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Last Updated on: 21 July, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 500463 | NSE: BBOX

Fundamental Analysis of Black Box Ltd

Basic Stock Data

Last Updated: July 20, 2024, 10:11 pm

Market Cap 6,516 Cr.
Current Price 388
High / Low430/177
Stock P/E38.0
Book Value 28.6
Dividend Yield0.00 %
ROCE30.4 %
ROE44.1 %
Face Value 2.00
PEG Ratio0.54

Data Source: screener.in

Competitors of Black Box Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Atishay Ltd 153 Cr. 139148/31.523.4 38.60.72 %19.1 %14.0 % 10.0
Inspirisys Solutions Ltd 571 Cr. 144158/57.137.0 7.390.00 %29.0 %148 % 10.0
Continental Chemicals Ltd 16.3 Cr. 72.587.1/56.231.4 20.40.00 %14.7 %12.0 % 10.0
Xchanging Solutions Ltd 1,450 Cr. 130177/81.0106 31.824.6 %11.9 %2.66 % 10.0
ABM Knowledgeware Ltd 294 Cr. 147167/84.819.7 1110.85 %8.87 %6.89 % 5.00
Industry Average39,555.04 Cr730.1665.97117.010.66%20.12%19.01%6.85

Quarterly Result

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
Sales1,2211,1951,3451,3871,4421,3721,5621,6721,6821,5711,5741,6551,480
Expenses1,1521,1421,2901,3191,3631,3191,5151,6001,5851,4841,4761,5411,355
Operating Profit7053556880524772978799114125
OPM %6%4%4%5%6%4%3%4%6%6%6%7%8%
Other Income-719-3-7-716-14-9-13-2-52-8
Interest24151618242525273433323640
Depreciation29242525252631203128292829
Profit before tax103311192318-23151924335247
Tax %85%5%8%17%32%14%2%49%-19%2%4%21%13%
Net Profit13110151615-2382324324141
EPS in Rs0.091.910.640.940.960.92-1.350.461.381.431.902.432.43

Last Updated: July 11, 2024, 8:04 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: July 11, 2024, 1:01 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Sales1,0507758918817807331,8534,9944,6745,3706,2886,282
Expenses1,0519668678767477001,8064,6664,3105,1126,0145,855
Operating Profit-1-191246323347328364258273426
OPM %-0%-25%3%1%4%5%3%7%8%5%4%7%
Other Income43-183871319-67-178-750-25-14
Interest363526272625451329874111141
Depreciation16401887815929699107114
Profit before tax-10-28518-221319-79-73968629156
Tax %-121%1%16%-55%18%22%1%-10%19%15%20%12%
Net Profit-22-28215-351015-79-80787324138
EPS in Rs-1.54-19.831.04-2.430.731.05-5.30-5.384.804.431.418.19
Dividend Payout %0%0%0%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-2024
YoY Net Profit Growth (%)-1181.82%105.32%-333.33%128.57%50.00%-626.67%-1.27%197.50%-6.41%-67.12%475.00%
Change in YoY Net Profit Growth (%)0.00%1287.14%-438.65%461.90%-78.57%-676.67%625.40%198.77%-203.91%-60.71%542.12%

Growth

Compounded Sales Growth
10 Years:23%
5 Years:28%
3 Years:10%
TTM:0%
Compounded Profit Growth
10 Years:10%
5 Years:77%
3 Years:6%
TTM:283%
Stock Price CAGR
10 Years:41%
5 Years:82%
3 Years:18%
1 Year:98%
Return on Equity
10 Years:%
5 Years:%
3 Years:33%
Last Year:44%

Last Updated: July 17, 2024, 4:45 pm

Balance Sheet

Last Updated: July 11, 2024, 1:01 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Equity Capital282828282828303033333434
Reserves2774658254147-11-206162215262447
Preference Capital00151501400000
Borrowings319238146162173144808596328481628812
Other Liabilities5795214004083463601,6051,8861,7811,9232,0781,484
Total Liabilities1,2038336336235895802,4322,3062,3032,6523,0022,777
Fixed Assets12911790109111114399557622732794808
CWIP030000000020
Investments00000000003032
Other Assets1,0747135435144784672,0321,7491,6811,9202,1751,937
Total Assets1,2038336336235895802,4322,3062,3032,6523,0022,777

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity -611062829452-721,1373039518134
Cash from Investing Activity -65-377-21-4-5-360-38215-108-56-1
Cash from Financing Activity 128-115-100-10-11-54629-645-277-43-63-155
Net Cash Flow2-125-2-10-719711041-55-102-21

Free Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Free Cash Flow-320.00-429.00-137.00-171.00-141.00-125.00-761.00-268.0036.00-223.00-355.00-386.00

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 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days190199138101909710417026192524
Inventory Days448994252324478833354765
Days Payable183224262187184187209324133122210208
Cash Conversion Cycle5164-30-60-71-66-59-65-73-68-137-119
Working Capital Days801101196192936-36-34-19-4
ROCE %27%5%-45%4%1%12%13%7%39%58%26%20%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Promoters71.18%71.18%70.57%70.56%70.56%71.21%71.14%71.14%71.14%71.14%71.14%71.14%
FIIs5.96%5.92%5.81%5.73%5.69%5.60%5.50%5.58%5.58%5.54%4.92%4.83%
DIIs0.02%0.07%0.02%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Government0.58%0.58%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%0.13%
Public22.26%22.26%23.47%23.56%23.60%23.05%23.21%23.15%23.15%23.18%23.80%23.90%
No. of Shareholders7,4888,2518,7438,89110,59312,61913,69614,15314,28314,05816,84716,394

