**1. Financial Highlights:** Black Box's Q1 FY26 revenue hit ₹1,387 Cr (-3% YoY) due to project delays.

Despite this, EBITDA rose 1% to ₹116 Cr (8.4% margin) & PAT surged 28% to ₹47 Cr (3.4% margin). Order backlog remains strong at $518mn. **2. Strategic Initiatives & Growth Drivers:** Company targets accelerated FY26 growth, prioritizing high-value, large contracts (2/3rds of Q1 deals). A robust $2.0bn+ pipeline supports aims for $1bn new orders & $700mn+ backlog by FY26 end. **3. Business Developments:** Key Q1 order wins in Americas included major financial services, two data center projects, plus workplace/connectivity deals.

This follows a successful turnaround to profitability and cash generation. **4. Market Position & Competitive Advantage:** A global digital infrastructure integrator with diverse services (network, data center, cybersecurity). It leverages worldwide delivery (35+ countries) and deep ties with 120+ Fortune 500 clients, positioning it for growth. **5. Investor Implications:** FY26 guidance signals positive potential: Revenue ₹6,750-₹7,000 Cr, EBITDA ₹605-₹645 Cr (14-22% YoY growth), and PAT ₹265-₹285 Cr (29-39% YoY growth). Robust order book supports this strong outlook.