Black Box reports record Q2 FY27 revenue of ₹1,936 crore, up 22%, while PAT rises 31% to ₹73 crore and order backlog reaches US$1.04 billion.
MUMBAI (India CSR): Black Box Limited (BSE: 500463 | NSE: BBOX), Essar’s technology arm and a global digital infrastructure solutions provider, today announced its unaudited financial results for the quarter and half year ended September 30, 2026. Black Box reported record quarterly revenue of Rs. 1,936 crore, up 22% year-on-year and 13% sequentially. EBITDA increased 23% YOY to Rs. 175 crore, while profit after tax (PAT) grew 31% to Rs. 73 crore.
Growth was driven by continued execution across hyperscale data centre infrastructure and enterprise solutions, supported by growing momentum in the Company’s Technology Products business. The Company’s order backlog reached a record US$1,044 million, up 88% YoY, strengthening visibility for continued growth.
Consolidated Financial Highlights (INR crore)
| Particulars | Q2 FY27* | Q2 FY26 | YoY Change | H1 FY27 | H1 FY26 | YoY Change |
| Order Backlog (US$ mn)** | 1,044 | 555 | 88% | 1,044 | 555 | 88% |
| Order Bookings (US$ mn) | 298 | 218 | 37% | 637 | 394 | 62% |
| Revenue | 1,936 | 1,585 | 22% | 3,655 | 2,971 | 23% |
| EBITDA | 175 | 143 | 23% | 335 | 259 | 29% |
| EBITDA Margin | 9.0% | 9.0% | – | 9.2% | 8.7% | +50 bps |
| PAT | 73 | 56 | 31% | 129 | 103 | 25% |
*Q2 FY27 includes a full quarter of consolidation of Brazil-based 2S Inovações Tecnológicas, acquired effective May 1, 2026.
**Order backlog during the quarter and half year are as of Sep. 30, for respective periods.
Sanjeev Verma, Whole-time Director & Chief Executive Officer, Black Box Limited said, “Black Box is building strong growth momentum, with record quarterly revenue and an order backlog exceeding US$1 billion. These results reinforce our confidence in scaling the business towards our immediate growth goal of US$2 billion in revenue.
Our data centre business is a powerful growth engine, with significant orders from multiple hyperscalers and repeat wins expanding our role in their infrastructure investments. Our strong U.S. presence, deep expertise and proven execution position us to capture a greater share of accelerating data centre investment, supported by a substantial opportunity pipeline. Growing Enterprise and Technology Products businesses across the United States and international markets further strengthen our growth outlook.
With secured orders and proven delivery capabilities, we are ready to execute at greater scale. Continued hiring, investment in our people and expansion of delivery capacity strengthen our ability to deliver larger projects and drive our next phase of growth.”
Deepak Kumar Bansal, Executive Director & Global CFO, Black Box Limited said, “Our Q2 performance demonstrates the growing earnings strength of Black Box, with PAT rising 31% to Rs. 73 crore, ahead of revenue growth of 22%. H1 EBITDA margin expanded 50 basis points to 9.2%, while operating cash flow reached ₹115 crore for the first half of FY27. We are translating growth into stronger profitability and cash generation.
Our expanding data centre business and significant order pipeline provide a strong foundation to scale revenue and earnings. As secured orders convert into revenue, we see further opportunities to improve operating leverage and build on this earnings momentum.
We are confident of achieving our FY27 guidance of 23–27% revenue growth and 38–50% PAT growth, with profit growth expected to remain in high double digits for the next few years along with stronger cash flow generation. Disciplined working capital management and prudent capital allocation remain central to converting this opportunity into sustained shareholder value.”
Hyperscale Infrastructure: Capturing AI-Driven Investment Opportunities
Accelerating investment in AI infrastructure is driving demand for hyperscale data centre capacity, connectivity and network infrastructure. Black Box is expanding its participation in this market through established hyperscaler relationships, technical expertise and large-scale project delivery capabilities.
Black Box secured over US$250 million in data centre orders in H1 FY27. A substantial pipeline of large hyperscale deals is expected to drive significant order wins and accelerate growth in the coming quarters.
Black Box supports infrastructure projects associated with large-scale data centre developments with gigawatt-scale capacity. Its experience in delivering complex projects provides opportunities to expand existing customer relationships and participate in larger infrastructure projects.
The Company continues to strengthen its engineering and delivery capabilities, particularly in the United States, to support this demand.
Record Backlog Strengthens Revenue Visibility
Black Box secured US$298 million in new orders during Q2 FY27, up 37% YOY. The order backlog reached a record US$1,044 million, increasing 88% YOY and approximately 10% sequentially. The backlog includes a growing proportion of larger, multi-year engagements, with project-led wins providing revenue visibility over 24 to 36 months.
Supported by its order pipeline across hyperscale, enterprise and presence across multiple countries, Black Box management is confident to achieve its FY27 guidance of:
- Exit order backlog: US$1.3–1.4 billion
- Order bookings: US$1.3–1.5 billion
- Revenue growth: 23–27%
- EBITDA growth: 27-32%
- PAT growth: 38–50%
Enterprise and Technology Products: Expanding Growth Opportunities
Black Box continues to deepen its enterprise relationships across the United States and international markets, supporting customers across technology, healthcare, financial services, industrial and retail markets.
During Q2 FY27, the Company secured engagements involving network infrastructure, connectivity, data centre integration and digital workplace solutions. Key wins included projects with a leading Indian telecom operator, global technology and semiconductor companies, US healthcare providers, a global pharmaceutical company, a major US financial institution, and retail and public sector customers. These engagements reinforce the Company’s diversified customer base and its strategy of expanding relationships with 300 strategic enterprise accounts.
The Technology Products business is gaining momentum as customers modernise critical operations and invest in secure, resilient control room platforms. This creates further opportunities for Black Box’s specialised technology portfolio. Together, Enterprise Solutions and Technology Products businesses provide complementary growth opportunities alongside the expanding hyperscale data center business.
Investing in Capabilities for Sustainable Growth
Black Box continues to strengthen its leadership, engineering, sales and delivery capabilities to support larger and more complex customer projects. The Company is progressing with its plan to recruit nearly 3,000 professionals by FY30, primarily in the United States, with hiring already underway for major data centre projects. These investments support the Company’s ambition of reaching US$2 billion in annual revenue by FY30, driven by expanding customer relationships, broader capabilities and disciplined execution.
The Black Box Limited
Black Box (BSE: 500463 | NSE: BBOX) is a global leader in digital infrastructure solutions, delivering network and systems integration, managed services and technology products to 120 Fortune 500 companies and other leading global enterprises. With a presence across the United States, Europe, India, Asia Pacific, the Middle East and Latin America, Black Box serves customers across financial services, technology, healthcare, retail, public services and manufacturing.
Supported by a global team of approximately 4,000 professionals and strategic partnerships with leading technology providers, Black Box delivers end-to-end solutions across network integration, digital connectivity infrastructure, data centre build-outs, modern workplace solutions and cybersecurity. Its Technology Products portfolio supports business operations with solutions across AV, IoT, KVM, networking infrastructure and cables.
