Black Box Limited (BBOX) AI Stock Analysis

• Market Cap: ₹87.79B
• Dividend Yield: 0.19%
• Average Volume (3M): 61.43K
• Price to Earnings (P/E): 39.7
• Beta (1Y): 1.59
• Revenue Growth: -0.64%
• EPS Growth: 28.23%
• Country: IN
• Employees: 3,883
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): 3.67
• Shares Outstanding: 170,353,040
• 10 Day Avg. Volume: 72,735
• 30 Day Avg. Volume: 61,426
• PEG Ratio: 0.63
• Price to Book (P/B): 8.22
• Price to Sales (P/S): 1.05
• P/FCF Ratio: -24.78
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹511.00 ▼(-7.93% Downside)

The overall stock score of 56 reflects a mixed outlook for Black Box Limited. The company's financial performance shows moderate profitability but faces significant cash flow challenges and reliance on debt. Technical analysis indicates a positive trend, but the stock appears overvalued with a high P/E ratio and low dividend yield.

Positive Factors

Improved Return on Equity

A 27% ROE indicates management is generating strong returns on shareholder equity, signaling efficient capital allocation and operational leverage. Sustained high ROE can support reinvestment, competitiveness, and attract capital for strategic growth over the medium term.

Rising operating efficiency (EBIT margin)

An improvement in EBIT margin demonstrates improved cost control and scalability of service delivery. Higher operating margins increase resilience to revenue pressure, boost sustainable earnings power and provide room to invest in service capabilities and managed offerings over the next several quarters.

Diversified IT services revenue model

A mix of project work, product resale and recurring managed services creates diversified revenue streams and customer stickiness. Recurring contracts in managed services bolster revenue visibility and long-term relationships, reducing cyclicality and supporting steady cash flows if execution holds.

Negative Factors

Sharp recent revenue decline

A ~64% reported revenue decline signals deteriorating top-line scale, undermining fixed-cost absorption and long-term margins. Persistent revenue contraction erodes market position, limits reinvestment capacity and could force margin tradeoffs that impair durable competitive strength.

Weak cash generation and negative FCF trends

Declining free cash flow and negative operating cash flow to net income point to strained cash conversion. Poor cash generation limits the firm's ability to fund operations, service debt, invest in growth, or return capital, increasing medium-term liquidity and execution risk.

High leverage and thin equity base

A D/E of 1.24 and low equity ratio indicate material reliance on debt financing. With weak cash flow and falling revenue, elevated leverage increases refinancing and interest-rate risk, constrains strategic flexibility and raises the probability of solvency pressure under prolonged stress.

Black Box Limited Business Overview & Revenue Model

Company Description

Black Box Limited provides information and communications technology solutions worldwide. It operates through System Integration, Technology Product Solution, and Others segments. The company offers unified communication solutions, such as IP communication, multimedia integration, contact center, and collaboration solutions. It also provides data center and edge IT solutions, such as hyper converged infrastructure that integrates computing, storage, networking, and virtualization resources and other technologies; private cloud; mobility; and software defined networking. In addition, the company offers a portfolio of cyber security services. Further, it provides digital transformation and applications, such as gamification, customer experience and journey, automation, and IoT solutions. Additionally, the company offers guardian support services consisting of IT infrastructure remote and on-site management services; global security operations center and global network operations center services; managed services, including enterprise service management, integrated management data center, and cloud computing services; and professional services comprising consulting, deployment, design, customization, and audit services. It serves banking, financial service, and insurance; education; healthcare; travel and hospitality; IT/ITES; and manufacturing industries. The company was formerly known as AGC Networks Limited and changed its name to Black Box Limited in November 2021. Black Box Limited was incorporated in 1986 and is based in Navi Mumbai, India. Black Box Limited is a subsidiary of Essar Telecom Limited.

How the Company Makes Money

Black Box Limited generates revenue through multiple streams. Primarily, the company earns money by selling hardware and software products related to network and data center solutions. This includes routers, switches, and AV equipment. Additionally, BBOX offers professional services such as installation, configuration, and ongoing technical support, which contribute significantly to its revenue. Managed services, where the company takes responsibility for clients' IT infrastructure, represent another key revenue source. The company has established partnerships with major technology providers, allowing it to offer integrated solutions and expand its market reach. These collaborations enhance its service offerings and drive sales through cross-selling opportunities.

