Black Box Ltd.

•

blackbox.comBSE: 500463NSE: BBOX

Market Cap₹ 14,222 Cr.

Current Price

High / Low₹ 1,103 / 443

Stock P/E62.9

Book Value₹ 76

Price to Book6.17

Dividend Yield0.12 %

ROCE22.5 %

ROE22.2 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • System Integration: 84.2% • Technology Product Solution: 13.4% • Others: 2.4%

AI Sector View

AI GENERATED

Information Technology

Buy

IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.

Confidence

68%

View full sector analysis →

PROS

Company has delivered good profit growth of 22.7% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 31.1%
Company has a healthy return on capital (ROCE) of 30.9%
Company has consistently been profitable over the last 5 years
Operating margins have improved to 8.1% from 4.8%

CONS

Receivables are growing faster than sales - a possible quality concern
A large part of profit comes from other income (25.8% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.22x)
Working capital days have increased from 47 to 85 days
Valuation is stretched - P/E of 62.9 is well above its own 5-year median (29.7)
Effective tax rate is unusually low at 9.0% - earnings may be flattered

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Information TechnologyTelecomTelecommunication - Equipment

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	ITI	262.70	95.91	25242.50	0.00	-32.25	49.30	425.03	-14.65	0.28	0.48
2.	BBOX	800.80	62.93	14222.14	0.12	55.92	17.90	1718.50	23.92	22.50	8.67
3.	SEDEMAC	2905.05	123.88	12831.75	0.00	333.10	—	3097.70	—	37.22	19.10
4.	TEJASNET	553.20	0.00	9850.57	0.00	-202.24	-4.32	402.16	99.11	-14.93	-24.96
5.	KRONECOMM	2299.95	46.94	1057.98	1.09	8.58	72.64	63.41	40.79	31.44	17.09
6.	KAVDEFENCE	69.34	0.00	416.90	0.00	-12.11	-1223.38	14.43	269.05	8.44	-103.12
7.	PUNJCOMMU	62.34	13.65	74.95	0.00	2.87	718.86	5.83	-12.56	-0.52	13.75
8.	SHYAMTEL	11.48	0.00	12.94	0.00	-19.94	-405.32	0.00	—	0.00	—
9.	UNIINFO	10.94	0.00	11.70	0.00	0.14	440.00	8.36	-1.42	-0.99	5.29

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	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
	1,484	1,476	1,542	1,356	1,309	1,365	1,368	1,402	1,282	1,441	1,513	1,534	1,653
Operating Profit	87	99	114	125	114	133	134	143	105	143	147	157	65
OPM %	5.55%	6.27%	6.87%	8.42%	8.03%	8.86%	8.89%	9.25%	7.56%	9.05%	8.85%	9.30%	3.80%
	-2	-6	2	-8	-14	-17	-12	-11	1	-14	-21	-5	34
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
Profit before Tax	24	32	51	47	40	55	59	57	45	61	57	76	61
Tax %	1.88%	4.46%	21.06%	12.88%	7.95%	6.30%	5.33%	-4.68%	-4.93%	8.81%	12.49%	14.95%	8.52%
Net Profit	0	0	0	0	37	51	56	60	47	56	50	65	56
	1.43	1.90	2.43	2.44	2.21	3.04	3.33	3.57	2.80	3.28	2.92	3.78	3.15

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	780	733	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322	6,654
	748	700	1,806	4,726	4,364	5,112	6,025	5,855	5,437	5,808	6,141
Operating Profit	32	33	47	268	310	258	263	426	530	514	513
OPM %	4.09%	4.54%	2.51%	5.37%	6.63%	4.80%	4.18%	6.78%	8.88%	8.13%	7.71%
	13	19	-67	-118	-21	0	-14	-16	-61	-1	-6
Interest	26	25	45	132	98	74	111	141	145	158	172
Depreciation	7	8	15	92	96	99	107	114	113	116	125
Profit before Tax	13	19	-79	-73	96	86	29	156	212	239	255
Tax %	18.34%	21.71%	0.73%	-9.56%	18.65%	15.42%	19.52%	11.97%	3.34%	9.04%	11.39%
Net Profit	10	15	-79	-80	78	73	24	138	205	218	226
EPS	2.89	5.20	-26.97	-26.89	4.90	4.38	1.41	8.19	12.09	12.25	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.27%	8.16%	—

