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10 Yrs X-Ray 
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Analyst Note 
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About
Black Box Ltd (BBOX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500463 NSE: BBOX Telecommunication - Equipment | Small Cap | Black Box Share Price
₹799.85 54.40 (7.30%)
As on 11-Sep'26 15:13
Black Box Ltd (BBOX)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500463 NSE: BBOX Telecommunication - Equipment | Small Cap | Black Box Share Price
₹799.85 54.40 (7.30%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹13,239 Cr.
Current Price
₹799.9
52-Week Low / High
₹441 / 1,104
TTM EPS
₹12.7
TTM Sales
₹6,654 Cr.
Book Value per Share
₹75.6
P/E Ratio
58.58
Lower than its 5-year historical median
Industry PE
122.8
Price to Book (P/B)
9.86
Lower than its 5-year historical median
Price to Sales (P/S)
1.99
Lower than its 5-year historical median
EV/EBITDA
21.74
Lower than its 5-year historical median
Dividend Yield
0.13%
Profitability Efficiency
Return on Equity (ROE)
22.20%
In line with industry median
Return on Capital Employed (ROCE)
22.50%
Outperforms industry median
Return on Assets (ROA)
5.95%
Operating Profit Margin
8.1%
Net Profit Margin
3.44%
Gross Profit Margin
6.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
7.73%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-2.93%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
6.22%
Asset Quality
Promoter Holding
69.95%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,307 Cr.
Equity
₹35.5 Cr.
Face Value
₹2
All Time Low / High
₹2.52 / 1104.30
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Weak
Is Black Box Ltd a good quality company?
Black Box Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Black Box Ltd performance compare with that of its Peers?
Revenue growth of Black Box Ltd vs industry peers?
Black Box Ltd revenue CAGR is 10.22%, compared to the industry median CAGR of 11.08%, indicating slower growth and losing its market share.
Promoter shareholding and pledge status of Black Box Ltd?
Promoters hold 69.95% of the Black Box Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Black Box Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 45.6% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Black Box Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 2.7% | 27.3% | 9.3% | 9% | 6.4% | 3.8% | 4.1% | 1.6% | 4.4% | 3.9% | - |
| Value Creation Index ⓘ | -0.8 | 1.0 | -0.3 | -0.4 | -0.6 | -0.7 | -0.7 | -0.9 | -0.7 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 246 | 303 | 307 | 309 | 250 | 294 | 363 | 387 | 377 | 406 | 426 |
| Sales YoY Gr. | - | 23.4% | 1.1% | 0.8% | -19.3% | 17.7% | 23.8% | 6.4% | -2.5% | 7.7% | - |
| Adj EPS ⓘ | -1.1 | 2.1 | -0 | -0.1 | -0.1 | 0.4 | 0.3 | -0.9 | 0.7 | 1.2 | 0.8 |
| YoY Gr. | - | NA | -101% | NA | NA | NA | -30% | -432.1% | NA | 76.1% | - |
| BVPS (₹) ⓘ | 2.7 | 4.9 | 6.1 | 5.8 | 16.1 | 16.6 | 19.5 | 18.6 | 22.2 | 39.4 | 39.3 |
| Adj Net Profit ⓘ | -16.2 | 29.2 | -0.3 | -1.6 | -2.3 | 6.6 | 4.7 | -15.6 | 11.4 | 20.9 | 15 |
| Cash Flow from Ops. ⓘ | 14.1 | 33.5 | 58.1 | 23.6 | 22.7 | 15.3 | 14.6 | 22.7 | -24.3 | -20.1 | - |
| Debt/CF from Ops. ⓘ | 9.6 | 3.5 | 1.7 | 4 | 0.7 | 1.5 | 1.7 | 0.5 | -0.3 | -0.8 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 5.7% | 10.2% | 3.8% | 7.7% | ||||
| Adj EPS ⓘ | NA | NA | 61.5% | 76.1% | ||||
| BVPSⓘ | 34.5% | 19.6% | 26.4% | 77.6% | ||||
| Share Price | 46.3% | 28.1% | 56.1% | 77% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -26.8 | 43.3 | -0.4 | -1.7 | -1.3 | 2.3 | 1.5 | -4.8 | 2.9 | 3.6 | 2.1 |
| Op. Profit Mgn % ⓘ | -2.9 | 9.5 | 2.8 | 5.9 | 5.3 | 3.7 | 4.5 | -0.1 | 5.2 | -3 | 5.7 |
| Net Profit Mgn % ⓘ | -6.6 | 9.6 | -0.1 | -0.5 | -0.9 | 2.2 | 1.3 | -4 | 3 | 5.1 | 3.5 |
