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Last Updated: April 2, 2026, 4:15 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500463 | NSE: BBOX

Black Box Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹583.28Undervalued by 22.03%vs CMP ₹478.00

P/E (31.0) × ROE (44.2%) × BV (₹53.10) × DY (0.21%)

₹308.14Overvalued by 35.54%vs CMP ₹478.00
MoS: -55.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹718.3423%Under (+50.3%)
Graham NumberEarnings₹122.4517%Over (-74.4%)
Earnings PowerEarnings₹2.6511%Over (-99.4%)
DCFCash Flow₹237.8211%Over (-50.2%)
Net Asset ValueAssets₹51.397%Over (-89.2%)
EV/EBITDAEnterprise₹310.759%Over (-35%)
Earnings YieldEarnings₹125.507%Over (-73.7%)
ROCE CapitalReturns₹398.349%Over (-16.7%)
Revenue MultipleRevenue₹338.866%Over (-29.1%)
Consensus (9 models)₹308.14100%Overvalued
Key Drivers: Wide model spread (₹3–₹718) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 23.2%

*Investments are subject to market risks

Investment Snapshot

66
Black Box Ltd scores 66/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health71/100 · Strong
ROCE 29.8% ExcellentROE 44.2% ExcellentD/E 0.65 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.27% (6mo) SellingDII holding up 2.43% MF buyingPromoter holding at 70.1% Stable
Earnings Quality65/100 · Strong
OPM expanding (5% → 8%) Improving
Quarterly Momentum58/100 · Moderate
Revenue (4Q): 5% YoY FlatProfit (4Q): +15% YoY Positive
Industry Rank85/100 · Strong
P/E 31.0 vs industry 98.1 Cheaper than peersROCE 29.8% vs industry 14.9% Above peersROE 44.2% vs industry 21.0% Above peers3Y sales CAGR: 4% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:15 am

Market Cap 8,417 Cr.
Current Price 478
Intrinsic Value₹308.14
High / Low 615/321
Stock P/E31.0
Book Value 53.1
Dividend Yield0.21 %
ROCE29.8 %
ROE44.2 %
Face Value 2.00
PEG Ratio1.34

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Black Box Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Black Box Ltd 8,417 Cr. 478 615/32131.0 53.10.21 %29.8 %44.2 % 2.00
Cyient Ltd 8,673 Cr. 780 1,377/75015.5 5013.33 %16.6 %12.8 % 5.00
Intellect Design Arena Ltd 8,882 Cr. 636 1,255/55523.5 2120.63 %16.8 %12.7 % 5.00
Birlasoft Ltd 9,773 Cr. 350 474/32020.0 1331.86 %21.0 %15.6 % 2.00
Happiest Minds Technologies Ltd 5,981 Cr. 393 675/30529.7 1021.53 %13.9 %12.3 % 2.00
Industry Average17,316.11 Cr418.4898.13120.780.77%14.90%21.00%6.77

All Competitor Stocks of Black Box Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,6721,6821,5711,5741,6551,4801,4231,4971,5021,5451,3871,5851,660
Expenses 1,6001,5851,4841,4761,5411,3551,3091,3651,3681,4021,2821,4421,513
Operating Profit 72978799114125115133134143105143147
OPM % 4%6%6%6%7%8%8%9%9%9%8%9%9%
Other Income -9-13-2-52-8-14-17-12-101-13-21
Interest 27343332364034323147343940
Depreciation 20312829282926283128272930
Profit before tax 15192433524740555958456157
Tax % 49%-19%2%4%21%13%8%6%5%-5%-5%9%12%
Net Profit 8232432414137515660475650
EPS in Rs 0.461.381.431.902.432.432.213.043.313.572.793.272.92

