So from and that and then again it will scale up. So it is not like that that you receive the order and you start working tomorrow because these are not smaller orders smaller contracts they are large sites they are gigawatt plus sites they are not like smaller sites so there is a lot of deployment and all those thing which happens on that.

Deepak Bansal: It is not like that you receive the order and you start working tomorrow. Because these are not smaller orders, smaller contracts. They are large sites. They are gigawatt plus sites. They are not like a smaller site. There is a lot of deployment and all those things which happens on that. Because of that, the growth, when we will project about FY28, you will see that there will be a growth over the current year. Let's say current year, if we grow between 22% to 25%, or let's say 25%, around let's say 25%, then the next year growth of FY28 will be over and above those numbers. That is why it doesn't look like very conservative to us in terms of the numbers, what we are projecting at between INR 7,800 to INR 8,000 crores.

Speaker #3: So because of that the growth will be growth when we will project about FY28 you will see that there will be a growth over the current year so let's say current year if we grow between 22 to 25% or let's say 25 around let's say 25% then the next year growth of FY28 will be over and above those numbers and that is why it doesn't look like very very conservative to us in terms of the numbers what we are projecting at between 7,800 to 8,000 crores.

Speaker #1: Yeah, this is very clear. So actually, you've answered my follow-up question to the extent that you clearly suggested that the reason this year's numbers aren't conservative is that some of the order backlog—or rather, a large part of the order backlog—would actually flow in '28.

Deep Shah: Yeah, this is very clear. You've answered my follow-up question to the extent that you clearly suggested that the reason this year numbers aren't conservative is that some of the order backlogs, or rather a large part of order backlogs will actually flow in '28. Is that assessment correct? I'm just asking for absolute clarity.

Speaker #1: Is that assessment correct? I'm just asking for absolute clarity.

Speaker #3: Correct. Correct. Correct. That is correct. And that is why that is why when you see our order backlog when we have given a guidance for order backlog that is we are saying 1.3 to 1.4 billion and that is why we will end up with that order backlog.

Deepak Bansal: Correct. That is correct. That is why when you see our order backlog, when we have given a guidance for order backlog, that is, we are saying $1.3 to $1.4 billion, and that is why we will end up with that order backlog. I may say, and probably Sanjeev will add more on that. The order backlog may be a little bit conservative because we will add more orders between, let's say, November, October to March, when we will burn these orders, what we are getting right now out of the 950. Probably that number may be higher, and then I think we will be having a more clarity after when we announce the Q2 results, and then we will see that how we can have a more clarity and more speaking on that.

Speaker #3: I may say—and probably Sanjeev will add more on that—the order backlog may be a little bit conservative, because we will add more orders between, let's say, November or October to March, when we will burn these orders that we are getting right now.

Speaker #3: Out of the 950. So probably that number may be higher and then we will I think we will be having a more clarity after the after when we announce the Q2 results and then we will see that how we can have a more clarity and more speaking on that.

Speaker #1: Great, Deepak. Very clear. Thank you so much, and all the best.

Deep Shah: Great, Deepak. Very clear. Thank you so much, and all the best.

Deepak Bansal: Yeah. Thank you.

Speaker #3: Thank you.

Speaker #2: The next question comes from the line of Vivek, an individual investor. Please go ahead.

Operator: The next question comes from the line of Vivek Chararia, an individual investor. Please go ahead.

Speaker #3: Hi, Sanjeev and Deepak. Nice to chat.

Vivek Chararia: Hi, Sanjeev and Deepak. Nice to chat.

Speaker #2: Hi Vivek. Hi.

Deepak Bansal: Hi, Vivek.

Sanjeev Verma: Hi, Vivek.

Speaker #3: I just wanted to touch on the non-data center part of the business, because most of the growth that we are talking about is coming from that piece.

Vivek Chararia: I just wanted to touch on the non-data center part of the business, because most of the growth that we are talking is coming from that piece. Is the non-data center piece sort of just treading along, or are we expecting growth, or is it a case that we are classifying some orders as a data center order? I just wanted some clarity on that.

Speaker #3: Is the non-data center piece sort of just treading along, or are we expecting growth? Or is it a case that we're classifying some orders as a data center order?

Speaker #3: I just wanted some clarity on that.

Speaker #2: No, I'll take that. No, so yeah, so clearly the hyperscale cycle is larger at this time. The non-hyperscale enterprise will grow at modest double-digit—10% odd. Combining, we are putting it at 25% odd at this time.

Sanjeev Verma: No, I will take that. Clearly, the hyperscale cycle is larger at this time. The non-hyperscale enterprise will grow at modest double digit, 10% odd. Combining, we are putting at 25% odd at this time. The cycle for the enterprise wave will follow. The data center infrastructures is not being built to be consumed on its own. The impact of the data center infrastructure would come through a lag when the infrastructure will start to dramatically change downstream airport infrastructure, hospital infrastructure, bank infrastructure. This is being made for them. This infrastructure is being made for what? Being made for drive efficiency, experience for end users like you and me, and our workplaces. We are expecting, we are beefing up, seeing large scale projects also coming through in our infrastructure on the enterprise side. For example, when we do data center infrastructure for a bank, that is our bank business.