Black Box Limited Financial Statement Overview

Summary

Black Box Limited shows moderate profitability with improved operational efficiency and return on equity. However, it faces challenges in revenue growth and cash flow management, with a significant reliance on debt, posing potential risks.

Income Statement

Black Box Limited has shown inconsistent revenue growth with revenue declining in the latest period. Gross Profit Margin is at 14.07% and Net Profit Margin is at 3.43% for the latest year. The EBIT Margin improved to 7.11% from 4.98% the previous year, indicating better operational efficiency. However, the EBITDA margin decreased slightly to 7.86%. Overall, the company demonstrates moderate profitability but faces challenges in sustaining revenue growth.

Balance Sheet

The company's Debt-to-Equity Ratio is at 1.24, indicating a moderate level of debt compared to equity. The Return on Equity (ROE) improved to 27.00%, reflecting better utilization of equity to generate profits. However, the Equity Ratio stands at 24.70%, which suggests the company relies significantly on liabilities for its asset financing. The balance sheet shows moderate stability with a focus on leveraging debt.

Cash Flow

The Free Cash Flow has seen a significant decline, resulting in negative Free Cash Flow Growth. The Operating Cash Flow to Net Income ratio is negative, indicating operating challenges. The Free Cash Flow to Net Income ratio is also negative, reflecting cash flow issues. Overall, the cash flow position shows significant stress, indicating potential liquidity challenges.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	59.30B	59.67B	62.82B	62.88B	53.70B	46.74B
Gross Profit	8.89B	9.42B	8.39B	6.66B	7.04B	6.98B
EBITDA	4.82B	4.55B	3.44B	1.92B	1.95B	2.95B
Net Income	2.15B	2.05B	1.38B	237.00M	727.20M	780.90M
Balance Sheet
Total Assets	0.00	30.72B	27.77B	30.02B	26.50B	23.03B
Cash, Cash Equivalents and Short-Term Investments	2.29B	7.78B	2.16B	8.92B	3.01B	5.39B
Total Debt	0.00	9.42B	7.12B	6.28B	4.81B	3.28B
Total Liabilities	-7.59B	23.13B	22.96B	27.06B	23.90B	20.96B
Stockholders Equity	7.59B	7.59B	4.81B	2.96B	2.60B	2.07B
Cash Flow
Free Cash Flow	0.00	-2.52B	835.80M	-802.80M	91.80M	3.82B
Operating Cash Flow	0.00	-2.07B	1.34B	180.60M	602.40M	4.12B
Investing Cash Flow	0.00	-465.60M	6.90M	194.70M	-366.40M	-1.31B
Financing Cash Flow	0.00	3.12B	-1.55B	-635.20M	-428.20M	-2.88B

Black Box Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 555.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:BBOX, the sentiment is Positive. The current price of 555 is above the 20-day moving average (MA) of 510.76, above the 50-day MA of 521.95, and above the 200-day MA of 503.16, indicating a neutral trend. The MACD of -9.94 indicates Positive momentum. The RSI at 51.76 is Neutral, neither overbought nor oversold. The STOCH value of 56.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:BBOX.

Black Box Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INTELLECT	73 Outperform	₹127.05B	35.17	―	0.69%	15.87%	39.55%
TANLA	69 Neutral	₹67.93B	13.88	―	3.28%	3.31%	-11.27%
NEWGEN	67 Neutral	₹82.74B	26.98	―	0.59%	11.47%	12.41%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
MAPMYINDIA	61 Neutral	₹72.25B	49.36	―	0.21%	22.12%	7.40%
NPST	58 Neutral	₹25.25B	83.39	―	0.14%	-36.28%	-44.04%
BBOX	56 Neutral	₹87.79B	39.72	―	0.19%	-0.64%	28.23%

Black Box Limited Corporate Events

Black Box Sets January 8 Investor and Analyst Meeting in Mumbai

Black Box Limited has scheduled a group meeting with analysts and institutional investors in Mumbai on 8 January 2026 from 5:00 pm onwards, in line with its disclosure obligations under Indian securities regulations. The company emphasized that the discussions will be confined to publicly available information and will not involve any unpublished price-sensitive information, underscoring its focus on regulatory compliance and transparent engagement with the investor community, while noting that the schedule remains subject to change due to potential exigencies for either participants or the company.

Black Box Limited Schedules Earnings Call for Q2 and H1 FY26 Results

Black Box Limited has announced an upcoming earnings call scheduled for November 13, 2025, to discuss the financial results for the second quarter and the first half of the fiscal year 2026. This call is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and investor confidence.