Black Box financials and balance sheet

NSE: BBOXBSE: 500463IT - ServicesSmall Cap

Formerly AGC Networks

₹805.10₹79.90 (9.03%)BSE ₹806.50

Share price at the NSE close on 23 Oct 2026. Previous close ₹885.00.

52-week range of traded prices to 23 Oct 2026

₹444.30Low, 30 Mar 2026₹1,103.00High, 5 Jun 2026

Market cap: ₹14,299 Cr515th largest listed
P/E: 63.3
P/E without one-offs: 48.4
P/B: 11.1
Dividend yield: 0.12%
ROE: 22.1%
ROE without one-offs: 28.9%
ROCE: 23.1%
Debt to equity: 0.64
Volume, NSE: 16,20,36630.8% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Black Box annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹6,322 Cr, year to Mar 2026A loss in 1 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 24.2% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue6,322
Materials and goods−2,226
Employee costs−2,241
Other expenses−1,285
Operating profit570
Depreciation−116
Other income+6.0
One-off items−63
Finance costs−158
Profit before tax239
Tax−22
Joint ventures0.0
Net profit218

What the company owns

Plant, investments and other assets₹2,277 Cr
Receivables₹1,153 Cr
Cash and bank₹540 Cr
Inventory₹323 Cr

What pays for it: net worth and liabilities

Other liabilities₹1,390 Cr
Net worth₹1,287 Cr
Borrowings₹827 Cr
Owed to suppliers₹790 Cr

Black Box business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Black Box segment results by quarter

Revenue by segment

₹6,322 CrTotal

System integration₹5,326 Cr84.2% of total
Technology product solutions₹847 Cr13.4% of total
Others₹149 Cr2.4% of total

Profit by segment

System integration₹434 Cr95.2% of total
Others₹22 Cr4.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

System integration
Revenue, ₹ crore
1,606
4,067
3,879
4,427
5,283
5,418
5,069
5,326
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
33
173
217
113
113
349
442
434
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Technology product solutions
Revenue, ₹ crore
227
821
729
839
890
758
764
847
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−1
77
32
27
44
−45
−33
−16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
19
106
67
104
114
106
134
149
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
19
7
18
9
9
15
22
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322
Company revenue, as in its results	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322
Revenue	1,606	4,067	3,879	4,427	5,283	5,418	5,069	5,326
Revenue growth	–	153.2%	−4.6%	14.1%	19.3%	2.5%	−6.4%	5.1%
Profit	33	173	217	113	113	349	442	434
Profit growth	–	423.4%	25.6%	−47.8%	−0.3%	208.4%	26.7%	−1.7%
Margin	2.1%	4.2%	5.6%	2.6%	2.1%	6.4%	8.7%	8.2%
Revenue	227	821	729	839	890	758	764	847
Revenue growth	–	261.3%	−11.2%	15.2%	6.1%	−14.8%	0.7%	10.9%
Profit	−1	77	32	27	44	−45	−33	−16
Profit growth	–	–	−58.9%	−14.0%	60.6%	–	–	–
Margin	−0.6%	9.4%	4.4%	3.3%	4.9%	−6.0%	−4.3%	−1.9%
Revenue	19	106	67	104	114	106	134	149
Revenue growth	–	453.5%	−37.3%	56.3%	9.6%	−7.3%	27.1%	10.7%
Profit	0	19	7	18	9	9	15	22
Profit growth	–	11,222.4%	−62.4%	154.7%	−52.9%	−2.0%	78.4%	45.3%
Margin	0.9%	18.1%	10.9%	17.7%	7.6%	8.1%	11.3%	14.9%

