Company File · BSE 500463 · Latest filing Q1 FY27
Standalone = this company only. Consolidated = including its subsidiaries.
Black Box Limited
Data as of 19 Oct 2026 close · BSE · Latest results Q1 FY27
ISIN INE676A01027 · BBOX · Information Technology › IT - Services
About the business
What does Black Box do? Part of the Essar group, it is a global digital infrastructure company. It designs, builds & manages networks, data centres, cybersecurity & collaboration systems for large companies. What are collaboration systems? Tools like video conferencing that help teams work together. Its customers include technology, banking, healthcare, retail & telecom firms in the US, Europe & India.
Price & valuation · BSE close, 19 Oct 2026
Usual 46.0×
Above its usual level
- Sales growth
- +23.9%
- Profit growth
- +17.9%
- Op. margin
- 7.2%
- P/E
- 63.4×
- Usual P/E
- 46.0×
- Price/book
- 12.4×
- ROCE
- 22.5%
- ROE
- 21.3%
- Debt/equity
- 0.64×
- Promoter
- 69.95%
- Pledged
- 0.00%
From the latest earnings call · Apr to Jun 2026 · transcript filed 20 Aug 2026
Black Box reported Apr–Jun 2026 revenue of ₹1,719 crore (24% growth from a year earlier) & EBITDA margin expanded to 9.3%. Management guides FY27 revenue of ₹7,800–8,000 crore (23–27% growth) & expects larger order execution to drive FY28 growth, with most current backlog converting in H2.
Guidance on this call: revenue growth, EBITDA growth, EBITDA margin & profit after-tax growth. The numbers are in the full notes, with Premium.
Is it expensive, and is it a good business?
Key ratios
In short Priced above its own usual level (P/E without one-offs 63.4× vs 46.0×), earns high returns on capital (ROCE 22.5%) and borrows ₹0.64 for every ₹1 of shareholders' money.
What you pay Valuation
Leaving out one-off items, buyers pay about ₹63 for every ₹1 the company earned per share over the last year. Above its 1-year median of 46.0×.
Leaves out one-off charges of ₹69.2 crore over the last 12 months (profit before tax & those items, taxed at 25%); P/E on reported profit 68.
Latest BSE close ÷ last four quarters' EPS without one-off items: profit before tax & exceptional items, taxed at 25%, for the company's own shareholders, on the share count behind its reported EPS. Used when one-off items come to more than a quarter of 12-month pre-tax profit. As of 19th October 2026.
The share price is 12.4 times the accounting value of each share. Above its 1-year median of 10.7×.
Latest BSE close ÷ book value per share (equity ÷ shares) on the latest balance-sheet date. As of 19th October 2026.
The market values the company at 2.4 times its yearly sales.
Market value ÷ last 12 months' revenue. As of 19th October 2026.
The whole business (shares plus debt, minus cash) is valued at about 26.4 years of its operating profit.
Enterprise value ÷ last 12 months' EBITDA. As of 19th October 2026.
The P/E of 63.4 divided by EPS growth of 7.5% (the latest financial year vs the year before, without one-off items). Below 1 is often read as cheap for the growth; above 2 as expensive.
P/E ÷ 12-month EPS growth in % (the last four quarters vs the four before; when those are not all held, the latest financial year vs the year before). Growth above 100% counts as 100%; left blank when EPS fell or was below ₹1 a share a year earlier. Without one-off items when either year has large ones, as for the P/E. As of 19th October 2026.
The company paid ₹1.00 a share in the last 12 months (1 payout), 0.11% of today's share price.
Dividends per share with an ex-date in the last 12 months (restated for any split or bonus since) ÷ the latest BSE close. As of 19th October 2026.
How well it uses money Returns & strength
Each ₹100 of shareholders' money and debt earned about ₹22.5 before interest & tax.
Last 12 months' profit before interest & tax ÷ average (equity + borrowings). As of 31st March 2026.
For every ₹100 of shareholders' money, the company earned about ₹21.3 in a year.
Last 12 months' profit after tax (continuing operations where reported) ÷ average equity. As of 31st March 2026.
The money actually tied up in running the business (leaving out spare cash) earned about 26.2% after tax.
