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Black Box Ltd

BBOX

NSE

₹894.45-1.41%19 Oct 2026 at 3:54 PM

Reports

Data Centre

Black Box Ltd

BBOX

NSE

₹894.45

-1.41%

19 Oct 2026 at 3:54 PM

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Data Centre

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Black Box is a global digital infrastructure integrator - it designs, deploys and manages the physical and digital backbone that enterprises and hyperscalers need to run AI workloads, data centres and next-generation applications. The company was formed when India’s AGC Networks acquired the 40-year-old US-based Black Box Corporation in 2019, merging two public companies into a single platform that rebranded globally under the Black Box name in 2021. Its recurring approach is a “GLOCAL” model - combining global expertise and best practices with on-the-ground execution and local relationships in each of the 35 countries where it operates.

Business segments

Three engines at different stages - a services-led integration powerhouse that generates the bulk of revenue, a proprietary hardware business with higher margins, and a country-scale operation in India that is building a data-centre practice from a dominant enterprise position.

1. Global Solutions Integration: the services engine that builds and runs enterprise digital infrastructure

A programmatic, asset-light services business that designs, deploys and manages mission-critical IT environments for the world’s largest banks, hyperscalers and healthcare systems - relationships measured in decades, not quarters.

End-to-end across five solution areas - the business covers Connectivity Infrastructure (fibre, structured cabling, IoT), Data Centre (hyperscale and enterprise fit-outs), Enterprise Networking (LAN, WAN, private LTE), Modern Workplace (unified communications, AV, AI tools) and Cybersecurity (advisory, managed XDR, identity and access management), supported by professional and managed services.
A concentrated book of strategic clients - after a deliberate shift from over 8,000 transactional accounts, roughly 300 strategic accounts now contribute more than 90% of the business, including four of the top six hyperscalers, four of the top five US banks and five of the top 10 retailers.
Recurring revenue with a refresh cycle - about 30% of total revenue is recurring from managed services, with a target of over 40% in the short term, and because infrastructure resets every five to seven years due to technology leaps, project work also carries an indirect annuity character.
Scale that few rivals can match - the structured cabling and data-centre fit-out market is fragmented across roughly 178,000 small contractors, but only three or four firms operate at Black Box’s scale, and none besides Black Box can execute globally across multiple geographies.
A unified technology backbone - the company replaced 22 legacy ERP systems with a single stack of SAP, Salesforce and ServiceNow, live across more than 30 countries, while a Global Capability Centre in Bengaluru houses centres of excellence for field services, AI and business intelligence.

2. Technology Product Solutions: proprietary hardware for command-and-control environments

An IP-led hardware business that designs and sells its own KVM, AV and IoT products - gross margins above 40% from a portfolio built over four decades of engineering.

Own products, not resale - the segment generates roughly $100 million in annual sales from products designed in Bangalore and Limerick, Ireland, and manufactured through contract partners, spanning KVM switching, video wall control, digital signage, IoT sensors and networking infrastructure.
Built for mission-critical control rooms - the flagship “Emerald” IP KVM platform powers “CIA-style command centres,” letting operators manage multiple computers and video sources across large video walls with fail-safe security; deployments include a broadcaster connecting 1,000 endpoints and a defence network with EMP-shielded server rooms.
Seven verticals, one addressable market over $3 billion - the business serves state and local government, utilities, transportation, manufacturing, broadcast media, financial services, data centres and defence, selling through system integrators, distributors and a Velocity Partner Programme for value-added resellers.
A refocused go-to-market - after a period of decline driven by supply-chain misses and a channel-heavy strategy, the business shifted to targeting end customers directly and concentrating on larger, IP-led projects rather than intermediary channels.

3. India: a dominant enterprise platform with a data-centre growth bet

A pan-India operation with 17 offices and 35 delivery centres that serves domestic enterprises while building a practice to capture the country’s data-centre build-out from 1.3 GW to 8 GW.

Ambidextrous deal engine - the India business handles large transformation deals, mid-size strategic deals and small scalable deals simultaneously across six focus industries, with anchor clients established in each for replication.
A partner ecosystem at scale - over 300 partnerships operate in India, with 64 top partners having signed formal business plans, giving the company reach into enterprise accounts without carrying all the cost itself.
Riding the data-centre wave - India’s data-centre capacity is growing at a 42% compound annual rate, creating a $23-53 billion market; Black Box works with hyperscalers, general contractors, consultants and Indian multi-tenant data-centre providers to capture fit-out work.
The Bengaluru hub feeds global delivery - the Global Capability Centre in Bengaluru provides cost-efficient delivery for international projects, housing centralised resource management and centres of excellence that support the entire group.

