Black Box Ltd (NSE: BBOX) Q4 2025 Earnings Call dated May. 28, 2025
Corporate Participants:
Sanjeev Verma — Whole-Time Director and CEO
Deepak Bansal — CFO
Analysts:
CA Garvit Goyal — Analyst
Heli Shah — Analyst
Saurabh Sadhwani — Analyst
Suhas — Analyst
Vivek
Rohan Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, welcome to the Q4 and FY ’25 Earnings Conference Call of Black Limited. This conference call may contain certain forward-looking statements about the company, which are based on beliefs, opinion and expectations of the company as on-date of this call. The statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant line will be in listen-only mode and there will be an opportunity for you to ask question at the end of today’s presentation. Should you need assistant during the conference, please signal an operator by pressing star then zero on your touchstone phone. Please note that this conference is being recorded.I now would like to hand the conference over to Mr Barma, Whole-Time Director and CEO of Black Box Limited. Thank you, and over to you, sir.
Sanjeev Verma — Whole-Time Director and CEO
Thank you. Thank you. Welcome everyone to BlackBox Limited’s Q4 and full-year FY ’25 earnings call. Today, I’ll take you through our business performance for the quarter, provide update on key strategic initiatives and share our roadmap for reaching our long-term growth targets. Following that, our CFO, Deepak Bansal, will present the financial update and forward-looking guidance. We are pleased to report a strong close to FY ’25 and in Q4, revenue grew 4% year-over-year with while EBITDA and PAT increased 21% and 48% Y-o-Y, respectively. This translated into all-time high margins, EBITDA at 9.5% and PAT at 3.9%.
These metrics emphasize our operational discipline and financial rigor. Over the past several years, we focused intensely on stabilizing Black and transforming it into a resilient and profitable enterprise. For context, Black Box was a distressed US-based business when ADC Networks acquired it in 2019, later renaming the company as Black Box Limited. Since then, we have executed a multi-year turnaround. EBITDA margin expanded from 2.5% in FY ’19 to 8.9% in FY ’25, while PAT improved from a loss of INR79 crore in FY ’19 to INR205 crore in FY ’25.
With the foundation now solid, we are shifting our focus from stabilization to growth, targeting revenues of USD2 billion by fiscal ’29 and aiming to expand our global market-share to 1.5% to 2%. To reward our shareholders, the Board has proposed a final dividend of 50% INR1 per share on face value of INR2 subject to approval. Throughout FY ’25, we launched a series of strategic initiatives to support long-term growth, most of which were implemented by quarter three.
This included verticalizing our business to better align with client needs, strengthening our leadership team and sales force by hiring talent from global GSIs and other leading industry players and doubling down on large account strategy to drive deeper engagement and higher wallet share. These efforts significantly enhanced our sales pipeline while culminating in record order wins of INR1,550 crore in Q4, more than twice the level of Q3 and the highest for any quarter in fiscal ’25. These wins include multiyear contracts with hyperscale clients, healthcare networks, airports and educational institutions.We also continue to execute a large ongoing engagement with a top-tier US financial services firm. Importantly, majority of these wins are high-value long to near contracts. Our managed and maintenance services business grew $61 million sequentially, which improves revenue predictability and enhances margin visibility going-forward. The US remains our most critical growth market, driven by scale and technology adoption.
We have carefully assessed the potential impact of macro headwinds such as tariffs and believe this will have minimal effect on our business. The demand for digital transformation, improved user experience and AI-driven solutions remains non-discretionary. The investment climate in AI remains robust. One of our hyperscaler clients has increased its capex guidance. According to S&P Global, just the five AI hyperscalers are projected to spend over $1.6 trillion in capex between 2025 and 2029. As we said Bank of America report forecasts AI CapEx to grow 44% Y-o-Y to $414 billion in fiscal ’25.
Industry estimates show AI-related markets growing at a CAGR of 30% to 37% through 2032, a trend we are positioned to benefit from significantly. While the US is our anchor market, India represents a compelling structural opportunity. India has four times the US population, yet only 1 gigawatt of data center capacity, a fraction of US levels, despite being the world’s highest data consumer. This supply-demand imbalance represents a long-term opportunity for us.