Speaker #2: The

Speaker #1: Cycle for the enterprise week will follow. This data center infrastructure is not being built to be consumed on its own. The impact of the data center infrastructure would come through a lag, when the infrastructure will start to dramatically change downstream airport infrastructure, hospital infrastructure, bank infrastructure.

Speaker #1: So this is being made for them. This infrastructure is being made to drive efficiency and improve the experience for end users like you and me, and our workplaces.

Speaker #1: Right . So we expecting we're beefing up are seeing large scale projects also coming through in our infrastructure on the enterprise side for example , when we do data center infrastructure for a bank , that's our bank business .

Speaker #1: That is not a hyperscale gigawatt . That's ten megawatts , 20MW , still large . Many years ago , it was two megawatts .

Deepak Bansal: That is not a hyperscale gigawatt. That is 10 megawatts, 20 megawatts. Still large. Many years ago, it was 2 megawatts. So it will have that. The entire network infrastructure to connect will change. A case in point, just to give you an example so that you will understand. If the header changes, if you were to see a 4K HD video, you need a device downstream that will support that. If the header changes, which in this case is the massive infrastructure for data center, the consumption actually, the inference is happening at the end user, passing through an airport, getting into a hospital, going to a consumer store, ordering food. It is coming. So we are bullish on that as well, but it will come through a lag. So a standard double-digit growth on that side, maybe 10%. We are focused on 300 customers as Deepak called out.

Sanjeev Verma: That is not a hyperscale gigawatt. That is 10 megawatts, 20 megawatts. Still large. Many years ago, it was 2 megawatts. So it will have that. The entire network infrastructure to connect will change. A case in point, just to give you an example so that you will understand. If the header changes, if you were to see a 4K HD video, you need a device downstream that will support that. If the header changes, which in this case is the massive infrastructure for data center, the consumption actually, the inference is happening at the end user, passing through an airport, getting into a hospital, going to a consumer store, ordering food. It is coming. So we are bullish on that as well, but it will come through a lag. So a standard double-digit growth on that side, maybe 10%. We are focused on 300 customers as Deepak called out.

Speaker #1: So it will have that the entire network infrastructure to connect will change . A case in point . Just to give you an example , so that you will understand if the head end changes , if you were to see a 4k HD video , you need a device downstream that will support that .

Speaker #1: So if the head end changes , which is in this case is the massive infrastructure for data center , the consumption actually the inference is happening at the end user passing through an airport , getting into a hospital , going to a consumer store , ordering food .

Speaker #1: It is coming . Right . So we are bullish on that as well . But it will come through a lag . So standard double digit growth on that side .

Speaker #1: We can present we are focused on 300 customers, as we have called out. But we are catching the hyper cycle on the AI build-out.

Deepak Bansal: But we are catching the hypercycle on the AI build-out, and we expect as we move forward that we will see our momentum on the enterprise also catch up with a lag.

Sanjeev Verma: But we are catching the hypercycle on the AI build-out, and we expect as we move forward that we will see our momentum on the enterprise also catch up with a lag.

Speaker #1: And we expect, as we move forward, that we will see our momentum on the enterprise also catch up, with a lag.

Speaker #2: Sanjeev , just a word on the TPS business . I mean , our growth , I mean our revenues have jumped up , but so have the Ebit losses .

Vivek Chararia: Sanjeev, just a word on the TPS business. I mean, our growth, our revenues have jumped up, but so have the EBIT losses. Is it a matter of scale after a point at which we will start delivering positive numbers?

Speaker #2: Is it a matter of scale after a point, or at which we'll start delivering positive numbers?

Speaker #1: So, the product business also—we are expecting the current year to be able to grow in the range of 20-odd percent. It's a matter of scale.

Deepak Bansal: Product business also, we are expecting in the current year to be able to grow in the range of 20% odd. It is a matter of scale. We are again narrowed down or focused on only mission critical infrastructure in that space. We are doing a lot of products we inherited through historical. We are now focusing on visualization products, which we call KVM, our MRL product, and we are seeing strong momentum. We will see through in the coming quarters the spike in that as well. We are investing in next generation AI-led product in that space. Yes, to that extent, I expect the growth this year catching up, ballpark around 20% range, still lagging our overall growth plans, but highly accretive. As we move from there, every dollar that comes in as we move into next year and year beyond will become accretive overall.