Group structure and partners

A publicly listed Indian parent controlled by the Essar Group, operating through a global network of subsidiaries stitched together by a decade-long acquisition strategy - and anchored by over 30 technology partnerships.

Essar Group backing - promoter entities together hold 69.99% of the equity, with the ultimate holding company being Essar Global Fund Limited.
Built through acquisitions - the transformative deal was the 2019 purchase of Black Box Corporation in the US, which added over $600 million in combined revenues; subsequent acquisitions added cybersecurity (Z Services, Dragonfly Technologies), unified communications (Pyrios, Global Speech Networks), Middle East presence (Fujisoft) and, most recently, a Brazilian integrator with roughly Rs. 500 crores in annualised revenue.
A dedicated cybersecurity subsidiary - Cybalt LLC was launched as a wholly-owned entity to take the cybersecurity business forward globally, separate from the integration engine.
Over 30 OEM partnerships, many a decade old - the company holds top-tier status with Cisco (Gold Partner), Genesys (Gold Partner) and others including Arista, CommScope, Corning, Dell, Fortinet, HPE, Juniper, Microsoft, Nutanix, Oracle and Palo Alto Networks, with the top 10 partners working alongside Black Box for more than ten years.
Strategic alliances for new markets - a preferred-status partnership with Wind River targets roughly INR 1,350 crore in revenue over five years from hyperconverged and edge compute solutions, while a 2026 alliance with AI-native firm AIONOS aims to accelerate enterprise AI transformation from infrastructure to business outcomes.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹15,789Cr

