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 ₹ 16,382 Cr.
- Current Price ₹ 922
- High / Low ₹ 1,104 / 435
- Stock P/E 747
- Book Value ₹ 39.5
- Dividend Yield 0.11 %
- ROCE 4.38 %
- ROE 3.78 %
- Face Value ₹ 2.00
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 107% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 80.0%
Cons
- Stock is trading at 23.4 times its book value
- The company has delivered a poor sales growth of 10.2% over past five years.
- Tax rate seems low
- Company has a low return on equity of 1.34% over last 3 years.
- Company has high debtors of 156 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 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 340 | 313 | 246 | 303 | 307 | 309 | 250 | 294 | 363 | 387 | 377 | 406 | |
| 353 | 329 | 253 | 274 | 298 | 291 | 236 | 283 | 347 | 387 | 357 | 376 | |
| Operating Profit | -13 | -16 | -7 | 29 | 8 | 18 | 13 | 11 | 16 | -0 | 19 | 30 |
| OPM % | -4% | -5% | -3% | 10% | 3% | 6% | 5% | 4% | 4% | -0% | 5% | 7% |
| 44 | 8 | 15 | 26 | 12 | 6 | 7 | 5 | 4 | 14 | 6 | 2 | |
| Interest | 24 | 24 | 22 | 21 | 17 | 18 | 17 | 6 | 8 | 7 | 5 | 5 |
| Depreciation | 5 | 5 | 2 | 2 | 2 | 7 | 5 | 4 | 7 | 8 | 8 | 9 |
| Profit before tax | 2 | -37 | -16 | 32 | 1 | -2 | -2 | 6 | 6 | -1 | 12 | 18 |
| Tax % | 116% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1% | 1,250% | 1% | 1% |
| -0 | -37 | -16 | 32 | 1 | -2 | -2 | 6 | 6 | -15 | 12 | 18 | |
| EPS in Rs | -0.03 | -2.58 | -1.14 | 2.23 | 0.09 | -0.11 | -0.11 | 0.35 | 0.35 | -0.89 | 0.70 | 1.03 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 143% | 97% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 3% |
| 5 Years: | 10% |
| 3 Years: | 4% |
| TTM: | 8% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 107% |
| 3 Years: | 74% |
| TTM: | 96% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 53% |
| 5 Years: | 30% |
| 3 Years: | 66% |
| 1 Year: | 76% |
| Return on Equity | |
|---|---|
| 10 Years: | 0% |
| 5 Years: | 2% |
| 3 Years: | 1% |
| Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 30 | 30 | 33 | 33 | 34 | 34 | 34 | 36 |
| Reserves | 65 | 29 | 21 | 43 | 63 | 59 | 244 | 252 | 296 | 281 | 427 | 665 |
| 152 | 153 | 134 | 131 | 98 | 113 | 22 | 53 | 55 | 39 | 34 | 43 | |
| 177 | 164 | 144 | 136 | 154 | 135 | 131 | 118 | 136 | 122 | 168 | 159 | |
| Total Liabilities | 423 | 374 | 327 | 339 | 345 | 337 | 430 | 456 | 520 | 475 | 662 | 902 |
| 12 | 12 | 11 | 9 | 8 | 24 | 11 | 33 | 34 | 31 | 26 | 29 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Investments | 49 | 49 | 49 | 49 | 49 | 49 | 194 | 194 | 234 | 234 | 306 | 306 |
| 362 | 313 | 267 | 281 | 288 | 264 | 224 | 229 | 250 | 210 | 330 | 567 | |
| Total Assets | 423 | 374 | 327 | 339 | 345 | 337 | 430 | 456 | 520 | 475 | 662 | 902 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| -36 | -7 | 15 | 33 | 58 | 24 | 23 | 15 | 15 | 23 | -24 | -20 | |
| 53 | 33 | 4 | 4 | -22 | 4 | -119 | -4 | -46 | -2 | -76 | 6 | |
| -18 | -23 | -23 | -37 | -36 | -27 | 99 | -14 | 31 | -21 | 122 | 233 | |
| Net Cash Flow | -2 | 3 | -4 | -0 | -0 | 0 | 3 | -3 | -0 | -0 | 22 | 219 |
| Free Cash Flow | -37 | -12 | 12 | 33 | 58 | 23 | 24 | 11 | 8 | 20 | -24 | -22 |
| CFO/OP | 280% | 11% | -232% | 65% | 740% | 180% | -20% | 75% | 51% | -290% | -134% | -42% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 133 | 121 | 113 | 125 | 112 | 91 | 98 | 103 | 119 | 92 | 149 | 156 |
| Inventory Days | 45 | 33 | 46 | 69 | 49 | 30 | 63 | 21 | 26 | 30 | 37 | 68 |
| Days Payable | 278 | 226 | 259 | 200 | 219 | 192 | 324 | 273 | 231 | 213 | 281 | 240 |
| Cash Conversion Cycle | -100 | -72 | -100 | -6 | -59 | -71 | -164 | -149 | -86 | -91 | -95 | -16 |
| Working Capital Days | -34 | -92 | -128 | -31 | -22 | -42 | 30 | 39 | 44 | 43 | 92 | 110 |
| ROCE % | -3% | -6% | -2% | 17% | 6% | 9% | 7% | 4% | 3% | 1% | 4% | 4% |
Insights
In beta| Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Active Client Locations number |
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| Number of Delivery & Support Centers number |
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| Technology Product Solutions (TPS) Revenue INR crore |
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| Order Backlog USD million |
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| Order Bookings / Order Intake USD million |
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Extracted by Screener AI
Documents
Announcements
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
9 Jul - Certificate under Regulation 74(5) of SEBI (DP) Regulations, 2018 for the quarter ended June 30, 2026
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Announcement under Regulation 30 (LODR)-Change in Management
6 Jul - Black Box disclosed cessation of Head of Sales – GSI Americas, effective June 30, 2026.
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Announcement under Regulation 30 (LODR)-Change in Management
4 Jul - Black Box announced cessation of Head of Sales GSI Americas Jai Venkat effective June 30, 2026.
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Closure of Trading Window
25 Jun - Trading window closes July 1, 2026 for Q1 FY2026-27 results; reopens 48 hours after declaration.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun
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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Jun 2026Transcript PPT REC
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May 2026TranscriptAI SummaryPPT
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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
History[1] [2]
The company was incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It was subsequently acquired by US-based Avaya Inc. in 2004, before being taken over by the Essar Group in Aug 2010, which holds a 70% stake in the company as of Mar 2026.