Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹14134 Cr.
Stock P/E
65
P/B
10.5
Current Price
₹795.9
Book Value
₹ 75.6
Face Value
2
52W High
₹1104.3
52W Low
₹ 444
Dividend Yield
0.13%

Black Box Overview

Business

Black Box Ltd. (formerly AGC Networks Ltd.) is an Indian company operating in the telecommunication and IT infrastructure solutions space. It provides a comprehensive suite of IT infrastructure solutions, services, and products to enterprises and government entities globally. Its core business revolves around system integration, managed services, and product sales across various domains like enterprise networking, data centers, collaboration, cybersecurity, and cloud services. The company leverages its expertise to design, deploy, and manage complex IT and communication infrastructures, generating revenue through project-based deployments, recurring managed service contracts, and direct sales of equipment and software.

Revenue Mix

While specific revenue percentages for each segment are not readily available in public domain without detailed financial reports, Black Box Ltd.'s operations can generally be categorized into:

Enterprise Networking & Connectivity: Providing solutions for local area networks (LAN), wide area networks (WAN), wireless networks, and network security.

Data Center & Cloud Infrastructure: Offering services related to data center design, build, migration, and management, including hybrid cloud solutions.

Collaboration & Communication Solutions: Deploying unified communications, contact center solutions, and video conferencing systems.

Cybersecurity: Delivering services and products for threat detection, prevention, and response.

Managed Services: Providing ongoing support, monitoring, and management for client IT infrastructure.

Industry

Black Box Ltd. operates in the highly competitive telecommunication equipment and IT services industry, serving the enterprise segment. The Indian market is characterized by robust demand for digital transformation, cloud adoption, and advanced networking solutions. Black Box positions itself as a leading global system integrator and solution provider, differentiating through its end-to-end capabilities, a wide portfolio of technology partnerships, and leveraging the global brand recognition acquired through its acquisition of the global IT services business of Black Box Corporation. It competes with other IT services firms, system integrators, and telecom equipment vendors.

MOAT

Brand Reputation & Global Footprint: Leveraging the internationally recognized "Black Box" brand name, which denotes quality and reliability in IT infrastructure solutions, combined with a global delivery capability from its acquisitions.

Technical Expertise & Certifications: A deep pool of skilled professionals and numerous certifications with leading technology vendors enables the delivery of complex, integrated solutions.

Client Relationships & System Integration Capability: Established relationships with diverse enterprise clients across various sectors and the ability to integrate disparate technologies into cohesive solutions.

Managed Services Offering: Recurring revenue potential and sticky client relationships through comprehensive managed service agreements.

Growth Drivers

Digital Transformation Initiatives: Increasing enterprise spending on modernizing IT infrastructure, cloud adoption, and cybersecurity.

Expansion of Data Centers: Growing demand for data center build-outs and upgrades driven by cloud services, AI, and data localization trends.

5G Rollout & Enterprise Connectivity: New opportunities arising from the deployment of 5G infrastructure, private 5G networks, and enhanced enterprise connectivity solutions.

Cybersecurity Demand: Escalating need for robust cybersecurity solutions as businesses face increasing digital threats.

Global Market Penetration: Leveraging its expanded global presence post-acquisition to capture new international clients and projects.

Risks

Intense Competition & Pricing Pressure: The industry is highly competitive with numerous global and local players, leading to potential pricing pressure and margin erosion.

Technological Obsolescence: Rapid advancements in technology require continuous investment in R&D and skill upgrades, posing a risk of obsolescence if the company fails to adapt quickly.

Supply Chain Disruptions: Reliance on third-party hardware and software vendors exposes the company to risks of supply chain disruptions, component shortages, and increased costs.

Economic Slowdown: A downturn in global or domestic economic conditions could lead to reduced IT spending by enterprises, impacting project pipelines and revenue.

Currency Fluctuations: As a company with global operations, adverse currency movements could impact its profitability.

Management & Ownership

Black Box Ltd. is part of the Essar Group, with the promoters holding a significant stake. The company, previously known as AGC Networks Ltd., strategically rebranded after acquiring the global IT services business of Black Box Corporation. This move significantly expanded its global reach and technology portfolio. The management team comprises experienced professionals from the IT and telecom sectors, tasked with integrating the acquired entities, driving operational efficiencies, and expanding market share.

Outlook

Black Box Ltd. is well-positioned to capitalize on the ongoing global digital transformation wave, leveraging its expanded portfolio and global footprint post-acquisition. The demand for robust IT infrastructure, cybersecurity, and cloud services from enterprises remains strong, providing a foundational growth impetus. However, the company operates in a highly competitive and technologically evolving landscape. Success will hinge on its ability to continuously innovate, manage talent effectively, execute complex projects efficiently, and defend against aggressive pricing strategies from competitors, all while navigating potential macroeconomic headwinds and supply chain challenges.

Black Box Share Price

Live · BSE / NSE · Inception: 1986
₹ | |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Black Box Quarterly Results

#(Fig in Cr.) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Net Sales 1480 1423 1497 1502 1545 1387 1585 1660 1691 1719
Other Income 1 1 1 1 6 13 1 1 9 15
Total Income 1481 1424 1498 1503 1550 1400 1586 1661 1700 1733
Total Expenditure 1356 1309 1365 1368 1402 1282 1441 1513 1534 1570
Operating Profit 125 115 134 135 148 118 144 148 166 164
Interest 41 34 32 31 47 34 39 40 45 48
Depreciation 29 26 28 31 28 27 29 30 31 36
Exceptional Income / Expenses -9 -15 -18 -13 -16 -13 -15 -22 -14 -19
Profit Before Tax 47 40 55 59 57 45 61 57 76 61
Provision for Tax 6 3 3 3 -3 -2 5 7 11 5
Profit After Tax 41 37 51 56 60 47 56 50 65 56
Adjustments 0 0 -0 0 0 -0 -0 0 0 0
Profit After Adjustments 41 37 51 56 60 47 56 50 65 56
Adjusted Earnings Per Share 2.4 2.2 3 3.3 3.6 2.8 3.3 2.9 3.6 3.1

Black Box Profit & Loss

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
Net Sales 881 780 733 1853 4994 4674 5370 6288 6282 5967 6322 6655
Other Income 6 4 5 6 7 11 23 38 24 5 62 26
Total Income 887 784 738 1859 5001 4685 5393 6325 6305 5972 6384 6680
Total Expenditure 876 748 700 1806 4726 4364 5112 6025 5855 5437 5808 6058
Operating Profit 11 36 38 53 275 321 280 301 450 535 576 622
Interest 27 26 25 45 132 98 74 111 141 145 158 172
Depreciation 9 7 8 15 92 96 99 107 114 113 116 126
Exceptional Income / Expenses 2 10 14 -73 -125 -32 -22 -52 -40 -66 -63 -70
Profit Before Tax -22 13 19 -79 -73 96 86 29 156 212 239 255
Provision for Tax 12 2 4 -1 7 18 13 6 19 7 22 28
Profit After Tax -35 10 15 -79 -80 78 73 24 138 205 218 227
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments -35 10 15 -79 -80 78 73 24 138 205 218 227
Adjusted Earnings Per Share -2.4 0.7 1 -5.3 -5.4 4.8 4.4 1.4 8.2 12.1 12.3 12.9

Black Box Balance Sheet

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Shareholder's Funds 69 70 90 19 -176 207 260 296 481 759 1287
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 0 2 20 587 15 119 229 305 362 633 797
Other Non-Current Liabilities 146 25 26 136 463 265 231 338 357 296 406
Total Current Liabilities 655 492 444 1658 1983 1694 1915 2044 1576 1362 1769
Total Liabilities 869 589 579 2400 2285 2285 2635 2983 2776 3049 4259
Fixed Assets 109 111 114 399 557 622 732 794 808 769 883
Other Non-Current Assets 217 96 70 104 182 108 96 162 131 150 139
Total Current Assets 543 382 396 1897 1547 1554 1807 2026 1837 2130 3236
Total Assets 869 589 579 2400 2285 2285 2635 2983 2776 3049 4259

Black Box Cash Flow

#(Fig in Cr.) Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Opening Cash & Cash Equivalents 28 26 16 9 206 316 357 302 200 214 214
Cash Flow from Operating Activities 29 4 52 -72 1137 303 95 13 129 -88 84
Cash Flow from Investing Activities -19 -4 -5 -357 -328 -32 -71 19 1 -47 -57
Cash Flow from Financing Activities -10 -11 -54 629 -645 -277 -43 -58 -155 192 197
Net Cash Inflow / Outflow -0 -10 -7 201 164 -7 -18 -26 -25 58 224
Closing Cash & Cash Equivalent 26 16 9 206 316 357 302 200 214 214 528

Black Box Ratios

# Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Earnings Per Share (Rs) -2.43 0.73 1.04 -5.3 -5.38 4.8 4.43 1.41 8.19 12.09 12.25
CEPS(Rs) -1.83 1.19 1.62 -4.31 0.79 10.68 10.44 7.81 15 18.78 18.81
DPS(Rs) 0 0 0 0 0 0 0 0 0 1 1
Book NAV/Share(Rs) 3.75 4.2 5.22 1.1 -11.99 11.84 15.06 17.56 28.54 39.8 72.45
Core EBITDA Margin(%) 0.64 4.09 4.54 2.51 5.37 6.63 4.8 4.18 6.78 8.88 8.13
EBIT Margin(%) 0.49 4.98 6 -1.88 1.18 4.15 2.97 2.24 4.74 5.98 6.28
Pre Tax Margin(%) -2.53 1.62 2.6 -4.28 -1.46 2.05 1.6 0.47 2.49 3.55 3.78
PAT Margin (%) -3.92 1.32 2.04 -4.25 -1.6 1.67 1.35 0.38 2.19 3.43 3.44
Cash Profit Margin (%) -2.96 2.16 3.15 -3.46 0.23 3.72 3.19 2.09 4.01 5.33 5.28
ROA(%) -3.96 1.55 2.56 -5.29 -3.41 3.42 2.96 0.84 4.78 7.03 5.95
ROE(%) -49.4 18.26 22.29 -173.94 0 1093.7 33.09 8.75 35.55 35.5 22.2
ROCE(%) 1.81 16.39 18.43 -6.59 10.6 57.95 34.79 23.8 39 31.13 22.5
Receivable days 95.71 98.88 103.18 105.4 44.7 23.47 20.87 23.08 23.46 29.16 49.67
Inventory Days 10.34 9.86 12.34 17.91 10.5 11.14 12.73 17.07 17.68 13.95 15.38
Payable days 186.92 216.59 212.43 202.49 133.22 125.93 158.46 194.32 190.72 126.8 110.29
PER(x) 0 25.3 19.17 0 0 53.41 34.16 65.74 27.53 29.73 36.46
Price/Book(x) 3.54 4.38 3.82 20.4 -3.92 21.66 10.06 5.28 7.9 9.03 6.17
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0.28 0.22
EV/Net Sales(x) 0.37 0.55 0.59 0.47 0.16 0.84 0.46 0.27 0.63 1.09 1.3
EV/Core EBITDA(x) 29.43 11.84 11.26 16.5 2.87 12.26 8.73 5.66 8.81 12.18 14.27
Net Sales Growth(%) -1.07 -11.54 -5.92 152.61 169.54 -6.41 14.89 17.08 -0.1 -5.01 5.95
EBIT Growth(%) -90.07 797 13.36 -179.06 268.74 230.1 -17.7 -11.81 111.5 19.8 11.27
PAT Growth(%) -334.19 129.86 44.53 -627.6 -1.51 197.66 -6.88 -67.41 480.89 48.75 6.22
EPS Growth(%) -334.18 129.87 43.08 -610.18 -1.48 189.31 -7.67 -68.16 480.35 47.61 1.34
Debt/Equity(x) 2.36 2.52 1.63 49.26 -2.59 0.92 1.11 1.19 0.83 0.97 0.64
Current Ratio(x) 0.83 0.78 0.89 1.14 0.78 0.92 0.94 0.99 1.17 1.56 1.83
Quick Ratio(x) 0.79 0.74 0.82 1.05 0.71 0.83 0.83 0.81 1.01 1.41 1.65
Interest Cover(x) 0.16 1.48 1.76 -0.78 0.45 1.98 2.17 1.26 2.11 2.46 2.52
Total Debt/Mcap(x) 0.86 0.67 0.51 2.41 0.66 0.04 0.11 0.23 0.1 0.11 0.1

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +6% 0% +6% +22%
Operating Profit CAGR +8% +24% +12% +49%
PAT CAGR +6% +109% +23% —
Share Price CAGR +49% +59% +31% +48%
ROE Average +22% +31% +27% +95%
ROCE Average +23% +31% +30% +23%

Black Box Shareholding Pattern

Latest · Jun 2026
100% held
Promoters 69.95 %
FII 4.69 %
DII (MF + Insurance) 3.53 %
Public (retail) 21.83 %
# Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
Promoter 71.0971.0671.0670.670.5370.3570.2470.1169.9969.95
FII 4.814.713.384.344.74.094.223.433.264.69
DII 0.140.140.150.150.160.160.162.593.113.53
Public 23.9724.0825.4124.9124.6125.425.3723.8623.6321.83
Others 0000000000
Total 100100100100100100100100100100

Black Box Peer Comparison

Telecommunication - Equipment Edit Columns

Black Box Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Black Box Pros & Cons

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 31%
  • Debtor days have improved from 126.8 to 110.29days.

Cons

  • Stock is trading at 10.5 times its book value.
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