Sanjeev Verma: Product business also, we are expecting in the current year to be able to grow in the range of 20% odd. It is a matter of scale. We are again narrowed down or focused on only mission critical infrastructure in that space. We are doing a lot of products we inherited through historical. We are now focusing on visualization products, which we call KVM, our MRL product, and we are seeing strong momentum. We will see through in the coming quarters the spike in that as well. We are investing in next generation AI-led product in that space. Yes, to that extent, I expect the growth this year catching up, ballpark around 20% range, still lagging our overall growth plans, but highly accretive. As we move from there, every dollar that comes in as we move into next year and year beyond will become accretive overall.

Speaker #1: We are again narrowed down, or focused, on only mission-critical infrastructure in that space. We are doing a lot of products we inherited through historical.

Speaker #1: So we are now focusing on visualization products , which we call KVM . Or product . And we are seeing strong momentum . We will see through in the coming quarters the spike in that as well .

Speaker #1: They're investing in next generation AI led products in that space . So yes , we to that extent , I expect the growth this year catching up ballpark around 20% range still lagging our overall growth plans , but highly accretive .

Speaker #1: But as we move from there, every dollar that comes in as we move into next year and the year beyond will become accretive overall.

Speaker #2: Just one last question , Sanjeev I mean , the growth that we projecting are Q2 . I mean , the ask for the H2 will be almost like a 30 to 40% growth year on year and even quarter on quarter .

Vivek Chararia: Just one last question, Sanjeev. The growth that we are projecting the Q2, the ask for the H2 will be almost like a 30% to 40% growth year on year and even quarter on quarter. Are we confident? Because we have been talking about some delays in execution. What gives us the confidence that Q3, Q4, we should start differently?

Vivek Chararia: Just one last question, Sanjeev. The growth that we are projecting the Q2, the ask for the H2 will be almost like a 30% to 40% growth year-on-year and even quarter-on-quarter. Are we confident? Because we have been talking about some delays in execution. What gives us the confidence that Q3, Q4, we should start differently?

Speaker #2: Are we confident? Because we've been talking about some delays in execution. I mean, what is the confidence that in Q3 '24 we should start delivering?

Speaker #1: So no delays So so no delays . On execution from that perspective . Enough backlog coming at the opening of quarter one to push through to push us through .

Deepak Bansal: No delays on execution from that perspective. Enough backlog coming at the opening of Q1 to push us through. If you calculate the order backlog plus the booking goal and the revenue projections, the math will work out. We are expecting to grow each quarter sequentially year on year going forward.

Sanjeev Verma: No delays on execution from that perspective. Enough backlog coming at the opening of Q1 to push us through. If you calculate the order backlog plus the booking goal and the revenue projections, the math will work out. We are expecting to grow each quarter sequentially year-on-year going forward.

Speaker #1: If you calculate the order backlog plus the booking goal and the revenue projections, the math will work out. So we are expecting to grow each quarter sequentially, year on year, going forward.

Speaker #2: Okay. All right. Thank you. Thank you.

Vivek Chararia: Okay. All right. Thank you, Sanjeev.

Speaker #3: A reminder to all participants: you may press star one to ask a question. The next question comes from the line of Nandan Arikat with JM Financial Limited.

Operator: A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Nandan Arekal with JM Financial Limited. Please go ahead.

Speaker #3: Please go ahead

Speaker #2: Yeah . Hi , team . Congrats on a great . Hello . Hello . I'm audible .

Nandan Arekal: Yeah. Hi, team. Congrats on a great set of numbers.

Sanjeev Verma: Hello.

Nandan Arekal: Hello. Am I audible?

Speaker #1: Yes

Sanjeev Verma: Yes.

Speaker #2: Yeah. Congrats, team, on a great set of numbers. So my question is on margins. We expect to end the year at a 10% EBITDA margin.

Nandan Arekal: Yeah. Congrats team on a great set of numbers. My question is on margins. We expect to end the year at 10% EBITDA margin, and I think we have given a guidance of 9.3% to 9.4%. Does that mean maybe Q2, Q3 will see slightly depressed margins and then we expect the operating leverage to kick in? Also just a thought on what will be the growth margins you are building in for the data center orders.

Speaker #2: And I think we have given a guidance of 9.3 to 9.4% . So does that mean maybe Q2 , Q3 will see , you know , slightly depressed margins ?

Speaker #2: And then then we expect the operating levels to kick in and also just a just a thought on what will be the gross margins you're building in for the data center orders

Speaker #1: So I'll take that . So I think yes , I think we we are goal remains 10% . And over . That's what people called out .

Sanjeev Verma: I will take that. I think our goal remains 10% and over. That is what Deepak called out. As we look at the overall year, we expect as we move forward, our Q4 to be in that range or more. We also continuously are looking at as we scale this business up in the current year with the order backlog. We are looking to invest in talent and training. We are getting into a very large-scale build-out of multi-billion dollar backlogs. This project execution also requires some investments in training. We are being cautious on that. Having said that, at scale, we expect that we should be able to deliver at 10% or more. I think it is better to factor in what we are planning to invest and therefore guiding where Deepak has guided at about 9.4%, 9.5% at this time.

