Telecommunication - Equipment · Founded 1986 · www.blackbox.com · BSE 500463 · NSE BBOX · ISIN INE676A01027
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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.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1655 | 1480 | 1423 | 1497 | 1502 | 1545 | 1387 | 1585 | 1660 | 1691 |
| Other Income | 11 | 1 | 1 | 1 | 1 | 6 | 13 | 1 | 1 | 9 |
| Total Income | 1667 | 1481 | 1424 | 1498 | 1503 | 1550 | 1400 | 1586 | 1661 | 1700 |
| Total Expenditure | 1542 | 1356 | 1309 | 1365 | 1368 | 1402 | 1282 | 1441 | 1513 | 1534 |
| Operating Profit | 125 | 125 | 115 | 134 | 135 | 148 | 118 | 144 | 148 | 166 |
| Interest | 36 | 41 | 34 | 32 | 31 | 47 | 34 | 39 | 40 | 45 |
| Depreciation | 28 | 29 | 26 | 28 | 31 | 28 | 27 | 29 | 30 | 31 |
| Exceptional Income / Expenses | -9 | -9 | -15 | -18 | -13 | -16 | -13 | -15 | -22 | -14 |
| Profit Before Tax | 51 | 47 | 40 | 55 | 59 | 57 | 45 | 61 | 57 | 76 |
| Provision for Tax | 11 | 6 | 3 | 3 | 3 | -3 | -2 | 5 | 7 | 11 |
| Profit After Tax | 41 | 41 | 37 | 51 | 56 | 60 | 47 | 56 | 50 | 65 |
| Adjustments | 0 | 0 | 0 | -0 | 0 | 0 | -0 | -0 | 0 | 0 |
| Profit After Adjustments | 41 | 41 | 37 | 51 | 56 | 60 | 47 | 56 | 50 | 65 |
| Adjusted Earnings Per Share | 2.4 | 2.4 | 2.2 | 3 | 3.3 | 3.6 | 2.8 | 3.3 | 2.9 | 3.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 891 | 881 | 780 | 733 | 1853 | 4994 | 4674 | 5370 | 6288 | 6282 | 5967 | 6323 |
| Other Income | 6 | 6 | 4 | 5 | 6 | 7 | 11 | 23 | 38 | 24 | 5 | 24 |
| Total Income | 897 | 887 | 784 | 738 | 1859 | 5001 | 4685 | 5393 | 6325 | 6305 | 5972 | 6347 |
| Total Expenditure | 868 | 876 | 748 | 700 | 1806 | 4726 | 4364 | 5112 | 6025 | 5855 | 5429 | 5770 |
| Operating Profit | 29 | 11 | 36 | 38 | 53 | 275 | 321 | 280 | 301 | 450 | 542 | 576 |
| Interest | 26 | 27 | 26 | 25 | 45 | 132 | 98 | 74 | 111 | 141 | 145 | 158 |
| Depreciation | 18 | 9 | 7 | 8 | 15 | 92 | 96 | 99 | 107 | 114 | 113 | 117 |
| Exceptional Income / Expenses | 33 | 2 | 10 | 14 | -73 | -125 | -32 | -22 | -52 | -40 | -73 | -64 |
| Profit Before Tax | 18 | -22 | 13 | 19 | -79 | -73 | 96 | 86 | 29 | 156 | 212 | 239 |
| Provision for Tax | 3 | 12 | 2 | 4 | -1 | 7 | 18 | 13 | 6 | 19 | 7 | 21 |
| Profit After Tax | 15 | -35 | 10 | 15 | -79 | -80 | 78 | 73 | 24 | 138 | 205 | 218 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 15 | -35 | 10 | 15 | -79 | -80 | 78 | 73 | 24 | 138 | 205 | 218 |
| Adjusted Earnings Per Share | 1 | -2.4 | 0.7 | 1 | -5.3 | -5.4 | 4.8 | 4.4 | 1.4 | 8.2 | 12.1 | 12.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | 4% | 4% | 21% |
| Operating Profit CAGR | 20% | 25% | 15% | 34% |
| PAT CAGR | 49% | 41% | 0% | 30% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 80% | 95% | 31% | 56% |
| ROE Average | 36% | 27% | 241% | 95% |
| ROCE Average | 31% | 31% | 37% | 22% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 102 | 69 | 70 | 90 | 19 | -176 | 207 | 260 | 296 | 481 | 759 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 2 | 20 | 587 | 15 | 119 | 229 | 305 | 362 | 633 |
| Other Non-Current Liabilities | 139 | 146 | 25 | 26 | 136 | 463 | 265 | 231 | 338 | 357 | 296 |
| Total Current Liabilities | 639 | 655 | 492 | 444 | 1658 | 1983 | 1694 | 1915 | 2044 | 1576 | 1362 |
| Total Liabilities | 879 | 869 | 589 | 579 | 2400 | 2285 | 2285 | 2635 | 2983 | 2776 | 3049 |
| Fixed Assets | 90 | 109 | 111 | 114 | 399 | 557 | 622 | 732 | 794 | 808 | 769 |
| Other Non-Current Assets | 215 | 217 | 96 | 70 | 104 | 182 | 108 | 96 | 162 | 131 | 150 |
| Total Current Assets | 575 | 543 | 382 | 396 | 1897 | 1547 | 1554 | 1807 | 2026 | 1837 | 2130 |
| Total Assets | 879 | 869 | 589 | 579 | 2400 | 2285 | 2285 | 2635 | 2983 | 2776 | 3049 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 22 | 28 | 26 | 16 | 9 | 206 | 316 | 357 | 302 | 200 | 214 |
| Cash Flow from Operating Activities | 28 | 29 | 4 | 52 | -72 | 1137 | 303 | 95 | 13 | 129 | -88 |
| Cash Flow from Investing Activities | 78 | -19 | -4 | -5 | -357 | -328 | -32 | -71 | 19 | 1 | -47 |
| Cash Flow from Financing Activities | -100 | -10 | -11 | -54 | 629 | -645 | -277 | -43 | -58 | -155 | 192 |
| Net Cash Inflow / Outflow | 6 | -0 | -10 | -7 | 201 | 164 | -7 | -18 | -26 | -25 | 58 |
| Closing Cash & Cash Equivalent | 28 | 26 | 16 | 9 | 206 | 316 | 357 | 302 | 200 | 214 | 214 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.04 | -2.43 | 0.73 | 1.04 | -5.3 | -5.38 | 4.8 | 4.43 | 1.41 | 8.19 | 12.09 |
| CEPS(Rs) | 2.33 | -1.83 | 1.19 | 1.62 | -4.31 | 0.79 | 10.68 | 10.44 | 7.81 | 15 | 18.78 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Book NAV/Share(Rs) | 6.09 | 3.75 | 4.2 | 5.22 | 1.1 | -11.99 | 11.84 | 15.06 | 17.56 | 28.54 | 39.8 |
| Core EBITDA Margin(%) | 2.52 | 0.64 | 4.09 | 4.54 | 2.51 | 5.37 | 6.63 | 4.8 | 4.18 | 6.78 | 9.01 |
| EBIT Margin(%) | 4.89 | 0.49 | 4.98 | 6 | -1.88 | 1.18 | 4.15 | 2.97 | 2.24 | 4.74 | 5.98 |
| Pre Tax Margin(%) | 1.98 | -2.53 | 1.62 | 2.6 | -4.28 | -1.46 | 2.05 | 1.6 | 0.47 | 2.49 | 3.55 |
| PAT Margin (%) | 1.66 | -3.92 | 1.32 | 2.04 | -4.25 | -1.6 | 1.67 | 1.35 | 0.38 | 2.19 | 3.43 |
| Cash Profit Margin (%) | 3.72 | -2.96 | 2.16 | 3.15 | -3.46 | 0.23 | 3.72 | 3.19 | 2.09 | 4.01 | 5.33 |
| ROA(%) | 1.5 | -3.96 | 1.55 | 2.56 | -5.29 | -3.41 | 3.42 | 2.96 | 0.84 | 4.78 | 7.03 |
| ROE(%) | 18.39 | -49.4 | 18.26 | 22.29 | -173.94 | 0 | 1093.7 | 33.09 | 8.75 | 35.55 | 35.5 |
| ROCE(%) | 15.58 | 1.81 | 16.39 | 18.43 | -6.59 | 10.6 | 57.95 | 34.79 | 23.8 | 39 | 31.13 |
| Receivable days | 110.58 | 95.71 | 98.88 | 103.18 | 105.4 | 44.7 | 23.47 | 20.87 | 23.08 | 23.46 | 29.16 |
| Inventory Days | 26.08 | 10.34 | 9.86 | 12.34 | 17.91 | 10.5 | 11.14 | 12.73 | 17.07 | 17.68 | 13.95 |
| Payable days | 229.08 | 186.92 | 216.59 | 212.43 | 202.49 | 133.22 | 125.93 | 158.46 | 194.32 | 190.72 | 126.8 |
| PER(x) | 18.01 | 0 | 25.3 | 19.17 | 0 | 0 | 53.41 | 34.16 | 65.74 | 27.53 | 29.73 |
| Price/Book(x) | 3.07 | 3.54 | 4.38 | 3.82 | 20.4 | -3.92 | 21.66 | 10.06 | 5.28 | 7.9 | 9.03 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.28 |
| EV/Net Sales(x) | 0.44 | 0.37 | 0.55 | 0.59 | 0.47 | 0.16 | 0.84 | 0.46 | 0.27 | 0.63 | 1.09 |
