Essar Group’s IT services subsidiary Black Box Ltd., headquartered in Mumbai, Maharashtra, India, reported a strong financial performance for the fourth quarter ending 31 March 2025. The company posted a 47.6% year-on-year rise in consolidated net profit, reaching ₹60.4 crore (USD 7.25 million), up from ₹40.9 crore (USD 4.91 million) in the same quarter last fiscal. Despite a 5% annual revenue dip, Q4 revenue rose 4.35% to ₹1,544.8 crore (USD 185.37 million). Black Box secured over ₹1,550 crore (USD 185.9 million) in new deal wins, including a major US hospital network contract and Indian infrastructure projects, positioning itself for accelerated growth in FY26.
Essar Group’s IT services subsidiary Black Box Ltd., headquartered in Mumbai, Maharashtra, India, has reported a 47.6% year-on-year increase in consolidated net profit for the quarter ending 31 March 2025, reaching ₹60.4 crore (USD 7.25 million). The company’s robust performance was driven by strong global deal wins and continued focus on high-margin accounts.
In a regulatory filing, Black Box disclosed that its revenue from operations rose 4.35% to ₹1,544.8 crore (USD 185.37 million) during Q4 FY25, up from ₹1,480.3 crore (USD 177.5 million) in the same quarter of the previous fiscal.
The company secured new deal wins exceeding ₹1,550 crore (USD 185.9 million) in Q4 alone. This includes a ₹240 crore contract for infrastructure modernisation with one of the largest hospital networks in the United States, over ₹225 crore in data center service contracts with global hyperscalers, and ₹130 crore worth of airport modernisation projects in the transportation sector.
For the full fiscal year FY25, Black Box recorded a net profit of ₹204.7 crore (USD 24.57 million), up 48.7% from ₹137.6 crore (USD 16.52 million) in the previous year. However, its annual revenue dipped by 5%, attributed to delays in customer decision-making and a strategic exit from low-margin accounts.
Despite this dip, the company remains optimistic. Black Box expects revenue to grow beginning Q2 FY26, supported by a revamped go-to-market strategy and a strong sales pipeline. The company also secured two key Indian contracts worth ₹180 crore (USD 21.6 million) for telecom and municipal infrastructure development.
Looking ahead, Black Box has earmarked ₹100 crore (USD 12 million) to expand its India operations, aiming to more than double its domestic business in the coming years. A significant portion of this investment—about a quarter of its recent ₹410 crore (USD 49.25 million) fundraising—will enhance its Center of Excellence in Bengaluru, where the company plans to double its workforce to 1,000 employees.
“With strong ROE, a robust pipeline, and healthy cash reserves, we remain confident in delivering on our financial performance guidance for FY26,” said Deepak Kumar Bansal, Executive Director and Global CFO.
Currently employing around 3,000 professionals worldwide, the board of Black Box has also recommended a final dividend of 50% (Re 1 per share on a face value of ₹2) for the fiscal year ended 31 March 2025.