Speaker #1: So as we look at the overall year, we expect Q4 to be in that range or more as we move forward.

Speaker #1: But we are also continuously looking at it. As we scale this business up in the current year with the order backlog, we are looking to invest in talent and training.

Speaker #1: We are getting into a very large scale build out of multi-billion dollar backlogs . This project execution is also requires some investments in training .

Speaker #1: So we are being cautious on that. But having said that, at scale, we expect that we should be able to deliver at 10 or more.

Speaker #1: I think it's better to, you know, factor in what we are planning to invest, and therefore, we're guiding with the guidance at about 9.4-9.5% at this time.

Speaker #1: But I think we remain focused on that, to get to 10% at scale—more than 10%.

Sanjeev Verma: I think we remain focused on that, to get to 10% at scale more than 10%.

Speaker #2: Got it . That was clear Okay . On the order backlog . Right . So currently , I think the blended average we are at around 18 months .

Nandan Arekal: Got it. That was clear. On the order backlog, currently I think the blended average you have delivered is around 18 months. Based on the pipeline and what will get executed and what do you see coming in the next few quarters, what do you expect the average tenure would be by the end of this year?

Speaker #2: So based on your the pipeline and you know what , what will get executed and , and what do you see coming in in the next few quarters .

Speaker #2: What do you expect? Like, the average tenure would be, you know, by the end of this year?

Speaker #1: So the tenure for large-scale projects is 24 to 36%. I had told you earlier the goal for this year for order booking, and that's showing in our current forecast as well.

Sanjeev Verma: The tenure for large-scale projects Deepak elaborated was 24% to 36%. I had told earlier, the goal for this year for order booking, and that is showing in our current forecast as well and guidance, is 50% more than the last year ballpark in the range of USD 1.4 billion to USD 1.5 billion. That is what we are planning to book and we are well on our track to do that or exceed that this time. To earlier point that Deepak said, some of these orders require pre-planning from when they start to burn into revenues. Yes, we will end up the year after you do the calculation of where we opened up and book and take about INR 8,000 crores. We will open up a very healthy backlog that will possibly cover the growth for next year pretty much from the backlog itself. It will be very evident.

Speaker #1: And guidance is 50% more than last year—ballpark in the range of $1.4 to $1.5 billion. So that's what we are planning to book.

Speaker #1: And we are well on our track to do that or exceed that at this time . Right . To earlier point that Deepak said some of these orders are require pre planning from from when they start to burn into revenues .

Speaker #1: So yes, we will end up the year, after you do the calculation of where we opened up and booked, and take about ₹8,000 crores.

Speaker #1: We'll open up a very, very healthy backlog that will possibly cover the growth for next year, pretty much from the backlog itself.

Speaker #1: It will be very , very evident . Right . So yeah , from a data center margin perspective , I think it remains accretive for us at this time .

Sanjeev Verma: From a data center margin perspective, I think it remains accretive for us at this time. As I said, I think we continue to focus on our operating margin for 10%. At scale, we believe it will be equally accretive, if not better.

Speaker #1: As I said, I think we can move to focus on our operating margin of 10% at scale. We believe it will be equally accretive.

Speaker #1: If not better .

Speaker #2: So, congrats, and all the best.

Nandan Arekal: Congrats and all the best.

Speaker #3: Participants, please press star one to ask a question. The next question comes from the line of Mohammad Namir with Echo Quantum Solutions.

Operator: Participants, please press star and 1 to ask a question. The next question comes from the line of Mohammed Nameer with Eco Quantum Solutions. Please go ahead.

Speaker #3: Please go ahead .

Speaker #4: Hi. Thank you for the opportunity. I have just one question about the tax rate. The tax rate is currently low, and going forward—

Mohammed Nameer: Yeah. Thank you for the opportunity. I have just one bookkeeper question about the tax rate. Our tax rate is currently low, and going forward, what will be the tax rate?

Speaker #4: What will be the tax rate . So tax road tax rate currently is lower primarily because of our past operating losses . Carry forward operating losses .

Deepak Bansal: Tax rate currently is lower, primarily because of our past operating losses, carry forward operating losses we have in the various geographies. Its tax rate is dependent on the revenue mix on the different geographies and the consumption of the past operating losses in terms of how we consume them. At least for next, let's say, for FY27 and FY28, I am expecting it to be in the range between 10% to 15%, and after that it should regularize to around 20% type of levels.

Speaker #4: We have in the various geographies . So so it's it's it's tax rate is dependent on the revenue mix on the different geographies and the consumption of the past operating losses in terms of how we consume them .

Speaker #4: So at least for next , let's say next for FY 27 and FY 28 , I am expecting it to be in the range between 10 to 15% .

Speaker #4: And after that it should regularize to around 20% type of levels Okay . One more question about the , the income part . The other income is negative .