| Debt to Equity ⓘ | 2.8 | 1.4 | 1.1 | 1.1 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 510 | 326 | 335 | 322 | 350 | 276 | 239 | 216 | 248 | 282 | 164 |
| Cash Conv. Cycle ⓘ | -39 | 0 | -8 | -33 | -78 | -65 | -44 | -38 | -43 | -1 | 100 |
Valuation of Black Box - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 8.93 | 8.93 | 8.93 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 780 | 733 | 1,853 | 4,994 | 4,674 | 5,370 | 6,288 | 6,282 | 5,967 | 6,322 |
| Operating Expenses ⓘ + | 748 | 700 | 1,806 | 4,726 | 4,364 | 5,112 | 6,025 | 5,855 | 5,437 | 5,808 |
| Operating Profit ⓘ | 32 | 33 | 47 | 268 | 310 | 258 | 263 | 426 | 530 | 514 |
| Operating Profit Margin (%) | 4.1% | 4.5% | 2.5% | 5.4% | 6.6% | 4.8% | 4.2% | 6.8% | 8.9% | 8.1% |
| Other Income ⓘ + | 4 | 5 | 6 | 7 | 11 | 23 | 38 | 24 | 5 | 62 |
| Interest ⓘ | 26 | 25 | 45 | 132 | 98 | 74 | 111 | 141 | 145 | 158 |
| Depreciation ⓘ | 7 | 8 | 15 | 92 | 96 | 99 | 107 | 114 | 113 | 116 |
| Profit Before Tax ⓘ | 13 | 19 | -79 | -73 | 96 | 86 | 29 | 156 | 212 | 239 |
| Tax ⓘ | 2 | 4 | -1 | 7 | 18 | 13 | 6 | 19 | 7 | 22 |
| Profit After Tax | 10 | 15 | -79 | -80 | 78 | 73 | 24 | 138 | 205 | 218 |
| PAT Margin (%) | 1.3% | 2.0% | -4.3% | -1.6% | 1.7% | 1.4% | 0.4% | 2.2% | 3.4% | 3.4% |
| Adjusted EPS (₹) | 0.7 | 1.0 | -5.3 | -5.4 | 4.8 | 4.4 | 1.4 | 8.2 | 12.1 | 12.3 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 8.30% | 8.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 69 | 88 | 16 | -178 | 193 | 247 | 295 | 480 | 674 | 1,286 | |
| Debt + | 173 | 138 | 794 | 257 | 136 | 254 | 331 | 375 | 640 | 812 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 143 | 139 | 551 | 548 | 516 | 1,009 | 1,158 | 722 | 556 | 790 | |
| Others Liabilities ⓘ | 203 | 214 | 1,039 | 1,659 | 1,441 | 1,125 | 1,199 | 1,199 | 1,179 | 1,371 | |
| Total Liabilities ⓘ | 589 | 579 | 2,400 | 2,285 | 2,285 | 2,635 | 2,983 | 2,776 | 3,049 | 4,259 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 111 | 114 | 399 | 557 | 622 | 732 | 794 | 808 | 769 | 883 | |
| CWIP ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 30 | 32 | 33 | 0 | |
| Inventories | 19 | 31 | 151 | 137 | 149 | 226 | 362 | 246 | 210 | 323 | |
| Trade Receivables | 206 | 208 | 862 | 361 | 240 | 374 | 421 | 386 | 567 | 1,153 | |
| Cash Equivalents | 20 | 12 | 263 | 369 | 410 | 311 | 210 | 223 | 229 | 540 | |
| Others Assets ⓘ | 233 | 215 | 725 | 861 | 864 | 991 | 1,163 | 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 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 4 | 52 | -72 | 1,137 | 303 | 95 | 13 | 129 | -88 | 84 |
| Cash Flow From Investing Activity ⓘ + | -4 | -5 | -357 | -328 | -32 | -71 | 19 | 1 | -47 | -57 |
| Cash Flow From Financing Activity ⓘ + | -11 | -54 | 629 | -645 | -277 | -43 | -58 | -155 | 192 | 197 |
| Net Cash Flow ⓘ | -10 | -7 | 201 | 164 | -7 | -18 | -26 | -25 | 58 | 224 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 18.26 | 22.29 | -173.94 | N/A | 1093.7 | 33.09 | 8.75 | 35.55 | 35.5 | 22.2 |
| ROCE (%) | 16.39 | 18.43 | -6.59 | N/A | 57.95 | 34.79 | 23.8 | 39 | 31.13 | 22.5 |
| Asset Turnover Ratio | 1.17 | 1.26 | 1.24 | 2.13 | 2.05 | 2.18 | 2.24 | 2.18 | 2.05 | 1.73 |
| PAT to CFO Conversion(x) | 0.4 | 3.47 | N/A | N/A | 3.88 | 1.3 | 0.54 | 0.93 | -0.43 | 0.39 |
| Working Capital Days | ||||||||||
| Receivable Days | 98.90 | 103.20 | 105.40 | 44.70 | 23.50 | 20.90 | 23.10 | 23.50 | 29.20 | 49.70 |
| Inventory Days | 9.90 | 12.30 | 17.90 | 10.50 | 11.10 | 12.70 | 17.10 | 17.70 | 14 | 15.40 |
| Payable Days | 216.60 | 212.40 | 202.50 | 133.20 | 125.90 | 158.50 | 194.30 | 190.70 | 126.80 | 110.30 |
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Black Box Ltd FAQs
The current trading price of Black Box on 11-Sep-2026 15:13 is ₹799.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Black Box stood at ₹13,239.1 Cr
The latest P/E ratio of Black Box as of 10-Sep-2026 is 902.5.
