AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Sep - Black Box to attend Arihant Capital investor conference on September 29, 2026, virtually.
Source: Bse
Black Box Limited (BBOX)
Micro CapIT stocks · Micro cap · NSE
Black Box is a global leader in digital infrastructure solutions with a presence across 35+ countries and 50 years of experience. It services 5,000+ active client locations, including 120+ Fortune 500 clients, offering end-to-end solutions for the AI-driven infrastructure era.
₹894.45
-12.80 · -1.41%
Market cap ₹16,372 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Sept, 12:54 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
90Strong Bullfull bull SMA stack · SMA20 +12.7% / mo · MACD + · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 83
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BBOXD candles · FIT view+62.6%Latest close ₹894.45 on 2026-10-19
Bar
-1.1%
RSI
59
MACD hist
4.79
52W pos
68%
2026-10-19O ₹904.05H ₹927.60L ₹886.25C ₹894.45Vol 6.3L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BBOXNifty ITNifty 500
- BBOX
- +6.8%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +12.4 pp
Chart stats
19 Oct 2026- From 52W high
- -18.9%
- 52W range position
- 68%
- ATR (14)
- 5.1%
- Volume vs 20D
- 0.50x
- Avg traded value
- ₹109 Cr
- 20D price channel
- ₹775.6 - ₹952
₹1,103
₹444.3 - ₹1,103
₹45.7
Latest completed session
20-session average
47.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST40
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good65
Revenue +23.9% · PAT +19.1% YoY
Technical
Strong Bull90
Price trend and sector-relative-strength timing.
Valuation
Legacy model-78.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence79
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 65/100Rev +24% YoY · PAT +19% YoY · margin expansion
Filed 04 Sept 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,718 Cr | +23.9% | +1.6% |
| EBITDA | ₹160 Cr | +37.9% | -2.4% |
| Operating margin | 9.0% | +100 bps | -100 bps |
| PAT | ₹56 Cr | +19.1% | -13.8% |
| PAT margin | 3.3% | -13 bps | -58 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 57.30
- P/B
- 12.72
- EV/EBITDA
- 23.71
- Market Cap
- 16372.00Cr
Profitability
- ROE
- 25.70%
- ROCE
- 21.60%
- ROA
- 5.26%
- Dividend Y
- 0.11%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 13.00%
- Revenue 3Y
- 1.94%
- EPS 3Y
- 80.00%
Balance Sheet
- Debt/Equity
- 0.90
- Interest Coverage
- 3.57×
- Altman Z
- 5.80
- Book Value
- 72.50
Cash Flow
- FCF Yield
- 0.71%
- FCF Positive Y
- 7/5
- OCF
- 84.00 Cr
- EPS TTM
- 12.99
Shareholding
- Promoter Hold
- 69.95%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 1,718+1.6% vs prev
Net Profit
₹ CrLatest: 56.0-13.8% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 59. Wait for confirmation.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~11.3% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 19% off 52W high · 101% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
91
RS percentile
Stage 2 UptrendEstablished S2
1M return
+11.6%
3M return
+6.8%
6M return
+68.1%
1Y return
+61.4%
RS 1D
0
RS 20D
+5
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 13.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.0%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
16 Sept 2026
S2 age
23 trading sessions
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 185.9-0.39%
RS vs Nifty 500186
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 40 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth12/25
Quality13/20
Balance Sheet6/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
40
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
40/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 13/20 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Fair-value margin of safety is negative at -78.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
57.3
PB
12.7
EV/EBITDA
23.7
ROE
25.7%
ROCE
21.6%
FCF Yield
0.7%
Debt/Equity
0.9
MoS
-78.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
40
Previous: 40
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-78.8%
Previous: -81.7%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
40
40
40
40
40
40
40
40
40
40
40
40
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹145.57
-514.5% MoS
Growth-justified P/E
38.5
Growth-justified Value
₹500.37
-78.8% MoS
PEG
2.75
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RATEGAIN
Micro
Rategain Travel Technologies Limited
IT Services / Digital
match 128
40
39.2
11.9%
-24%
WATCHLIST
SHADOWFAX
Small
Shadowfax Technologies Limited
IT Services / Digital
match 125
35
100.0
10.4%
-147%
WATCHLIST
TANLA
Micro
Tanla Platforms Limited
IT Services / Digital
match 125
62
14.1
21.4%
+30%
UNDERVALUED
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 125
35
20.8
13.8%
-34%
WATCHLIST
KPITTECH
Mid
KPIT Technologies Limited
IT Services / Digital
match 124
56
23.6
20.9%
+21%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-02T20:30:37.108Z
Management commentary snapshot
Black Box reports `6,322Cr global revenue for FY26, with 9x PAT growth and 470+ bps EBITDA expansion since FY23. Order backlog grew 1.6x to $792M in FY26, signaling strong demand post-transformation.