Mohammed Nameer: Okay. One more question about the other income part. The other income is negative. Why is it so?

Speaker #4: Why is it so sorry ? What is negative ? Other income . I think other income is negative . No , it is , it doesn't look negative to me It is .

Deepak Bansal: Sorry, what is negative?

Mohammed Nameer: Other income. I think other income is negative.

Deepak Bansal: No, it doesn't look negative to me. Wait, let me look at it. I didn't see a negative number on the other income. Other income is INR 4 crores positive.

Speaker #4: Wait , let me look at it I didn't saw a negative number on the other income . Other income is other income is four crores positive .

Mohammed Nameer: Okay, sir.

Speaker #4: I don't know, I don't know where we are reading this. No, thank you.

Deepak Bansal: I don't know.

Mohammed Nameer: Thank you so much.

Deepak Bansal: I do not know where you are reading this from.

Mohammed Nameer: No worries. Thank you.

Speaker #3: The next question comes from the line of Vivek Seth, an individual investor. Please go ahead.

Operator: The next question comes from the line of Vivek Seth, an individual investor. Please go ahead.

Speaker #4: I thank you for the opportunity. My query is that yesterday you received the order from a hyperscaler—an AI data center order.

Vivek Seth: Hi. Thank you for the opportunity. My query is that yesterday you see the order from a hyperscaler AI data center order. Just wanted to know how much of the order is your integrated products and how much of the part is the service part?

Speaker #4: So, I just wanted to know how much of the order is your integrated products, and how much of the part is the service part.

Speaker #1: No products, 100% services.

Sanjeev Verma: No products, 100% services.

Vivek Seth: 100%. Okay. Thank you so much.

Speaker #4: Okay. Thank you so much.

Speaker #3: A reminder to all participants: You may press star one to ask a question. The next question comes from the line of Keshav Bharadia with Walford Financial.

Operator: A reminder to all participants, you may press star and one to ask a question.

Operator: The next question comes from the line of Keshav Bharatia with Walfort Financial. Please go ahead.

Speaker #3: Please go ahead

Speaker #4: Hi sir

Keshav Bharatia: Hi, sir. Congratulations on a great set of numbers, and thank you for the opportunity. Just one question from my side, since a lot of our growth plans hinge on the hyperscaler and data center segment. By any chance, if there is some moderation at the hyperscalers end in terms of data center CapEx, does that put us at a risk of order cancellations or do our growth plans change in that scenario?

Keshav Bharadia: Hi, sir. Congratulations on a great set of numbers, and thank you for the opportunity. Just one question from my side, since a lot of our growth plans hinge on the hyperscaler and data center segment. By any chance, if there is some moderation at the hyperscalers end in terms of data center CapEx, does that put us at a risk of order cancellations or do our growth plans change in that scenario?

Speaker #5: Congratulations on a great set of numbers and thank you for the opportunity . So just one question from my side . Since a lot of our growth plans hinge on the hyperscale and data center segment , by any chance , if there is some moderation at the hyperscalers end in terms of data center CapEx , does that put us at a risk of order cancellations or , you know , do our growth plans change in that scenario

Speaker #1: Good question. So, I think the overall scale of spend is gigantic. I think the overall spend for the AI infrastructure over the next four years is about $1.6 trillion.

Sanjeev Verma: Good question. I think the overall scale of spend is gigantic. I think the overall spend for the AI infrastructure over the next 4 years is about $1.6 trillion, at average $400 billion. Each time some of the hyperscalers comes out, announce the results, they add up the capital expenditure. I think we have taken over a very fairly small slice at this time of that from within our addressable market that we have. We do not see on our current conversation, the current pipeline. On the contrary, we are seeing speed with respect to new projects getting announced at this time. Can something dramatically change? No, I would not be wanting to predict that. But from our current conversation across multiple hyperscale co-location customers within a hyperscale, there are multiple sites. Within the hyperscale, multiple geos, and we are seeing what is happening in India.

Speaker #1: An average of $400 billion. And each time one of the hyperscalers comes out, announces the results, they add up the capital expenditure.

Speaker #1: So I think we are taking over a very fairly small slice at this time of that from our within our addressable market , within that that we have .

Speaker #1: Right . So we don't see a current conversation . The current pipeline , on the contrary , we are seeing speed with respect to new projects getting announced .

Speaker #1: At this time . So can something dramatically change ? And I wouldn't be wanting to predict that . But from our current conversation of across multiple hyperscale or colocation customers and within a hyperscale and multiple sites within the hyperscale multiple GEOs , we are seeing what's happening in India .

Speaker #1: The advantage, of course, for Black means that we are present with customers not only in one market but in other markets as well. We have not started to harness the markets in India, which we are planning to do.