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Black Box quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Aug	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	780	733	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322
	747	700	1,806	4,625	4,322	5,096	6,009	5,849	5,437	5,752
Materials and goods bought	279	242	622	1,506	1,541	1,756	2,035	1,799	1,839	2,226
Employee costs	–	–	624	1,895	1,825	2,146	2,681	2,501	2,279	2,241
Other expenses	–	–	560	1,225	956	1,195	1,292	1,549	1,319	1,285
Operating profit before depreciation	34	33	47	368	352	274	279	432	530	570
Operating margin	4.3%	4.5%	2.5%	7.4%	7.5%	5.1%	4.4%	6.9%	8.9%	9.0%
Materials, % of revenue	–	–	33.6%	30.2%	33.0%	32.7%	32.4%	28.6%	30.8%	35.2%
Employee costs, % of revenue	–	–	33.7%	37.9%	39.1%	40.0%	42.6%	39.8%	38.2%	35.4%
Other expenses, % of revenue	–	–	30.2%	24.5%	20.5%	22.2%	20.5%	24.7%	22.1%	20.3%
Depreciation and amortisation	7	8	15	99	96	99	107	114	113	116
Operating profit after depreciation	27	25	32	270	256	175	171	318	417	454
Other income	3	5	6	33	11	6	22	19	5	6
Finance costs	25	25	45	129	98	74	111	141	145	158
Profit before one-off items and tax	5	5	−6	173	169	108	82	196	277	302
One-off items	10	14	−73	−125	−73	−22	−52	−40	−66	−63
Profit before tax	14	19	−79	48	96	86	29	156	211	239
	2	4	−1	7	18	13	6	19	7	22
Current tax	–	–	0	−3	16	11	7	23	13	22
Deferred tax	–	–	0	10	2	2	−1	−4	−6	0
Share of profit of joint ventures and associates	–	–	–	–	–	–	–	–	1	0
Net profit	12	15	−79	41	78	73	24	138	205	218
Other comprehensive income	–	–	2	−99	116	−21	−26	47	−61	88
Total comprehensive income	–	–	−77	−58	194	51	−2	184	144	306
Net margin	1.5%	2.0%	−4.3%	0.8%	1.7%	1.4%	0.4%	2.2%	3.4%	3.4%
Net margin without joint ventures and associates	–	–	–	–	–	–	–	–	3.4%	3.4%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 10 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Aug	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	19	−48	207	260	296	481	759	1,287
Share capital	30	30	33	33	34	34	34	36
Reserves	−11	−78	174	228	262	447	725	1,251
	793	257	136	274	352	397	654	827
Repayable after a year	587	15	119	229	305	362	633	797
Repayable within a year	207	242	16	45	47	35	21	30
	1,628	1,988	1,686	1,905	2,044	1,553	1,362	1,769
Trade payables	562	547	516	898	1,158	699	556	790
Other financial liabilities	273	642	471	378	144	210	256	321
Other liabilities	489	472	564	522	626	533	473	574
Provisions	98	85	119	63	59	53	33	29
Tax owed	0	0	0	0	10	22	23	25
	784	395	410	485	663	743	952	1,238
Other financial liabilities	5	119	181	127	229	274	246	363
Other liabilities	87	63	25	51	55	54	42	48
Provisions	106	197	85	78	74	54	31	30
Total assets	2,431	2,335	2,303	2,650	3,002	2,777	3,072	4,294
	471	679	700	843	918	964	942	1,058
Plant in use, after depreciation	156	249	310	385	420	411	356	411
Intangible assets	38	43	43	47	59	63	77	92
Goodwill	205	234	269	300	316	334	335	381
Intangible assets being developed	0	0	0	0	2	0	0	0
Stakes in joint ventures and associates	0	0	0	0	30	32	33	0
Loans given	2	2	4	0	0	0	0	0
Other financial assets	9	53	24	24	18	35	23	40
Deferred tax	32	20	19	17	20	25	23	35
Other assets	28	77	31	70	54	64	94	99
	1,960	1,656	1,603	1,807	2,084	1,813	2,130	3,236
Inventories	151	137	149	226	362	246	210	323
Trade receivables	862	361	240	374	417	386	567	1,153
Cash and cash equivalents	206	316	357	301	200	214	214	528
Other bank balances	57	54	53	10	10	9	16	12
Loans given	26	19	1	0	0	0	0	0
Other financial assets	66	385	531	604	683	754	549	543
Tax paid in advance	63	72	49	0	0	0	0	0
Other assets	530	312	223	291	413	204	575	677
Net debt	531	−112	−274	−37	142	175	424	287

