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Black Box Limited
(BBOX)
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Rating:53Neutral
Price Target:
₹906.00
▲(16.34% Upside)
Action:Reiterated
Date:09/16/26
The score is held back primarily by weak and inconsistent cash flow (including recurring negative free cash flow), despite improved profitability and a stronger equity base. Technicals are mildly bearish with the stock trading below key moving averages and negative MACD. Valuation is elevated on P/E, partially offset by a very high dividend yield.
Positive Factors
Improved Profitability
The recovery in net income across FY2024–FY2026 indicates stronger earnings capacity than the FY2023 trough. If profitability remains improved, Black Box can reinvest in delivery capabilities, support customers more effectively, and build greater resilience through the business cycle.
Negative Factors
Weak Cash Conversion
The weak and inconsistent conversion of reported earnings into operating cash reduces financial quality and limits internally funded growth. Persistently low cash generation can constrain investment, increase reliance on external financing, and make the company less resilient when project or working-capital demands rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Profitability
The recovery in net income across FY2024–FY2026 indicates stronger earnings capacity than the FY2023 trough. If profitability remains improved, Black Box can reinvest in delivery capabilities, support customers more effectively, and build greater resilience through the business cycle.
Read all positive factors
Black Box Limited (BBOX) vs. iShares MSCI India ETF (INDA)
Market Cap
₹164.11B
Dividend Yield0.11%
Average Volume (3M)61.18K
Price to Earnings (P/E)70.4
Beta (1Y)1.07
Revenue Growth12.20%
EPS Growth2.98%
CountryIN
Employees3,883
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)13.13
Shares Outstanding177,599,200
10 Day Avg. Volume104,945
30 Day Avg. Volume61,181
Financial Highlights & Ratios
PEG Ratio6.86
Price to Book (P/B)5.91
Price to Sales (P/S)1.20
P/FCF Ratio-114.77
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)17.15
Revenue Forecast (FY)₹81.85B
Black Box Limited Business Overview & Revenue Model
Company Description
Black Box Limited stands as a global provider of comprehensive information and communications technology (ICT) services. Its operations are structured across distinct segments: System Integration, Technology Product Solution, and a broader 'Others...
How the Company Makes Money
Black Box makes money primarily by selling IT services and solutions to enterprise and government clients across the full lifecycle of technology infrastructure projects. Key revenue streams typically include: (1) professional services fees for co...
Black Box Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
70
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 66.54B | 63.22B | 59.67B | 62.82B | 62.88B | 53.70B |
| Gross Profit | 10.04B | 9.31B | 9.42B | 8.39B | 6.66B | 7.04B |
| EBITDA | 6.01B | 5.13B | 5.37B | 4.26B | 2.73B | 2.58B |
| Net Income | 2.26B | 2.18B | 2.05B | 1.38B | 237.00M | 727.20M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 42.94B | 30.72B | 27.77B | 30.02B | 26.50B |
| Cash, Cash Equivalents and Short-Term Investments | 5.40B | 5.58B | 7.78B | 2.16B | 8.92B | 3.01B |
| Total Debt | 0.00 | 11.53B | 9.42B | 7.12B | 6.28B | 4.81B |
| Total Liabilities | -12.87B | 30.07B | 23.13B | 22.96B | 27.06B | 23.90B |
| Stockholders Equity | 12.87B | 12.87B | 7.59B | 4.81B | 2.96B | 2.60B |
Cash Flow | ||||||
| Free Cash Flow | 137.40M | -663.10M | -2.52B | 835.80M | -802.80M | 91.80M |
| Operating Cash Flow | 536.00M | 58.40M | -2.07B | 1.34B | 180.60M | 602.40M |
| Investing Cash Flow | -179.90M | -568.50M | -465.60M | 6.90M | 194.70M | -366.40M |
| Financing Cash Flow | -175.60M | 2.75B | 3.12B | -1.55B | -635.20M | -428.20M |
Black Box Limited Technical Analysis
Positive
778.75
Price Trends
779.78
Positive
859.47
Positive
707.66
Positive
Market Momentum
29.88
Negative
68.05
Neutral
74.82
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 778.75 is below the 20-day moving average (MA) of 816.81, below the 50-day MA of 779.78, and above the 200-day MA of 707.66, indicating a bullish trend. The MACD of 29.88 indicates Negative momentum. The RSI at 68.05 is Neutral, neither overbought nor oversold. The STOCH value of 74.82 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | ₹66.18B | 12.37 | ― | 2.41% | 13.21% | 12.05% | |
74 Outperform | ₹63.61B | 20.03 | ― | 1.35% | 7.88% | -1.77% | |
70 Outperform | ₹202.81B | 31.00 | ― | 2.30% | 5.19% | -12.17% | |
62 Neutral | ₹82.29B | 23.08 | ― | 0.68% | 22.59% | -0.57% | |
56 Neutral | ₹20.32B | 48.57 | ― | ― | 15.71% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹164.11B | 70.42 | ― | 0.11% | 12.20% | 2.98% |
* General Sector Average
IN:BBOX
Black Box Limited
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359.41
63.65%
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Black Box Limited Corporate Events
Black Box Plans Virtual Investor Conference Meeting Under SEBI Norms
Sep 22, 2026
Black Box Limited has scheduled a virtual group meeting with analysts and institutional investors at the Arihant Capital Bharat Connect “Rising Stars – September 2026” conference on September 29, 2026. The company emphasized that...
Black Box Publishes Q1 FY27 Earnings Call Transcript
Aug 20, 2026
Black Box Limited has notified the stock exchanges that it has released the official transcript of its Q1 FY27 earnings conference call, covering unaudited consolidated and standalone financial results. The document, filed under SEBI disclosure re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.