Sanjeev Verma: The advantage, of course, for Black Box is that we are present with customers not only in one market but other markets. We have not started to even harness the markets in India, which we are planning to do. I do not see from our perspective our growth will be getting hampered should there be a shift of a hyper A or hyper B or some site getting delayed or some site getting revamped. I think we are talking about a massive spend, and to that extent, I think our goals are well set from that perspective. As I told earlier, we expect also this hyperscale to start to fire downstream enterprise spend because everything around that place will change, be it the network, be it connectivity and so on and so forth. We will possibly get into a cycle of a dual engine starting fiscal 2028 and beyond.

Speaker #1: So, I don't see, from our perspective, our growth. We are getting hampered. Should there be a shift of a Hyper A or Hyper B, or some side getting delayed, or some side getting revamped?

Speaker #1: I think we're talking about a massive spend. And to that extent, I think our goals are well set from that perspective.

Speaker #1: And as I mentioned earlier, we also expect this hyperscale to start to drive downstream enterprise spend, because everything around that space will change with the network, connectivity, and so on and so forth.

Speaker #1: So we will possibly get into a cycle of dual engine starting fiscal '28 and beyond. So this is a structural shift cycle.

Sanjeev Verma: This is a structural shift cycle. This is not a technology spend, just a buying compute. This is how economies will operate. This is about keeping economies ahead. Overall, when we calculate that and where we want to play and what is our goal of going forward of being a $2 billion, I think we are well-placed and we are well on track.

Speaker #1: This is not a technology spend , just a buying compute . This is how economies will operate . This is about keeping economies ahead .

Speaker #1: So, overall, when we calculate that and where we want to play, and what is our goal of going forward of being a $2 billion, I think we are well placed, and we are well on track.

Speaker #5: Great , sir . And just to follow up to that . So we see a lot of CapEx happening in India as well .

Keshav Bharatia: Great, sir. Just a follow-up to that. We see a lot of CapEx happening in India as well with the tax holiday and many global hyperscalers also coming here. Have we explored any opportunities here? Is there an opportunity maybe on the semiconductor side? You see a lot of CapEx happening here in Southeast Asia as well. Is that potentially a segment we could tap into in the coming years?

Keshav Bharadia: Great, sir. Just a follow-up to that. We see a lot of CapEx happening in India as well with the tax holiday and many global hyperscalers also coming here. Have we explored any opportunities here? Is there an opportunity maybe on the semiconductor side? You see a lot of CapEx happening here in Southeast Asia as well. Is that potentially a segment we could tap into in the coming years?

Speaker #5: You know , with the tax holiday and many global hyperscalers also coming here . So have you explored any opportunities here ? And as well as is there an opportunity maybe on the semiconductor side , because you see a lot of CapEx happening here in Southeast Asia as well .

Speaker #5: So, is that potentially a segment we could tap into in the coming years?

Speaker #1: Yes . That's a good question . Again . So yes , we keep on evaluating the markets in the spend . Of course India will go through hyper investment cycle .

Sanjeev Verma: Yes, that's a good question again. Yes, we keep on evaluating the markets and the spend. Of course, India will go through a hyper-investment cycle. We are seeing that as well. Even if you look at the current build-out, US is currently at 67, around that gigawatt of already being commissioned and used, going to 233 gigawatt. India is going from one to five to six at this time. Naturally, from a spend perspective, 70% to 80% is around in the US. We will continue to remain focused in the US of scale. We have built a team around those capabilities. We continue to look at markets, and that's the advantage for Black Box. As that starts to mature, we are into Europe at this time in conversation. We are looking at India's potential as well.

Speaker #1: We are seeing that as well . But even if we look at the current build out us is currently at 67 around that gigawatt of already being commissioned and used , going to 233 gigawatt .

Speaker #1: India is going from one to five to six at this time. So naturally, from a spend perspective, 7,080% is around.

Speaker #1: In the U.S. So, we'll continue to remain focused in the U.S. for scale. We have built a team around those capabilities, but we continue to look at markets.

Speaker #1: And that's the advantage for Black Box as that comes to mature. We are in Europe at this time in conversation. We are looking at India's potential as well.

Speaker #1: Clearly, we're interested to see where it can add value and be accretive for us from a shareholder perspective. That, of course, has no meaning until you can create a profitable opportunity.

Sanjeev Verma: Clearly interested as much to see where it can add value and be accretive for us from a shareholder perspective. Opportunity, of course, has no meaning until you can create profitable opportunity from that perspective. We are clearly glued in reformatting ourselves to see what we can do in India and the Asia market and so on and so forth. Coming on the semiconductor side. We are looking at not being a semiconductor manufacturer or builder from a perspective of being a partner on the compute side. From a perspective of the overall stack for technology, we are connectivity, network. Compute and storage is a natural extension for us. We continue to do that for enterprise customers. Hyperscalers are a little different. Yes, there is an opportunity as management we continue to evaluate the adjacencies. It is adjacent to us.