We are leveraging global expertise, especially in serving hyperscale clients to build leadership in India’s digital infrastructure ecosystem. Include a five-year cybersecurity contract INR100 crores with one of India’s largest municipal corporations, protecting digital assets of over 20,000 public sector employees. We have committed an additional INR100 crores to double our India business and are expanding our Bangalore Center of Excellence.
Our growth post also extends across APAC and the Middle-East. Notably, we secured a large final INR90 crores order from a consumer electronics firm in APAC and inaugurated a state-of-the-art security operations center and data networking lab in Sydney, addressing the growing need for cybersecurity and high-performance networks in Australia. As of March 2025, our order book stands at $504 million, up $39 million sequentially. While we are refraining from specific order book guidance, our revenue target of $2 billion by fiscal ’29 remains firmly intact. Our execution in FY ’25 positions us well for the next leg of growth.
With that, I’ll now hand over to Deepak, our CFO, for the financial update.
Deepak Bansal — CFO
Thank you, Sanjeev. As mentioned, FY ’25 was a landmark year for Black Box. We achieved historically high margins driven by operational efficiency, pricing discipline and strategic cost management. Over the last three years, our EBITDA and PAT have grown at a CAGR of 27% and 41% respectively. Our profit-after-tax increased nearly 9x from INR24 crores in FY ’23 to INR205 crores in FY ’25. Quarter-four EBITDA rose to INR147 crore, crores translating to a 9.5% margin, up from 8.2% in-quarter four of FY ’24, an expansion of 130 bps. PAT for the quarter stood at INR60 crores, growing 49% year-on-year. For FY ’26, we are guiding for EBITDA growth of 14% of 14% To 22% and PAT growth of 29% to 39%. These gains will be driven by operating leverage, improved service mix and continued focus on quality of revenues. While FY ’25 revenue was marginally lower than FY ’24 linked to our strategy to exit tail accounts and due to delays in decision-making by a few large clients because of the dynamic economic environment. However, our strategic initiatives have positioned us for a revenue ramp-up from quarter two FY ’26 onward, supported by stronger pipeline conversion and higher win rates on enterprise opportunities. We continue to maintain a strong balance sheet and healthy liquidity position, providing flexibility to pursue both organic and inorganic growth. During the quarter, working capital investment-led to higher debt, primarily driven by revenue skewness within the quarter and proactive supplier engagement. Despite that, we delivered a robust ROE of 27% for FY ’25. In recognition of our financial progress, CRISIL upgraded our long-term rating to BBB-plus stable in March of 2025. We remain committed to a capital-light model with disciplined capital deployment. Thank you. We can now open the floor for questions.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question is from the line of CA Garvit Goyal from Invest Analytical Advisories LLP. Please go-ahead.
CA Garvit Goyal
Hi, am I audible?
Sanjeev Verma
Okay.
Operator
Yes, sir.
CA Garvit Goyal
Good morning, sir. Congrats for the decent quarter. My first question is on the order inflows. We got good orders in past few months and I want to understand from you more on the current environment, like what kind of bidline are we currently in? What is the size of orders are we expecting in next few months and what are those areas where we are targeting these orders? And you mentioned like in FY ’25, our customers were a bit showing a bit of delays in decision-making. So in current environment, are you still witnessing anything like that? Taking that.
Sanjeev Verma
Yeah. So I think our focus on order book, as we mentioned earlier, we have been focused with our change in go-to-market strategy with larger customers, our top 300 and larger value and volume of customers. So our approach will remain to focus on large deals and remain focused on our top 300 customers for where we believe we have the right to win both locally and globally. Our quarter-four, as mentioned, has been a robust quarter with respect to our order booking.
As we get into the motion of this current fiscal year, several quarters, we expect that our effort over the last several quarters with respect to change in go-to-market, investing heavily in our vertical, investing in leadership will continue to create the momentum for robust order booking going-forward as well.
So coming back with a perspective of what we have currently a little bit of uncertainty. I think we have baked-in that as well. Yes, there is an issue pertaining to tariff and there is some uncertainty in the market. But I believe our overall portfolio remains largely non-discretionary. We remain a little cautious, but are very optimistic with respect to our pipeline growth and therefore, expect that we will continue to have a good order book motion going-forward. Specific to what areas we see.
We currently focus on five key areas of connectivity, networking, workplace, cyber and data center. We expect that our overall portfolio, each one of them will have growth. Some of them will see a little bit hyper-growth, specifically in the data center and networking space, specific to industry verticals, although all the industries have requirement for having non-discretionary spend, specifically the areas that we operate.
