Black Box Limited (BBOX)
₹907.25 +3.07% last close, 16 Oct
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Black Box's revenue was ₹1,691 Cr (+9.5% year on year, +1.9% on the previous quarter), and net profit ₹65.0 Cr (+7.5% year on year); the operating margin was 9.3%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹1,691 | +9.5% | +1.9% |
| Operating profit | ₹157 | +9.9% | +6.8% |
| Net profit | ₹65.0 | +7.5% | +30.0% |
| EPS (₹) | 3.65 | +2.2% | +25.0% |
| Operating margin | 9.3% | — | — |
BBOX delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 22.42% of the BBOX shares traded on NSE were taken to delivery, against the stock's own 20-session average of 33.23%. The price rose 3.07% on unusually low delivery, so more of the move than usual was intraday trading.
Delivery in the last 5 sessions: 27.3% · 29.1% · 26.3% · 35.5% · 22.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Black Box Limited has submitted the Scrutinizer's Report in Form MGT-13 and voting results for its 40th Annual General Meeting held on September 16, 2026. The meeting and e-voting process were conducted via Video Conferencing in compliance with statutory requirements. Specific resolution approval breakdowns and voting percentage details were not detailed in the excerpt. The filing is a standard post-AGM statutory compliance requirement.
- Conducted the 40th Annual General Meeting on September 16, 2026
- Submitted Scrutinizer’s Report in Form MGT-13 pursuant to Section 108 and 109 of the Companies Act
- Voting conducted via e-voting and during the AGM through Video Conferencing
- Compliance filing made under Regulation 44 of SEBI LODR Regulations
Black Box Limited concluded its 40th Annual General Meeting (AGM) held on September 16, 2026, via video conferencing with 33 members present. Shareholders considered five resolutions, including the adoption of FY26 financial statements, declaration of a final dividend, and re-appointment of director Anshuman Ruia. Key special business included the reclassification of authorized share capital and alteration of the Memorandum and Articles of Association. Detailed voting results and scrutinizer reports are expected within 48 hours.
- 40th AGM concluded on September 16, 2026, conducted via video conferencing with 33 members present
- Total shareholder count as on the cut-off date (September 9, 2026) stood at 82,403
- Ordinary business included adopting FY26 results and declaring a final dividend on shares of face value Rs 2 each
- Special resolutions covered reclassification of authorized share capital and alteration of MOA and AOA
Black Box Limited has scheduled a series of 1x1 and group meetings with institutional investors in Mumbai between September 21 and September 24, 2026. The sessions will be hosted by Anand Rathi Institutional Equities, Nomura, and PhillipCapital. The company stated that discussions will be based strictly on publicly available information with no unpublished price-sensitive information involved. This is a routine investor interaction disclosure under Regulation 30(6) of SEBI LODR.
- Meeting on September 21, 2026, starting at 9:00 am onwards organized by Anand Rathi Institutional Equities
- Meeting on September 23, 2026, starting at 11:00 am onwards organized by Nomura
- Meeting on September 24, 2026, starting at 10:00 am onwards organized by PhillipCapital
- All sessions will be conducted in Mumbai via 1x1 or group formats
Black Box Limited has scheduled participation in an investor conference organized by Jefferies India on September 18, 2026, in Gurgaon. The interactions will include 1x1 and group meetings with institutional investors. The company stated discussions will strictly rely on publicly available information without any unpublished price sensitive information (UPSI). As a standard regulatory intimation under SEBI LODR, there is no direct financial impact.
- Investor conference scheduled for September 18, 2026, starting at 10:00 am onwards
- Meeting format includes 1x1 and group meetings
- Organized by Jefferies India in Gurgaon
- Company confirmed no unpublished price sensitive information (UPSI) will be shared
Black Box Limited's Board approved unaudited financial results for the quarter ended June 30, 2026 (Q1 FY27). The Board approved reclassifying its Rs 145 crore authorised share capital to increase equity share capacity from 22.50 crore shares to 47.50 crore shares of Rs 2 each. It confirmed a final dividend of Re 1 per equity share for FY26 with the record date set as August 28, 2026, pending AGM approval on September 16, 2026. Additionally, statutory auditors highlighted pending FEMA condonation filings for delayed trade remittances and collections aggregating to over Rs 39 crore.