COMPOUNDED SALES GROWTH

10 Years:: 22%
5 Years:: 6%
3 Years:: 0%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 109%

STOCK PRICE CAGR

10 Years:: 47%
5 Years:: 28%
3 Years:: 60%
1 Year:: 77%

RETURN ON EQUITY

10 Years:: 110%
5 Years:: 27%
3 Years:: 31%
Last Year:: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	28	28	30	30	33	33	34	34	34	36
	31	46	-13	-208	160	214	261	446	640	1,250
	191	160	845	543	341	432	614	703	928	1,223
Trade Payables	143	139	551	548	516	1,009	1,158	722	556	790
	195	206	987	1,373	1,235	947	915	871	891	960
Total Liabilities	589	579	2,400	2,285	2,285	2,635	2,983	2,776	3,049	4,259
	111	114	399	557	622	732	794	808	769	883
	0	0	0	0	0	0	30	32	33	0
	19	31	151	137	149	226	362	246	210	323
	0	0	0	0	0	0	0	386	567	1,153
Cash & Bank	20	12	263	369	410	311	210	223	229	540
	440	423	1,587	1,223	1,103	1,365	1,586	1,080	1,242	1,359
Total Assets	589	579	2,400	2,285	2,285	2,635	2,983	2,776	3,049	4,259

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	10	42	-46	1,163	251	117	13	129	-88	84
Cash from Investing	-4	-5	-357	-328	-32	-71	19	1	-47	-57
Cash from Financing	-11	-54	629	-645	-277	-43	-58	-155	192	197
	-10	-7	201	164	-6	-18	-26	-25	58	224

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
71.06	71.06	70.60	70.53	70.35	70.24	70.11	69.99	69.95
4.71	3.38	4.33	4.70	4.09	4.22	3.43	3.26	4.69
0.01	0.02	0.02	0.03	0.03	0.04	2.46	2.99	3.41
0.13	0.13	0.13	0.13	0.13	0.13	0.13	0.12	0.12
24.08	25.41	24.91	24.61	25.40	25.37	23.86	23.63	21.83

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-10 - Black Box Limited has informed the Exchange about Schedule of meet

2026-09-04

Updates

2026-09-04 - Black Box Limited has informed the Exchange regarding 'Financial Results Q1FY27' in Machine Readable Form.

2026-08-25

Copy of Newspaper Publication

2026-08-25 - Black Box Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-24

Shareholders meeting

2026-08-24 - Black Box Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 16, 2026

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Black Box Limited has informed the Exchange about Transcript

2026-08-14

Copy of Newspaper Publication

2026-08-14 - Black Box Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-13

Monitoring Agency Report

2026-08-13 - Please find enclosed herewith Monitoring Agency Report for the quarter ended June 30, 2026

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Black Box Limited has informed the Exchange about Link of Recording

2026-08-12

Investor Presentation

2026-08-12 - Black Box Limited has informed the Exchange about Investor Presentation

News

Recent coverage and analyst commentary for BBOX

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Black Box Ltd.