This company holds a lot of cash, so ROIC (which leaves cash out) is much higher than ROCE.
Last 12 months' operating profit after tax (profit before interest & tax × (1 − effective tax rate)) ÷ average invested capital (equity + borrowings − cash & bank balances). As of 31st March 2026.
Every ₹1 of assets generated about ₹1.72 of sales in a year.
Last 12 months' revenue ÷ average total assets. As of 31st March 2026.
Operating profit covered interest costs about 2 times.
Last 12 months' profit before interest & tax ÷ finance costs. As of 30th June 2026.
For every ₹1 of shareholders' money, it has borrowed ₹0.64.
Borrowings ÷ shareholders' equity on the latest balance-sheet date. As of 31st March 2026.
Who owns it Ownership & more
The founders or parent group own 69.95% of the company.
Promoter & promoter group shareholding from the latest shareholding pattern filed with BSE. As of 30th September 2026.
Promoter holding did not change over the last quarter.
Latest quarter's promoter holding minus the previous quarter's. As of 30th September 2026.
Promoter holding, quarter by quarter
- Sep 202669.95%
- Jun 202669.95%
- Mar 202669.99%
- Dec 202570.11%
- Sep 202570.24%
Promoters reported no pledged shares.
Promoter group shares pledged ÷ all the promoter group's shares, from the shareholding pattern filed with BSE each quarter (other encumbrances, such as non-disposal undertakings, are not counted). As of 30th September 2026.
Pledged, quarter by quarter
- Sep 20260.00%
- Jun 20260.00%
- Mar 20260.00%
- Dec 20250.00%
- Sep 20250.00%
After paying for new plant & equipment, operations left ₹33 crore of cash.
Cash from operations − spending on plant & equipment, latest full year. As of 31st March 2026.
Free cash flow, year by year
- FY26₹33 Cr
- FY25₹-96 Cr
Each share has a face (nominal) value of ₹2. It matters for dividends quoted as a percentage, not for valuation.
Face value per share as BSE lists it today.
About 17.76 crore shares were in issue.
BSE's count of listed shares (BSE's market cap ÷ its price), so splits, bonuses & new shares since the latest results are included. As of 19th October 2026.
Your ratios
Ratios you added. Your choices are remembered on this device.
The stock market values the company at about ₹15,916 crore.
Latest BSE close × BSE's count of listed shares. As of 19th October 2026.
Buying the whole business, including its debt and keeping its cash, would cost about ₹16,203 crore.
Market value + borrowings − cash & bank balances. As of 19th October 2026.
The company reported ₹226 crore of profit over the last four quarters.
Sum of the last four quarters' reported profit after tax. As of 30th June 2026.
Each share earned about ₹13.13 over the last year.
Sum of the last four quarters' basic EPS. Uses earnings per share from continuing operations, so a one-off gain from selling a business does not flatter it. As of 30th June 2026.
Each share is backed by about ₹72 of net assets on the books.
Shareholders' equity ÷ shares. As of 31st March 2026.
About ₹7.3 of every ₹100 of sales was left after running costs & depreciation.
Operating profit after depreciation (EBIT) ÷ revenue over the last four quarters, the way IT companies report their operating margin. As of 30th June 2026.
About ₹3.3 of every ₹100 of sales became profit last quarter.
Profit after tax ÷ revenue for the latest quarter. As of 30th June 2026.
Sales were 23.9% higher than a year earlier.
Latest quarter's revenue vs the same quarter last year. As of 30th June 2026.
Profit was 17.9% higher than a year earlier.
Latest quarter's profit after tax vs the same quarter last year (continuing operations when a one-off discontinued item exists). As of 30th June 2026.
Short-term assets cover short-term bills 1.83 times.
Current assets ÷ current liabilities. As of 31st March 2026.
Customers take about 67 days to pay.
Trade receivables ÷ last 12 months' revenue × 365. As of 31st March 2026.
Stock on hand equals about 19 days of sales.
Inventories ÷ last 12 months' revenue × 365. As of 31st March 2026.
3.1% of pre-tax profit came from other income (interest, dividends, gains).
Other income ÷ profit before tax, last 12 months. As of 30th June 2026.
Each ₹1 of profit brought in ₹0.39 of operating cash.