- Authorised equity share capital expanded from 22.50 crore to 47.50 crore shares of Rs 2 each within the overall Rs 145 crore ceiling
- Final dividend of Re 1 per equity share (face value Rs 2) confirmed with record date fixed as August 28, 2026
- Auditors flagged pending FEMA condonation applications for Rs 20.95 crore import payments and Rs 9.21 crore export proceeds
- Paid-up equity capital increased to Rs 35.52 crore following the allotment of 103,950 ESOP shares
Black Box Limited has scheduled its 40th Annual General Meeting (AGM) for September 16, 2026, via video conferencing. Key ordinary business includes adopting FY26 audited accounts, declaring a final dividend, and re-appointing Executive Director Mr. Anshuman Ruia. Special business includes reclassifying its ₹145 crore total authorised capital to increase equity share headroom from 22.50 crore shares (₹45 crore) to 47.50 crore shares (₹95 crore), while proportionally reducing preference share limits. This capital restructuring provides headroom for potential future equity expansion or conversions.
- 40th AGM scheduled for September 16, 2026, at 11:00 AM IST via Video Conferencing.
- Proposed increase in authorised equity share limit from 22,50,00,000 shares to 47,50,00,000 shares of ₹2 each.
- Total authorised share capital remains unchanged at ₹145,00,00,000 (₹145 crore).
- Executive Director Mr. Anshuman Ruia retires by rotation and seeks re-appointment at NIL proposed remuneration.
Black Box Limited released its Q1 FY27 earnings conference call transcript, highlighting a record order backlog of approximately US$950 million (up 83% YoY) backed by US$339 million in quarterly order bookings. The company secured a US$131 million (~INR 1,240 crore) contract from a new US global hyperscaler, representing ~19.6% of its TTM revenue (Rs 6,323 crore). Management underscored robust momentum in gigawatt-scale AI data center infrastructure execution and plans to onboard ~2,000 professionals to support scale.
- Order backlog reached an all-time high of ~US$950 million, up 83% year-on-year.
- Order bookings in Q1 FY27 stood at US$339 million.
- Won a US$131 million (~INR 1,240 crore) order from a new global hyperscaler in the United States.
- Management announced plans to hire and onboard nearly 2,000 professionals to support execution.
Black Box Limited has published the audio recording of its Q1FY27 earnings call held on August 13, 2026. This filing is a standard regulatory requirement following the release of quarterly financial results. Investors can use this recording to gain insights into management's execution strategy for its USD 465 million order book and its shift toward high-margin data center services. The company reported a TTM revenue of ₹6,323 Cr with an operating margin of 8.7%.
- Earnings call for Q1FY27 hosted on August 13, 2026, following the unaudited financial results.
- Company is managing a substantial order book of USD 465 million as per latest strategic updates.
- TTM Revenue stands at ₹6,322.74 Cr with a TTM PAT of ₹218 Cr.
- Top 10 clients, including Meta and Bank of America, contribute 43% of total revenue.
- Management is targeting 12-15% sequential growth in H2 FY26.
Black Box Limited reported its highest-ever quarterly revenue of ₹1,719 crore for Q1 FY27, a 24% YoY increase. The order backlog reached a record $949 million (₹8,986 crore), which is approximately 142% of TTM revenue, providing strong visibility for the next 18 months. EBITDA margins expanded by 90 bps YoY to 9.3%, supported by the integration of the Brazilian acquisition '2S' and improved operating leverage. The company secured a significant $131 million (~₹1,240 crore) engagement with a U.S. hyperscaler, highlighting a strategic shift toward high-margin data center projects.
- Revenue grew 24% YoY to ₹1,719 crore in Q1 FY27, despite the quarter typically being seasonally soft.
- Order backlog reached an all-time high of $949 million (₹8,986 crore), up 28% sequentially.
- Secured a major $131 million (~₹1,240 crore) engagement with a new U.S.-based global hyperscaler.
- EBITDA increased 38% YoY to ₹160 crore, with management targeting 10% margins by end of FY27.