Last Updated: March 3, 2026, 11:42 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 1:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 7758918817807331,8534,9944,6745,3706,2886,2825,9676,175
Expenses 9668678767477001,8064,6664,3105,1126,0145,8555,4295,638
Operating Profit -191246323347328364258273426538537
OPM % -25%3%1%4%5%3%7%8%5%4%7%9%9%
Other Income -183871319-67-178-750-25-14-68-44
Interest 3526272625451329874111141145160
Depreciation 401887815929699107114113113
Profit before tax -28518-221319-79-73968629156212221
Tax % -1%16%55%18%22%-1%10%19%15%20%12%3%
Net Profit -28215-351015-79-80787324138205213
EPS in Rs -19.831.04-2.430.731.05-5.30-5.384.804.431.418.1912.0912.55
Dividend Payout % 0%0%0%0%0%0%0%0%0%0%0%8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)105.32%-333.33%128.57%50.00%-626.67%-1.27%197.50%-6.41%-67.12%475.00%48.55%
Change in YoY Net Profit Growth (%)0.00%-438.65%461.90%-78.57%-676.67%625.40%198.77%-203.91%-60.71%542.12%-426.45%

Black Box Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:21%
5 Years:4%
3 Years:4%
TTM:-3%
Compounded Profit Growth
10 Years:37%
5 Years:23%
3 Years:52%
TTM:42%
Stock Price CAGR
10 Years:37%
5 Years:46%
3 Years:52%
1 Year:-17%
Return on Equity
10 Years:%
5 Years:46%
3 Years:38%
Last Year:44%

Last Updated: September 5, 2025, 2:41 pm

Balance Sheet

Last Updated: February 1, 2026, 2:28 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 28282828283030333334343434
Reserves 4658254147-11-206174228262447725871
Borrowings 2381611771731588085963284816287129421,038
Other Liabilities 5213853933463461,6051,8861,7681,9112,0781,6071,3711,596
Total Liabilities 8336336235895802,4322,3062,3032,6523,0022,8003,0723,539
Fixed Assets 11790109111114399557622732794808769820
CWIP 3000000002000
Investments 00000000030323333
Other Assets 7135435144784672,0321,7491,6811,9202,1751,9602,2712,686
Total Assets 8336336235895802,4322,3062,3032,6523,0022,8003,0723,539

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1062829452-721,1373039513129-88
Cash from Investing Activity + -377-21-4-5-360-38215-108-5640-105
Cash from Financing Activity + -115-100-10-11-54629-645-277-43-58-155192
Net Cash Flow -125-2-10-719711041-55-10214-0
Free Cash Flow 842420-541-3651,0812854532134-129
CFO/OP -66%109%629%31%126%-98%354%69%45%5%25%-16%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-429.00-137.00-171.00-141.00-125.00-761.00-268.0036.00-223.00-355.00-286.00-404.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1381019097104170261925242235
Inventory Days 942523244788333547655042
Days Payable 262187184187209324133122210208146110
Cash Conversion Cycle -30-60-71-66-59-65-73-68-137-118-74-34
Working Capital Days -110-40-61-61-29-5-59-43-29-13233
ROCE %-45%4%1%12%13%7%39%58%26%20%31%30%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 71.14%71.14%71.14%71.14%71.09%71.06%71.06%70.60%70.53%70.35%70.24%70.11%
FIIs 5.58%5.54%4.92%4.83%4.81%4.71%3.38%4.33%4.70%4.09%4.22%3.43%
DIIs 0.01%0.01%0.01%0.01%0.01%0.01%0.02%0.02%0.03%0.03%0.04%2.46%
Government 0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public 23.15%23.18%23.80%23.90%23.97%24.09%25.41%24.91%24.61%25.42%25.36%23.85%
No. of Shareholders 14,28314,05816,84716,39416,64726,20655,99760,19864,21078,70988,06581,639

