BBOX
Micro CapBlack Box Limited
IT
Black Box is a global leader in digital infrastructure solutions with a presence across 35+ countries and 50 years of experience. It services 5,000+ active client locations, including 120+ Fortune 500 clients, offering end-to-end solutions for the AI-driven infrastructure era.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 22/100margin compression · Rev +9% YoY · PAT +8% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,691 Cr | +9.4% | +1.9% |
| EBITDA | ₹157 Cr | +9.8% | +6.8% |
| Operating margin | 9.0% | +0 bps | +0 bps |
| PAT | ₹65 Cr | +8.3% | +30.0% |
| PAT margin | 3.8% | -4 bps | +83 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Black Box reports `6,322Cr global revenue for FY26, with 9x PAT growth and 470+ bps EBITDA expansion since FY23. Order backlog grew 1.6x to $792M in FY26, signaling strong demand post-transformation.
The company has completed its transformation, evidenced by improved margins, strengthened balance sheet, and growing order backlog. Focus is now on scaling growth organically and inorganically, leveraging its global digital infrastructure leadership and AI-driven market trends.
Hyperscale Digital Infrastructure
Big game hunting to own the data center & hyperscale space, programmatic execution to lock in preferred-partner status across multiple hyperscalers/colocation.
GSI Americas
Displace incumbents and get sizeable business with mega accounts, strengthening current book and scaling current portfolio.
India Opportunity
Multi-billion $ TAM across data center infrastructure build & enterprise IT spend markets, with India DC market in a high-growth phase.
TPS Business Shift
Shift from one-time product sales to platforms, managed services, and long-term support contracts, targeting $200M+ by FY30.
India Global Capability Center (GCC) Scaling
600+ employees in India GCC across program management, solution engineering & managed services, to increase to ~1,000 by FY30.
Workforce Expansion
Adding ~3,000 professionals by FY30, scaling DC-specialized workforce to match hyperscale demand.
AI Workload Growth
AI workloads to grow 6x by 2030, having a transformational impact across all industries.
Data Center Capacity Expansion
Global data center capacity expected to double by 2030, with 2.5x growth in GW capacity over next 5 years.
5G Technology
5G private networks going mainstream across factories, hospitals, airports and warehouses, creating large-scale deployment opportunities.
Migration to Cloud
4x growth expected by 2030 to manage huge volumes of data being generated.
Inflationary Costs
Leveraging scale, procurement and operational excellence initiatives to mitigate inflationary headwinds.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides financial and operational data across multiple fiscal years (FY23-FY26), highlighting a multi-year transformation journey and sustained growth trends, making year-over-year comparison most relevant.
Global Revenue (FY26)
`6,322Cr global revenue (FY26)
PAT Growth (FY26 vs FY23)
9x PAT growth (FY26 Vs FY23)
EBITDA Expansion (vs FY23)
470+ bps EBITDA expansion (vs FY23)
Return on Capital Employed (cumulative FY23-26)
34% Return on Capital Employed (cumulative ROCE FY23-26)
FY30 Revenue Aspiration
Aim to double organic revenue by FY30 to ~`12,000Cr (~$1.3B) and boost revenues by `6,000Cr (~$700M) through inorganic acquisitions, reaching $2B total.
Cross-sell/Wallet Share
Leveraging a diversified solutions portfolio to drive higher wallet share within existing strategic accounts.
Go-to-Market Execution
Targeting higher success rates in strategic pursuits through enhanced go-to-market execution.
Disciplined Capital Allocation
Disciplined capital allocation to support organic growth and strategic acquisition, including talent, capex, software, IT infra, and working capital.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Backlog Conversion | $792M (FY26) order backlog. | Accelerated conversion supported by easing supply chain constraints. |
| India GCC Scale-up | 600+ professionals in India GCC. | Increase to ~1,000 professionals, driving delivery excellence and margin expansion. |
| AI Adoption | AI adoption initiated at scale across business functions. | Development of autonomous agents inside functions to act with human in loop, AI as a revenue lever. |
| Acquisition Pipeline | Completed acquisition of a Brazil-based company with ~$50M revenue. | Healthy pipeline of opportunities identified and successful integration of future acquisitions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +73.7% / mo
Technical chart
BBOXweekly · 3Y+79.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 65. Wait for confirmation.
- SMA20 rising (~42.4% over last month) — short-term momentum positive.
- RSI(14) at 65 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 123% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 12/20 to the score.
- Growth contributes 12/25 to the score.
Main drags
- Fair-value margin of safety is negative at -121.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 70th percentile of the scored universe and 64th percentile within IT. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter holding is 70%. Key concern: Operating cash flow is negative at ₹-88 Cr.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 64th pctile, median 68 · Micro: 56th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 70%.
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸ROCE is 29.8%.
Trust risks
- ▸Operating cash flow is negative at ₹-88 Cr.
- ▸Debt/equity is 1.15.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 65.00
- P/B
- 13.88
- EV/EBITDA
- 28.25
- Market Cap
- 17858.00Cr
Profitability
- ROE
- 26.80%
- ROCE
- 22.20%
- ROA
- 5.08%
- Dividend Y
- 0.10%
Growth (CAGR)
- Revenue 5Y
- 6.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 0.18%
- EPS 3Y
- 83.00%
Balance Sheet
- Debt/Equity
- 0.90
- Interest Coverage
- 3.53×
- Altman Z
- 5.98
- Book Value
- 72.50
Cash Flow
- FCF Yield
- 0.15%
- FCF Positive Y
- 7/5
- OCF
- 84.00 Cr
- EPS TTM
- 12.25
Shareholding
- Promoter Hold
- 69.99%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 85%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.