The company has completed its transformation, evidenced by improved margins, strengthened balance sheet, and growing order backlog. Focus is now on scaling growth organically and inorganically, leveraging its global digital infrastructure leadership and AI-driven market trends.
Growth engines
Hyperscale Digital Infrastructure
Big game hunting to own the data center & hyperscale space, programmatic execution to lock in preferred-partner status across multiple hyperscalers/colocation.
GSI Americas
Displace incumbents and get sizeable business with mega accounts, strengthening current book and scaling current portfolio.
India Opportunity
Multi-billion $ TAM across data center infrastructure build & enterprise IT spend markets, with India DC market in a high-growth phase.
TPS Business Shift
Shift from one-time product sales to platforms, managed services, and long-term support contracts, targeting $200M+ by FY30.
Capacity and execution
India Global Capability Center (GCC) Scaling
600+ employees in India GCC across program management, solution engineering & managed services, to increase to ~1,000 by FY30.
Workforce Expansion
Adding ~3,000 professionals by FY30, scaling DC-specialized workforce to match hyperscale demand.
Tailwinds
AI Workload Growth
AI workloads to grow 6x by 2030, having a transformational impact across all industries.
Data Center Capacity Expansion
Global data center capacity expected to double by 2030, with 2.5x growth in GW capacity over next 5 years.
5G Technology
5G private networks going mainstream across factories, hospitals, airports and warehouses, creating large-scale deployment opportunities.
Migration to Cloud
4x growth expected by 2030 to manage huge volumes of data being generated.
Headwinds
Inflationary Costs
Leveraging scale, procurement and operational excellence initiatives to mitigate inflationary headwinds.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides financial and operational data across multiple fiscal years (FY23-FY26), highlighting a multi-year transformation journey and sustained growth trends, making year-over-year comparison most relevant.
Sector KPIs management disclosed
Global Revenue (FY26)
`6,322Cr global revenue (FY26)
PAT Growth (FY26 vs FY23)
9x PAT growth (FY26 Vs FY23)
EBITDA Expansion (vs FY23)
470+ bps EBITDA expansion (vs FY23)
Return on Capital Employed (cumulative FY23-26)
34% Return on Capital Employed (cumulative ROCE FY23-26)
Management forward view
FY30 Revenue Aspiration
Aim to double organic revenue by FY30 to ~`12,000Cr (~$1.3B) and boost revenues by `6,000Cr (~$700M) through inorganic acquisitions, reaching $2B total.
Cross-sell/Wallet Share
Leveraging a diversified solutions portfolio to drive higher wallet share within existing strategic accounts.
Go-to-Market Execution
Targeting higher success rates in strategic pursuits through enhanced go-to-market execution.
Disciplined Capital Allocation
Disciplined capital allocation to support organic growth and strategic acquisition, including talent, capex, software, IT infra, and working capital.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Backlog Conversion | $792M (FY26) order backlog. | Accelerated conversion supported by easing supply chain constraints. |
| India GCC Scale-up | 600+ professionals in India GCC. | Increase to ~1,000 professionals, driving delivery excellence and margin expansion. |
| AI Adoption | AI adoption initiated at scale across business functions. | Development of autonomous agents inside functions to act with human in loop, AI as a revenue lever. |
| Acquisition Pipeline | Completed acquisition of a Brazil-based company with ~$50M revenue. | Healthy pipeline of opportunities identified and successful integration of future acquisitions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
79Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 84th percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
86 docs text-extracted · 30 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
88th percentile
overall median 67 · IT: 84th pctile, median 69 · Micro: 79th pctile, median 73
Evidence depth
Financial-only
86 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
72
acceptable · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸7 years of positive FCF.
Trust risks
- ▸ROCE trend is -6.1%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Black Box Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep - Clippings of newspaper advertisement regarding the voting results conducted at the 40th AGM of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep - Intimation with respect to the investors conference meeting.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 10 Sep - Intimation with respect to the investors conference meeting.
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug - Clippings of newspaper advertisement for dispatch of AGM Notice.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Jun
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jun - Newspaper Advertisement clippings with respect to publication of the voting results conducted at the EGM
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 17 Jun - CRISIL reaffirmed Black Box’s ratings, revised outlook to Positive, and enhanced bank facilities to Rs. 70 crore.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.