Black Box Orders Jump 62% in First Half as Second-Quarter Revenue Grows
Key Facts
Black Box reported on November 13, 2026, that order bookings rose 62% year over year to $637 million in the first half of fiscal 2027, while quarterly bookings reached $298 million, up 37%. The company’s reported results showed first-half revenue rising to ₹3,655 crore from ₹2,971 crore, an increase of 23%. Profit after tax rose to ₹129 crore from ₹103 crore, up 25%. CEO Sanjeev Verma said the results “reinforce our confidence in scaling the business toward our near-term growth goal of $2 billion in revenue.” The results highlight an increase in orders alongside revenue and profit growth during the period.
In the second quarter, EBITDA rose 26.2% to ₹183 crore, compared with ₹145 crore in the corresponding period of the previous fiscal year. The EBITDA margin widened to 9.5% from 9.1%, an increase of 40 basis points. Profit before exceptional items and tax also rose 24.8% year over year to ₹93.78 crore. For the first half, the EBITDA margin was 9.2%, up 50 basis points, while operating cash flow reached ₹115 crore. Global CFO Deepak Bansal said, “The first-half EBITDA margin widened 50 basis points to 9.2%, while operating cash flow stood at ₹115 crore.”
The company attributed revenue growth to continued execution of hyperscale data center infrastructure and enterprise solutions projects, alongside improving momentum in technology product business. Data center orders exceeded $250 million in the first half of fiscal 2027, with the company saying that AI-related infrastructure investments are supporting demand. It also said repeat orders from hyperscale data center companies support growth opportunities. The second quarter included a full period of consolidation of Brazil’s 2S Inovações Tecnológicas, which Black Box acquired effective May 1, 2026. This consolidation adds context to the period’s results, alongside growth in infrastructure and enterprise solutions business.
Quarterly order bookings rose to $298 million from $218 million in the corresponding period, while first-half bookings increased to $637 million from $394 million. The company said multi-year contracts make up a growing share of its order book, and the associated projects provide revenue visibility extending 24 to 36 months. Black Box expects its order book to reach $1.3 to $1.4 billion by the end of fiscal 2027, with full-year order bookings of $1.3 to $1.5 billion. The company links upcoming large-deal opportunities to booking growth, while saying data center orders exceeded $250 million in the first half. This places orders and execution projects at the center of its outlook for the coming period.
The company reaffirmed its fiscal 2027 guidance, targeting revenue growth of 23% to 27%, EBITDA growth of 27% to 32%, and profit after tax growth of 38% to 50%. Management said the results strengthen its confidence in scaling toward its $2 billion revenue goal. The company is also pursuing a plan to hire about 3,000 employees by fiscal 2030, mostly in the United States, to expand its engineering and execution capacity for larger projects. The company points to large-deal opportunities and data center orders as factors supporting booking growth. The available evidence did not provide a consistent reading of the stock’s movement during the November 13 session, as a Moneycontrol report cited a gain of more than 6% in afternoon trading.
In separate background preceding the results announcement, a CNBC TV18 report on October 12, citing sources, said Black Box was in early talks to acquire Nasdaq-listed Aeries Technology. The report estimated a potential deal value of between $70 and $90 million. It said the deal structure, financing and timeline had not been finalized at the time. This development remains background predating the November 13 announcement and is not part of the first-half results reported that day. The operating guidance reaffirmed by the company covers fiscal 2027, while its hiring plan extends to fiscal 2030.