Close Price

₹889.00

Industry

Data Centre

Price To Earnings

63.73

Price To Sales

2.37

Revenue

₹6,654Cr

Rev Gr TTM

Revenue Growth TTM

12.20%

PAT Gr TTM

PAT Growth TTM

5.06%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,574	1,655	1,480	1,423	1,497	1,502	1,545	1,387	1,585	1,660	1,691	1,719
Growth YoY Revenue Growth YoY%	0.8	-1.0	-12.0	-9.4	-4.9	-9.3	4.3	-2.6	5.8	10.5	9.5	23.9
Expenses ExpensesCr	1,476	1,540	1,355	1,305	1,365	1,358	1,402	1,270	1,441	1,508	1,527	1,559
Operating Profit Operating ProfitCr	99	115	125	119	133	143	143	116	143	151	164	160
OPM OPM%	6.3	7.0	8.5	8.3	8.9	9.5	9.3	8.4	9.1	9.1	9.7	9.3
Other Income Other IncomeCr	-5	1	-8	-18	-17	-22	-10	-11	-14	-25	-12	-15
Interest Expense Interest ExpenseCr	32	36	41	34	32	31	47	34	39	40	45	48
Depreciation DepreciationCr	29	28	29	26	28	31	28	27	29	30	31	36
PBT PBTCr	33	52	47	40	55	59	58	45	61	57	76	61
Tax TaxCr	1	11	6	3	3	3	-3	-2	5	7	11	5
PAT PATCr	32	41	41	37	51	56	60	47	56	50	65	56
Growth YoY PAT Growth YoY%	241.4	424.6	77.1	54.9	60.0	37.2	47.9	27.9	8.8	-11.4	7.1	17.9
NPM NPM%	2.0	2.5	2.8	2.6	3.4	3.7	3.9	3.4	3.5	3.0	3.8	3.3
EPS EPS₹	1.9	2.4	3.0	2.2	3.0	3.3	3.6	2.8	3.3	2.9	4.6	3.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	1,574	1,655	1,480	1,423	1,497	1,502	1,545	1,387	1,585	1,660	1,691	1,719
Growth YoY Revenue Growth YoY%	0.8	-1.0	-12.0	-9.4	-4.9	-9.3	4.3	-2.6	5.8	10.5	9.5	23.9
Expenses ExpensesCr	1,476	1,540	1,355	1,305	1,365	1,358	1,402	1,270	1,441	1,508	1,527	1,559
Operating Profit Operating ProfitCr	99	115	125	119	133	143	143	116	143	151	164	160
OPM OPM%	6.3	7.0	8.5	8.3	8.9	9.5	9.3	8.4	9.1	9.1	9.7	9.3
Other Income Other IncomeCr	-5	1	-8	-18	-17	-22	-10	-11	-14	-25	-12	-15
Interest Expense Interest ExpenseCr	32	36	41	34	32	31	47	34	39	40	45	48
Depreciation DepreciationCr	29	28	29	26	28	31	28	27	29	30	31	36
PBT PBTCr	33	52	47	40	55	59	58	45	61	57	76	61
Tax TaxCr	1	11	6	3	3	3	-3	-2	5	7	11	5
PAT PATCr	32	41	41	37	51	56	60	47	56	50	65	56
Growth YoY PAT Growth YoY%	241.4	424.6	77.1	54.9	60.0	37.2	47.9	27.9	8.8	-11.4	7.1	17.9
NPM NPM%	2.0	2.5	2.8	2.6	3.4	3.7	3.9	3.4	3.5	3.0	3.8	3.3
EPS EPS₹	1.9	2.4	3.0	2.2	3.0	3.3	3.6	2.8	3.3	2.9	4.6	3.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	881	780	733	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322	6,654
Growth Revenue Growth%	-1.1	-11.5	-5.9	152.6	169.5	-6.4	14.9	17.1	-0.1	-5.0	6.0	12.2
Expenses ExpensesCr	876	746	700	1,806	4,666	4,310	5,112	6,014	5,855	5,429	5,765	6,035
Operating Profit Operating ProfitCr	6	34	33	47	328	364	258	273	426	537	557	619
OPM OPM%	0.6	4.3	4.5	2.5	6.6	7.8	4.8	4.3	6.8	9.0	8.8	9.3
Other Income Other IncomeCr	7	12	19	-67	-178	-75	0	-25	-14	-68	-44	-66
Interest Expense Interest ExpenseCr	27	25	25	45	132	98	74	111	141	145	158	172
Depreciation DepreciationCr	9	7	8	15	92	96	99	107	114	113	116	125
PBT PBTCr	-22	14	19	-79	-73	96	86	29	156	212	239	255
Tax TaxCr	12	2	4	-1	7	18	13	6	19	7	22	29
PAT PATCr	-35	12	15	-79	-80	78	73	24	138	205	218	226
Growth PAT Growth%	-334.2	134.9	23.5	-627.6	-1.5	197.7	-6.9	-67.4	480.9	48.8	6.2	5.1
NPM NPM%	-3.9	1.6	2.0	-4.3	-1.6	1.7	1.4	0.4	2.2	3.4	3.4	3.4
EPS EPS₹	-2.4	0.6	1.1	-0.4	-5.4	5.2	0.9	1.4	10.6	12.2	16.5	13.9

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	881	780	733	1,853	4,994	4,674	5,370	6,288	6,282	5,967	6,322	6,654
Growth Revenue Growth%	-1.1	-11.5	-5.9	152.6	169.5	-6.4	14.9	17.1	-0.1	-5.0	6.0	12.2
Expenses ExpensesCr	876	746	700	1,806	4,666	4,310	5,112	6,014	5,855	5,429	5,765	6,035
Operating Profit Operating ProfitCr	6	34	33	47	328	364	258	273	426	537	557	619
OPM OPM%	0.6	4.3	4.5	2.5	6.6	7.8	4.8	4.3	6.8	9.0	8.8	9.3
Other Income Other IncomeCr	7	12	19	-67	-178	-75	0	-25	-14	-68	-44	-66
Interest Expense Interest ExpenseCr	27	25	25	45	132	98	74	111	141	145	158	172
Depreciation DepreciationCr	9	7	8	15	92	96	99	107	114	113	116	125
PBT PBTCr	-22	14	19	-79	-73	96	86	29	156	212	239	255
Tax TaxCr	12	2	4	-1	7	18	13	6	19	7	22	29
PAT PATCr	-35	12	15	-79	-80	78	73	24	138	205	218	226
Growth PAT Growth%	-334.2	134.9	23.5	-627.6	-1.5	197.7	-6.9	-67.4	480.9	48.8	6.2	5.1
NPM NPM%	-3.9	1.6	2.0	-4.3	-1.6	1.7	1.4	0.4	2.2	3.4	3.4	3.4
EPS EPS₹	-2.4	0.6	1.1	-0.4	-5.4	5.2	0.9	1.4	10.6	12.2	16.5	13.9

