Financial Highlights - Q2 FY27

  • Revenue from Operations: ₹1,936 crore, up 22% YoY from ₹1,585 crore in Q2 FY26
  • Gross Profit: ₹573 crore (29.6% margin) vs ₹478 crore (30.2% margin) in Q2 FY26
  • EBITDA: ₹175 crore (9.0% margin) vs ₹143 crore (9.0% margin) in Q2 FY26
  • PAT: ₹73 crore (3.8% margin) vs ₹56 crore (3.5% margin) in Q2 FY26, representing 31% YoY growth
  • Basic EPS: 4.09 (not annualized)

Financial Highlights - H1 FY27

  • Revenue from Operations: ₹3,655 crore, up 23% YoY from ₹2,971 crore in H1 FY26
  • Gross Profit: ₹1,097 crore (30.0% margin) vs ₹906 crore (30.5% margin) in H1 FY26
  • EBITDA: ₹335 crore (9.2% margin) vs ₹259 crore (8.7% margin) in H1 FY26
  • PAT: ₹129 crore (3.5% margin) vs ₹103 crore (3.5% margin) in H1 FY26
  • Basic EPS: 7.24 (not annualized)
  • Operating cash flow: ₹115 crore for H1 FY27

Order Backlog and Booking Performance

  • Total Order Backlog: $1,044 million (~₹9,975 crore), representing 88% YoY growth
  • Q2 Order Booking: $298 million
  • H1 Order Booking: $637 million
  • Data Center orders added in H1: Over $250 million
  • Average backlog tenure: ~18 months (data center projects 24-36 months, enterprise projects 6-12 months, maintenance contracts 12-24 months, managed services 12-24 months)
  • Project-led order backlog increased 50%

Notable Q2 Order Wins

  • $55 million multi-site data center order from a U.S.-based global hyperscaler
  • Two large orders totaling over $17.5 million in healthcare services
  • Orders with leading Indian telecom operator, global technology and semiconductor company, major US financial institution, leading U.S. retailer, large U.S. based communications equipment company, and one of Europe's largest renewable energy companies

Business Segment Performance

  • Data center revenue contribution reached 20% in Q2 FY27 (vs 17% in FY26)
  • Target of ~30% data center revenue contribution in FY27
  • Company executing multiple gigawatt-scale data center projects

Operational Updates

  • Hired ~300 employees in last 2 months
  • Planning to add ~700 more employees in next 6-9 months
  • Front-loaded investment in skilled technical and project talent for hyperscaler orders, predominantly in the U.S.

Management Commentary

Mr. Sanjeev Verma, Whole-time Director: "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."

Mr. Deepak Kumar Bansal, Executive Director and Global CFO: "Our Q2 performance demonstrates the growing earnings strength of Black Box, with PAT rising 31% to ₹73 crore, ahead of revenue growth of 22%. H1 EBITDA margin expanded 50 basis points to 9.2%. We are confident of achieving our FY27 guidance of 23–27% revenue growth and 38–50% PAT growth."

Balance Sheet Position (as of September 2026)

  • Total Assets: ₹5,360 crore (vs ₹4,294 crore in March 2026)
  • Equity: ₹1,416 crore (vs ₹1,287 crore in March 2026)
  • Cash and Cash Equivalents: ₹610 crore (vs ₹540 crore in March 2026)
  • Borrowings (Non-current + Current): ₹1,211 crore (vs ₹827 crore in March 2026)
  • Trade Receivables: ₹908 crore (vs ₹1,153 crore in March 2026)
  • Contract Assets: ₹562 crore (vs ₹280 crore in March 2026)

FY27 Guidance

  • Order Backlog: $1,300–1,400 million (65-75% growth)
  • Order Booking: $1,325–1,450 million (32-45% growth)
  • Revenue: ₹7,800–8,000 crore (23-27% growth)
  • EBITDA: ₹725–750 crore (27-32% growth)
  • EBITDA Margin: 9.3%–9.4% (30-40bps improvement)
  • PAT: ₹300–325 crore (38-50% growth)

Growth Strategy

Organic Growth: Aim to double organic revenue by FY30 to ~₹12,000 crore (~$1.3 billion)

Inorganic Growth: Intend to boost revenues by ₹6,000 crore (~$700 million) through acquisitions

  • Completed acquisition of Brazil-based "2S Inovações Tecnológicas" with ~$50 million revenue
  • Acquisition contributed ₹177 crore revenue in H1 FY27
  • Healthy pipeline of acquisition opportunities identified

Combined Target: Revenue aspiration of ₹18,000 crore ($2 billion) by FY30

Historical Financial Performance

  • FY26 Revenue: ₹6,322 crore; PAT: ₹218 crore; EBITDA: ₹570 crore (9.0% margin)
  • FY25 Revenue: ₹5,967 crore; PAT: ₹205 crore; EBITDA: ₹531 crore (8.9% margin)
  • The company raised ₹386 crore through preferential issue (25% in FY25, 75% at end of March 2026)

Industry Context

  • Global data center capacity expected to double by 2030
  • AI driving next wave of growth in digital infrastructure
  • Company positioned across enabling layers of AI-led enterprise modernization
  • Addressable markets include data center infrastructure, networking & connectivity ($1,255B+), unified communications ($444B+), and cybersecurity ($187B+)

Company Overview

Black Box Limited is a global digital infrastructure integrator delivering network and system integration services, support services, and technology products to businesses worldwide. The company serves 1,000+ global customers, including 120+ Fortune 500 clients across financial services, technology, healthcare, retail, and public services sectors.