Speaker #1: From that perspective . So we are clearly glued in , reformatting ourselves to see what we can do in India . In the Asia market , and so on and so forth .

Speaker #1: Coming on the semiconductor side now, we are looking at not being a semiconductor manufacturer or builder, but instead being a partner on the compute side from the perspective of the overall technology stack.

Speaker #1: We are a connectivity network. Compute and storage is a natural extension for us. We continue to do that for enterprise customers.

Speaker #1: Hyperscalers are a little different. So yes, there is an opportunity as management to continue to evaluate the adjacencies. It is adjacent to us.

Speaker #1: It can open up an additional addressable spend or TAM for us, so we are evaluating that. But currently, we're focused on where we see hypergrowth and where we are engaged at this time.

Sanjeev Verma: It can open up additional addressable spend or TAM for us. We are evaluating that, but currently focused on where we see hypergrowth and where we are engaged at this time. But clearly, from a strategy standpoint, we look at adjacencies and overall continuum of what we can do. We will evaluate that as well.

Speaker #1: But clearly, from a strategy standpoint, we look at adjacencies and the overall continuum of what we can do. So we will evaluate that as well.

Speaker #5: Great . And just one last question . If I can put in . So sir , what would be a potentially a distinctive mode between us and our competitors when it comes to bidding for new orders .

Keshav Bharatia: Great. Just one last question, if I can put in. Sir, what would be potentially a distinctive moat between us and our competitors when it comes to bidding for new orders? I mean, what is our right to win against the others? Is there a potential risk from IT companies to also provide such a service? I just wanted to understand. I know definitely that we have that customer mix since a long time. What differentiates us from the other, and how is the competitive intensity in this kind of industry?

Keshav Bharadia: Great. Just one last question, if I can put in. Sir, what would be potentially a distinctive moat between us and our competitors when it comes to bidding for new orders? I mean, what is our right to win against the others? Is there a potential risk from IT companies to also provide such a service? I just wanted to understand. I know definitely that we have that customer mix since a long time. What differentiates us from the other, and how is the competitive intensity in this kind of industry?

Speaker #5: And I mean , what what is our right to win against the others ? And is there a potential risk from it companies to also provide such a service ?

Speaker #5: I just wanted to understand—I know definitely that we have had that customer mix for a long time. But what differentiates us from the others, and how is the competitive intensity in this kind of industry?

Speaker #1: Yes . I think I'll answer it in two , or three parts . One , of course , we can . You can grow in from a growth perspective There are three distinctive ways to grow .

Sanjeev Verma: Yes. I think I will answer it in two, three parts. One, of course, you can grow from a growth perspective, there are three distinctive ways to grow.

Speaker #1: One , of course , participating in growth . So you just ride the bus because there's a growth happening . So see whether you can be at that growth level Second , of course , you take share because you are to compete .

Keshav Bharatia: Okay.

Keshav Bharadia: Okay.

Sanjeev Verma: One, of course, participating in growth. You just ride the bus because there is a growth happening, so see whether you can be at that growth level. Second, of course, you take share because you are to compete and there is only 10% growth and you want to grow at 25%, so you have to take somebody else's share. That is the only way to grow. The third, of course, you can acquire, right? If you look from up, keeping the acquisitions separate, that is a separate role. I think first let us look at what we can do to participate in growth, right? When we talk about USD 400 billion worth of spend on that, 10% of that possibly is addressable from that perspective, that is about USD 40 billion, and we are trying to do about, say, USD 1 billion, just for argument's sake.

Speaker #1: And there's only 10% growth, and you want to grow at 25%. So you have to take somebody else's sale. That's the only way to grow.

Speaker #1: The third , of course , you can acquire , right ? So if you look from our keeping the acquisition separate , that's a separate goal .

Speaker #1: I think first, let's look at what we can do to participate in growth, right? So, when we talk about $400 billion worth of spend on that, 10% of that is possibly addressable from that perspective. That's about $40 billion.

Speaker #1: And we're trying to do about $1 billion, just for argument's sake. I think the idea is to get considered and have the wherewithal to be able to be considered and bid.

Sanjeev Verma: I think the idea is to getting considered, and have the wherewithal to be able to be considered and bid, right? These are not competing bids that you can quote 5% less and win. That is not how hyperscalers operate. By that logic, everybody can quote 10% and want to win that. You have to win because you have capability, ability to spend, stay put, train, and so on and so forth, right? Those what we have built over the last several years' time, and therefore being considered. As we move forward, we believe that our push rate will be reducing and we will have pull rates. We are now getting invited more than we saw before because we executed several hundred megawatts, close to a gigawatt by now, right? To do that.

Speaker #1: Right . These are not a competing bids that you can quote 5% less and win . That's not how hyperscalers operate . By that logic , anybody can go to 10% and want to win that .

Speaker #1: You have to win because you have the capability, the ability to spend, to stay put, to train, and so on and so forth.

