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Black Box

BBOX NSE

Key Fundamentals

MicrocapIT Enabled ServicesInformation Technology
Market Cap
₹14,166 Cr
Volatility
Moderate
P/E Ratio
61.27
EBITDA
₹563 Cr
Return on Equity
16.9%
Debt to Equity
0.9
Book Value
₹72.46
52W High
₹1,103
52W Low
₹444.3

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

2d ago
AI opinion · based on fundamentals
Risk high

Black Box Ltd has a market capitalisation of about ₹14,708 Cr and trades at a P/E of 64.1 and a P/B of 11.26. Its 3-year compounded profit growth of 80% and 3-year average ROE of about 35% compare with flat 3-year sales growth (0% CAGR) and TTM profit growth of 4%. The stock has returned a 64% CAGR over 3 years and 58% over the past year.

Bull Case 7
  • Return on equity has stayed high: about 35% averaged over 3 years (34.6%), 32% over 5 years and 26% in the last year. This points to efficient use of shareholder capital.
  • Compounded profit growth of 80% over 3 years suggests a large margin turnaround and better operating efficiency, even with revenue flat.
  • The long-term record is solid. Sales grew at a 22% CAGR and profit at a 25% CAGR over 10 years, showing the business has scaled over a full cycle.
  • Revenue growth picked up to 12% on a TTM basis, after a 0% CAGR over 3 years and 6% over 5 years. This may mean the top line is recovering.
  • Shareholder returns have been strong. The stock's CAGR is 64% over 3 years, 58% over 1 year and 49% over 10 years, which shows sustained market recognition of the turnaround.
  • At a market cap of about ₹14,708 Cr, the company is large enough to bid for bigger digital infrastructure and networking contracts, which could support future order inflows.
  • The company pays a dividend, at a 0.12% yield, which signals some cash return to shareholders alongside reinvestment.
Bear Case 7
  • Valuation is demanding. The stock trades at 64.1x earnings and 11.26x book value, which prices in strong future growth and leaves little room for disappointment.
  • Sales growth has been weak: a 0% CAGR over 3 years and 6.23% over 5 years. Much of the profit growth came from margin expansion, which cannot continue indefinitely without revenue growth.
  • Profit growth has slowed sharply, from an 80% CAGR over 3 years to 4% TTM. This may mean the margin-driven turnaround is maturing, which is at odds with a 64.1x P/E.
  • Debtor days rose from 41.2 to 66.6, an increase of about 62%. This suggests slower cash collection, possible working-capital strain or looser credit terms with customers.
  • ROE fell to 26% in the last year from a 3-year average of about 35%, a sign that return efficiency is easing.
  • The tax rate looks low. Reported earnings may benefit from tax credits or carried-forward losses, and if the effective tax rate normalises, earnings could come under pressure and the P/E would rise.
  • The dividend yield of 0.12% gives almost no income cushion, so returns depend heavily on price appreciation at current valuations.

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

AI News Digest

1d ago
Neutral 3
  • Q2FY27 trading window closed Sep 25

    Black Box closed its trading window from October 1, 2026, ahead of results for the quarter and half year ended September 30, 2026. The window reopens 48 hours after the results are declared.

  • 40th AGM clears all resolutions Sep 16

    At the 40th AGM on September 16, 2026, shareholders approved the FY26 financials, reappointed Anshuman Ruia and declared a final dividend. Every resolution passed.

  • Investor meetings in Gurugram, Mumbai Sep 16

    Management attended a Jefferies India 1x1 and group meeting in Gurugram on September 18, 2026, followed by analyst and institutional meetings in Mumbai from September 21 to 24, 2026. Both covered publicly available information only.

TL;DR: All recent news for Black Box is routine corporate housekeeping, with no new operational or financial information. The AGM went smoothly with a final dividend declared and all resolutions passed, and the late-September investor meetings suggest management is courting institutional investors. None of the news points to specific risks. The next real catalyst is the Q2FY27 results expected in October 2026, which will show whether the business momentum is improving or slowing.

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 ₹14,166 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 61.27, 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.
Does Black Box Ltd pay dividends?
Black Box Ltd has a dividend yield of 0.12%.
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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