Black Box logo

Black Box share price

NSE: BBOXBSE: 500463IT - ServicesSmall Cap

Black Box Limited · Formerly AGC Networks · Face value ₹2 · Listed Jul 1988 on BSE, Jul 2003 on NSE
Last close ₹811.65up ₹2.50 (0.31%)BSE ₹810.90

Share price at the NSE close on 28 Oct 2026. Previous close ₹809.15.

28 Oct: open ₹812.00, high ₹827.10, low ₹800.60

52-week range of traded prices to 28 Oct 2026
₹444.30Low, 30 Mar 2026₹1,103.00High, 5 Jun 2026
Market cap
₹14,415 Cr515th largest listed
P/E
63.78
P/E without one-offs
48.84
P/B
11.20
Dividend yield
0.12%
ROE
22.1%
ROE without one-offs
28.9%
ROCE
23.1%
Debt to equity
0.64
Volume, NSE
4,90,50321.8% delivered

Black Box share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses

+46.4%over a year · Nifty Smallcap 250 −2.1% · Nifty 500 −8.8%

Results20-session average 13,25,229 shares a day, 29.0% delivered

About Black Box

Black Box Limited is a global digital infrastructure integrator that provides network and system integration services, support services and technology products to businesses in the United States, Europe, India, Asia-Pacific, the Middle East and Africa, and Latin America.1 It builds data centre infrastructure for hyperscale (the largest cloud companies) and colocation customers, and serves financial services, technology, healthcare, retail, public services and manufacturing.12 Its registered office is in Navi Mumbai.3

Its business runs as Global Solutions Integration, covering connectivity, data centres, enterprise networking, modern workplace and cybersecurity; Technology Product Solutions, selling keyboard, video and mouse (KVM), cable, Internet of Things and audio-video products; and other services such as training, consulting and design.24 Its own products include the Emerald range of IP KVM switches, which let operators control many computers from one keyboard, screen and mouse.5

It was incorporated in 1986.3 It has about 4,000 employees, more than 1,500 of them technical experts, in more than 35 countries.6 Its promoter, Essar Telecom Limited, held 69.99% of the shares on 31 Mar 2026, and Essar Global Funds Limited is its ultimate holding company.7 Sanjeev Verma is whole-time director and chief executive officer, and Dilip Thakkar is chairman.83

Black Box key points

Results

  • In the quarter to Jun 2026, revenue was ₹1,719 crore, the company's highest for any quarter and up 24% from a year earlier; about ₹60 crore of it came from 2S, the newly acquired Brazilian business, for the 2 months it was in the group.910
  • In the quarter to Jun 2026, EBITDA (earnings before interest, tax, depreciation and amortisation) rose 38% to ₹160 crore, a margin of 9.3%, and profit after tax rose 18% to ₹56 crore.11
  • In the year to Mar 2026, consolidated revenue rose 6% to ₹6,322 crore from ₹5,967 crore, EBITDA rose 7% to ₹570 crore from ₹531 crore, and profit after tax rose 6% to ₹218 crore from ₹205 crore.12

Business segments

  • Share of revenue by business, as of March 202613
    Itemyear to Mar 2026
    Global Solutions Integrationabout 84%
    Technology Product Solutionsabout 14%
    Other servicesabout 2%
  • Technology Product Solutions has proprietary research and development capabilities in Bengaluru and Limerick.14
  • On its earnings call of 13 Aug 2026, the company said it expects its product business to grow in the range of 20-odd percent in the year to Mar 2027.15

Revenue mix

  • In its presentation of 12 Aug 2026, the company said data centre work, about 17% of revenue in the year to Mar 2026, would rise to about 30% in the year to Mar 2027 as large data centre orders are executed.16

Where revenue comes from

  • Share of revenue by region17
    Itemquarter to Jun 2026
    North America69%
    Europe9%
    Asia-Pacific8%
    India6%
    Latin America6%
    Middle East and Africa2%

Order book

  • The order backlog (orders received but not yet delivered) reached $949 million (₹8,986 crore) in the quarter to Jun 2026, up 28% on the previous quarter, after $339 million (₹3,208 crore) of new orders in the quarter.18
  • The average tenure of the order backlog (the average time over which orders in hand are delivered) rose to about 18 months in the quarter to Jun 2026, from 12 to 15 months in the year to Mar 2026.19
  • In the year to Mar 2026, the company booked record orders of more than $1 billion, about ₹9,000 crore, up 35% from the year before.20

Customers and partners

  • The company has more than 1,000 customers, including more than 120 Fortune 500 companies (the largest US companies by revenue), 4 of the top 6 hyperscalers and 4 of the 5 largest US banks.2122
  • One customer, in the System Integration segment, provided ₹1,143.86 crore of revenue in the year to Mar 2026, more than 10% of group revenue.23
  • The company names Bank of America as its largest customer.21

