Black Box Q2 FY27: Order Backlog Hits $1.04 Billion

Black Box Limited (NSE: BBOX), a global digital infrastructure solutions provider, reported a strong Q2 FY27 performance. Consolidated revenue increased 22% YoY to ₹1,936 crore, while net profit rose 31% to ₹73 crore. Key Highlights Revenue grew 22% YoY and 13% sequentially. EBITDA increased 23% to ₹175 crore. EBITDA margin remained steady at 9%. Order bookings rose 37% YoY to $298 million. Order backlog reached a record $1.044 billion, up 88% YoY. H1 FY27 revenue grew 23% to ₹3,655 crore, while PAT increased 25% to ₹129 crore. The company secured over $250 million in data centre orders during H1. My View The standout number is the 88% growth in order backlog. It suggests strong demand and provides better revenue visibility, particularly as global investments in AI and hyperscale data centres drive demand for digital infrastructure. However, a growing order book does not automatically translate into immediate profits. Execution timelines, project costs and working capital requirements will be important. Another point worth noting is that EBITDA margin remained at 9% despite higher revenue. Sustaining growth while improving profitability will be the real test. What I'm Watching Next Black Box has maintained its FY27 guidance of 23–27% revenue growth, 27–32% EBITDA growth and 38–50% PAT growth. I will be tracking order execution, margin improvement and cash flow conversion over the coming quarters. The key question: Can the company convert its record order backlog into profitable and sustainable growth? Stance: Cautiously Positive – Strong demand visibility, but execution and margin improvement remain key. Disclosure: I do not have any holding or position in the stock mentioned above. BBOX