Black Box Ltd
AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It is currently held by Essar Telecom Ltd. Over the years, AGC evolved into an information and communication (ICT) solutions provider and integrator with a differentiated vertical approach in business communication systems, applications and services mainly within India.The company is present at multiple geographies such as Middle East, Africa, North America, Australia, New Zealand, Singapore, Philippines and UK servicing over 8000+ customers. [1] [2]
- Market Cap ₹ 15,601 Cr.
- Current Price ₹ 879
- High / Low ₹ 886 / 430
- Stock P/E 670
- Book Value ₹ 27.3
- Dividend Yield 0.11 %
- ROCE 3.95 %
- ROE 2.89 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
Cons
- Stock is trading at 32.2 times its book value
- The company has delivered a poor sales growth of 4.03% over past five years.
- Company has a low return on equity of -0.04% over last 3 years.
- Debtor days have increased from 120 to 149 days.
- Working capital days have increased from 59.7 days to 91.8 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 305 | 340 | 313 | 246 | 303 | 307 | 309 | 250 | 294 | 363 | 387 | 377 | 420 | |
| 421 | 353 | 329 | 253 | 274 | 298 | 291 | 236 | 283 | 347 | 387 | 357 | 389 | |
| Operating Profit | -116 | -13 | -16 | -7 | 29 | 8 | 18 | 13 | 11 | 16 | -0 | 19 | 31 |
| OPM % | -38% | -4% | -5% | -3% | 10% | 3% | 6% | 5% | 4% | 4% | -0% | 5% | 7% |
| 9 | 44 | 8 | 15 | 26 | 12 | 6 | 7 | 5 | 4 | 14 | 6 | 2 | |
| Interest | 29 | 24 | 24 | 22 | 21 | 17 | 18 | 17 | 6 | 8 | 7 | 5 | 5 |
| Depreciation | 9 | 5 | 5 | 2 | 2 | 2 | 7 | 5 | 4 | 7 | 8 | 8 | 9 |
| Profit before tax | -145 | 2 | -37 | -16 | 32 | 1 | -2 | -2 | 6 | 6 | -1 | 12 | 19 |
| Tax % | 0% | 116% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1% | 1,250% | 1% | |
| -145 | -0 | -37 | -16 | 32 | 1 | -2 | -2 | 6 | 6 | -15 | 12 | 19 | |
| EPS in Rs | -10.20 | -0.03 | -2.58 | -1.14 | 2.23 | 0.09 | -0.11 | -0.11 | 0.35 | 0.35 | -0.89 | 0.70 | 1.09 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 143% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 1% |
| 5 Years: | 4% |
| 3 Years: | 9% |
| TTM: | 18% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 55% |
| 3 Years: | 18% |
| TTM: | 229% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 52% |
| 5 Years: | 26% |
| 3 Years: | 83% |
| 1 Year: | 103% |
| Return on Equity | |
|---|---|
| 10 Years: | -3% |
| 5 Years: | 0% |
| 3 Years: | 0% |
| Last Year: | 3% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 28 | 30 | 30 | 33 | 33 | 34 | 34 | 34 | 34 |
| Reserves | 65 | 65 | 29 | 21 | 43 | 63 | 59 | 244 | 252 | 296 | 281 | 427 | 431 |
| 148 | 152 | 153 | 134 | 131 | 98 | 113 | 22 | 53 | 55 | 39 | 34 | 27 | |
| 295 | 177 | 164 | 144 | 136 | 154 | 135 | 131 | 118 | 136 | 122 | 168 | 158 | |
| Total Liabilities | 537 | 423 | 374 | 327 | 339 | 345 | 337 | 430 | 456 | 520 | 475 | 662 | 650 |
| 19 | 12 | 12 | 11 | 9 | 8 | 24 | 11 | 33 | 34 | 31 | 26 | 28 | |
| CWIP | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Investments | 49 | 49 | 49 | 49 | 49 | 49 | 49 | 194 | 194 | 234 | 234 | 306 | 306 |
| 467 | 362 | 313 | 267 | 281 | 288 | 264 | 224 | 229 | 250 | 210 | 330 | 316 | |
| Total Assets | 537 | 423 | 374 | 327 | 339 | 345 | 337 | 430 | 456 | 520 | 475 | 662 | 650 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 82 | -36 | -7 | 15 | 33 | 58 | 24 | 23 | 15 | 15 | 23 | -24 | |
| 24 | 53 | 33 | 4 | 4 | -22 | 4 | -119 | -4 | -46 | -2 | -76 | |
| -117 | -18 | -23 | -23 | -37 | -36 | -27 | 99 | -14 | 31 | -21 | 122 | |
| Net Cash Flow | -10 | -2 | 3 | -4 | -0 | -0 | 0 | 3 | -3 | -0 | -0 | 22 |
| Free Cash Flow | 75 | -37 | -12 | 12 | 33 | 58 | 23 | 24 | 11 | 8 | 20 | -24 |
| CFO/OP | -82% | 280% | 11% | -232% | 65% | 740% | 180% | -20% | 75% | 51% | -290% | -134% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 202 | 133 | 121 | 113 | 125 | 112 | 91 | 98 | 103 | 119 | 92 | 149 |
| Inventory Days | 132 | 45 | 33 | 46 | 69 | 49 | 30 | 63 | 21 | 26 | 30 | 37 |
| Days Payable | 376 | 278 | 226 | 259 | 200 | 219 | 192 | 324 | 273 | 231 | 213 | 281 |
| Cash Conversion Cycle | -42 | -100 | -72 | -100 | -6 | -59 | -71 | -164 | -149 | -86 | -91 | -95 |
| Working Capital Days | -151 | -34 | -92 | -128 | -31 | -22 | -42 | 30 | 39 | 44 | 43 | 92 |
| ROCE % | -30% | -3% | -6% | -2% | 17% | 6% | 9% | 7% | 4% | 3% | 1% | 4% |
Insights
In beta| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Total Headcount (Global Representatives) Number |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
1d - CARE Ratings report for quarter ended March 31, 2026 shows no deviation in Black Box preferential issue utilization.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Black Box completes acquisition of Brazil-based 2S Inovações Tecnológicas, expected to add Rs. 500 crore annualized revenue.
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Update On Completion Of Acquisition
2d - Black Box completed 100% acquisition of 2S in Brazil on May 13, 2026; effective May 1, 2026.
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Clarification Letter
12 May - Black Box says no undisclosed or price-sensitive information exists amid volume spike.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
12 May - Intimation of Investor / Analyst meet 'Capital Markets Day 2026'
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
from nse
Concalls
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Feb 2026Transcript PPT
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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Jun 2025Transcript PPT
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT
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Jun 2024Transcript PPT
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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Jun 2023Transcript PPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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Jun 2022TranscriptAI SummaryPPT
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Feb 2022TranscriptAI SummaryPPT
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Nov 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
Business Segments FY24
System Integration (86%): Offerings under this segment include Unified Communication, Data Center & Edge IT, Cyber Security, Digital Solutions & Applications, and Seamless Customer Support and managed services.