The network of this digital infrastructure needs to be up and running, but few specific areas of large-scale infrastructure, specifically to industrials, public infrastructure like airports and healthcare facilities that needs to be current are specific focus for us going-forward. So all-in all, we expect that many of our verticals are in the sector that we are focused on, specifically healthcare, industrial and public infrastructure. And our portfolios across this will continue to push forward. So we expect a robust order book going-forward for the current year as well.
CA Garvit Goyal
Got it, sir. And secondly, as you mentioned, and we are focusing on the data centers apart from being a traditional IT company. So I want to understand like how much percentage of our existing revenues is repetitive in nature and how much is going to be dependent upon the kind of order inflows we are talking about from the hyper-growth areas like data center, cyber security and connectivity you mentioned. So can you put some color on that?
Sanjeev Verma
Yeah. Yes. So we expect our data center revenues to be in the range of 15%, 15% to 20% of our business. A large part of the data center, which is a greenfield starts with projects and we expect over a period of time that would turn into annuity as well. As you heard before, our focus remains for long-term contracts, both from managed service perspective and also projects. But once we close the projects, it turns into annuity as well.
So we expect that as we move forward in fiscal ’26 and beyond, our projects in large-scale infrastructure like data center or connectivity would start to yield managed services as well as we continue to focus on other managed services last term contracts into healthcare, into our retail businesses. So we will continue to focus on larger projects and we’ll continue to focus on large-scale managed services annuity kind of business across other verticals as well.
And out of total revenue right now, like we did INR6,000 this year, what percentage is repeated in nature? Around 30% is repetitive in nature as of now. So one-third — between 30 and one-third because — because the ratio changes quarter-on-quarter, but I think on a yearly basis, it is almost like a one-third of our revenues is repeated revenue. And what are those entirely in the traditional IT services that we are doing.
So those areas largely are largely managed services for our modern workplace, managed services for network, managed services for IT health best and support, those are the areas that are large-scale in Asia.
CA Garvit Goyal
Got it. And sir, in your opening remarks, you mentioned about 2 million target by FY ’29, which essentially comes out to be around INR70,000, IN8,000 kind of top-line. And currently we are at 6,000. And for next year, we are targeting about 10%, 12% kind of growth in our top-line. So considering this higher target, how are we looking at it? Like are we opening for any inorganic opportunities this year or are currently any kind of opportunity in pipeline which can materialize in next few months? So can you please some color on that?
Sanjeev Verma
So our overall focus of $2 billion includes organic and inorganic growth. We expect our organic growth momentum from the current 12% to 15% to continue or move-up. Having said that, that will still levers for a gap for inorganic growth. So we continue to look at opportunities which are accretive for our shareholders. We continue to look at various assets in Americas and elsewhere at the right time when we believe that there is an opportunity to comment on that, we would. But as a company, we remain acquisitive, but also keep mindful that we remain — we look at being accretive. So we would be exploring assets and it is part of our plan going-forward.
And right now, we are not having anything as I said, we continue to look at assets, we can continue to have in the pipeline, but there is nothing concrete for me to say at this time.
CA Garvit Goyal
Got it. And sir, on the tariffs front, if this — after this posing tariff, how do you see a — is it going to impact our services like what our business model in the terms of the cost optimization and all because 70% of our revenue is coming from the Northern American count?
Sanjeev Verma
Yeah. So tariffs largely have a limited impact on us with respect to our — we are largely services-led. So I don’t see a tariff, but I will ask Deepak, my CFO to comment on that.
Deepak Bansal
Yeah. So on the tariff side of it, what happens is that 75% of our revenues in US and if you see our revenues, it has three components. One is our on-ground services. Second is we sell the OEM products and the third is our own products. So no impact of tariffs on the services because — and because the services has no tariff. The OEM products are purchased locally from OEMs. So OEMs are figuring out to handle those tariffs, including their stocking requirement and all those things. If they will increase their prices, obviously, we will pass-through those prices to our customers. So as far as there is no impact. Our own products, we source mostly from Europe and Taiwan. So from Europe and Taiwan perspective, we are still — the tariff I think should be not to the extent of what we were talking about earlier. Now with China also like right now, it is at 40% and all, we are expecting that whole tariff thing to be, let’s say, stabilized between 20% and 40% depending on the countries and all those things and especially with Europe, Taiwan and all those things, it should be in the range of 20%, which should be — which should be okay. As of now, we pay mostly 10%. So 10% more will increase with which I think we will increase our prices little bit with the industry practice and all those things. So we don’t see as such any impact on the overall tariff thing. Whatever the economy impact in terms of right now the evolving economical impact where the few industries will do good and few industries like the manufacturing will emerge in the US and all those things, those all will be accretive logically to us. It may take some time to assertate because people are right now holding off some of the decisions, people are taking those decisions with a cautious approach. But I think we are seeing that on an overall basis, I think we should be able to gain from the overall scenario.
CA Garvit Goyal
So that is where my concern is. You mentioned 10% incremental addition will be there for the — ultimately that we will pass-on to the customers only. So is it like they again might be the case, they will be looking for some delay in decision-making and that can further decrease.
Deepak Bansal
Sorry,,, this is not on the overall revenues. So our own product revenue is around — is around $100 million. So on $100 million, we source close to around $40 million to $50 million worth of goods. On that, there may be a 10% impact. So this is on the — this is on the goods. And then and it is overall industry impact. So we don’t see that any demand will come down because of that in United States. And out of that $100 million of the revenues, the US revenue is close to around $45 million. So from that perspective, the impact is extremely, extremely nominal from our overall scale and size. Got it.
CA Garvit Goyal
That means you are saying there is no delays in the decision-making on account of these uncertainties is what I’m understanding, right?
Deepak Bansal
Yeah, that is the overall economic environment which will evolve from overall industry perspective. So overall industries are watching right now that how this tariff scenario is evolving, you would have seen in last four weeks that the tariffs have gone for some countries between 30% to 140%. But then again right now it is ranging between 10% to 40%. So nobody has the — nobody really has the crystal ball here. Everybody is watching that how really it emerges and all those things and accordingly, the decisions are being taken.
CA Garvit Goyal
Got it, sir. Thank you very much and all the best for the future. Thank you.
Sanjeev Verma
Thank you.
Operator
Thank you. Next question is from the line of from PI Square Investment. Please go-ahead.
Heli Shah
Good morning, sir, and congratulations to the entire team for a good — very good set of numbers. So I just wanted to understand, like can you talk more on the order pipeline as to how much percentage of the orders that are in pipeline thank you.
Operator
Next question is from the line of Saurab Sadwani from Shasar Capital. Please go-ahead.
Saurabh Sadhwani
Hello. Good morning, everyone. So I wanted to know about the large orders that we have secured. What would be the timeline for execution for those orders?.
Sanjeev Verma
For average project execution timeline are between anything between six months-to two years, right? So depending upon what kind of orders we get, so at an average, it will sail without an average about nine to 12 months time depending on the kind of projects we do. So if there are more services, I think it takes a longer period of time. And if there are little bit more products, it will possibly be a shorter period of time, but an average about nine months’ time. Deepak?
Deepak Bansal
Yeah. So — and also the another thing is that on an average, it is 100% right nine months time. And while we — from the next quarter and the next couple of quarter, 3/4 when we move forward with the large orders with the large customers, this and focus on the managed services and the maintenance of the managed services and the maintenance contracts will be in the range of three to five years, but the project’s timeline on an average will continue to be nine to 10 months time.
Saurabh Sadhwani
Okay. And you do expect to get the size — the order of — the large orders that you have received similar orders in FY ’26 also.
Sanjeev Verma
That is correct. So our focus remains — our pipeline remains robust for large orders. As you could understand, large orders have a time lag because large orders are take — it takes time, but once you have the ball rolling and the pipeline growing, I believe I mean it will start to roll. So the focus will remain on large orders, upward of $5 million, $10 million, $20 million working with larger clients and that’s where we’re going to focus on with top 300 customers and large-value customers.
Saurabh Sadhwani
Yeah. So Sanjeep, where would you say we are in the life-cycle because these large orders are capex led and there must be an end — end of cycle period now that we are getting these orders. So is this supposed to continue.
Deepak Bansal
So there are two-ways to look at it. So we are — we are in a time of digital infrastructure where we are seeing after a lot of years both greenfield and brownfield. Now to put in perspective, if you look at the infrastructure build-out for data centers for which we play a certain part. Many of them are greenfield, right? So these were — they never existed. So they are getting built both in India worldwide. So that’s a greenfield approach.
