Black Box Ltd

Black Box Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Black Box Ltd

₹ 1,035 -0.55%
19 Jun 11:38 a.m.
blackbox.com BSE: 500463 NSE: BBOX
About

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]

Key Points

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.

Website BSE NSE
  • Market Cap ₹ 18,382 Cr.
  • Current Price ₹ 1,035
  • High / Low ₹ 1,104 / 435
  • Stock P/E 67.0
  • Book Value ₹ 72.5
  • Dividend Yield 0.10 %
  • ROCE 22.2 %
  • ROE 26.8 %
  • Face Value ₹ 2.00
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Pros

  • Company has a good return on equity (ROE) track record: 3 Years ROE 35.2%

Cons

  • Stock is trading at 14.5 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.

Peer comparison

Information Technology Information Technology IT - Services IT Enabled Services

Part of BSE Information Technology Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,682 1,571 1,574 1,655 1,480 1,423 1,497 1,502 1,545 1,387 1,585 1,660 1,691
1,585 1,484 1,476 1,541 1,355 1,309 1,365 1,368 1,402 1,282 1,442 1,513 1,534
Operating Profit 97 87 99 114 125 115 133 134 143 105 143 147 157
OPM % 6% 6% 6% 7% 8% 8% 9% 9% 9% 8% 9% 9% 9%
-13 -2 -5 2 -8 -14 -17 -12 -10 1 -13 -21 -5
Interest 34 33 32 36 40 34 32 31 47 34 39 40 45
Depreciation 31 28 29 28 29 26 28 31 28 27 29 30 31
Profit before tax 19 24 33 52 47 40 55 59 58 45 61 57 76
Tax % -19% 2% 4% 21% 13% 8% 6% 5% -5% -5% 9% 12% 15%
23 24 32 41 41 37 51 56 60 47 56 50 65
EPS in Rs 1.38 1.43 1.90 2.43 2.43 2.21 3.04 3.31 3.57 2.79 3.27 2.92 3.65
Raw PDF

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
891 881 780 733 1,853 4,994 4,674 5,370 6,288 6,282 5,967 6,322
867 876 747 700 1,806 4,666 4,310 5,112 6,014 5,855 5,429 5,765
Operating Profit 24 6 32 33 47 328 364 258 273 426 538 557
OPM % 3% 1% 4% 5% 3% 7% 8% 5% 4% 7% 9% 9%
38 7 13 19 -67 -178 -75 0 -25 -14 -68 -44
Interest 26 27 26 25 45 132 98 74 111 141 145 158
Depreciation 18 8 7 8 15 92 96 99 107 114 113 116
Profit before tax 18 -22 13 19 -79 -73 96 86 29 156 212 239
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
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
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: 6%
Compounded Profit Growth
10 Years: 25%
5 Years: 14%
3 Years: 83%
TTM: 0%
Stock Price CAGR
10 Years: 55%
5 Years: 33%
3 Years: 98%
1 Year: 118%
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% 20%

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

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Total Headcount (Global Representatives)
Number

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Global Presence (Number of Countries)
Number
Revenue per Employee
INR Crore
Technology Partnerships
Number
Total Order Book / Backlog
USD Million
Client Concentration (Top 10 Clients Revenue Share)
％
Client Concentration (Top 10 Clients Revenue Share)
%
Estimated Market Share of TAM
%

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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
71.14% 71.14% 71.14% 71.09% 71.06% 71.06% 70.60% 70.53% 70.35% 70.24% 70.11% 69.99%
5.54% 4.92% 4.83% 4.81% 4.71% 3.38% 4.33% 4.70% 4.09% 4.22% 3.43% 3.26%
0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.03% 0.03% 0.04% 2.46% 2.99%
0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.13% 0.12%
23.18% 23.80% 23.90% 23.97% 24.09% 25.41% 24.91% 24.61% 25.42% 25.36% 23.85% 23.62%
No. of Shareholders 14,05816,84716,39416,64726,20655,99760,19864,21078,70988,06581,63973,638

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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