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Black Box Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹994.25Fairly Valued by 0.63%vs CMP ₹988.00

P/E (63.9) × ROE (26.8%) × BV (₹72.50) × DY (0.10%)

₹489.77Overvalued by 50.43%vs CMP ₹988.00
MoS: -101.7% (Negative)Confidence: 59/100 (Moderate)Models: 1 Under, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,224.4626%Under (+23.9%)
Graham NumberEarnings₹143.0819%Over (-85.5%)
DCFCash Flow₹229.2112%Over (-76.8%)
Net Asset ValueAssets₹72.438%Over (-92.7%)
EV/EBITDAEnterprise₹301.4810%Over (-69.5%)
Earnings YieldEarnings₹125.508%Over (-87.3%)
ROCE CapitalReturns₹495.7110%Over (-49.8%)
Revenue MultipleRevenue₹335.816%Over (-66%)
Consensus (8 models)₹489.77100%Overvalued
Key Drivers: Wide model spread (₹72–₹1,224) — 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

Analyst Summary

Black Box Ltd operates in the IT Consulting & Software segment, NSE: BBOX | BSE: 500463, current market price is ₹988.00, market cap is 17,556 Cr.. At a glance, stock P/E is 63.9, ROE is 26.8 %, ROCE is 22.2 %, book value is 72.5, dividend yield is 0.10 %. The latest intrinsic value estimate is ₹489.77, around 50.4% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹5,967 Cr versus the prior period change of -5.0%, while latest net profit is about ₹205 Cr with a prior-period change of 48.6%. The 52-week range shown on this page is 1,104/435, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisBlack 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 L32200M…

This summary is generated from the stock page data available for Black Box Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

68
Black Box Ltd scores 68/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health76/100 · Strong
ROCE 22.2% ExcellentROE 26.8% 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 63.9 vs industry 131.4 Cheaper than peersROCE 22.2% vs industry 15.2% Above peersROE 26.8% vs industry 17.2% 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.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 8:08 am

Market Cap 17,556 Cr.
Current Price 988
Intrinsic Value₹489.77
High / Low 1,104/435
Stock P/E63.9
Book Value 72.5
Dividend Yield0.10 %
ROCE22.2 %
ROE26.8 %
Face Value 2.00
PEG Ratio2.76

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 17,556 Cr. 988 1,104/43563.9 72.50.10 %22.2 %26.8 % 2.00
KPIT Technologies Ltd 20,202 Cr. 737 1,434/62529.9 1291.15 %26.3 %21.0 % 10.0
Intellect Design Arena Ltd 10,217 Cr. 730 1,255/59527.7 2270.55 %15.9 %12.4 % 5.00
Cyient Ltd 9,410 Cr. 847 1,364/75019.9 5113.07 %12.3 %8.61 % 5.00
Birlasoft Ltd 8,688 Cr. 311 474/30616.0 1472.09 %21.6 %14.4 % 2.00
Industry Average16,812.45 Cr471.68131.39128.410.76%15.17%17.23%6.68

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: May 28, 2026, 3:30 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 282828283030333334343436
Reserves 58254147-11-2061742282624477251,251
Borrowings 1611771731588085963284816287129421,153
Other Liabilities 3853933463461,6051,8861,7681,9112,0781,6071,3711,854
Total Liabilities 6336235895802,4322,3062,3032,6523,0022,8003,0724,294
Fixed Assets 90109111114399557622732794808769883
CWIP -0-0-0-0-0-0-0-02-0-0-0
Investments -0-0-0-0-0-0-0-0303233-0
Other Assets 5435144784672,0321,7491,6811,9202,1751,9602,2713,410
Total Assets 6336235895802,4322,3062,3032,6523,0022,8003,0724,294

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 2829452-721,1373039513129-8884
Cash from Investing Activity + 77-21-4-5-360-38215-108-5640-105-57
Cash from Financing Activity + -100-10-11-54629-645-277-43-58-155192197
Net Cash Flow 5-2-10-719711041-55-10214-0224
Free Cash Flow 2420-541-3651,0812854532134-12912
CFO/OP 109%629%31%126%-98%354%69%45%5%25%-16%20%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-191.00-137.00-171.00-141.00-125.00-761.00-268.0036.00-223.00-355.00-286.00-404.00

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 2,923,624 0.62 1872,586,7992026-06-12 01:54:3513.02%
Quant Multi Asset Allocation Fund 1,414,999 1.72 90.5N/AN/AN/A
Quant Quantamental Fund 368,439 1.5 23.57N/AN/AN/A
Quant ESG Integration Strategy Fund 123,786 2.99 7.92N/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. 405.98 Cr. and Equity Capital is Rs. 35.50 Cr. for the Year ended 31/03/2026.
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 June 2026, Black Box Ltd's intrinsic value is ₹489.77, which is 50.43% lower than the current market price of ₹988.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (26.8 %), book value (₹72.5), dividend yield (0.10 %), 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 ₹988.00 as of 15 June 2026, with a FY2026-2027 high of ₹1,104 and low of ₹435. The stock is currently near its 52-week high. Market cap stands at ₹17,556 Cr..

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

Black Box Ltd has a P/E ratio of 63.9, which is below the industry average of 131.39. 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 22.2 % indicates efficient capital utilization; ROE of 26.8 % shows strong shareholder returns. Dividend yield is 0.10 %.

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 0.10 % at the current price of ₹988.00. The company pays dividends, though the yield is modest.

Last Updated: June 12, 2026, 8:08 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500463 | NSE: BBOX
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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