And of course, if you look at the need for AI, need for better user experience, need for modernization, there is also a brownfield. The brownfield will require in a cyclical manner. Of course, they will sweat the asset three years, four years and you have to catch the cycle. But there is a greenfield also, a combination of greenfield and brownfield. With respect to critical infrastructure, if you look at our focus portfolio of connectivity and network, it is fundamental to user experience.
Today, whatever we do is based on user experience, be it we order a — we ask for a cab or we order food or we go to an airport and the gate opens up for — with our cameras, it requires physical connectivity, network, wireless network and so on and so forth, right? So there is a lot of brownfield repurpose to meet the needs of user experience. And there is a need for greenfield because they expect this user experience to only get enhanced, right?
So from a cycle perspective, we are trying to catch the greenfield by being including in the consideration rate as a preferred or a vendor to have a right to win. So we are trying to increase and focus and therefore the vertical approach so that we are more relevant. And from a brownfield perspective, many of our existing customers are repurposing and we are also looking at how can we gain market-share from others with respect to our scale, our presence, a combination of our use cases, a combination of our presence in many markets allows us — will allow us for a better right to win for larger customers.
And therefore, the larger customers value our presence, value our presence in 36 countries, value our presence in India, a value of presence in Europe. So I think that’s the reason we are focusing on them and we are seeing traction with respect to what we saw in this last quarter. And our pipeline we continue to focus on. We expect the momentum to continue with respect to order booking backlog over the course of next several quarters and years beyond.
Saurabh Sadhwani
Okay. Thank you. Thank you, Sanjiv. Thank you, Deepak.
Sanjeev Verma
Thank you.
Operator
Thank you. Thank you. Next question is from the line of Haley from PI Square Investment. Please go-ahead.
Heli Shah
Hi, sir. Good morning and, congratulations on a strong set of numbers. I wanted to understand, sir, can you talk more on the order pipeline as to what percentage of the order pipeline are we seeing from the larger customers and what percentage are we seeing from a smaller set of customers. So I just wanted to get a sense on how are we — you know — so as this quarter we had a subdued revenue because of the delayed decisions combined with our changed strategies to focus on the large — larger deals. So I just wanted to understand how long are we going to take to change the mix of the customers And shift to the larger deals?
Sanjeev Verma
So we have already started the process of changing and shifting. This process started over the — over the last several quarters with respect to our investment and redesign in go-to-market by hiring vertical heads, bringing in thought leaders in our solution practice. So there has been work-in progress and it works on a lag. It takes a little bit of a time to be able to move that.
An impact of that has already started to come in with respect to the last quarter that went by, which we talked about having several customers where we have seen our large-value. It was a quarter where we had significant amount of customers with large-value for the first time. As we move forward, we continue to focus and see our pipeline swelling. It’s a continuous effort that we are doing across vertical segments and across our various practices, both in managed services, data center projects, networking projects and so on and so forth.
Our focus is to increase our pipeline from wherever we are moving forward on one-side and focus is also be able to increase our win rate within those customer sets that we have going-forward. A combination of increased pipeline and a focused approach of winning more of increasing our win rate percentages by having relevant conversations. We believe that we have a good path forward for continuing to increase our backlogs and order book going-forward.
Heli Shah
Sure. So can you have a breakup on what percentage of the pipeline is from the larger customers?
Sanjeev Verma
So we are in 80% of our business is from larger customers, close to 80% to 90% of our pipeline remains with our larger top 300 customers. And as we move forward, I believe our 90% of our pipeline will continue with our top 300 to top 400 customers. That’s where we are focused on.
Heli Shah
Okay. Got it, got it. All right. Thank you.
Operator
Thank you. A reminder to all participants, you may press start and want to ask questions. Next question is from the line of Suhaj from Thriha Capital. Please go-ahead.
Suhas
Hello. Good morning.
Sanjeev Verma
Yeah, good morning.
Suhas
I just want to — you just spoke about FY ’21 target of $2 billion, including organic and in the company. So as we are now getting out-of-the low-paying customers or less margin business, how you see the margins moving from say over the next three years? And like what are the peak margins that you’re looking at in this business you might attend over the next three years?
