Arthneeti

Black Box Q1 FY27 Share Price & Earnings Call Analysis

₹821.15+1.17% today
Market cap
₹14,588 Cr
P/E
51.07
ROE
25.66%
PEG
0.63
Price to sales
2.22
Debt to equity
0.90
52W high / low
₹1,078 / ₹447
Sales growth (5Y)
6.23%
EBITDA margin
9.22%
Net profit margin
4.15%
Promoter holding
69.95%
Sales (last year)
₹6,654 Cr

AGC Networks Ltd. (AGC), incorporated in 1986 by Tata Telecom Pvt. Ltd. to manufacture telecommunication equipment. It is currently held by Essar Telecom Ltd. Over the years, AGC evolved into an information and communication (ICT) solutions provider and integrator with a differentiated vertical approach in business communication systems, applications and services mainly within India.The company is present at multiple geographies such as Middle East, Africa, North America, Australia, New Zealand, Singapore, Philippines and UK servicing over 8000+ customers. [1] [2]

Guidance scorecard · Q1 FY27 call

What Black Box Ltd's management guided
and where it ranks in IT - Services

#10of 37 in
IT - Services
Revenue20–40%MarginsUp 0–2%CapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • FY27 revenue guidance: INR 7,800 crores to INR 8,000 crores, representing 23% to 27% growth year-on-year.
  • Order backlog expected to reach US$1.3 billion to US$1.4 billion by March 31, 2027, a 65% to 75% increase.
  • Order bookings projected between US$1.3 billion to US$1.4 billion, showing 32% to 45% growth.
  • Growth primarily driven by hyperscale digital infrastructure and AI-led infrastructure demand.
  • Non-hyperscale enterprise segment expected to grow at modest double-digit (~10%) rate.
  • Scaling phase underway with investments in talent, technology, and execution capabilities.

2 more points from Black Box Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Up 0–2%

See what Black Box Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • The company continues evaluating market opportunities in India, Southeast Asia, and Europe, indicating potential future strategic investments aligned with market expansion.
  • Investments focus on profitable growth, operational excellence, and disciplined capital allocation to build a US$2 billion revenue company by FY30.
  • Ongoing investment in talent and training is essential to execute large-scale, multi-billion dollar infrastructure projects.
  • Management is also exploring adjacencies like compute and storage to potentially expand addressable market in hyperscale data center segments.
Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Black Box Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • As of Q1 FY27, Black Box Limited's order backlog stands at approximately US$950 million, reflecting an 83% year-on-year increase.
  • The expected order backlog by March 31, 2027 (end of FY27) is guided between US$1.3 billion to US$1.4 billion, representing 65% to 75% growth.
  • Order bookings for FY27 are expected between US$1.3 billion to US$1.4 billion, a growth of 32% to 45%.
  • Large-scale projects in the data center segment typically have a tenure of 24 to 36 months, providing strong revenue visibility.

2 more points from Black Box Ltd's call on the order book

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Full Q1 FY27 analysis
Full IT - Services ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Services
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Black Box Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Services companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Flat₹28,129 Cr107.9
240%+Flat₹1,612 Cr37.6
340%+Flat₹1,534 Cr131.2
440%+Flat₹571 Cr24.8
540%+Flat₹378 Cr26.9
640%+Flat₹84 Cr8.3

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Pro shows every company guiding 40%+ revenue growth →Full IT - Services ranking

Financials of Black Box Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Financials of Black Box Ltd

Quarterly Results

Quarter-by-quarter operating performance

Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales +1,6821,5711,5741,6551,4801,4231,4971,5021,5451,3871,5851,6601,691
Expenses +1,5851,4841,4761,5411,3551,3091,3651,3681,4021,2821,4421,5131,534
Operating Profit978799114125115133134143105143147157
OPM %6%6%6%7%8%8%9%9%9%8%9%9%9%
Other Income +-13-2-52-8-14-17-12-101-13-21-5
Interest34333236403432314734394045
Depreciation31282928292628312827293031
Profit before tax19243352474055595845615776
Tax %-19%2%4%21%13%8%6%5%-5%-5%9%12%15%
Net Profit +23243241413751566047565065
EPS in Rs1.381.431.902.432.432.213.043.313.572.793.272.923.65

Financials of Black Box Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales +8918817807331,8534,9944,6745,3706,2886,2825,9676,322
Expenses +8678767477001,8064,6664,3105,1126,0145,8555,4295,765
Operating Profit246323347328364258273426538557
OPM %3%1%4%5%3%7%8%5%4%7%9%9%
Other Income +3871319-67-178-750-25-14-68-44
Interest26272625451329874111141145158
Depreciation1887815929699107114113116
Profit before tax18-221319-79-73968629156212239
Tax %16%55%18%22%-1%10%19%15%20%12%3%9%
Net Profit +15-351015-79-80787324138205218
EPS in Rs1.04-2.430.731.05-5.30-5.384.804.431.418.1912.0912.25
Dividend Payout %0%0%0%0%0%0%0%0%0%0%8%8%

Financials of Black Box Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital282828283030333334343436
Reserves58254147-11-2061742282624477251,251
Borrowings +1611771731588085963284816287129421,153
Other Liabilities +3853933463461,6051,8861,7681,9112,0781,6071,3711,854
Total Liabilities6336235895802,4322,3062,3032,6523,0022,8003,0724,294
Fixed Assets +90109111114399557622732794808769883
CWIP000000002000
Investments000000003032330
Other Assets +5435144784672,0321,7491,6811,9202,1751,9602,2713,410
Total Assets6336235895802,4322,3062,3032,6523,0022,8003,0724,294

Financials of Black Box Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 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 Flow5-2-10-719711041-55-10214-0224
Free Cash Flow2420-541-3651,0812854532134-12912
CFO/OP109%629%31%126%-98%354%69%45%5%25%-16%20%

Financials of Black Box Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days101909710417026192524223567
Inventory Days252324478833354765504253
Days Payable187184187209324133122210208146110129
Cash Conversion Cycle-60-71-66-59-65-73-68-137-118-74-34-10
Working Capital Days-40-61-61-29-5-59-43-29-1323354
ROCE %4%1%12%13%7%39%58%26%20%31%30%22%

Guidance history

How Black Box Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%Up 0–2%Planned—Rising
Q4 FY26 call →10–20%FlatPlannedPlannedRising
Q3 FY26 call →20–40%Up 2%+PlannedPlannedRising
Q2 FY26 call →10–20%Up 0–2%Planned—Rising

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

41out of 100

Momentum score · price trend

41 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+51.6%85%
Last 6 months+28.4%79%
Last 3 months+13.0%82%

The price is 23.8% below its all-time high of ₹1,078.2 (4 Jun 2026). Stocks more than 20% below their peak have their score halved, so 82 became 41.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Black Box Ltd: 0.4 × 85 + 0.4 × 79 + 0.2 × 82 = 82, halved to 41 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Black Box Ltd's management said in earlier quarters

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