Black Box Q1 FY27: Revenue up 24%, backlog jumps 28%

Key takeaway for investors

Black Box Limited reported stronger execution and demand momentum in Q1 FY27, with consolidated revenue rising 24% year-on-year (YoY) to ₹1,718.5 crore. Profitability also improved, with EBITDA up 38% YoY to ₹160 crore and net profit up 18% YoY to ₹55.9 crore. Alongside the quarterly numbers, the company highlighted a sharp improvement in deal conversion and a stronger order book that extends revenue visibility.

Q1 FY27 financial performance: revenue, EBITDA, PAT

For the quarter ended June 30, 2026 (Q1 FY27), Black Box reported consolidated revenue from operations of ₹1,718.5 crore versus ₹1,386.7 crore in Q1 FY26, a 24% YoY increase. Consolidated PAT increased to ₹55.9 crore from ₹47.4 crore, translating to 18% YoY growth. The company reported EBITDA of ₹160 crore with an EBITDA margin of 9.3%, while PAT margin stood at 3.3%.

Earnings per share (EPS) for the quarter was ₹3.15 (basic). The company also disclosed profit before tax (PBT) of ₹61.13 crore compared with ₹45.20 crore in Q1 FY26.

Orders surge: bookings at ₹3,208 crore in Q1

A key highlight for the quarter was order intake. Order bookings during Q1 FY27 were $139 million, which the company reported as ₹3,208 crore. The company also flagged a higher win-rate for large deals, stating that the win-rate improved by over 2x.

Management commentary in the dataset also points to a stronger mix of large, longer-duration programs, which is typically important for a services and solutions provider where execution visibility affects both capacity planning and margins.

Backlog strengthens: ₹8,986 crore, up 28% QoQ

Black Box said its order backlog strengthened to $149 million, reported as ₹8,986 crore, up 28% quarter-on-quarter (QoQ). It also reported that the average tenure of the order backlog increased from 12-15 months in FY26 to approximately 18 months.

Within the backlog, the company noted that the order backlog from its project-led business increased by around 50% QoQ. This shift matters because project-led work often comes with defined milestones and delivery schedules, which can make quarterly revenue recognition more sensitive to execution timelines.

Notable wins in Q1 FY27: hyperscaler and US-led engagements

The company listed several large wins for Q1 FY27. These included a $131 million (about ₹1,240 crore) engagement with a new US-based global hyperscaler. It also reported around $10 million (about ₹757 crore) of wins across financial services, healthcare, public services, and retail.

Other notable deal announcements in the provided data included a large US connectivity infrastructure and networking engagement with the world’s largest chip manufacturer, a workplace solutions engagement with a leading discount retailer, and significant orders from a US state government and a leading healthcare provider.

Data center mix expected to rise in FY27

Black Box expects data center revenue contribution to increase from around 17% in FY26 to around 30% in FY27. If this plays out, it would mark a material shift in revenue mix within a single year.

The company’s order and backlog disclosures also suggest that growth is being supported by larger programs and longer tenures, which often align with infrastructure-led, multi-site rollouts and managed service components.

Standalone vs consolidated: what the unaudited numbers show

The company disclosed unaudited Q1 FY27 results for both standalone and consolidated financials. On a standalone basis, revenue was 0.96bn, reported as ₹96.38 crore, and PAT was a loss of 0.02bn, reported as (₹2.40) crore.

On a consolidated basis, revenue was 17.19bn, reported as ₹1,718.50 crore, and PAT was 0.56bn, reported as ₹55.92 crore.

FY26 audited snapshot, dividend, and exceptional expenses

For FY26 (audited), consolidated revenue was 63.22bn, reported as ₹6,321.85 crore, and consolidated PAT was 2.18bn, reported as ₹217.52 crore. The dataset also mentions a full-year revenue figure of ₹6,327.83 crore and profit of ₹217.56 crore.

The board proposed a final dividend of Re 1 per share for FY26, subject to shareholder approval. The commentary also stated that the group recognized exceptional expenses related to severance, lease foreclosures, and labor code impacts, and that it acquired 28 Inovagdes Tecnolégicas during Q1 FY27.

Quick data table: Q1 FY27 performance and order book

Market references: share price and market capitalisation

The provided dataset includes a reference stating the current share price of Black Box is ₹772.1. It also states that as of Jun ’26, Black Box’s market capitalisation stood at ₹13,221.37 crore.

Separately, another market note in the dataset referenced a “CMP ₹976 on NSE” and discussed expectations around the Q1 FY27 results timing. Readers should treat these as separate references as presented in the source material.

Why this quarter matters

Q1 FY27 combined higher revenue growth with a sharp rise in order backlog and bookings. The 28% QoQ backlog growth and the longer average backlog tenure suggest improved forward revenue visibility, while the list of large wins points to traction in the US market and in hyperscaler-led programs.

At the same time, the standalone loss versus consolidated profit underscores that the group’s performance is driven by consolidated operations, and that investors need to track both entity-level movements and group-wide execution.

Conclusion

Black Box’s Q1 FY27 update shows a combination of faster top-line growth, improved profitability, and a stronger order book. The company has also signaled a higher data center revenue mix in FY27 and highlighted improved win-rates for large deals. The next key milestone for investors remains tracking execution against the expanded backlog and any further updates following board and regulatory filings of quarterly results.