The latest P/B ratio of Black Box as of 10-Sep-2026 is 18.96.
The 52-week high of Black Box is ₹1,104.3 and the 52-week low is ₹441.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Black Box is ₹426 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Black Box Ltd is a good quality company.
The key valuation ratios of Black Box Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Black Box Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Black Box Ltd
Avaya GlobalConnect Ltd. formerly Tata Telecom was incorporated on August 19, 1986 at Mumbai. The company was promoted by Tata Industries Ltd. (TIL). It is one of India’s leading providers of enterprise communications solutions, offering converged communication solutions, contact center solutions, and unified messaging systems for enterprises. Already a market leader in contact center solutions with more than 50% market share, Avaya GlobalConnect Ltd. plans to become India’s leading provider of converged communications business solutions for enterprises. With 35 service centers spread around the country, the company provides solutions to some 6,000 customers, employs over 500 associates, and generates $87 million in annual revenues.
Avaya GlobalConnect is India’s leading intelligent communications solution provider delivering business solutions that help organizations accelerate revenue growth, increase market penetration, optimize operating costs and improve employee productivity, by embedding communication in their business processes.
Avaya GlobalConnect is a subsidiary of Avaya Inc., a global leader in business communications. More than one million businesses worldwide including 90 percent of the FORTUNE 500® use Avaya solutions for IP Telephony, Unified Communications (UC), and Contact Centers (CC).
In October of 2001, Tata Telecom, now Avaya GlobalConnect, signed on with SAP. By July of 2002, the company had its ERP system up and running. mySAP CRM capabilities for presales and lead management came online between October 2002 and March 2003.
Business area of the company:
Products offered by Avaya:
- Avaya Communication Servers & Gateways - The Avaya IP600 Internet Protocol Communications Server delivers reliability and full-feature functionality to the customer's entire enterprise, by combining voice, fax/messaging, data, and Internet traffic - onto a powerful IP network.
- Avaya Communication Manager- Communication Manager delivers on the promise of IP by offering a no compromise approach to convergence in terms of reliability and functionality. Designed to run on a variety of Media Servers, Communication Manager provides centralized call control.
- Digital Phones- With their sleek, global styling and user interface, and availability in white or gray, these telephones look great in any location. There are a variety of 6400 Series models that can meet customers' specific requirements and deliver exceptional benefits to their business.
- Unified Access
- Conferencing and collaboration
- Messaging- Messaging provides a single point of access to all message types - voice mails, electronic mails or faxes, from virtually any communication device. Video Conferencing & Applications
The company provides Solutions for:
- Hospitality
- Insurance
- Banking
- Mutual Fund
- Securities
- SME Solutions
Awards/Achievements:
- Avaya Unified Communications Solutions have been certified as Green solutions by Meircom, an independent product testing organization. In its report of November 2008, Miercom says “Based on our hands-on testing and verified representations made by Avaya, Miercom confirmed that the Avaya solution is designed to provide an effective and environmentally sound communications solutionâ€.
- Avaya GlobalConnect has been recognized as the “Best Enterprise Solution Provider Company†at the INFOCOM CMAI National Telecom Awards 2009
- Avaya GlobalConnect won the Best Employer award at Sunday Indian Mega Excellence Awards 2009
- Avaya GlobalConnect has once again won the Frost & Sullivan Market Leadership Award for Enterprise Telephony as well as Contact Center Applications for the year 2008. This is Avaya GlobalConnect’s seventh consecutive win.
- Avaya GlobalConnect has been awarded the best UC solutions company by VAR India for 2008
- Miercom and Nemertes Research, recognized Avaya UC enterprise solutions for providing top-line qualities. The awards were presented at VoiceCon, San Francisco 2008.
- In India, Avaya GlobalConnect is the undisputed market leader as per IDC’s India Unified Communications Market Program.
- Avaya GlobalConnect awarded the best Unified Communications solutions company by VAR India.
- Avaya GlobalConnect wins VARIndia Brand of Excellence Award 2008
- Frost & Sullivan’s India ICT Awards
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