Shareholding Pattern Chart

No. of Shareholders

Black Box Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Quant Small Cap Fund 2,586,799 0.5 138.011,834,1052026-03-23 02:42:1441.04%
Quant Multi Asset Allocation Fund 1,414,999 1.53 75.49N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.0010.0010.00
Basic EPS (Rs.) 12.168.201.424.4526.05
Diluted EPS (Rs.) 12.118.181.414.3824.49
Cash EPS (Rs.) 18.7414.907.8152.2253.38
Book Value[Excl.RevalReserv]/Share (Rs.) 44.8028.6217.6379.3763.54
Book Value[Incl.RevalReserv]/Share (Rs.) 44.8028.6217.6379.3763.54
Revenue From Operations / Share (Rs.) 352.34373.79374.481636.751436.83
PBDIT / Share (Rs.) 32.0326.5017.5680.50111.54
PBIT / Share (Rs.) 25.3419.7011.1650.4582.17
PBT / Share (Rs.) 12.479.211.7526.2029.51
Net Profit / Share (Rs.) 12.058.091.4122.1624.00
NP After MI And SOA / Share (Rs.) 12.098.191.4122.1624.00
PBDIT Margin (%) 9.097.094.684.917.76
PBIT Margin (%) 7.195.262.973.085.71
PBT Margin (%) 3.532.460.461.602.05
Net Profit Margin (%) 3.412.160.371.351.67
NP After MI And SOA Margin (%) 3.432.190.371.351.67
Return on Networth / Equity (%) 26.9828.628.0027.9237.77
Return on Capital Employeed (%) 25.0927.0419.5322.4543.32
Return On Assets (%) 6.664.950.782.743.39
Long Term Debt / Equity (X) 0.830.751.030.870.57
Total Debt / Equity (X) 0.860.821.191.050.65
Asset Turnover Ratio (%) 2.042.170.220.210.18
Current Ratio (X) 1.561.171.020.940.92
Quick Ratio (X) 1.411.010.840.820.83
Inventory Turnover Ratio (X) 26.1720.650.000.000.00
Interest Coverage Ratio (X) 3.753.152.653.593.71
Interest Coverage Ratio (Post Tax) (X) 2.922.211.632.072.55
Enterprise Value (Cr.) 6513.293964.181700.552446.793896.69
EV / Net Operating Revenue (X) 1.090.630.270.450.83
EV / EBITDA (X) 12.018.905.779.2610.74
MarketCap / Net Operating Revenue (X) 1.020.600.240.460.89
Price / BV (X) 8.037.885.269.5420.18
Price / Net Operating Revenue (X) 1.020.600.240.460.89
EarningsYield 0.030.030.010.020.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Black Box Ltd. is a Public Limited Listed company incorporated on 19/08/1986 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L32200MH1986PLC040652 and registration number is 040652. Currently Company is involved in the business activities of Other information technology and computer service activities n.e.c. Company's Total Operating Revenue is Rs. 376.86 Cr. and Equity Capital is Rs. 33.87 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
IT Consulting & Software5th Floor, 501, Building No. 9, Airoli Knowledge Park, New Mumbai Maharashtra 400708Contact not found
Management
NamePosition Held
Mr. Dilip ThakkarChairman & Ind.Director
Mr. Sanjeev VermaWhole Time Director
Mr. Deepak Kumar BansalExecutive Director
Mr. Anshuman RuiaExecutive Director
Mr. Naresh KothariNon Executive Director
Ms. Neha NagpalIndependent Director
Mr. Munesh KhannaIndependent Director

FAQ

What is the intrinsic value of Black Box Ltd and is it undervalued?

As of 15 April 2026, Black Box Ltd's intrinsic value is ₹308.14, which is 35.54% lower than the current market price of ₹478.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (44.2 %), book value (₹53.1), dividend yield (0.21 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Black Box Ltd?

Black Box Ltd is trading at ₹478.00 as of 15 April 2026, with a FY2026-2027 high of ₹615 and low of ₹321. The stock is currently in the middle of its 52-week range. Market cap stands at ₹8,417 Cr..

How does Black Box Ltd's P/E ratio compare to its industry?

Black Box Ltd has a P/E ratio of 31.0, which is below the industry average of 98.13. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Black Box Ltd financially healthy?

Key indicators for Black Box Ltd: ROCE of 29.8 % indicates efficient capital utilization; ROE of 44.2 % shows strong shareholder returns. Dividend yield is 0.21 %.

Is Black Box Ltd profitable and how is the profit trend?

Black Box Ltd reported a net profit of ₹205 Cr in Mar 2025 on revenue of ₹5,967 Cr. Compared to ₹73 Cr in Mar 2022, the net profit shows an improving trend.

Does Black Box Ltd pay dividends?

Black Box Ltd has a dividend yield of 0.21 % at the current price of ₹478.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Black Box Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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