Black Box Limited Q2 PAT rises 31% to Rs 73 crore as revenue rises 22%

Black Box Limited reported Q2 FY27 PAT of Rs 73 crore, up 31% year on year, as revenue rose 22% to a record Rs 1,936 crore and order backlog reached US$1.04 billion at September 30, 2026, according to its unaudited results.

What were Black Box's Q2 FY27 financial results?

Black Box delivered record Q2 FY27 revenue of Rs 1,936 crore, earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 175 crore, and profit after tax (PAT) of Rs 73 crore. Revenue increased 22% from Rs 1,585 crore in Q2 FY26 and rose 13% sequentially, while EBITDA increased 23% from Rs 143 crore and PAT increased 31% from Rs 56 crore.

The release attributed Q2 FY27 growth to execution in hyperscale data-centre infrastructure and enterprise solutions, alongside momentum in Technology Products. Q2 FY27 included a full quarter of consolidation of Brazil-based 2S Inovações Tecnológicas, acquired effective May 1, 2026.

How did Black Box's first-half earnings compare with last year?

Black Box increased H1 FY27 revenue by 23%, EBITDA by 29% and PAT by 25% from the corresponding first half. Revenue reached Rs 3,655 crore against Rs 2,971 crore in H1 FY26, while EBITDA rose to Rs 335 crore from Rs 259 crore and PAT increased to Rs 129 crore from Rs 103 crore.

In Q2 FY27, EBITDA margin was unchanged at 9.0% despite the Rs 32 crore increase in EBITDA, while the H1 margin improved to 9.2% from 8.7%, a 50-basis-point increase. Executive Director and Global Chief Financial Officer Deepak Kumar Bansal said operating cash flow reached Rs 115 crore in H1 FY27.

How large is Black Box's order backlog and bookings pipeline?

Black Box's order backlog was US$1.04 billion at September 30, 2026, up 88% year on year from US$555 million and approximately 10% sequentially. The company booked US$298 million of new orders in Q2 FY27, a 37% increase from US$218 million in Q2 FY26.

For H1 FY27, order bookings were US$637 million, up 62% from US$394 million in H1 FY26. Black Box said the backlog contained a growing proportion of larger, multi-year engagements, with project-led wins providing revenue visibility over 24 to 36 months.

Hyperscale infrastructure was the principal disclosed source of new demand, with more than US$250 million in data-centre orders secured during H1 FY27. Black Box said it supports projects associated with gigawatt-scale data-centre developments and has a substantial pipeline of larger hyperscale deals, but did not quantify that pipeline or provide dates for potential wins.

What is Black Box targeting for FY27 and FY30?

Black Box management retained FY27 guidance for revenue growth of 23% to 27%, EBITDA growth of 27% to 32%, and PAT growth of 38% to 50%. Management also targets exit order backlog of US$1.3 billion to US$1.4 billion and FY27 order bookings of US$1.3 billion to US$1.5 billion, compared with the US$1.04 billion backlog reported at September 30, 2026.

Whole-time Director and Chief Executive Officer Sanjeev Verma said Black Box is pursuing an immediate revenue goal of US$2 billion, while the company described a FY30 ambition to reach US$2 billion in annual revenue. Its disclosed operating plan includes recruiting nearly 3,000 professionals by FY30, primarily in the United States, with hiring already underway for major data-centre projects.

Alongside hyperscale work, Black Box said it is expanding enterprise relationships in technology, healthcare, financial services, industrial and retail markets. Q2 FY27 engagements included network infrastructure, connectivity, data-centre integration and digital workplace projects, while its strategy calls for expanding relationships with 300 strategic enterprise accounts.

Conclusion

Black Box's Q2 FY27 disclosure showed revenue, EBITDA, PAT, bookings and backlog rising together: revenue increased 22% to Rs 1,936 crore, PAT rose 31% to Rs 73 crore and backlog reached US$1.04 billion. The H1 comparison also showed EBITDA margin rising to 9.2% from 8.7%, while operating cash flow reached Rs 115 crore.

The next disclosed measures to watch are progress toward FY27 bookings of US$1.3 billion to US$1.5 billion and exit backlog of US$1.3 billion to US$1.4 billion as secured projects convert into revenue. Management's FY30 plan to recruit nearly 3,000 professionals, mainly in the United States, is also tied to its stated US$2 billion annual-revenue ambition.