What the company expects

  • On its earnings call of 13 Aug 2026, the company said it expects revenue of ₹7,800 crore to ₹8,000 crore in the year to Mar 2027, growth of 23% to 27%, and profit after tax of ₹300 crore to ₹325 crore.24
  • On its earnings call of 13 Aug 2026, the company said it expects EBITDA of ₹725 crore to ₹750 crore, a margin of 9.3% to 9.4%, and an order backlog of $1.3 billion to $1.4 billion at 31 Mar 2027.25
  • On its earnings call of 13 Aug 2026, the company said it aims for ₹18,000 crore ($2 billion) of revenue by the year to Mar 2030, about ₹12,000 crore organically and ₹6,000 crore through acquisitions; its medium-term EBITDA margin objective is 10% or more.2627
  • In its presentation of 12 Aug 2026, the company said it expects 2S, the Brazilian business it acquired, to add about ₹500 crore of annualised revenue (revenue at a full year's rate) in the year to Mar 2027.28

Recent events

  • On 12 Aug 2026, the company announced a $131 million (about ₹1,240 crore) order from a new US-based hyperscaler customer for a data centre project in the US, to be delivered over about 3 years.29
  • On 17 Jun 2026, CRISIL Ratings reaffirmed its BBB+ long-term and A2 short-term ratings (opinions on the company's ability to repay debt) on bank facilities, with the total rated enhanced to ₹70 crore from ₹45 crore, and revised the outlook to Positive from Stable.30
  • On 13 May 2026, a Brazilian subsidiary completed the acquisition of 2S Inovações Tecnológicas S.A., a São Paulo-based provider of networking, data centre, cloud, cybersecurity and managed services founded in 1992, with effect from 1 May 2026.3132
  • On 12 Feb 2026, a Brazilian step-down subsidiary agreed to buy 2S for around ₹275 crore payable at closing, plus deferred payments including earn-outs (payments tied to later performance); 2S had revenue of $53 million in the year to Dec 2024 under Brazilian accounting standards.3334

Results

Consolidated; ₹ crore.Black Box quarterly results

Revenue growth, 12 months
+12.2%
Net profit growth, 12 months
+5.1%

Quarter to Jun 2026, against the quarter before

Revenue
₹1,719 Crup 1.63%
Net profit
₹56 Crdown 13.65%
Net margin
3.3%

Revenue by quarter

₹1,497 CrSep 24₹1,502 CrDec 24₹1,545 CrMar 25₹1,387 CrJun 25₹1,585 CrSep 25₹1,660 CrDec 25₹1,691 CrMar 26₹1,719 CrJun 26
Peak revenue ₹1,719 Cr, quarter to Jun 2026; lowest ₹1,387 Cr, quarter to Jun 2025

Net profit by quarter, a loss in red

₹51 CrSep 24₹56 CrDec 24₹60 CrMar 25₹47 CrJun 25₹56 CrSep 25₹50 CrDec 25₹65 CrMar 26₹56 CrJun 26
₹ croreSep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue1,4971,5021,5451,3871,5851,6601,6911,719
Net profit5156604756506556
Net margin3.4%3.7%3.9%3.4%3.5%3.0%3.8%3.3%
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • System integration₹5,326 Crup 5.07%84.2%
  • Technology product solutions₹847 Crup 10.92%13.4%
  • Others₹149 Crup 10.74%2.4%
The pill is the change in revenue on the year before; the share is of all the businesses together.

Valuation

Today, against the company's own history.Black Box PE ratio and valuation

Price to earnings

At or below today's level on 85% of 1,774 trading days since May 2017.

LowestHighest
Its median31.12Industry median18.30
Price to book

At or below today's level on 46% of 1,798 trading days since Nov 2018.

LowestHighest
Its median11.58Industry median1.65
Dividend yield

At or below today's level on 91% of 2,478 trading days over the last 10 years.

LowestHighest
Its median0.00%Industry median0.94%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend yield
1 year+24.3%+1.3%+22.5%0.2%
3 years+68.7%+105.5%−18.0%0.2%
5 years+11.7%+20.6%−7.5%0.1%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1, 3 and 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 1, 3 and 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the years to Mar 2021, Mar 2023, Mar 2025 and Mar 2026.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026.Black Box shareholding pattern

Shareholding by group

  • Promoters69.95%
  • Foreign institutions3.78%
  • Indian institutions3.33%
  • Governments0.12%
  • Individuals and others22.81%
Holder
Essar Telecom LimitedPromoter69.95%
SUBODH MASKARAResident individuals, over ₹2 lakh at face value2.56%
INDIA OPPORTUNITIES GROWTH FUND LTD - PINEWOOD STRATEGYForeign portfolio investors, category I1.81%
SANJEEV S VERMADirectors and their relatives1.27%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Since Jun 2026: promoters unchanged, foreign institutions −0.91 pts, Indian institutions −0.08 pts, mutual funds −0.08 pts.