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	28	28	28	30	30	33	33	34	34	34	36
Reserves ReservesCr	25	35	47	-11	-206	162	215	262	447	642	1,251
Current Liabilities Current LiabilitiesCr	531	493	444	1,658	1,983	1,694	1,915	2,044	1,576	1,362	1,769
Non Current Liabilities Non Current LiabilitiesCr	23	18	47	755	499	403	477	663	743	952	1,238
Total Liabilities Total LiabilitiesCr	623	590	580	2,432	2,306	2,303	2,652	3,002	2,800	3,072	4,294
Current Assets Current AssetsCr	420	383	396	1,897	1,547	1,554	1,807	2,026	1,837	2,130	3,236
Non Current Assets Non Current AssetsCr	203	207	184	535	759	749	845	976	964	942	1,058
Total Assets Total AssetsCr	623	590	580	2,432	2,306	2,303	2,652	3,002	2,800	3,072	4,294

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	28	28	28	30	30	33	33	34	34	34	36
Reserves ReservesCr	25	35	47	-11	-206	162	215	262	447	642	1,251
Current Liabilities Current LiabilitiesCr	531	493	444	1,658	1,983	1,694	1,915	2,044	1,576	1,362	1,769
Non Current Liabilities Non Current LiabilitiesCr	23	18	47	755	499	403	477	663	743	952	1,238
Total Liabilities Total LiabilitiesCr	623	590	580	2,432	2,306	2,303	2,652	3,002	2,800	3,072	4,294
Current Assets Current AssetsCr	420	383	396	1,897	1,547	1,554	1,807	2,026	1,837	2,130	3,236
Non Current Assets Non Current AssetsCr	203	207	184	535	759	749	845	976	964	942	1,058
Total Assets Total AssetsCr	623	590	580	2,432	2,306	2,303	2,652	3,002	2,800	3,072	4,294

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	29	4	52	-72	1,137	303	60	13	129	-88	84
Investing Cash Flow Investing Cash FlowCr	-19	-3	-5	-357	-328	-32	-37	19	1	-47	-57
Financing Cash Flow Financing Cash FlowCr	-10	-11	-54	629	-645	-277	-43	-58	-155	192	197
Net Cash Flow Net Cash FlowCr	0	-10	-7	201	164	-7	-19	-26	-25	58	224
Free Cash Flow Free Cash FlowCr	20	-8	41	-365	1,081	285	10	32	134	-129	12
CFO To PAT CFO To PAT%	-84.5	31.7	348.6	91.3	-1,422.2	388.3	82.8	55.0	94.0	-42.8	38.6
CFO To EBITDA CFO To EBITDA%	514.6	11.4	156.3	-154.7	346.3	83.2	23.4	4.8	30.4	-16.3	15.1

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	29	4	52	-72	1,137	303	60	13	129	-88	84
Investing Cash Flow Investing Cash FlowCr	-19	-3	-5	-357	-328	-32	-37	19	1	-47	-57
Financing Cash Flow Financing Cash FlowCr	-10	-11	-54	629	-645	-277	-43	-58	-155	192	197
Net Cash Flow Net Cash FlowCr	0	-10	-7	201	164	-7	-19	-26	-25	58	224
Free Cash Flow Free Cash FlowCr	20	-8	41	-365	1,081	285	10	32	134	-129	12
CFO To PAT CFO To PAT%	-84.5	31.7	348.6	91.3	-1,422.2	388.3	82.8	55.0	94.0	-42.8	38.6
CFO To EBITDA CFO To EBITDA%	514.6	11.4	156.3	-154.7	346.3	83.2	23.4	4.8	30.4	-16.3	15.1