Shareholding Pattern Chart

No. of Shareholders

This stock is not held by any mutual fund

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.0010.0010.0010.00
Basic EPS (Rs.)10.561.424.4526.0513.83
Diluted EPS (Rs.)10.541.414.3824.4913.68
Cash EPS (Rs.)14.627.8152.2253.3847.09
Book Value[Excl.RevalReserv]/Share (Rs.)28.6217.6379.3763.54-16.07
Book Value[Incl.RevalReserv]/Share (Rs.)28.6217.6379.3763.54-16.07
Revenue From Operations / Share (Rs.)373.79374.481636.751436.831678.63
PBDIT / Share (Rs.)26.5017.5680.50111.54134.95
PBIT / Share (Rs.)19.7011.1650.4582.17101.69
PBT / Share (Rs.)8.931.7526.2029.5116.17
Net Profit / Share (Rs.)7.821.4122.1624.0013.82
NP After MI And SOA / Share (Rs.)8.191.4122.1624.0013.82
PBDIT Margin (%)7.094.684.917.768.03
PBIT Margin (%)5.262.973.085.716.05
PBT Margin (%)2.380.461.602.050.96
Net Profit Margin (%)2.090.371.351.670.82
NP After MI And SOA Margin (%)2.190.371.351.670.82
Return on Networth / Equity (%)28.628.0027.9237.77-85.98
Return on Capital Employeed (%)27.0419.5322.4543.3287.19
Return On Assets (%)4.950.782.743.391.76
Long Term Debt / Equity (X)0.751.030.870.57-0.31
Total Debt / Equity (X)0.821.191.050.65-5.37
Asset Turnover Ratio (%)2.170.220.210.180.22
Current Ratio (X)1.171.020.940.920.79
Quick Ratio (X)1.010.840.820.830.72
Inventory Turnover Ratio (X)0.010.000.000.000.00
Interest Coverage Ratio (X)3.152.653.593.713.10
Interest Coverage Ratio (Post Tax) (X)2.211.632.072.552.28
Enterprise Value (Cr.)3964.181700.552446.793896.69585.65
EV / Net Operating Revenue (X)0.630.270.450.830.11
EV / EBITDA (X)8.905.779.2610.741.46
MarketCap / Net Operating Revenue (X)0.600.240.460.890.13
Price / BV (X)7.885.269.5420.18-14.60
Price / Net Operating Revenue (X)0.600.240.460.890.13
EarningsYield0.030.010.020.010.05

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value: 488.86

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 26.00% compared to the current price 388

Intrinsic Value: 835.37

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 115.30% compared to the current price 388

Last 5 Year EPS CAGR: 70.88%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a low average Working Capital Days of 17.25, which is a positive sign.
  2. The stock has a low average Cash Conversion Cycle of -52.75, which is a positive sign.
  1. The stock has a low average ROCE of 13.92%, which may not be favorable.
  2. The company has higher borrowings (406.58) compared to reserves (113.58), which may suggest financial risk.
  3. The company has not shown consistent growth in sales (340.58) and profit (-4.33).

Stock Analysis

  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Black Box Ltd:
    1. Net Profit Margin: 2.09%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 27.04% (Industry Average ROCE: %)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 28.62% (Industry Average ROE: %)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 2.21
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.01
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 38.0 (Industry average Stock P/E: )
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.82
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

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 Providing software support and maintenance to the clients. Company’s Total Operating Revenue is Rs. 293.59 Cr. and Equity Capital is Rs. 32.81 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
IT Consulting & Software5th Floor, 501, Building No. 9, Airoli Knowledge Park, New Mumbai Maharashtra 400708info.india@blackbox.com
https://www.blackbox.com
Management
NamePosition Held
Mr. Sujay R ShethChairman & Ind.Director
Mr. Sanjeev VermaWhole Time Director
Mrs. Mahua MukherjeeExecutive Director
Mr. Dilip ThakkarIndependent Director
Ms. Neha NagpalIndependent Director
Mr. Deepak Kumar BansalExecutive Director
Mr. Anshuman RuiaExecutive Director
Mr. Naresh KothariNon Executive Director

FAQ

What is the latest fair value of Black Box Ltd?

The latest fair value of Black Box Ltd is ₹488.86.

What is the Market Cap of Black Box Ltd?

The Market Cap of Black Box Ltd is 6,516 Cr..

What is the current Stock Price of Black Box Ltd as on 21 July 2024?

The current stock price of Black Box Ltd as on 21 July 2024 is 388.

What is the High / Low of Black Box Ltd stocks in FY 2024?

In FY 2024, the High / Low of Black Box Ltd stocks is 430/177.

What is the Stock P/E of Black Box Ltd?

The Stock P/E of Black Box Ltd is 38.0.

What is the Book Value of Black Box Ltd?

The Book Value of Black Box Ltd is 28.6.

What is the Dividend Yield of Black Box Ltd?

The Dividend Yield of Black Box Ltd is 0.00 %.

What is the ROCE of Black Box Ltd?

The ROCE of Black Box Ltd is 30.4 %.

What is the ROE of Black Box Ltd?

The ROE of Black Box Ltd is 44.1 %.

What is the Face Value of Black Box Ltd?

The Face Value of Black Box Ltd is 2.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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