
Black Box Limited shares have surged nearly 90% over the last month as investors aggressively re-rate the company's positioning within hyperscaler-led data center spending. According to reports from The Financial Express, the digital infrastructure company is increasingly being viewed not as a traditional networking contractor, but as a picks-and-shovels beneficiary of the global AI infrastructure buildout. The stock price reflects this fundamental change in perception, with much of the management commentary driving excitement already discussed during the company's February 2026 earnings call.
The company's order bookings for the first nine months of FY26 stood at US$626 million, with management maintaining its FY26 order booking target of roughly US$1 billion. As reported by The Financial Express, Black Box's order backlog stood at US$601 million as of December 2025, up 29% year-on-year, and management now expects it to reach roughly US$800 million by March 2026. The composition of orders includes very large hyperscaler data center orders, airport infrastructure projects, US public sector contracts, a major Indian internet company order, and a large Australian banking contract.
Despite revenue declining from ₹6,282 crore in FY24 to ₹5,967 crore in FY25, profitability improved significantly. According to The Financial Express, EBITDA margins expanded from 4.3% in FY23 to 8.9% in FY25, while EBITDA nearly doubled from ₹269 crore to ₹531 crore over the same period. The company operates in the infrastructure plumbing layer of the digital economy, with around 84% of revenue coming from its Global Solutions Integration business including connectivity infrastructure, enterprise networking and large-scale data center deployments.
Management has lowered FY26 revenue guidance from ₹6,750-7,000 crore to ₹6,325-6,375 crore due to execution delays caused by shortages in fiber, cables and related infrastructure. As reported by The Financial Express, around US$40-45 million of revenue has now shifted into FY27 because projects got delayed. However, the market appears to be betting that once supply constraints ease, the pace of project execution and revenue growth could accelerate meaningfully, with quarterly order bookings potentially moving toward US$300-350 million levels.
In February 2026, Black Box announced the acquisition of Brazilian IT infrastructure company 2S Inovações Tecnológicas, expected to contribute roughly ₹500 crore of revenue in FY27 with EBITDA margins of around 10%. According to The Financial Express, the company has reiterated its ambition of reaching US$2 billion in revenue by FY29, driven by AI-led data center spending, hyperscaler relationships and large infrastructure programs globally. Despite a leveraged balance sheet with debt-to-equity at around 1.15x, investors appear willing to overlook current financial metrics for the significant market opportunity tied to the AI infrastructure cycle.