Black Box Ltd.
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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 GENERATEDInformation Technology
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.
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 59.9 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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ITI | 267.15 | 97.53 | 25670.09 | 0.00 | -32.25 | 49.30 | 425.03 | -14.65 | 0.28 | 0.48 |
| BBOX | 762.80 | 59.94 | 13547.27 | 0.13 | 55.92 | 17.90 | 1718.50 | 23.92 | 22.50 | 8.67 |
| SEDEMAC | 2849.95 | 121.53 | 12588.37 | 0.00 | 333.10 | — | 3097.70 | — | 37.22 | 19.10 |
| TEJASNET | 575.85 | 0.00 | 10253.89 | 0.00 | -202.24 | -4.32 | 402.16 | 99.11 | -14.93 | -24.96 |
| KRONECOMM | 2337.30 | 47.71 | 1075.16 | 1.07 | 8.58 | 72.64 | 63.41 | 40.79 | 31.44 | 17.09 |
| KAVDEFENCE | 63.44 | 0.00 | 381.43 | 0.00 | -12.11 | -1223.38 | 14.43 | 269.05 | 8.44 | -103.12 |
| PUNJCOMMU | 61.93 | 13.56 | 74.46 | 0.00 | 2.87 | 718.86 | 5.83 | -12.56 | -0.52 | 13.75 |
| SHYAMTEL | 11.52 | 0.00 | 12.98 | 0.00 | -19.94 | -405.32 | 0.00 | — | 0.00 | — |
| UNIINFO | 11.25 | 0.00 | 12.03 | 0.00 | 0.14 | 440.00 | 8.36 | -1.42 | -0.99 | 5.29 |
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:
- 46%
- 5 Years:
- 26%
- 3 Years:
- 52%
- 1 Year:
- 64%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Black Box Limited has informed the Exchange about Schedule of meet
2026-09-04 - Black Box Limited has informed the Exchange regarding 'Financial Results Q1FY27' in Machine Readable Form.
2026-08-25 - Black Box Limited has informed the Exchange about Copy of Newspaper Publication
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 - Black Box Limited has informed the Exchange about Transcript
2026-08-14 - Black Box Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Please find enclosed herewith Monitoring Agency Report for the quarter ended June 30, 2026
2026-08-13 - Black Box Limited has informed the Exchange about Link of Recording
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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