| EV/Core EBITDA(x) | 13.66 | 29.43 | 11.84 | 11.26 | 16.5 | 2.87 | 12.26 | 8.73 | 5.66 | 8.81 | 12.01 |
| Net Sales Growth(%) | 14.98 | -1.07 | -11.54 | -5.92 | 152.61 | 169.54 | -6.41 | 14.89 | 17.08 | -0.1 | -5.01 |
| EBIT Growth(%) | 118.21 | -90.07 | 797 | 13.36 | -179.06 | 268.74 | 230.1 | -17.7 | -11.81 | 111.5 | 19.8 |
| PAT Growth(%) | 105.44 | -334.19 | 129.86 | 44.53 | -627.6 | -1.51 | 197.66 | -6.88 | -67.41 | 480.89 | 48.75 |
| EPS Growth(%) | 105.23 | -334.18 | 129.87 | 43.08 | -610.18 | -1.48 | 189.31 | -7.67 | -68.16 | 480.35 | 47.61 |
| Debt/Equity(x) | 1.44 | 2.36 | 2.52 | 1.63 | 49.26 | -2.59 | 0.92 | 1.11 | 1.19 | 0.83 | 0.97 |
| Current Ratio(x) | 0.9 | 0.83 | 0.78 | 0.89 | 1.14 | 0.78 | 0.92 | 0.94 | 0.99 | 1.17 | 1.56 |
| Quick Ratio(x) | 0.86 | 0.79 | 0.74 | 0.82 | 1.05 | 0.71 | 0.83 | 0.83 | 0.81 | 1.01 | 1.41 |
| Interest Cover(x) | 1.68 | 0.16 | 1.48 | 1.76 | -0.78 | 0.45 | 1.98 | 2.17 | 1.26 | 2.11 | 2.46 |
| Total Debt/Mcap(x) | 0.55 | 0.86 | 0.67 | 0.51 | 2.41 | 0.66 | 0.04 | 0.11 | 0.23 | 0.1 | 0.11 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.14 | 71.09 | 71.06 | 71.06 | 70.6 | 70.53 | 70.35 | 70.24 | 70.11 | 70.49 |
| FII | 4.83 | 4.81 | 4.71 | 3.38 | 4.34 | 4.7 | 4.09 | 4.22 | 3.43 | 3.32 |
| DII | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 2.59 | 2.5 |
| Public | 23.9 | 23.97 | 24.08 | 25.41 | 24.91 | 24.61 | 25.4 | 25.37 | 23.86 | 23.69 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 12.42 |
| FII | 0.81 | 0.81 | 0.79 | 0.57 | 0.73 | 0.8 | 0.69 | 0.72 | 0.59 | 0.59 |
| DII | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.44 | 0.44 |
| Public | 4.01 | 4.03 | 4.05 | 4.27 | 4.21 | 4.17 | 4.31 | 4.31 | 4.07 | 4.17 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 16.79 | 16.8 | 16.81 | 16.81 | 16.92 | 16.93 | 16.98 | 17 | 17.04 | 17.62 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -5% | +4% | +4% | +21% |
| Operating Profit CAGR | +20% | +25% | +15% | +34% |
| PAT CAGR | +49% | +41% | — | +30% |
| Share Price CAGR | +80% | +95% | +31% | +56% |
| ROE Average | +36% | +27% | +241% | +95% |
| ROCE Average | +31% | +31% | +37% | +22% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 71.14 | 71.09 | 71.06 | 71.06 | 70.6 | 70.53 | 70.35 | 70.24 | 70.11 | 70.49 |
| FII | 4.83 | 4.81 | 4.71 | 3.38 | 4.34 | 4.7 | 4.09 | 4.22 | 3.43 | 3.32 |
| DII | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 | 0.16 | 0.16 | 0.16 | 2.59 | 2.5 |
| Public | 28.86 | 28.91 | 28.94 | 28.94 | 29.4 | 29.47 | 29.65 | 29.76 | 29.89 | 29.51 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 11.94 | 12.42 |
| FII | 0.81 | 0.81 | 0.79 | 0.57 | 0.73 | 0.8 | 0.69 | 0.72 | 0.59 | 0.59 |
| DII | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.44 | 0.44 |
| Public | 4.85 | 4.86 | 4.86 | 4.86 | 4.97 | 4.99 | 5.04 | 5.06 | 5.09 | 5.2 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 16.79 | 16.8 | 16.81 | 16.81 | 16.92 | 16.93 | 16.98 | 17 | 17.04 | 17.62 |
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