- Average tenure of order backlog increased to 18 months from the previous 12-15 months.
Black Box Limited has secured a landmark US$131 million (~₹1,240 crore) order from a new Tier-1 U.S. hyperscaler for data center infrastructure. This contract represents approximately 19.6% of the company's TTM revenue of ₹6,323 crore and will be executed over a three-year period. The win is significant as it adds a new marquee customer to a portfolio that already includes giants like Meta and Bank of America. This aligns with management's strategy to focus on high-margin data center buildouts to drive growth.
- Secured a US$131 million (~₹1,240 crore) order from a new U.S. Tier-1 hyperscaler
- Order value constitutes ~19.6% of the TTM revenue of ₹6,323 crore
- Project execution is scheduled over a phased 3-year period
- Adds to the existing order book which was reported at USD 465 million previously
Black Box Limited has updated its internal Code of Conduct for Prevention of Insider Trading and Fair Disclosure of Unpublished Price Sensitive Information (UPSI), effective August 12, 2026. The revision aligns with SEBI (Prohibition of Insider Trading) Regulations, 2015, and subsequent amendments. Key updates include the implementation of a structured digital database for tracking UPSI sharing and an online IT portal for trade pre-clearance by insiders. This is a procedural compliance filing and does not impact the company's financial performance or operations.
- Revised Code of Conduct effective from August 12, 2026, superseding earlier versions.
- Implementation of a structured digital database to track UPSI sharing with PAN-based identification for all recipients.
- Establishment of an online IT portal for insiders to submit pre-clearance applications and report trades.
- Defined 'Legitimate Purpose' for sharing UPSI in the ordinary course of business with partners, lenders, and advisors.
- Mandatory 6-month holding period for securities purchased by insiders under pre-clearance.
Black Box Limited has updated its internal Code of Conduct for Prevention of Insider Trading and Fair Disclosure of Unpublished Price Sensitive Information (UPSI). The revision was approved by the Board of Directors on August 12, 2026, to ensure continued alignment with SEBI (Prohibition of Insider Trading) Regulations. The updated code defines 'Legitimate Purpose' for sharing sensitive data and mandates the use of a structured digital database and an online IT portal for trade reporting. This is a standard administrative update for a company with a market capitalization of Rs 13,343 Cr.
- Board of Directors approved the revised Insider Trading Code on August 12, 2026
- Established a 'Legitimate Purpose' framework for sharing UPSI with partners, lenders, and advisors
- Mandated a structured digital database to track persons with whom UPSI is shared, including PAN details
- Implemented an online IT portal for insiders to obtain trade pre-clearance and report transactions
- Designated the Company Secretary as the Chief Investor Relations Officer for UPSI dissemination
Black Box Limited (BBOX) reported a strong start to FY27 with Q1 revenue rising 24% YoY to ₹1,719 Cr and EBITDA growing 38% to ₹160 Cr. The order backlog reached an all-time high of US$ 949 million (~₹8,986 Cr), which is approximately 142% of its TTM revenue, providing high visibility for the next 24-36 months. A key highlight is a new US$ 131 million (~₹1,240 Cr) order from a global hyperscaler, signaling a successful push into AI infrastructure. The company maintains a long-term revenue target of US$ 2 billion by FY30, supported by plans to hire 3,000 professionals.
- Order backlog reached an all-time high of US$ 949 million (~₹8,986 Cr), up 83% YoY
- Secured a significant new global hyperscaler order worth US$ 131 million (~₹1,240 Cr)
- EBITDA margins expanded by 90 bps YoY to 9.3% in Q1 FY27
- New order bookings in Q1 FY27 alone reached US$ 339 million (~₹3,208 Cr)
- Management guidance for FY27 exit backlog is US$ 1.3–1.4 billion, a 65-75% YoY increase
Black Box Limited has announced August 28, 2026, as the record date to determine shareholder eligibility for the final dividend of FY 2025-26. This follows a fiscal year where the company achieved a net profit of ₹218.43 crore and an EPS of ₹12.64. The dividend payout is subject to approval at the 40th Annual General Meeting (AGM). The company has also set September 9, 2026, as the cut-off date for determining voting rights for the AGM resolutions.