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 3 Aug	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	412	171	18	134	−88	84
	364	192	18	111	−85	111
	35	−61	−275	−313	−551	−342
Receivables	120	−150	−84	12	−184	−590
Inventories	−6	−77	−136	115	37	−113
Payables	−53	388	157	−460	−167	238
Other working capital	−26	−222	−211	20	−237	124
Tax paid	49	−21	0	0	−2	−27
Interest paid	0	0	0	24	0	0
Capital spending	29	54	73	33	8	51
Free cash flow	384	117	−55	102	−96	33
	−131	−147	19	−1	−47	−57
Plant and property sold	6	0	118	55	3	−3
Companies bought	−40	−20	0	−5	0	0
Interest received	7	0	0	0	0	0
	−288	−43	−64	−155	192	197
Borrowings raised	0	95	102	82	650	184
Borrowings repaid	−286	−16	−24	−36	−394	−11
Interest paid	−105	−56	−90	−141	−145	−134
Lease payments	−85	−67	−89	−59	−54	−77
Dividends paid	0	0	0	0	0	17
Shares bought back	0	0	0	0	0	0
Shares issued	189	2	38	0	135	251
Net change in cash	−7	−19	−26	−21	58	224

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Black Box dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Aug	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	₹0.85	₹1.03	−₹5.39	₹2.77	₹5.21	₹4.45	₹1.42	₹8.20	₹12.16	₹12.78
As stated that year	₹4.25	₹5.15	−₹26.97	₹13.83	₹26.05	₹22.25	₹1.42	₹8.20	₹12.16	₹12.78
	₹0.85	₹1.02	−₹5.39	₹2.74	₹4.90	₹4.38	₹1.41	₹8.18	₹12.11	₹12.67
As stated that year	₹4.23	₹5.11	−₹26.97	₹13.68	₹24.49	₹21.92	₹1.41	₹8.18	₹12.11	₹12.67
Dividend per share	–	–	–	–	–	–	–	–	₹1.00	₹1.00
	–	–	₹1.26	−₹3.22	₹12.71	₹15.87	₹17.63	₹28.62	₹44.80	₹72.50
On that year's share count	–	–	₹6.28	−₹16.08	₹63.54	₹79.36	₹17.63	₹28.62	₹44.80	₹72.50
Dividend payout	–	–	–	–	–	–	–	–	8.3%	8.2%
Shareholder yield	–	–	–	–	−4.9%	−0.1%	−2.4%	0.0%	−2.2%	−3.1%
Market cap at the year end (₹ crore)	263	286	336	674	3,849	2,474	1,567	3,780	6,095	7,617

