Skip to content
Black Box logo

Black Box

BBOX NSE
₹807.70 +9.95 (+1.25%)
P/E
62.18
View as Markdown
MCP
Close 4 Nov 2026 ₹807.70 +270.15 +50.3% 1Y
Start ₹537.55

Key Fundamentals

SmallcapIT - ServicesInformation Technology

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
21.60%
Debt to Equity
0.90
EPS (TTM)
₹12.99
Book Value
₹72.46
Market Cap
—
P/E (TTM)
62.18
P/B
11.15
ROE
25.70%
Dividend Yield
0.13%
EBITDA
₹563 Cr
52W High
₹1,103.00
52W Low
₹444.30
Day Range
₹791.70 – ₹812.95
Volume
2,75,019

Peer Comparison

Information Technology › IT Enabled Services

Black Box peer comparison
L&T Technology Services
₹4,133.5033.20₹45,364 Cr6.190.47%21.50%26.70%₹11,565 Cr₹1,322 Cr
Inventurus Knowledge Solutions
₹1,750.4039.33₹29,871 Cr10.730.00%31.40%31.50%₹3,347 Cr₹764 Cr
Tata Technologies
₹652.4547.55₹26,704 Cr6.911.81%16.30%20.90%₹5,926 Cr₹558 Cr
Netweb Technologies
₹4,062.3088.56₹24,520 Cr11.480.07%32.80%37.50%₹2,702 Cr₹260 Cr
Affle 3i
₹1,623.9047.83₹22,921 Cr5.070.00%13.80%16.80%₹2,836 Cr₹478 Cr
Sagility
₹43.5920.56₹20,233 Cr1.990.35%10.60%13.40%₹7,617 Cr₹994 Cr
ESDS Software Solution
₹1,193.6091.82₹14,545 Cr10.890.00%24.90%30.20%₹537 Cr₹134 Cr
Black Box (this company)
₹807.7062.18₹14,261 Cr11.150.13%25.70%21.60%₹6,654 Cr₹227 Cr
Median 8 companies₹1,408.7547.69₹23,720 Cr8.820.10%23.20%24.15%₹4,637 Cr₹518 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 100/100

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
25
Poor
Cheap vs sector & own history 24% weight
Growth
47
Average
Sales & profit trajectory 9% weight
Financial Health
25
Poor
Solvency, leverage, coverage 9% weight
Momentum
78
Strong
Trend strength, vol-adjusted 12% weight
Ownership
37
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has a good return on equity (ROE) track record: 3 Years ROE 34.6%

Weaknesses

4
  • Stock is trading at 11.2 times its book value
  • The company has delivered a poor sales growth of 6.23% over past five years.
  • Tax rate seems low
  • Debtor days have increased from 41.2 to 66.6 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish865
OscillatorsBearish261
Moving AveragesStrong Bearish604

Key readings

RSI (14)
45.84
Neutral
MACD (12,26,9)
−7.03
Bearish
SMA (50)
806.25
Bullish
SMA (200)
733.06
Bullish

As of

Analyst Rating

Based on 2 analysts
BUY100%

2 of 2 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
2
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+21.78%
5Y+6.23%
3Y+0.18%
1Y+5.95%
TTM+12.19%

Net profit

Net profit growth by window
10YTurned to profit
5Y+22.82%
3Y+108.65%
1Y+6.34%
TTM+6.07%

Operating cash flow

Operating cash flow growth by window
10Y+11.22%
5Y−22.63%
3Y+86.26%
1YTurned positive
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+8.13 pp
5Y+1.02 pp
3Y+4.47 pp
1Y−0.21 pp
TTM+0.36 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹780 Cr
Mar 2018₹733 Cr
Mar 2019₹1,853 Cr
Mar 2020₹4,994 Cr
Mar 2021₹4,674 Cr
Mar 2022₹5,370 Cr
Mar 2023₹6,288 Cr
Mar 2024₹6,282 Cr
Mar 2025₹5,967 Cr
Mar 2026₹6,322 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹10.00 Cr
Mar 2018₹15.00 Cr
Mar 2019−₹79.00 Cr
Mar 2020−₹80.00 Cr
Mar 2021₹78.00 Cr
Mar 2022₹73.00 Cr
Mar 2023₹24.00 Cr
Mar 2024₹138 Cr
Mar 2025₹205 Cr
Mar 2026₹218 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹717 Cr +27.4% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 30 Oct 2026
AI opinion · based on fundamentals
Risk high

