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 ₹ 13,775 Cr.
- Current Price ₹ 776
- High / Low ₹ 1,104 / 435
- Stock P/E 48.2
- Book Value ₹ 72.5
- Dividend Yield 0.13 %
- ROCE 22.2 %
- ROE 26.8 %
- Face Value ₹ 2.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 35.2%
Cons
- Stock is trading at 10.7 times its book value
- The company has delivered a poor sales growth of 6.23% over past five years.
- Tax rate seems low
- Debtor days have increased from 41.2 to 66.6 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 891 | 881 | 780 | 733 | 1,853 | 4,994 | 4,674 | 5,370 | 6,288 | 6,282 | 5,967 | 6,322 | 6,654 | |
| 867 | 876 | 747 | 700 | 1,806 | 4,666 | 4,310 | 5,112 | 6,014 | 5,855 | 5,429 | 5,752 | 6,040 | |
| Operating Profit | 24 | 6 | 32 | 33 | 47 | 328 | 364 | 258 | 273 | 426 | 538 | 570 | 614 |
| OPM % | 2.7% | 0.7% | 4.2% | 4.5% | 2.5% | 7% | 8% | 4.8% | 4.3% | 7% | 9% | 9% | 9% |
| 38 | 7 | 13 | 19 | -67 | -178 | -75 | 0 | -25 | -14 | -68 | -57 | -61 | |
| Interest | 26 | 27 | 26 | 25 | 45 | 132 | 98 | 74 | 111 | 141 | 145 | 158 | 172 |
| Depreciation | 18 | 8 | 7 | 8 | 15 | 92 | 96 | 99 | 107 | 114 | 113 | 116 | 125 |
| Profit before tax | 18 | -22 | 13 | 19 | -79 | -73 | 96 | 86 | 29 | 156 | 212 | 239 | 255 |
| Tax % | 16% | 55% | 18% | 22% | -1% | 10% | 19% | 15% | 20% | 12% | 3% | 9% | |
| 15 | -35 | 10 | 15 | -79 | -80 | 78 | 73 | 24 | 138 | 205 | 218 | 226 | |
| EPS in Rs | 1.04 | -2.43 | 0.73 | 1.05 | -5.30 | -5.38 | 4.80 | 4.43 | 1.41 | 8.19 | 12.09 | 12.25 | 12.99 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8% | 8% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 22% |
| 5 Years: | 6% |
| 3 Years: | 0% |
| TTM: | 12% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 25% |
| 5 Years: | 14% |
| 3 Years: | 83% |
| TTM: | 4% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 48% |
| 5 Years: | 30% |
| 3 Years: | 55% |
| 1 Year: | 62% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 33% |
| 3 Years: | 35% |
| Last Year: | 27% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 58 | 25 | 41 | 47 | -11 | -206 | 174 | 228 | 262 | 447 | 725 | 1,251 |
| 161 | 177 | 173 | 158 | 808 | 596 | 328 | 481 | 628 | 712 | 942 | 1,153 | |
| 385 | 393 | 346 | 346 | 1,605 | 1,886 | 1,768 | 1,911 | 2,078 | 1,607 | 1,371 | 1,854 | |
| Total Liabilities | 633 | 623 | 589 | 580 | 2,432 | 2,306 | 2,303 | 2,652 | 3,002 | 2,800 | 3,072 | 4,294 |
| 90 | 109 | 111 | 114 | 399 | 557 | 622 | 732 | 794 | 808 | 769 | 883 | |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 32 | 33 | 0 |
| 543 | 514 | 478 | 467 | 2,032 | 1,749 | 1,681 | 1,920 | 2,175 | 1,960 | 2,271 | 3,410 | |
| Total Assets | 633 | 623 | 589 | 580 | 2,432 | 2,306 | 2,303 | 2,652 | 3,002 | 2,800 | 3,072 | 4,294 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 28 | 29 | 4 | 52 | -72 | 1,137 | 303 | 95 | 13 | 129 | -88 | 84 | |
| 77 | -21 | -4 | -5 | -360 | -382 | 15 | -108 | -56 | 40 | -105 | -57 | |
| -100 | -10 | -11 | -54 | 629 | -645 | -277 | -43 | -58 | -155 | 192 | 197 | |
| Net Cash Flow | 5 | -2 | -10 | -7 | 197 | 110 | 41 | -55 | -102 | 14 | -0 | 224 |
| Free Cash Flow | 24 | 20 | -5 | 41 | -365 | 1,081 | 285 | 45 | 32 | 134 | -129 | 12 |
| CFO/OP | 109% | 629% | 31% | 126% | -98% | 354% | 69% | 45% | 5% | 25% | -16% | 19% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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 | 101 | 90 | 97 | 104 | 170 | 26 | 19 | 25 | 24 | 22 | 35 | 67 |
| Inventory Days | 25 | 23 | 24 | 47 | 88 | 33 | 35 | 47 | 65 | 50 | 42 | 53 |
| Days Payable | 187 | 184 | 187 | 209 | 324 | 133 | 122 | 210 | 208 | 146 | 110 | 129 |
| Cash Conversion Cycle | -60 | -71 | -66 | -59 | -65 | -73 | -68 | -137 | -118 | -74 | -34 | -10 |
| Working Capital Days | -40 | -61 | -61 | -29 | -5 | -59 | -43 | -29 | -13 | 2 | 33 | 54 |
| ROCE % | 4% | 1% | 12% | 13% | 7% | 39% | 58% | 26% | 20% | 31% | 30% | 22% |
Insights
In beta| Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
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| Active Client Locations 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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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
- Transcript of earnings call hosted on August 13, 2026.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
- Clippings of Newspaper Publication relating to Q1FY27 financial results.
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- CARE report for quarter ended June 30, 2026 shows no deviation in Rs 386.36 crore preferential issue proceeds.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Black Box shared audio recording of its August 13, 2026 Q1FY27 earnings call.
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Annual General Meeting
- Board approved 40th AGM on September 16, 2026 via VC; e-voting cut-off is September 9, 2026.
Annual reports
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Annual Report 2025
from bse
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Annual Report 2024
from bse
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Annual Report 2023
from bse
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Annual Report 2022
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Annual Report 2021
from bse
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Annual Report 2020
from bse
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Annual Report 2019
from bse
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Annual Report 2018
from bse
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Annual Report 2017
from bse
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Annual Report 2016
from bse
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Annual Report 2015
from bse
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Annual Report 2014
from bse
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Annual Report 2013
from bse
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Annual Report 2012
from bse
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Annual Report 2011
from nse
Concalls
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Aug 2026Transcript PPT REC
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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.