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Black Box PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 10 Jun	Mar 2020Filed 6 Jul	Mar 2021Filed 3 Aug	Mar 2022Filed 28 May	Mar 2023Filed 31 May	Mar 2024Filed 12 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	−11.5%	−6.0%	152.6%	169.5%	−6.4%	14.9%	17.1%	−0.1%	−5.0%	5.9%
Operating profit growth	490.8%	−0.8%	39.8%	691.2%	−4.5%	−22.1%	1.8%	55.1%	22.5%	7.6%
Net profit growth	–	23.5%	–	–	89.9%	−6.9%	−67.4%	481.0%	48.7%	6.2%
Earnings per share growth	–	21.2%	–	–	88.4%	−14.6%	−68.1%	477.5%	48.3%	5.1%
	–	–	−421.9%	−282.2%	98.3%	31.1%	8.5%	35.4%	33.0%	21.3%
	–	–	–	139.7 pts	380.4 pts	−67.2 pts	−22.6 pts	26.9 pts	−2.4 pts	−11.8 pts
From the net margin	–	–	–	503.6 pts	−290.3 pts	−18.6 pts	−22.5 pts	41.0 pts	20.1 pts	0.1 pts
From asset turnover	–	–	–	143.0 pts	21.9 pts	6.0 pts	0.2 pts	−1.1 pts	−3.4 pts	−5.3 pts
From borrowing	–	–	–	−506.9 pts	648.8 pts	−54.6 pts	−0.4 pts	−13.0 pts	−19.0 pts	−6.6 pts
Return on capital employed	–	–	3.9%	128.8%	74.8%	32.8%	26.5%	36.2%	29.5%	21.5%
Cash conversion	–	–	–	–	527.9%	234.6%	76.2%	97.6%	−42.8%	38.6%
Interest cover	1.1	1.0	0.7	2.1	2.6	2.4	1.5	2.3	2.9	2.9
Debt to equity	–	–	42.50	–	0.66	1.05	1.19	0.83	0.86	0.64
Receivable days	–	–	170	26	19	25	24	22	35	67
Inventory days	–	–	88	33	35	47	65	50	42	53
Payable days	–	–	330	133	122	187	208	142	110	129
Cash conversion cycle, days	–	–	−71	−73	−68	−114	−119	−69	−34	−10
Working capital days	–	–	54	−34	−37	−25	−7	4	34	55
Asset turnover	–	–	0.76	2.10	2.02	2.17	2.22	2.17	2.04	1.72
Assets per rupee of net worth	–	–	130.22	−163.51	29.19	10.60	10.16	7.44	4.72	3.60
Sales per rupee of plant	–	–	11.88	20.03	15.09	13.96	14.98	15.28	16.76	15.40
Capital spending to depreciation	–	–	–	–	0.30	0.54	0.68	0.29	0.07	0.43
Plant being built, % of plant in use	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Debt to equity is left blank for the year to Mar 2020: net worth is below zero, so there is no shareholders' money to set the borrowings against. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.9%
Cash from operations against operating profit: 14.7%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	21.8%	6.2%	0.2%
Profit growth, yearly rate	–	22.7%	109.4%
Return on equity, average	–	25.9%	29.9%
Return on capital employed, average	–	29.3%	29.1%
Operating margin, average	6.1%	6.9%	8.3%
Net margin, average	1.3%	2.2%	3.0%
Asset turnover, average	–	2.06	1.98
Cash conversion cycle, days, average	–	−69	−38
Interest cover, average	1.9	2.4	2.7
Debt to equity, average	–	0.91	0.78

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	319	131	84
Cash from investing	−232	−104	−57
Cash from financing	127	234	197
Capital spending	219	92	51
Dividends paid	17	17	17
Shares bought back	0	0	0
Shares issued for cash	425	386	251
Borrowings raised	1,113	916	184
Borrowings repaid	481	441	11

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	5	5	4	4
Altman Z-scorePublished threshold 1.1	–	–	0.79	−0.55	0.68	0.56	0.80	2.08	3.53	4.26
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.40	−2.19	−2.38	−2.46	−1.56	−1.43
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−8.76	1.98	−0.49	0.14	11.59	5.17
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	3.44	1.38	0.18	0.23
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−227.62	−27.24	41.18	−5.74	−7.19	51.80	97.44
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−151.49	6.58	37.95	44.31	−20.35	−17.11	32.96
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.21	0.71	1.72	3.19	−2.19	2.78	1.51
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	16.10	21.71	–	14.51	18.65	15.42	19.53	11.97	3.35	9.04
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−9.37	18.29	11.97	2.22	−2.14

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
16 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil BBB+Review, Other	Positive	17.28
16 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A2Review, Re-affirm		35

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.