- Record date for final dividend eligibility is fixed for August 28, 2026
- Cut-off date for AGM voting eligibility is set for September 9, 2026
- Remote e-voting period scheduled from September 13 to September 15, 2026
- Company reported FY26 revenue of ₹6,322.74 crore with an OPM of 8.73%
- Current order book stands at USD 465 million as per latest financial context
Black Box Limited has announced its 40th Annual General Meeting (AGM) to be held on September 16, 2026, via video conferencing. The company has established September 9, 2026, as the cut-off date for determining shareholder eligibility for e-voting. This is a standard procedural filing following the board's approval on August 12, 2026. The meeting will likely cover FY26 performance, where the company reported a TTM revenue of Rs 6,323 Cr and PAT of Rs 218 Cr.
- 40th Annual General Meeting scheduled for September 16, 2026, at 11:00 A.M. IST
- Cut-off date for e-voting eligibility set for September 9, 2026
- Board of Directors approved the meeting notice on August 12, 2026
- Meeting to be conducted through Video Conferencing facility provided by NSDL
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY 2025 was INR 5,967 Cr, representing a 5.0% YoY decline from INR 6,282 Cr in FY 2024. Consulting segment revenue grew to INR 134.25 Cr from INR 105.61 Cr. The overall decline was driven by a strategic shift toward high-margin deals and macroeconomic headwinds in the US and Europe causing customers to defer capital expenditure.
Geographic Revenue Split
The company has high geographical concentration with the US contributing approximately 74-75% of total revenue and Europe contributing 8-10%. Other regions including India and MEA contribute the remaining portion. This concentration makes the company highly sensitive to US economic cycles.
Profitability Margins
Profitability showed significant improvement despite revenue degrowth. Gross Profit Margin improved from 27.3% in FY 2024 to 30.1% in FY 2025. PAT Margin increased from 2.2% (INR 138 Cr) in FY 2024 to 3.4% (INR 205 Cr) in FY 2025, a 120 bps improvement driven by cost optimization and rightsizing of manpower.
EBITDA Margin
EBITDA Margin improved by 210 bps from 6.8% (INR 428 Cr) in FY 2024 to 8.9% (INR 531 Cr) in FY 2025. In Q2 FY26, EBITDA margins reached 9.0%, up 60 bps QoQ, due to better fixed cost absorption and higher revenue throughput.
Capital Expenditure
Historical capex is moderate as the company follows an asset-light model. Property, Plant and Equipment stood at INR 102 Cr in FY 2025 compared to INR 120 Cr in FY 2024. Future annual debt obligations of INR 20-22 Cr for FY 2025-2027 are expected to be covered by healthy cash accruals of INR 330-500 Cr.
Credit Rating & Borrowing
CRISIL upgraded the long-term rating to 'CRISIL BBB+/Stable' from 'CRISIL BBB/Positive' and the short-term rating to 'CRISIL A2' from 'CRISIL A3+'. Borrowing costs are reflected in a finance cost of INR 145 Cr for FY 2025. Interest coverage ratio improved from 2.11 in FY 2024 to 2.46 in FY 2025.
Operational Drivers
Raw Materials
Primary inputs include IT hardware components and software licenses. Specifically, the company recently purchased Wind River software licenses to drive its global platform launch. Manpower costs represent a significant portion of operating expenses, which the company is managing through offshoring.
Import Sources
Not explicitly disclosed, but the company operates globally with significant procurement likely aligned with its primary markets in the US, Europe, and Asia-Pacific to support its IT infrastructure projects.
Key Suppliers
Collaborates with global technology leaders and software vendors. A specific recent partnership is with Wind River for platform licenses. Other partners include leading software vendors for unified communications and data center solutions.
Capacity Expansion
The company does not have traditional manufacturing capacity but scales through its global delivery model. It is strategically scaling to capture opportunities in data centers and enterprise transformation engagements, supported by an order backlog of USD 465 million as of December 2024.
Raw Material Costs
Gross profit margins of 30.1% suggest direct costs (including materials and direct labor) account for 69.9% of revenue. The company is mitigating costs by pricing contracts at higher rates and utilizing off-balance sheet non-recourse securitisation of receivables to manage working capital.
