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Black Box Overview

Black Box Ltd, formerly known as AGC Networks Ltd, is a worldwide solutions integration organization. The Company operates as a go-to technology integrator to architect, deploy, manage and secure IT surroundings through customized solutions and services to enhance customers businesses. Its portfolio consists of Unified Communications (UC), Data Center & Edge IT, Cyber Security (CYBER-i), Digital Transformation & Applications which include Simple Edge and Technology Product Solutions (TPS) from the portfolio of Black Box Corporation. Its UC solu...Read More

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Black Box Key Financials

Market Cap ₹9764 Cr.

Stock P/E 47.7

P/B 7.7

Current Price ₹550.1

Book Value ₹ 71.3

Face Value 2

52W High ₹614.9

Dividend Yield 0.18%

52W Low ₹ 365

Black Box Share Price

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Volume
Price

Black Box Quarterly Price

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Black Box Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 1574 1655 1480 1423 1497 1502 1545 1387 1585 1660
Other Income 8 11 1 1 1 1 6 13 1 1
Total Income 1583 1667 1481 1424 1498 1503 1550 1400 1586 1661
Total Expenditure 1476 1542 1356 1309 1365 1368 1402 1282 1441 1513
Operating Profit 107 125 125 115 134 135 148 118 144 148
Interest 32 36 41 34 32 31 47 34 39 40
Depreciation 29 28 29 26 28 31 28 27 29 30
Exceptional Income / Expenses -14 -9 -9 -15 -18 -13 -16 -13 -15 -22
Profit Before Tax 32 51 47 40 55 59 57 45 61 57
Provision for Tax 1 11 6 3 3 3 -3 -2 5 7
Profit After Tax 31 41 41 37 51 56 60 47 56 50
Adjustments 1 0 0 0 -0 0 0 -0 -0 0
Profit After Adjustments 32 41 41 37 51 56 60 47 56 50
Adjusted Earnings Per Share 1.9 2.4 2.4 2.2 3 3.3 3.6 2.8 3.3 2.9

Black Box Profit & Loss

#(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 6177
Other Income 6 6 4 5 6 7 11 23 38 24 5 21
Total Income 897 887 784 738 1859 5001 4685 5393 6325 6305 5972 6197
Total Expenditure 868 876 748 700 1806 4726 4364 5112 6025 5855 5429 5638
Operating Profit 29 11 36 38 53 275 321 280 301 450 542 558
Interest 26 27 26 25 45 132 98 74 111 141 145 160
Depreciation 18 9 7 8 15 92 96 99 107 114 113 114
Exceptional Income / Expenses 33 2 10 14 -73 -125 -32 -22 -52 -40 -73 -66
Profit Before Tax 18 -22 13 19 -79 -73 96 86 29 156 212 220
Provision for Tax 3 12 2 4 -1 7 18 13 6 19 7 7
Profit After Tax 15 -35 10 15 -79 -80 78 73 24 138 205 213
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 15 -35 10 15 -79 -80 78 73 24 138 205 213
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

Growth Rates

# 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 30% 59% 10% 44%
ROE Average 36% 27% 241% 95%
ROCE Average 31% 31% 37% 22%

Black Box Balance Sheet

#(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

Black Box Cash Flow

#(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

Black Box Ratios

# 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

Black Box Shareholding Pattern

# 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

Black Box News

Black Box Pros & Cons

Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 27%
  • Debtor days have improved from 190.72 to 126.8days.

Cons

  • Stock is trading at 7.7 times its book value.
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