Financial Performance Summary

Black Box Limited reported unaudited financial results for Q2 FY27 ending September 30, 2026, showing strong growth across key metrics.

Quarterly Performance (Q2 FY27 vs Q2 FY26):

  • Revenue: ₹1,936 crore, up 22% YoY (from ₹1,585 crore)
  • EBITDA: ₹175 crore, up 23% YoY (from ₹143 crore)
  • EBITDA Margin: 9.0% (flat YoY)
  • PAT: ₹73 crore, up 31% YoY (from ₹56 crore)
  • Order Backlog: US$1,044 million, up 88% YoY (from US$555 million)
  • Order Bookings: US$298 million, up 37% YoY (from US$218 million)

Half-Yearly Performance (H1 FY27 vs H1 FY26):

  • Revenue: ₹3,655 crore, up 23% YoY (from ₹2,971 crore)
  • EBITDA: ₹335 crore, up 29% YoY (from ₹259 crore)
  • EBITDA Margin: 9.2%, up 50 bps YoY (from 8.7%)
  • PAT: ₹129 crore, up 25% YoY (from ₹103 crore)
  • Order Bookings: US$637 million, up 62% YoY (from US$394 million)
  • Operating Cash Flow: ₹115 crore for H1 FY27

Performance Drivers and Business Segments

Growth was driven by continued execution across hyperscale data center infrastructure and enterprise solutions, supported by momentum in the Technology Products business. Q2 FY27 includes a full quarter of consolidation of Brazil-based 2S Inovações Tecnológicas, acquired effective May 1, 2026.

Hyperscale Infrastructure Business:

  • Secured over US$250 million in data center orders in H1 FY27
  • Expanding participation in AI-driven infrastructure market through established hyperscaler relationships
  • Supports infrastructure projects associated with large-scale data center developments with gigawatt-scale capacity
  • Substantial pipeline of large hyperscale deals expected to drive significant order wins

Enterprise and Technology Products Business:

  • Deepened enterprise relationships across United States and international markets
  • Secured engagements involving network infrastructure, connectivity, data center integration and digital workplace solutions
  • Key wins included projects with leading Indian telecom operator, global technology and semiconductor companies, US healthcare providers, global pharmaceutical company, major US financial institution, and retail and public sector customers
  • Expanding relationships with 300 strategic enterprise accounts

Management Commentary and Outlook

Sanjeev Verma, Whole-time Director & Chief Executive Officer:

  • Building strong growth momentum with record quarterly revenue and order backlog exceeding US$1 billion
  • Data center business is a powerful growth engine with significant orders from multiple hyperscalers
  • Strong US presence, deep expertise and proven execution position company to capture greater share of accelerating data center investment
  • Continuing hiring, investment in people and expansion of delivery capacity to support larger projects
  • Targeting US$2 billion in annual revenue by FY30

Deepak Kumar Bansal, Executive Director & Global CFO:

  • PAT growth of 31% ahead of revenue growth of 22% demonstrates growing earnings strength
  • H1 EBITDA margin expanded 50 basis points to 9.2%
  • Operating cash flow reached ₹115 crore for first half of FY27
  • Expanding data center business and significant order pipeline provide strong foundation to scale revenue and earnings
  • Confident of achieving FY27 guidance

FY27 Guidance Reaffirmed

Management confirmed FY27 guidance targets:

  • 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%
  • Profit growth expected to remain in high double digits for next few years
  • Stronger cash flow generation expected

Strategic Initiatives and Investments

  • Progressing with plan to recruit nearly 3,000 professionals by FY30, primarily in United States
  • Hiring already underway for major data center projects
  • Strengthening engineering and delivery capabilities, particularly in United States
  • Disciplined working capital management and prudent capital allocation
  • Focus on converting opportunities into sustained shareholder value

Company Background

Black Box Limited is a global digital infrastructure solutions provider with presence across United States, Europe, India, Asia Pacific, Middle East and Latin America. Serves 120 Fortune 500 companies and other leading global enterprises across financial services, technology, healthcare, retail, public services and manufacturing. Employs approximately 4,000 professionals globally.