Consolidated

Standalone

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	189	261	283	333	698	4,171	2,484	1,558	3,789	6,089	7,930	15,789
Price To Earnings Price To Earnings		25.3	19.0			53.4	170.9	65.8	27.5	29.7	36.5	63.7
Price To Sales Price To Sales	0.2	0.3	0.4	0.2	0.1	0.9	0.5	0.3	0.6	1.0	1.3	2.4
Price To Book Price To Book	3.5	3.7	3.7	17.8	-4.0	21.5	50.1	5.3	7.9	9.0	6.2	12.3
EV To EBITDA EV To EBITDA	55.3	12.4	12.3	18.7	2.2	11.2	10.3	7.2	10.0	12.7	15.3	27.0
Profitability Ratios Profitability Ratios
GPM GPM%	33.6	36.9	38.5	45.9	51.4	53.8	52.9	53.1	53.0	53.8	51.7	51.7
OPM OPM%	0.6	4.3	4.5	2.5	6.6	7.8	4.8	4.3	6.8	9.0	8.8	9.3
NPM NPM%	-3.9	1.6	2.0	-4.3	-1.6	1.7	1.4	0.4	2.2	3.4	3.4	3.4
ROCE ROCE%	2.0	16.6	20.6	-4.3	27.4	37.1	21.9	15.2	24.9	22.1	16.3	16.3
ROE ROE%	-64.5	19.1	19.7	-421.9	45.4	40.2	29.3	8.0	28.6	30.3	16.9	16.9
ROA ROA%	-5.5	2.0	2.6	-3.2	-3.5	3.4	2.7	0.8	4.9	6.7	5.1	5.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	189	261	283	333	698	4,171	2,484	1,558	3,789	6,089	7,930	15,789
Price To Earnings Price To Earnings		25.3	19.0			53.4	170.9	65.8	27.5	29.7	36.5	63.7
Price To Sales Price To Sales	0.2	0.3	0.4	0.2	0.1	0.9	0.5	0.3	0.6	1.0	1.3	2.4
Price To Book Price To Book	3.5	3.7	3.7	17.8	-4.0	21.5	50.1	5.3	7.9	9.0	6.2	12.3
EV To EBITDA EV To EBITDA	55.3	12.4	12.3	18.7	2.2	11.2	10.3	7.2	10.0	12.7	15.3	27.0
Profitability Ratios Profitability Ratios
GPM GPM%	33.6	36.9	38.5	45.9	51.4	53.8	52.9	53.1	53.0	53.8	51.7	51.7
OPM OPM%	0.6	4.3	4.5	2.5	6.6	7.8	4.8	4.3	6.8	9.0	8.8	9.3
NPM NPM%	-3.9	1.6	2.0	-4.3	-1.6	1.7	1.4	0.4	2.2	3.4	3.4	3.4
ROCE ROCE%	2.0	16.6	20.6	-4.3	27.4	37.1	21.9	15.2	24.9	22.1	16.3	16.3
ROE ROE%	-64.5	19.1	19.7	-421.9	45.4	40.2	29.3	8.0	28.6	30.3	16.9	16.9
ROA ROA%	-5.5	2.0	2.6	-3.2	-3.5	3.4	2.7	0.8	4.9	6.7	5.1	5.1
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	NETWEB	ANANTRAJ	BBOX	E2E	TECHNOE
Market CapitalizationMkt CapCr	27,940	17,879	15,789	13,570	10,976
Close PriceClose₹	4,700.00	496.80	889.00	660.15	943.80
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	102.40	30.11	63.73		25.47
Price To SalesPS	10.34	7.01	2.37	55.26	3.27
RevenueRevenueCr	2,702	2,551	6,654	246	3,356
Revenue Growth TTMRev Gr TTM%	107.7%	17.0%	12.2%		38.7%
PAT Growth TTMPAT Gr TTM%	102.1%	25.9%	5.1%		-6.5%

	NETWEB	ANANTRAJ	BBOX	E2E	TECHNOE
Market CapitalizationMkt CapCr	27,940	17,879	15,789	13,570	10,976
Close PriceClose₹	4,700.00	496.80	889.00	660.15	943.80
IndustryIndustry	Data Centre	Data Centre	Data Centre	Data Centre	Data Centre
Price To EarningsPE	102.40	30.11	63.73		25.47
Price To SalesPS	10.34	7.01	2.37	55.26	3.27
RevenueRevenueCr	2,702	2,551	6,654	246	3,356
Revenue Growth TTMRev Gr TTM%	107.7%	17.0%	12.2%		38.7%
PAT Growth TTMPAT Gr TTM%	102.1%	25.9%	5.1%		-6.5%

FY2026

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2026

Jun 26