The filing reports 70,04,533 of its 17,75,99,205 shares locked in.

Mutual fund holdings

50 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 6 of the 7 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 50 funds holding Black Box

Bought for the first time
35
Added
7
Held unchanged
7
Sold out
1
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Black Box insider trading

No promoter, director, key manager or employee bought or sold on the market.

  • Promoters and promoter group: no market trade
  • Others: no market trade
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

Black Box competitors and peers

IT Enabled Services, 115 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Black Box in market cap.IT companies

Where the company sits among the companies nearest its size

Return on equity across, P/E up, size is market cap
Company
Netweb Technologies India logoNetweb Technologies IndiaNETWEB26,18071.5512.44+174.9%+170.6%27.3%20.5%0.07%
Sagility logoSagilitySAGILITY21,20220.662.07+28.5%+28.5%10.7%12.9%0.33%
Affle 3i logoAffle 3iAFFLE20,30442.505.56+19.8%+19.2%14.5%13.8%0.00%
ESDS Software Solution logoESDS Software SolutionESDS14,906––––––0.00%
Cyient logoCyientCYIENT12,11732.572.38+10.3%−35.2%7.0%9.1%1.04%
Amagi Media Labs logoAmagi Media LabsAMAGI12,028–6.85––––0.00%
E2E Networks logoE2E NetworksE2E11,06294.296.13+252.4%+1,217.8%6.9%6.8%0.00%
Datamatics Global Services logoDatamatics Global ServicesDATAMATICS4,26219.722.76+13.2%+2.0%14.9%18.5%0.69%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.

Dividends

Per share, by the year it was paid for, and the latest payments.Black Box dividend history

Dividend per share, ₹, restated for later splits and bonuses

Mar 17Mar 18Mar 19Mar 20Mar 21Mar 22Mar 23Mar 241Mar 251Mar 26
Highest ₹1.00 a share, years to Mar 2025 and Mar 2026.
Ex-dateTypePer share
28 Aug 2026Final₹1.00
29 Aug 2025Final₹1.00
16 Jul 2012Final₹15.00
8 Jul 2011Dividend₹2.25
29 Nov 2010Final₹4.50
4 Jan 2010Final₹3.50
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Black Box announcements

Black Box share price by year

Each calendar year to 2025.Black Box share price history

YearClose at year endChangeHighest closeLowest close
2025550.85−15.1%676.15326.70
2024648.75+122.8%704.20213.10
2023291.15+117.6%291.1585.00
2022133.80−18.1%206.41122.25
2021163.33+12.6%339.48144.71
2020145.09+400.7%160.6328.96
201928.98+94.5%30.5014.60
201814.90−41.8%27.3410.06
201725.62+42.9%31.9916.54
201617.93−5.5%20.8111.06
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 2026807.00828.00795.70809.15814.194,92,64433.7%
26 Oct 2026787.05803.00769.55796.00788.197,36,32230.9%
23 Oct 2026877.95880.45801.90805.10822.7116,20,36630.8%
22 Oct 2026892.85923.80876.10885.00904.6711,47,68416.2%
21 Oct 2026897.10917.70872.00896.80896.747,97,83828.9%
19 Oct 2026904.05927.60886.25894.45907.796,32,92723.5%
16 Oct 2026875.00920.00874.60907.25907.218,13,02922.4%
15 Oct 2026930.00937.50852.35880.20898.5310,03,15335.5%
14 Oct 2026921.85952.00920.00935.80939.9910,58,98526.3%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Bonus shares and stock split history

Ex-dateEventPrice factorWhat happened
13 May 2022Split0.2000Each share became 5.
19 Dec 2012Bonus0.5000Holders received 1 bonus share for every 1 held.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.

Company details

Chairperson
Dilip Thakkar
At the end of the quarter to Sep 2026
NSE symbol
BBOX
BSE code
500463
ISIN
INE676A01027
Industry
IT - Services
Former symbols
AGCNET, AVAYAGCL, TATATELECM
CIN
L32200MH1986PLC040652
Corporate identity number, the registrar of companies' code for it
Incorporated
1986
Registered office
01, 5th Floor, Building No. 9, Airoli Knowledge Park, MIDC Industrial Area, Airoli, Navi Mumbai 400708, Maharashtra
Share registrar
Datamatics Business Solutions Ltd
Keeps the register of shareholders and handles transfers and dividend payments