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Free 5nance Account

Name

ITI

262.70

95.91

25242.50

0.00

-32.25

49.30

425.03

-14.65

0.28

0.48

BBOX

800.80

62.93

14222.14

0.12

55.92

17.90

1718.50

23.92

22.50

8.67

SEDEMAC

2905.05

123.88

12831.75

0.00

333.10

—

3097.70

—

37.22

19.10

TEJASNET

553.20

0.00

9850.57

0.00

-202.24

-4.32

402.16

99.11

-14.93

-24.96

KRONECOMM

2299.95

46.94

1057.98

1.09

8.58

72.64

63.41

40.79

31.44

17.09

KAVDEFENCE

69.34

0.00

416.90

0.00

-12.11

-1223.38

14.43

269.05

8.44

-103.12

PUNJCOMMU

62.34

13.65

74.95

0.00

2.87

718.86

5.83

-12.56

-0.52

13.75

SHYAMTEL

11.48

0.00

12.94

0.00

-19.94

-405.32

0.00

—

0.00

—

UNIINFO

10.94

0.00

11.70

0.00

0.14

440.00

8.36

-1.42

-0.99

5.29

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

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

1,484

1,476

1,542

1,356

1,309

1,365

1,368

1,402

1,282

1,441

1,513

1,534

1,653

Operating Profit

114

125

114

133

134

143

105

143

147

157

OPM %

5.55%

6.27%

6.87%

8.42%

8.03%

8.86%

8.89%

9.25%

7.56%

9.05%

8.85%

9.30%

3.80%

-2

-6

-8

-14

-17

-12

-11

-14

-21

-5

Interest

Depreciation

Profit before Tax

Tax %

1.88%

4.46%

21.06%

12.88%

7.95%

6.30%

5.33%

-4.68%

-4.93%

8.81%

12.49%

14.95%

8.52%

Net Profit

1.43

1.90

2.43

2.44

2.21

3.04

3.33

3.57

2.80

3.28

2.92

3.78

3.15

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

780

733

1,853

4,994

4,674

5,370

6,288

6,282

5,967

6,322

6,654

748

700

1,806

4,726

4,364

5,112

6,025

5,855

5,437

5,808

6,141

Operating Profit

268

310

258

263

426

530

514

513

OPM %

4.09%

4.54%

2.51%

5.37%

6.63%

4.80%

4.18%

6.78%

8.88%

8.13%

7.71%

-67

-118

-21

-14

-16

-61

-1

-6

Interest

132

111

141

145

158

172

Depreciation

107

114

113

116

125

Profit before Tax

-79

-73

156

212

239

255

Tax %

18.34%

21.71%

0.73%

-9.56%

18.65%

15.42%

19.52%

11.97%

3.34%

9.04%

11.39%

Net Profit

-79

-80

138

205

218

226

EPS

2.89

5.20

-26.97

-26.89

4.90

4.38

1.41

8.19

12.09

12.25

—

Dividend Payout %

0.00%

8.27%

8.16%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-13

-208

160

214

261

446

640

1,250

191

160

845

543

341

432

614

703

928

1,223

Trade Payables

143

139

551

548

516

1,009

1,158

722

556

790

195

206

987

1,373

1,235

947

915

871

891

960

Total Liabilities

589

579

2,400

2,285

2,635

2,983

2,776

3,049

4,259

111

114

399

557

622

732

794

808

769

883

151

137

149

226

362

246

210

323

386

567

1,153

Cash & Bank

263

369

410

311

210

223

229

540

440

423

1,587

1,223

1,103

1,365

1,586

1,080

1,242

1,359

Total Assets

589

579

2,400

2,285

2,635

2,983

2,776

3,049

4,259

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-46

1,163

251

117

129

-88

Cash from Investing

-4

-5

-357

-328

-32

-71

-47

-57

Cash from Financing

-11

-54

629

-645

-277

-43

-58

-155

192

197

-10

-7

201

164

-6

-18

-26

-25

224

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

71.06

70.60

70.53

70.35

70.24

70.11

69.99

69.95

4.71

3.38

4.33

4.70

4.09

4.22

3.43

3.26

4.69

0.01

0.02

0.03

0.04

2.46

2.99

3.41

0.13

0.12

24.08

25.41

24.91

24.61

25.40

25.37

23.86

23.63

21.83

Black Box Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Black Box Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI