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Black Box

BBOX NSE

Key Fundamentals

MicrocapIT Enabled ServicesInformation Technology
Market Cap
₹13,353 Cr
Volatility
Moderate
P/E Ratio
61.65
EBITDA
₹563 Cr
Return on Equity
16.9%
Debt to Equity
0.9
Book Value
₹72.46
52W High
₹1,103
52W Low
₹443.05

Tapetide Score

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

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 11.0 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.

Growth Rate

Revenue Growth
5.96% higher than 3Y
Net Income Growth
6.2% lower than 3Y
Cash Flow Change
196% higher than 3Y
ROE
-37.38% lower than 3Y
ROCE
-24.65% higher than 3Y
EBITDA Margin (Avg.)
-2.09% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 28d ago
AI opinion · based on fundamentals
Risk high

Black Box Ltd is an IT services company with a market cap of ₹14,198 Cr trading at a PE of 65.4x. The company has delivered strong 3-year ROE of 35% and 83% compounded profit growth over 3 years, but sales growth has been tepid at 6% over 5 years and debtor days have risen from 41.2 to 66.6 days.

Bull Case 7
  • Strong return on equity track record with 3-year ROE of 35% and 5-year ROE of 33%, indicating efficient capital utilization
  • Compounded profit growth of 83% over 3 years demonstrates significant margin expansion and operational leverage
  • Stock has delivered 48% CAGR over 10 years, reflecting sustained long-term wealth creation
  • Long-term compounded sales growth of 22% over 10 years shows the company has historically scaled well
  • TTM profit growth of 4% remains positive despite a high base from prior years of rapid earnings expansion
  • TTM sales growth of 12% shows acceleration compared to the 3-year sales CAGR of 0%, suggesting a potential revenue recovery
  • Last year ROE of 27% remains well above cost of equity for most IT companies, indicating continued value creation
Bear Case 8
  • PE ratio of 65.4x is significantly elevated for a company growing sales at only 12% TTM, implying a PEG well above 5x
  • Price-to-book of 11.49x is expensive and leaves little margin of safety if growth decelerates
  • 5-year compounded sales growth of only 6.23% indicates structural revenue growth challenges
  • 3-year compounded sales growth of 0% shows revenue stagnation in the medium term despite profit expansion
  • Debtor days have increased from 41.2 to 66.6 days, signaling deteriorating working capital efficiency and potential collection issues
  • Dividend yield of just 0.12% offers negligible income return relative to the valuation premium being paid
  • ROE has declined from 35% (3-year average) to 27% last year, a downward trend that may continue
  • Tax rate appears low, which may not be sustainable and could compress future net margins if normalized

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

AI News Digest

Anthropic anthropic claude-opus-4.6 27d ago
Positives 1
  • Rs 1240 Cr US hyperscaler order Aug 12

    Black Box wins a Rs 1240 crore data centre order from a Tier-1 US hyperscaler spanning three years. However, order book coverage is noted at 0.00 quarters as no prior orders were disclosed in the last three quarters.

Neutral 2
  • Revised insider trading code adopted Aug 12

    Black Box adopted a revised Code of Conduct for Prevention of Insider Trading effective August 12, 2026, aligning with current SEBI regulations on fair disclosure of unpublished price-sensitive information.

  • Q1 FY27 earnings call scheduled Aug 6

    Black Box scheduled its Q1 FY27 earnings call for August 13, 2026 at 9:30 AM IST, led by CEO Sanjeev Verma and CFO Deepak Bansal.

TL;DR: Black Box secured a significant Rs 1240 crore data centre order from a US hyperscaler, signalling strong traction in the global hyperscale infrastructure buildout. No material headwinds emerged this period. The lack of disclosed prior order book is worth monitoring, but the large new win suggests improving momentum heading into Q1 FY27 results on August 13.

Quarterly Results

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 in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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69 extracted metrics + investor summaries across FY12–FY27.

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Shareholding Pattern

DIIs3.41%Govt.0.12%Promot.69.95%FIIs4.69%Others8.25%Public13.58%As ofJun 2026

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 a...
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 market capitalisation of Black Box Ltd?
Black Box Ltd has a market capitalisation of ₹13,353 Cr, which places it in the Mid Cap band.
What is the PE ratio of Black Box Ltd?
Black Box Ltd trades at a PE ratio of 61.65, 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 ₹443.05 and ₹1,103.
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 16.90%. 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. [1] [2]

Website blackbox.com
CEO Reeja Sujoy
Employees 2,929
Listed 2003-07-22
Face Value ₹ 2
Issued Size 17,02,81,100

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