Black Box Ltd trades at ₹796.75 as of 2026-10-30 with a market cap of ₹14,150 Cr. The company has delivered strong long-term profit compounding of 25% over 10 years and maintains a healthy 3-year average ROE of 35%, but its P/E of 61.34x and P/B of 11x reflect a rich valuation against a backdrop of sluggish 5-year sales growth of just 6%.

Bull Case 8
  • Strong long-term profit compounding at 25% CAGR over 10 years, indicating sustained earnings growth over a full business cycle
  • Exceptional 3-year profit CAGR of 80%, demonstrating a sharp acceleration in profitability in recent years
  • Consistent return on equity track record with 3-year average ROE of 35% and 5-year average ROE of 32%, well above IT sector norms
  • Stock has delivered a 10-year price CAGR of 48%, significantly outperforming broader market indices over the same period
  • TTM sales growth has picked up to 12%, a meaningful improvement over the 5-year sales CAGR of 6%, suggesting a possible revenue re-acceleration
  • ROCE of 15.71% indicates reasonable efficiency in deploying total capital, supporting the business's ability to generate economic value
  • Stock is currently trading 27.8% below its 52-week high of ₹1,103, which may provide a more favourable entry zone relative to recent peaks
  • 1-year stock price CAGR of 38% reflects continued investor confidence in the company's growth trajectory
Bear Case 8
  • P/E ratio of 61.34x on TTM EPS of ₹12.99 is elevated, leaving limited room for earnings disappointments
  • Price-to-book ratio of 11x is steep, meaning investors are paying a significant premium over the company's net asset value
  • 5-year compounded sales growth of only 6% points to a structurally slow top-line expansion despite strong profit growth, raising questions about earnings quality and sustainability
  • TTM profit growth has decelerated sharply to 4% from the 3-year CAGR of 80%, signalling potential margin compression or one-off benefits fading
  • Debtor days have risen from 41.2 to 66.6 days, indicating deteriorating working capital efficiency and potentially slower cash realisation from clients
  • Debt-to-equity ratio of 0.9 is relatively high for an IT services company, where asset-light balance sheets are the norm
  • Dividend yield of just 0.12% offers negligible income return, placing the entire return thesis on capital appreciation alone
  • The company's tax rate appears low, and any normalisation toward statutory rates could compress reported net profit going forward

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Black Box is executing well operationally with 24% YoY revenue growth in Q1FY27, a $792 million order backlog, and a major $131 million hyperscaler win. The potential Aeries Technology acquisition could add recurring GCC revenue and deepen North American delivery, but the $70-90 million price tag represents a steep premium over Aeries' $36 million market cap and a target with a troubled SPAC history. The core business trend is positive, but execution risk on M&A valuation discipline warrants monitoring.

Headwinds 3
  • Aeries acquisition premium risk Oct 12

    Aeries Technology has a market cap of ~$36 million but the reported acquisition price of $70-90 million implies a significant premium, raising overpayment risk for Black Box.

  • Aeries had Nasdaq delisting risk Oct 12

    Aeries faced delisting risks earlier in 2025 when its share price stayed below $1 for an extended period, requiring a 1-for-8 share consolidation in June to regain compliance, signaling governance and valuation concerns.

  • Aeries prior SPAC value erosion Oct 12

    Aeries was valued at $656 million in its March 2023 SPAC business combination but now trades at ~$36 million market cap, reflecting steep value destruction since listing.

Positives 6
  • Strong Q1FY27 revenue growth Oct 12

    Black Box reported Q1FY27 revenue of ₹1,719 crore, up 24% YoY, with EBITDA rising 38% to ₹160 crore and net profit up 18% to ₹55.9 crore.