Manufacturing Efficiency
Efficiency is measured by project execution and cost absorption. EBITDA margins recovered to 9.0% in Q2 FY26 from 8.4% in Q1 FY26 due to better fixed cost absorption on higher volumes.
Logistics & Distribution
Distribution and freight costs previously pressured margins; current strategy involves optimizing the supply chain to maintain the 7-9% operating margin range.
Strategic Growth
Expected Growth Rate
12-15%
Growth Strategy
Growth will be achieved through a 12-15% sequential growth target in H2 FY26, supported by a USD 465 million order book. Strategy involves shifting the business mix toward high-margin data centers, enterprise transformation, and securing larger deal values while maintaining cost discipline and operational excellence.
Products & Services
Unified communications, customer experience solutions, borderless networks, data centers, cloud solutions, data security, and IT consulting services.
Brand Portfolio
Black Box, Black Box Limited (formerly AGC Networks).
New Products/Services
Launched a new global platform in partnership with Wind River, expected to contribute approximately USD 30 million on an annualized basis as it scales from Q3 FY26 onwards.
Market Expansion
Focusing on scaling strategically in existing markets to capture data center opportunities and expanding the 'Connect-Anything, Optimise-Everything' service model globally.
Market Share & Ranking
Established market position in the IT infrastructure solutions business; specific percentage ranking not disclosed.
Strategic Alliances
Partnerships with global technology leaders like Wind River for software platforms and alliances with leading software vendors for unified communications.
External Factors
Industry Trends
The industry is shifting toward data center expansion and enterprise digital transformation. Black Box is positioning itself by moving away from low-margin volume work toward high-value engagements, aiming for sustained 9%+ EBITDA margins.
Competitive Landscape
Competes with multiple global and local players in the IT solutions integration sector. Competition is intense for both market share and low-cost skilled talent.
Competitive Moat
Moat is built on 20+ year relationships with Fortune 500 clients and a global delivery footprint. This is sustainable due to high switching costs in integrated IT infrastructure and the company's deep technical alliances.
Macro Economic Sensitivity
Highly sensitive to US and European GDP growth and corporate IT spending. A 5% revenue decline in FY 2025 was directly attributed to macroeconomic tensions causing clients to defer capex.
Consumer Behavior
Enterprise customers are increasingly prioritizing data security and cloud integration, driving demand for Black Box's specialized 'borderless network' and 'data center' offerings.
Geopolitical Risks
Exposure to regulatory changes in the US and Europe and potential trade barriers affecting the movement of IT hardware and skilled talent.
Regulatory & Governance
Industry Regulations
Subject to global IT service regulations, data privacy laws (GDPR in Europe), and local labor laws across its operating geographies. Compliance is managed through an independent internal audit function.
Taxation Policy Impact
Tax expense for FY 2025 was INR 7 Cr on a Profit Before Tax of INR 212 Cr, indicating a low effective tax rate likely due to the utilization of brought-forward losses from the BBX acquisition.
Legal Contingencies
The company has exceptional items of INR 66 Cr in FY 2025 (vs INR 40 Cr in FY 2024), which may relate to restructuring or legacy legal/integration costs from the BBX acquisition.
Risk Analysis
Key Uncertainties
Macroeconomic slowdown in the US/Europe could further delay client capex, potentially impacting revenue by 5-10%. Supply chain disruptions for semiconductors remain a monitorable risk.
Geographic Concentration Risk
75% of revenue is concentrated in the US market, creating a high dependency on a single economy's IT spending cycle.
Third Party Dependencies
Dependent on global software vendors and technology partners for the core components of its solutions; however, no single supplier dependency percentage is disclosed.
Technology Obsolescence Risk
High risk due to rapid evolution in IT; mitigated by continuous upskilling and strategic partnerships with tech leaders like Wind River.
Credit & Counterparty Risk
Receivables management is a priority; debtors turnover ratio was 12.52 in FY 2025. The company uses non-recourse securitisation of BBX receivables to mitigate credit risk and improve liquidity.