Latest full year's cash from operations ÷ profit after tax. As of 31st March 2026.
Borrowings exceed cash by ₹287 crore.
Cash & bank balances − borrowings. As of 31st March 2026.
The company paid about 11.4% of its pre-tax profit as tax.
Tax expense ÷ profit before tax (continuing operations), last 12 months. As of 30th June 2026.
Everything the company owns earned 5.9% in a year.
Last 12 months' profit ÷ average total assets. As of 31st March 2026.
Operating profit before interest, depreciation & tax was ₹614 crore.
Revenue − expenses + finance costs + depreciation, last four quarters. As of 30th June 2026.
Needs five financial years of cash flows.
Sum over five financial years of (cash from operations − capital expenditure).
The company spent ₹51 crore on plant & equipment.
Purchase of property, plant & equipment, latest full year. As of 31st March 2026.
Borrowings stood at ₹827 crore.
Current + non-current borrowings. As of 31st March 2026.
Foreign institutions own 3.78%.
Foreign institutional holding from the latest shareholding pattern. As of 30th September 2026.
Domestic institutions own 3.33%.
Domestic institutional holding (mutual funds, insurers, banks, pension funds). As of 30th September 2026.
The highest price in the last year was ₹1,104.3.
Highest intraday BSE price in the last 12 months (raw, not adjusted). As of 5th June 2026.
The lowest price in the last year was ₹444.
Lowest intraday BSE price in the last 12 months (raw, not adjusted). As of 30th March 2026.
The share price moved 67.2% over the last year.
Close today ÷ close a year ago − 1 (raw prices, dividends not included). As of 19th October 2026.
About 8% of the last year's earnings per share was paid out as dividends.
Dividends per share with an ex-date in the last 12 months ÷ the last four quarters' EPS. As of 30th June 2026.
Needs four financial years of results (three years of growth).
Compound annual growth in revenue over three financial years.
Needs four financial years of results (three years of growth).
Compound annual growth in profit after tax over three financial years.
Tap the i beside any ratio for a plain explanation.
How these are worked out
Price-based ratios use the latest BSE close (19th October 2026). Share count 17.76 crore, from paid-up capital in the 19th October 2026 filing. Figures are consolidated.
What you pay: Higher numbers mean you pay more for each rupee the company earns or owns.
How well it uses money: Higher returns mean each rupee in the business earns more. Lower debt means less strain.
Who owns it: A steady promoter stake with nothing pledged is a calm sign.
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Last 4 quarters ₹ crore · Consolidated
| ₹ crore | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 1,585 | 1,660 | 1,691 | 1,719 |
| EBITDA | 142.8 | 146.9 | 164.1 | 159.9 |
| Operating profit after depreciation (EBIT) | 113.7 | 117.1 | 133.2 | 124.3 |
| Operating margin | 7.2% | 7.1% | 7.9% | 7.2% |
| One-off items | −14.1 | −21.9 | −14.2 | −18.9 |
| Profit after tax | 55.7 | 49.7 | 64.8 | 55.9 |
| Profit after tax without one-offs | 66.3 | 66.1 | 75.4 | 70.1 |
| Basic EPS (₹) | 3.28 | 2.92 | 3.78 | 3.15 |
Operating margin is after depreciation, the way IT companies report it.
One-off items: exceptional items reported separately in the filing. Profit without one-offs takes them out after tax at 25%.
Latest filings BSE
Corporate announcements 9
- 16 Sep 2026Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportAGM
- 16 Sep 2026Shareholder Meeting / Postal Ballot-Outcome of AGM
- 24 Aug 2026Reg. 34 (1) Annual Report.
Quarterly results 5
- 12 Aug 2026Press Release / Media Release
- 12 Aug 2026Press Release / Media Release
- 12 Aug 2026Results For Q1 FY27Financial Results
Conference calls 6
- 22 Sep 2026Analyst / Investor Meet - Intimation
- 16 Sep 2026Analyst / Investor Meet - Intimation
- 10 Sep 2026Analyst / Investor Meet - Intimation
Investor presentations 1
- 12 Aug 2026Investor Presentation
Members see every filing, and what each means for the company in Corporate Intelligence.
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