  • $131M US hyperscaler order Oct 12

    Black Box secured a $131 million data center order from a U.S. hyperscaler in August 2026, reinforcing its position in high-value infrastructure deals.

  • Robust order backlog at $792M Oct 12

    Black Box holds an order backlog of $792 million against FY26 consolidated revenue of ₹6,322 crore and EBITDA of ₹570 crore, providing strong revenue visibility.

Neutral 2
  • India GCC market expanding rapidly Oct 12

    India had 2,117 GCCs as of FY2026, employing 2.36 million people and generating an estimated $98.4 billion in revenue, with mid-market companies increasingly setting up offshore centres.

  • Prior Nasdaq acquisition experience Oct 12

    Black Box has previous experience acquiring Nasdaq-listed entities, having acquired Black Box Corporation in the US through AGC Networks in 2019, adding approximately $600 million in revenue.

Quarterly Results

₹ Cr
BBOX quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
1,571
1,574
1,655
1,480
1,423
1,497
1,502
1,545
1,387
1,585
1,660
1,691
1,718
Expenses
1,484
1,476
1,541
1,355
1,309
1,365
1,368
1,402
1,271
1,442
1,513
1,527
1,559
Operating Profit
87
99
114
125
115
133
134
143
116
143
147
164
160
OPM %
6%
6%
7%
8%
8%
9%
9%
9%
8%
9%
9%
10%
9%
Other Income
−2
−5
2
−8
−14
−17
−12
−10
−11
−13
−21
−12
−15
Interest
33
32
36
40
34
32
31
47
34
39
40
45
48
Depreciation
28
29
28
29
26
28
31
28
27
29
30
31
36
PBT
24
33
52
47
40
55
59
58
45
61
57
76
61
Tax %
2%
4%
21%
13%
8%
6%
5%
−5%
−5%
9%
12%
15%
9%
Net Profit
24
32
41
41
37
51
56
60
47
56
50
65
56
EPS (₹)
1.43
1.9
2.43
2.43
2.21
3.04
3.31
3.57
2.79
3.27
2.92
3.65
3.15

Profit & Loss

₹ Cr
BBOX profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
891
881
780
733
1,853
4,994
4,674
5,370
6,288
6,282
5,967
6,322
6,654
Expenses
867
876
747
700
1,806
4,666
4,310
5,112
6,014
5,855
5,429
5,765
6,040
Operating Profit
24
6
32
33
47
328
364
258
273
426
538
557
614
OPM %
2.7%
0.7%
4.2%
4.5%
2.5%
7%
8%
4.8%
4.3%
7%
9%
9%
9%
Other Income
38
7
13
19
−67
−178
−75
0
−25
−14
−68
−44
−61
Interest
26
27
26
25
45
132
98
74
111
141
145
158
172
Depreciation
18
8
7
8
15
92
96
99
107
114
113
116
125
PBT
18
−22
13
19
−79
−73
96
86
29
156
212
239
255
Tax %
16%
55%
18%
22%
−1%
10%
19%
15%
20%
12%
3%
9%
—
Net Profit
15
−35
10
15
−79
−80
78
73
24
138
205
218
226
EPS (₹)
1.04
−2.43
0.73
1.05
−5.3
−5.38
4.8
4.43
1.41
8.19
12.09
12.25
12.99
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
8%
8%
—

Balance Sheet

₹ Cr
BBOX balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
28
28
28
28
30
30
33
33
34
34
34
36
Reserves
58
25
41
47
−11
−206
174
228
262
447
725
1,251
Borrowings
161
177
173
158
808
596
328
481
628
712
942
1,153
Other Liabilities
385
393
346
346
1,605
1,886
1,768
1,911
2,078
1,607
1,371
1,854
Total Liabilities
633
623
589
580
2,432
2,306
2,303
2,652
3,002
2,800
3,072
4,294
Fixed Assets
90
109
111
114
399
557
622
732
794
808
769
883
CWIP
0
0
0
0
0
0
0
0
2
0
0
0
Investments
0
0
0
0
0
0
0
0
30
32
33
0
Other Assets
543
514
478
467
2,032
1,749
1,681
1,920
2,175
1,960
2,271
3,410
Total Assets
633
623
589
580
2,432
2,306
2,303
2,652
3,002
2,800
3,072
4,294

