Data Centres Are Creating a New Kind of IT Company

Everyone is looking at companies building data centres. $BBOX is quietly sitting one layer behind them. Q1 FY27 revenue hit a record ₹1,719 crore, up 24% YoY, while EBITDA grew 38%. More interestingly, order bookings reached $339 million and the backlog climbed to a record $949 million, including a $131 million engagement with a global US hyperscaler. The interesting part is the mix: networking, systems integration and digital infrastructure rather than owning the data centre itself. As AI increases the complexity of computing infrastructure, the companies connecting and integrating that infrastructure could become just as important as the companies providing the compute. Black Box is one to watch.