Black Box Limited has started FY27 with a strong set of numbers. The company reported its highest-ever quarterly revenue of ₹1,719 crore for Q1 FY27, up 24% from ₹1,387 crore in Q1 FY26. EBITDA rose at a faster pace, up 38% year on year to ₹160 crore from ₹116 crore. As a result, the EBITDA margin rose by 90 basis points to 9.3%, from 8.4% a year ago.
Profit after tax also moved higher. PAT rose 18% to ₹56 crore from ₹47 crore in the same quarter last year. The numbers show that Black Box is not only adding revenue but also able to convert a larger part of that revenue into operating profit. This is one of the most important points from the latest quarter.
The company also had a very strong order quarter. New orders stood at about US$339 million, or around ₹3,208 crore. This pushed the order backlog to an all-time high of US$949 million, or about ₹8,986 crore. The backlog was up 83% from ₹4,901 crore in Q1 FY26.
Revenue reaches a new high
Revenue of ₹1,719 crore is a major milestone for Black Box. The company had revenue of ₹1,387 crore in Q1 FY26, so the latest figure marks a rise of ₹332 crore in one year. The 24% year-on-year growth also shows a clear change from the more modest growth seen in FY26.
For context, Black Box reported FY26 revenue of ₹6,322 crore, up 6% from ₹5,967 crore in FY25. EBITDA for FY26 stood at ₹570 crore, up 7%, while the full-year EBITDA margin was 9.0%.
The Q1 FY27 result therefore suggests a faster start to the new financial year. The company has more large projects in its order book, and it has also added revenue from its Brazil-based 2S Inovações Tecnológicas business. Q1 FY27 includes two months of consolidation from this acquired business.
EBITDA grows faster than revenue
The most useful part of the result may be the EBITDA performance. Revenue rose 24%, but EBITDA rose 38%. This gap matters because it shows better operating leverage.
Black Box had an EBITDA margin of 8.4% in Q1 FY26. That figure rose to 9.3% in Q1 FY27, a 90-basis-point improvement. A higher margin means the company kept more operating profit from each rupee of revenue.
The margin is also above the 9.0% full-year level for FY26. At the same time, it is below the 9.7% margin from Q4 FY26. So the quarter shows clear year-on-year progress, even though the margin did not match the previous quarter.
For investors, the key question is whether Black Box can keep its EBITDA margin close to or above 9% as revenue rises. If it can do that, faster revenue growth could lead to a much larger rise in operating profit over time.
Order backlog gives better revenue visibility
Black Box’s order backlog is perhaps the biggest reason for the positive outlook. The company ended Q1 FY27 with an order backlog of US$949 million, equal to about ₹8,986 crore. This is 83% higher than the ₹4,901 crore backlog at the end of Q1 FY26.
The size of the backlog has changed the scale of the business. Black Box said its historical backlog was usually around US$450 million to US$500 million. The current figure is almost twice that range.
More importantly, a larger share of the backlog now comes from large, multi-year and mission-critical projects. The company said project-led backlog rose about 50% quarter on quarter, while some long-term contracts offer 24 to 36 months of revenue visibility.
This gives the company a better base for future revenue. It also reduces the need to rely only on new orders every quarter.
Data centres become a key growth engine
The data centre business has become a major part of the Black Box story. Demand for data centre infrastructure has increased as cloud services, artificial intelligence and large computing systems need more capacity.
Black Box has gained from this trend. In Q1 FY27, the company won a US$131 million, or about ₹1,240 crore, order from a new Tier-1 US hyperscaler. The contract relates to a major data centre project in the United States and is expected to run for about three years, with scope for more work later.
This deal is important for another reason. It adds a new large hyperscaler to the company’s customer base. Black Box already has relationships with major global technology companies, and a new hyperscaler win could create room for more projects if execution is successful.
The company also said data centre work formed about 17% of FY26 revenue and could reach around 30% in FY27. That would make this segment a much larger part of the business.
Growth is not limited to data centres
The Q1 order flow was not dependent only on hyperscalers. Black Box also received orders from financial services, healthcare, public services and retail.
These sectors contributed about US$80 million, or around ₹757 crore, to Q1 order bookings. The company also cited a large US connectivity and networking deal with one of the world’s largest chip makers, a workplace and connectivity deal with a major discount retailer, plus orders from a US state government and a major healthcare provider.
This mix is useful because it gives Black Box a wider customer base. A business that depends on one customer or one sector faces more risk. Black Box has about 300 strategic enterprise accounts, which gives it room to add more work from existing clients.
The Brazil acquisition adds another layer
The Q1 revenue figure also has some help from the recent acquisition of 2S Inovações Tecnológicas in Brazil. Black Box completed the acquisition in May 2026, and two months of the acquired business were part of Q1 FY27 consolidation.
The deal adds a Latin American presence and broadens the company’s reach. However, investors should also note that some of the year-on-year revenue rise comes from this acquisition. The organic performance remains important for the long-term case.
What investors should watch next
The Q1 result is strong, but one quarter does not prove a long-term trend. The next few quarters will show whether Black Box can maintain revenue growth and keep margins near the 9% level.
PAT growth of 18% was lower than EBITDA growth of 38%. This means the improvement at the operating level did not fully reach the bottom line. Investors should therefore watch finance costs, taxes, cash flow and working capital along with EBITDA.
Execution is another key factor. A backlog of ₹8,986 crore is positive only if Black Box can deliver projects on time and at healthy margins. Large data centre contracts can offer strong revenue, but they can also need high levels of people, equipment and capital.
A stronger base for FY27
Overall, Black Box has given investors a strong start to FY27. Revenue reached a record ₹1,719 crore, EBITDA rose to ₹160 crore, EBITDA margin reached 9.3%, and PAT rose to ₹56 crore. At the same time, new orders of ₹3,208 crore pushed the order backlog to a record ₹8,986 crore.
The bigger story is the combination of these numbers. Revenue is rising, profit growth is faster than revenue growth, and the order book has reached a much larger scale. The new US$131 million hyperscaler order also adds weight to the data centre and AI infrastructure story.
Black Box has set a target of US$2 billion in revenue by FY30. The company now has a much larger order base and a stronger position in global digital infrastructure than it had a few years ago. The key test from here is simple: can it turn this large order book into steady revenue, stronger cash flow and higher margins?
If the answer is yes, Q1 FY27 could prove to be more than just a good quarter. It could mark the start of a much larger phase for Black Box.
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