Cash Flow

₹ Cr
BBOX cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
28
29
4
52
−72
1,137
303
95
13
129
−88
84
Investing
77
−21
−4
−5
−360
−382
15
−108
−56
40
−105
33
Financing
−100
−10
−11
−54
629
−645
−277
−43
−58
−155
192
197
Net Cash Flow
5
−2
−10
−7
197
110
41
−55
−102
14
0
314
Free Cash Flow
24
20
−5
41
−365
1,081
285
45
32
134
−129
12
CFO/OP
109
629
31
126
−98
354
69
45
5
25
−16
20

Ratios

BBOX financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
101
90
97
104
170
26
19
25
24
22
35
67
Inventory Days
25
23
24
47
88
33
35
47
65
50
42
53
Days Payable
187
184
187
209
324
133
122
210
208
146
110
129
Cash Conversion Cycle
−60
−71
−66
−59
−65
−73
−68
−137
−118
−74
−34
−10
Working Capital Days
−40
−61
−61
−29
−5
−59
−43
−29
−13
2
33
54
ROCE %
4%
1%
12%
13%
7%
39%
58%
26%
20%
31%
30%
22%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Black Box insights

69 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 69.95%
  • Public 14.39%
  • Others 8.42%
  • FIIs 3.78%
  • DIIs 3.33%
  • Government 0.12%

No promoter shares pledged as of Sep 2026

Change since Jun 2026

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Black Box

What does Black Box Ltd do?
AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It is currently held by Essar Telecom Ltd. Over the years, AGC evolved into an information and communication (ICT) solutions provider and integrator with a differentiated vertical…
Where is Black Box Ltd (BBOX) listed?
Black Box Ltd trades as BBOX on the NSE and under code 500463 on the BSE.
Which sector does Black Box Ltd belong to?
Black Box Ltd is classified under the Information Technology sector, in the IT Enabled Services industry.
What is the PE ratio of Black Box Ltd?
Black Box Ltd trades at a PE ratio of 62.18 as of 4 Nov 2026, on earnings per share of ₹12.99, against a book value of ₹72.46 per share.
What is the 52-week high and low of Black Box Ltd?
Over the last 52 weeks Black Box Ltd has traded between ₹444.3 and ₹1,103 as of 4 Nov 2026.
Does Black Box Ltd pay dividends?
Black Box Ltd has a dividend yield of 0.13%.
What is the Return on Equity (ROE) of Black Box Ltd?
Black Box Ltd reported a return on equity of 25.70%. Its debt-to-equity ratio is 0.90.

Company Information

AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It is currently held by Essar Telecom Ltd. Over the years, AGC evolved into an information and communication (ICT) solutions provider and integrator with a differentiated vertical approach in business communication systems, applications and services mainly within India.The company is present at multiple geographies such as Middle East, Africa, North America, Australia, New Zealand, Singapore, Philippines and UK servicing over 8000+ customers.

Website blackbox.com
CEO Reeja Sujoy
Employees 2,929
Listed 22 Jul 2003
Face Value ₹2

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/BBOX.md for Black Box Ltd: dated key facts, then this page's sections in order: latest price, key fundamentals, peer comparison, the Tapetide Score, technical indicators, analyst ratings, growth rates, analyst forecasts, the AI analysis and news digest (labelled as AI-generated), financial statements, shareholding pattern, documents and the FAQ.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our Indian stock market MCP server.

Explore More

More IT Services stocks → FII DII DataStock ScreenerNifty 50 HeatmapF&O Ban ListFII and DII flows, month by monthHow Tapetide Scores changed, month by monthStocks mutual funds are buying, month by month