Sanjeev Verma
Okay. Yeah. So from a perspective going-forward, we have stated our goal of initially of hitting our 10% margin goal. So we are almost there from that perspective. We believe that when we scale-up, it will start to bring in margin efficiency. So from an internal perspective, we are looking to push this margin that we are currently at 8.9% to 10% to 11% to 12% and beyond. So there is scope for margin expansion as we scale-up over the next several years’ time.
Currently, we are guiding our focus for next — next fiscal year, right? And from that perspective, we have guided over 9%, but I expect as you move forward, there is room for margin expansion and we’ll go higher than 10%, 11%, 12% as we move forward.
Suhas
Yeah. So where do you see next year and where you think the exit margins could be?
Sanjeev Verma
Yes. So next year end, the exit margins would be upward of 10% for sure.
Suhas
Okay. Thank you. Second question is in terms of the managed services, which as you said more like an annuity business. So currently, what is the share of that business in our total revenue and where you see as you are getting larger contracts and including then you also have a managed services along with that. So where do you see your managed services as a percentage of business over the next three years?
Sanjeev Verma
Okay. Our managed services and annuity business that includes maintenance contract, as Deepak alluded, is close to one-third at this time. Our short-term goal is to push that number over to 40%. And as we move forward over the next several years’ time, I would expect our managed annuity business to be about 50-50% as we start to move towards ’27, ’28, ’29.
Suhas
And I’m sure they must be giving you a higher-margin vis-a-vis your project business well. So we expect that to give us higher-margin with respect to — it gives us predictability, it gives us ability to better deliver. And with scale, of course, we expect better margin as well.
Sanjeev Verma
The answer is yes.
Suhas
Thank you, sir. Thank you. All the best.
Sanjeev Verma
Thank you.
Operator
Thank you. Next question is from the line of Vivek, an individual investor. Please go-ahead.
Vivek
Hi, hi, Sanjeev. Thank you for the opportunity. I just wanted to say, sir, I think Q4 run-rate is about $737 million $40 million and we’ve set ourselves a very lofty target of $2 billion. I mean, I’ve been tracking the company for the past six quarters and we’ve barely grown on the top-line. So what gives us the confidence that — because you’re almost talking about tripling our revenues over the next 16 quarters. So when do you think we’ll start working the talk?
And secondly, from an organization perspective, you’ve said that you — the GTM strategy has been completely enhanced. So can you talk to us a bit qualitatively as to what difference you’ve seen on-the-ground and your Q4 order booking was very good. How has Q1 been so-far? And should we start to see signs of growth, say, about a double-digit growth from Q2 this year? Thank you.
Deepak Bansal
Okay. So I’ll break it in two-parts. The first question was with respect to EUR2 billion, which the $2 billion of course, course includes inorganic strategy, which is the tune of $600 million, $700 million. If you look at organic growth at mid double-digits, we will possibly reach close to $1.3 million and $1.4 billion, so that’s one. So I’ll pass the inorganic separately and that’s — as I said earlier in my response, we continue to look at assets and at the right time, we will pursue and of course, we will communicate as we move forward on that. Coming back with respect to our organic growth for — from now moving forward. First, the GTM approach.
The GTM, of course, was largely too focus on large-value customers and focus on us with a set of customers in a specific vertical. And I think a large part of that is mostly complete and therefore, we are now in-full motion, staffed appropriately to be able to engage with customers in each of the verticals and have a conversation commensurate to the vertical. Earlier, as you are aware, we were geography centric and therefore, the conversation was largely based on portfolio of what we had and not on the need for the customer in a specific vertical and that we have hired talent that what we have seen over the period of time over the last two, 3/4 that the quality of engagement and conversation with our customers have drastically improved.
Within our set of customers that we had, we had good logos and also some newer customer logos that we have added. That has started to mature. We look at sales from a Stage 1 to Stage 5. So when you reach at Stage 3, we start to engage with some — with a specific need to address. You’re starting to get considered. So if you look from that perspective, I think we have made significant progress.
A reasonable part of that has started to accrue starting Q4. As we start to move forward, the pipeline continues to remain in each of the verticals, some little more, some little less, but healthcare, consumer, data center vertical, public infrastructure like airports will continue to be strong for us. And we expect those pipelines to start to convert and we expect to see our revenues uptick to double-digit going-forward from Q2 onwards, and I think that’s what we have stated.
