Black Box Reports 24% YoY Revenue Growth in Q1 FY27; Order Backlog Surges 83%

Mumbai: Black Box Limited, a leading provider of digital infrastructure solutions, today announced its unaudited financial results for the quarter ended June 30, 2026.

“With a growing order book and backlog, experienced leadership, strong industry tailwinds and proven capabilities in executing large-scale global projects, the Company is well positioned to capture a larger share of this market. This provides a credible pathway towards its targeted revenue goal of US$2 billion by FY30,” the company said.

During the quarter, Black Box added a new global hyperscaler through a US$131 million (~₹1,240 crore) order, while continuing to expand its relationship with an existing hyperscaler. The Company is also the only India-origin, AI-led digital infrastructure solutions provider currently executing gigawatt-scale data centre programs demonstrating the depth, scale and execution capabilities it has built to participate in the accelerating global AI infrastructure build-out.

The focus now is on converting this strong market position into sustained, profitable growth: deepening relationships across approximately 300 strategic enterprise accounts, increasing participation in larger multi-year programs and building the execution capacity required to capture a greater share of the opportunity, the company said.

Q1 Performance Demonstrates Strong Operating Momentum

Profit and Loss (in ₹ crore):

Particulars	Q1 FY27*	Q1 FY26	YoY
Order Backlog	8,986	4,901	83%
Revenue	1,719	1,387	24%
EBITDA	160	116	38%
EBITDA Margin	9.3%	8.4%	90 bps
PAT	56	47	18%

*The quarter included two months of consolidation from the recently acquired Brazil-based 2S Inovações Tecnológicas business.

A Larger, Longer-Duration and Higher-Quality Order Book

The company also said that the new orders reached approximately US$339 million (~₹3,208 crore) during the quarter, lifting the order backlog to an all-time high of approximately US$949 million (~₹8,986 crore), up 83% YoY.

The backlog reflects a step-change in the scale and quality of the business. Compared with a historical range of approximately US$450–500 million, backlog has nearly doubled, supported by increasing participation in large, multi-year and mission-critical programs. Project-led backlog grew approximately 50% QoQ, with longer-duration engagements providing 24–36 months of revenue visibility.

Order momentum is expected to strengthen through FY27. Black Box expects US$1.3–1.5 billion of order bookings, representing growth of approximately 32–45% over FY26, and expects to exit FY27 with an order backlog of US$1.3–1.4 billion, an increase of approximately 65–75% YoY. This expanding order base provides a durable platform for the Company’s next phase of growth.

Momentum Extends Across a Blue-Chip Customer Base

Demand remained broad-based beyond hyperscalers, with financial services, healthcare, public services and retail contributing approximately US$80 million (~₹757 crore) to order bookings during the quarter.

Key wins included a large U.S. connectivity infrastructure and networking engagement with one of the world’s largest chip manufacturers; a workplace solutions and connectivity engagement with a leading discount retailer; and significant orders from a U.S. state government and a leading healthcare provider.

Mr. Sanjeev Verma, Whole-time Director & Chief Executive Officer, said, “We have entered FY27 with strong momentum, delivering our highest-ever quarterly revenue of ₹1,719 crore, up 24% YoY, driven by improved execution of our expanding backlog and the contribution from our recently acquired Brazilian business, 2S. Strong order bookings of US$339 million lifted our backlog to an all-time high of US$949 million, providing greater visibility and a strong foundation for sustained growth.

Black Box today operates from a fundamentally stronger platform. Our growing participation in AI-led digital infrastructure, expanding hyperscaler relationships and deep presence across approximately 300 strategic enterprise accounts give us significant headroom to scale. Our priority is to convert this opportunity into disciplined, profitable growth as we build towards our ambition of becoming a US$2 billion revenue company by FY30.”

Mr. Deepak Kumar Bansal, Executive Director and Global CFO, said, “Q1 demonstrates the improving financial quality of the business, with EBITDA growth outpacing revenue growth and margins expanding by 90 bps. The increasing scale, quality and duration of our order book create a stronger base for growth and enhance revenue visibility.

Our focus remains on translating this momentum into stronger cash flows and returns through operating leverage, disciplined working capital management and prudent capital allocation, while selectively investing in capabilities that can create sustainable long-term value.”