Speaker #1: Right. Those are what we have built over the last several years' time, and therefore, being considered as we move forward, we believe that our push rate will be reducing and we will have full rate.

Speaker #1: So, we are now getting invited more than we saw before because we executed several hundred megawatts—close to a gigawatt by now, right?

Speaker #1: To do that. So, I think the ability to execute at scale, the ability to expand, and to train—these are the essential factors.

Sanjeev Verma: I think ability to execute at scale, ability to expand and train, these are the essential factors. This market did not exist three, four, five years ago. Therefore, execution at scale for anybody did not exist, right? It was largely operated by small mid-market players locally into fiber work. I think from that perspective, the number of players who can operate at scale are limited. The number of people or companies who can operate at scale globally are even more limited. From a perspective of where we are, we talked about possibly the only Indian company who has the ability to now do this at scale, right? I think moat is what? Moat is scale, moat is capability, moat is the relationship and execution already done. But more importantly, participating in that.

Speaker #1: This market did not exist . Three , four , five years ago . So therefore execution at scale for anybody doesn't exist . Right .

Speaker #1: It was largely operated by small mid market players locally . It is fiber work . So I think from that perspective , the number of players who can operate at scale are limited .

Speaker #1: The number of people who can customer companies who can operate at scale, globally, are even more limited. And from a perspective of where we are, we talked about possibly being the only Indian company who has the ability to now do this scale.

Speaker #1: Right . So I think moat is one more is more capability . Modi's relationship and execution already done But more importantly , participating in that .

Speaker #1: Now coming to take share . I think from that perspective , will there be some competition ? Of course , you can't be the only one playing .

Sanjeev Verma: Now coming to take share, I think from that perspective, will there be some competition? Of course, you cannot be the only one playing. That is not going to happen. But I think we believe our right to win as we move forward continue to. It is evident from our order books. It will become more evident as we go forward. So a combination of what we have an opportunity, ability to scale, as I told in my earnings call, only opportunity does not mean much. We believe we have built a very robust execution capability. So it is very simple. If you look at construction in general, and if you look at Indian market, and if you are starting to build a very large construction, or a bridge or a dam, only few people are invited to do that, right? And there are possibly 2,000 construction companies in India.

Speaker #1: That's not going to happen. But I think we believe we have the right to win as we move forward. We continue to...

Speaker #1: It is evident from our order books. It will become more evident as we go forward. So, a combination of what we have, an opportunity, and the ability to scale as a tool in, and earnings call only—opportunity doesn't mean much.

Speaker #1: We believe we have built a very robust execution capability . So it's pretty simple . If you look at construction in general , and if you look at Indian market , and if you're starting to build a very large construction or a bridge or a dam , you know , only few people are invited to do that , right ?

Speaker #1: And there are possibly 2000 construction companies in India only because , you know , construction , you won't be constructing a dam . So that's pretty much how it works here , right ?

Sanjeev Verma: Only because you know construction, you will not be constructing a dam. So that is pretty much how it works here, right? We believe at our scale, ability to execute, our relationship over the last two, three years, our training, I think we are well-placed to participate and win this massive once in a lifetime infrastructure cycle. It is like the railroad of 1930s, right? So we ought to be there and put our head down and just make sure that we are able to execute better, and we are doing it.

Speaker #1: So we believe that our scale , ability to execute our relationship over the last two , three years , our training , I think we are well placed to participate and win this massive once in a lifetime infrastructure cycle .

Speaker #1: It is like the railroad of the 1930s, right? So we ought to be there and put our heads down, and just make sure that we are able to execute better.

Speaker #1: And we are doing it.

Speaker #5: Perfect, sir. That's helpful. Congratulations again, and all the best for the future.

Keshav Bharatia: Perfect, sir. That is helpful. Congratulations again, and all the best for the future.

Keshav Bharadia: Perfect, sir. That is helpful. Congratulations again, and all the best for the future.

Speaker #3: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference management over for the closing remarks.

Operator: Ladies and gentlemen, that was the last question for today. I would now like to hand the conference over to the management for the closing remarks.

Speaker #1: Thank you, everyone. If you have any further questions, you can reach our Investor Relations Head or our Investor Relations Advisors. Thank you so much.

Sanjeev Verma: Thank you everyone. If you have any further questions, you can reach our investor relations head, Purvesh Pare or SGA, our investor relations advisors. Thank you so much.

Speaker #3: Thank you sir . Thank you . Ladies and gentlemen , thank you . Ladies and gentlemen , on behalf of Black Box Limited , that concludes this conference call .

Purvesh Parekh: Thank you, sir.

Purvesh Parekh: Thank you.

Deepak Bansal: Thank you.

Operator: Thank you. Ladies and gentlemen, on behalf of Black Box Limited, that concludes this conference call. Thank you for joining us, and you may now disconnect your lines.

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