So we have been very positive of the investments made, of the conversations being made. I’ve personally been engaged with very many customers. More recently we are heading out for a very large healthcare conference where top-20 CIOs are invited to attend with us for 2.5 days with conversations across modern workplace, across the network. So we are seeing those investments, those conversations changing.
We will continue to push for the momentum we make as we move forward in this quarter-and-quarter beyond. And I’m positive with respect to our revenue uptick starting quarter two at the back of continued a good order booking going-forward.
Vivek
Since you’ve basis what you’ve just said just to put a bit more emphasis. So even on the base business, if you are to hit about $1.3 billion, $1.4 billion over the next four years, that’s about a 17%, 18% CAGR over the next four years. Are you confident on achieving that? I mean, starting with maybe a 10% to 15% growth this year and then our growth ramps-up even further as we go into FY ’27 and ’28. So I mean the — I mean as — I mean just as a company, our four-year target has to be 18% on the base business and yes.
Sanjeev Verma
Yes So I think so the answer is yes, we remain confident and positive on that. We’re guiding between 13% and 17% for the current year. And as we Move forward, we expect the acceleration with some of our sectors, more specifically in the markets that we will know. For example, if you look at India, we have just called out that we want to double the business, right? We were not focused on India. We are now getting ready to look at certain infrastructure and larger projects where we believe that we can add value. We do not want to be everything to everybody even in India. We recently won INR100 crores order in India. In my memory, we hadn’t done that in the past 10 years with any customer because we were not focus for various reasons. So we looked at India also now starting to emerge. There is a need for global players which have good use cases. So our growth would not only be, as you see that contain to America, we are looking at India also as a market. We recently won a large in APAC as well. We recently opened up a security center in Sydney and we’re expecting large deals in a security center there. So overall, I believe we would be able to be at mid-double digits in the current year. And we expect in some of the other markets, which will be much more than that, we’re expecting over 60% growth. We are a small INR500 crore business in India, right? So 60% is adding INR300 crores. So some of the markets will be growing at a higher pace, although smaller in terms of percentage contribution. But yes, we are positive we should be able to drive that goal to go to $1.3 billion.
Vivek
Thank you. That’s it from my side.
Sanjeev Verma
Thanks, Vivek.
Operator
Thank you. A reminder to all participants, you may press star and want to ask questions. Next question is from the line of C.A. Goyal from Invest Analytics Advisories LLP. Please go-ahead.
Vivek
Hi, thanks for the color. Sir, you mentioned most of our are more in nature. So can you spend two, three minutes on explaining the statement like what are the areas and discretionary means that they have to compulsory invest in the areas which we are to, right? So can you please explain what is driving this payment?
Sanjeev Verma
So if you look at — okay, so what is driving this experience, this fundamental, of course is user experience. If you look at an enterprise and if you look at what goes in enterprise, various IT components. And if you look at the wireless system being down for your office or being old three years-old and one thing to implement a new software for analytics. And if you had a choice of where to spend money and you were limited, it is clear where you will spend the money first, right?
For your critical infrastructure, for connectivity, for wireless working, for the network working would be required to be done. You will be able to do that. If you’re rolling out a ERP system, your CFO might want to push it for next year if there is a ambiguity in the market uncertainty, interest rates, but lights on is required, right? So if you were to run-out of that. So from that perspective, if you look at an airport that we serve, for us to travel, the network has to be up.
They may not modernize their ticketing system for some time and they can live with the old one, but our network is lights on. The connectivity is lights on. User who is using our voice communication system or a wireless system to communicate is light spawn. So we are into the core infrastructure business. We call ourselves as a company. So those are non-discretionary. If they break, you have to fix it or if they get old, you have to replace that first. Some of the other good to have you might want to change.
So that’s the perspective of having — it’s like a broken road, right? So I think you will have to fix the road if that is broken because that is going to give a very bad experience for people traveling on the road, correct? You may — even if you get a nice bus, which is a nice application and the road is broken, you will have a bad experience. So — and we all know what happens in Mumbai when it rains, right? So therefore, digital infrastructure is the digital highway and if you do not have that up and running, you’ll have a very poor experience. So that’s what I’m saying.
CA Garvit Goyal
Got it. Got it. Thank you, sir. Thank you very much.
Operator
Thank you. Thank you. Next question is from the line of Rohan Patel from Turtle Capital. Please go-ahead.
Rohan Patel
Hello. Yeah. Thanks for this opportunity. Am I audible, sir?
Sanjeev Verma
Yes.
Rohan Patel
Yeah, yeah. But what I know from our presentation is from C plus one year we are not mentioning about in-building 5 G solutions and that so is it that we have reduced the exposure towards that?
Sanjeev Verma
No, so our inbuilding DAS solutions of private 5G is part of our networking business. Specifically in our in America in-building for DAS or 5G, especially in-building DAS is critical for safety and public safety, specifically in hospitals, a large infrastructure and we continue to do that. There is a technology shift towards going towards private 5G, not fully adopted at this time and but there is a lot of work happening largely on the industrial side with large open areas where wireless — you cannot put a pole and put an access point for the wireless as they are exploring that.
We are doing a proof-of-concept with some airport. We are doing a proof-of-concept with large industrial of operations like oil and gas and fab plants. So our in-building DAS and 5G or private 5G network are part of a larger networking portfolio. So be it wireless, wired, software-defined networks, DAS networks, 5G are now working in tandem and it is a critical part of the region infrastructure. So it is part of our networking portfolio. We don’t specifically Call-IT out as to specific to that, but — but that remains a part and partial a very critical part of network infrastructure.
Rohan Patel
Okay. So if just I want to understand from you and your — from your point-of-view is that being that the number of airports that are coming in India as well as the number of stadiums which are there in India. And as we mentioned, there are a lot of commercial sites, industrial sites that are in India. So how big of an opportunity do you sense that it is — India as a whole provides for a debt system or in-building solution system. Is it large-enough for us to cater and make money.
Sanjeev Verma
To — okay. So in India, of course, specifically, it is a little bit of a confused state for that solution and let me explain because DAS solution there are three key players. One of course is the user who is using a cell phone. There is a tenant in the building, there is a building owner and then you have the telecom provider in India, it is geo, it is Airtel and India has not sorted-out as to who is going to pay for that, right? So therefore, there is no mandate pertaining to having a public safety requirement or real-time location requirement. So our hospitals or some other infrastructure, you find some dark and grey areas where signals don’t come.
In America, there is a regulation mandated by-law specifically in public critical infrastructure that must-have a signal at every part of the building, basement open areas and therefore, there is a spend happening in that. So it is a large opportunity. India, of course, might skip the technology, go to private 5G. Currently, it is with BSNL, so it is there is a discussion going on of revenue-share with some providers. It will become a bigger opportunity. Specific to your question, stadium now and other infrastructure, it is a matter of who is going to pay for that, right?
So I think if it’s an Airtel network and some areas don’t work, whether the stadium owner or BCCI or who will pay, that has not been settled. So therefore, India still struggles with some signal issues in many parts. There could be a regulation with respect to no providing connectivity in infrastructure that are critical, hospitals could be one, airport could be other. So it is a huge opportunity just that the capital spend has not been sorted-out if the building owner starts to charge, the rent will go up.
The guys in the building saying I’ve anyway paid you the rent and Airtel is saying you don’t have many users, so I can’t put more antenna. So that’s the issue out there. So it’s not — it’s never been a large business in India. Having said that, private 5G can change that. The private 5G does not require so many access points. The coverage is more than a couple of kilometers, but it is a licensing issue and it’s a technology issue. But I think India will see that.
And as and when we start to have those conversation, as I told before, we are looking at India in a bullish manner. We have massive use cases. We are highly expert in putting that systems for very large infrastructure, hospitals, customers like large hyperscalers. So we are exploring to see at the right time to be able to address that. But from our perspective, we have to make sure that it remains a profitable business for us and somebody has to invest in that technology and somebody has to make an ROI of the technology.
Rohan Patel
Okay. Yeah, that was a very detailed and fair explanation. And thanks for this opportunity and thanks for the.
Sanjeev Verma
Thank you.
Operator
Thank you. Ladies and gentlemen, as there are no further questions from the participant, I now Hand the conference over to management for closing comments.
Sanjeev Verma
Thank you, everybody for joining the call. I hope we have been able to address all your queries. For any further information, kindly get-in touch with Purvesh, our Head of Investor Relations or Strategic Growth Advisors, our Investor Relations Advisors. Thank you.
Operator
Thank you. On behalf of Black Box Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines