BBOX

Black Box share price & financials

Price
₹1,023
Market cap
₹13.4k Cr
Sector
Information Technology
Calls analysed
7
Latest concall · Q1 FY27 · call held 13 Aug 2026

Black Box Q1 FY27

Revenue ₹1,719 cr +24%EBITDA ₹160 cr +38%EBITDA Margin 9.3% PAT ₹56 cr +18%

What went well

  • Revenue of INR1,719 crores, up 24% YoY, marking the highest ever quarterly revenue.
  • EBITDA grew 38% YoY to INR160 crores, and PAT increased 18% YoY to INR56 crores.
  • EBITDA margin expanded by 90 basis points to 9.3%, reflecting improved operating leverage and business mix.
Read the full call →

What Black Box does

Black Box Limited designs, deploys and manages digital infrastructure for enterprises, delivering solutions across five areas: data centers, enterprise networking, modern workplace, connectivity infrastructure and cybersecurity. It earns revenue through three delivery models: managed services (X-as-a-service, service desk, staff augmentation), professional services (app development and integration, field and dispatch deployment, consulting and design) and technology product solutions (KVM/AV switching and extension, video walls and digital signage, IoT monitoring sensors and gateways, operator consoles). Originally founded in 1986 as Tata Telecom Ltd and later merged with the US-listed Black Box Corporation in 2019, the company now runs a GLOCAL delivery model, pairing onshore client-facing teams with an India-based Global Capability Centre in Bengaluru that handles program management, solution engineering and managed services. Its clients span hyperscalers, banks, hospitals, retailers and public-sector agencies across North America, Europe, APAC, India, Latin America and the Middle East & Africa.

Segments

  • Data Centers
  • Enterprise Networking
  • Modern Workplace
  • Connectivity Infrastructure
  • Cybersecurity
Countries of operation
35+ countries across 6 continents
Delivery & support centers
75+
Active client locations serviced on-site
5,000+
Fortune 500 clients served
120+
U.S. states with presence
40+
India Global Capability Centre (Bengaluru) workforce
600+, scaling toward 1,000 (~25% of global workforce)
Founded 1986Headquarters Airoli, Navi Mumbai, India Company website

Guidance record · Q1 FY27

what the last two calls moved 27 tracked 2 delivered 4 missed 21 open
  • FY26 EBITDA Margin delivered said Q3 FY25 Promised: 9% to 9.2% Q1 FY27: Promise concluded. Final result was achieved.
  • FY26 Revenue missed said Q3 FY25 Promised: INR 6,750 crore to INR 7,000 crore Q1 FY27: Promise concluded. Final result was a miss.
  • Overall Company Tax Rate revised down said Q4 FY26 Promised: 10% for next two years Q1 FY27: Guidance revised to 10-15% for FY27 and FY28.

All 27 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 23.9%, net profit up 19.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,497 1,502 1,545 1,387 1,585 +6%1,660 +11%1,691 +9%1,718 +24%
EBITDA133 134 143 116 143 +8%147 +10%164 +15%160 +38%
Net profit51 56 60 47 56 +10%50 −11%65 +8%56 +19%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +76.8% 1Y

₹0.4k₹0.6k₹0.8k₹1.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 13 Nov 2025Q3 FY26 — 12 Feb 2026Q4 FY26 — 8 Jun 2026Q1 FY27 — 13 Aug 2026

1Y: ₹453 on 10 Sept 2025 → ₹800.8. High ₹1,078.2 (4 Jun 2026), low ₹447.15 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+7.8%
13 Aug
Q4 FY26
−6.2%
7 Jun
Q3 FY26
−0.8%
12 Feb
Q2 FY26
+4.1%
13 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 10.4% a year over 3 years, FY23 to FY26. Operating margin widened to 9.0%.

Year endingFY23FY24FY25FY26
Revenue₹4.7k Cr₹6.3k Cr₹6.0k Cr₹6.3k Cr
Operating profit₹170 Cr₹425 Cr₹525 Cr₹570 Cr
Operating margin3.6%6.8%8.8%9.0%
Interest₹79 Cr₹141 Cr₹144 Cr₹158 Cr
Depreciation₹79 Cr₹114 Cr₹113 Cr₹117 Cr
Net profit₹-5 Cr₹138 Cr₹204 Cr₹218 Cr
Net margin-0.1%2.2%3.4%3.4%
Cash from operations₹13 Cr₹129 Cr₹-88 Cr₹84 Cr
Free cash flow₹32 Cr₹134 Cr₹-129 Cr₹12 Cr
ROCE20.0%31.0%30.0%22.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹33 Cr₹33 Cr₹34 Cr₹34 Cr₹34 Cr₹36 Cr
Reserves₹174 Cr₹228 Cr₹262 Cr₹447 Cr₹871 Cr₹1.3k Cr
Borrowings₹328 Cr₹481 Cr₹628 Cr₹712 Cr₹1.0k Cr₹1.2k Cr
Other liabilities₹1.8k Cr₹1.9k Cr₹2.1k Cr₹1.6k Cr₹1.6k Cr₹1.9k Cr
Total liabilities₹2.3k Cr₹2.7k Cr₹3.0k Cr₹2.8k Cr₹3.5k Cr₹4.3k Cr
Fixed assets₹622 Cr₹732 Cr₹794 Cr₹808 Cr₹820 Cr₹883 Cr
Capital work in progress₹0 Cr₹0 Cr₹2 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹30 Cr₹32 Cr₹33 Cr₹0 Cr
Other assets₹1.7k Cr₹1.9k Cr₹2.2k Cr₹2.0k Cr₹2.7k Cr₹3.4k Cr
Total assets₹2.3k Cr₹2.7k Cr₹3.0k Cr₹2.8k Cr₹3.5k Cr₹4.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −3.60 pp while DIIs added +3.38 pp. The shareholder count shrank 8% to 72,559.

Promoters
70.0%
FIIs
4.7%
DIIs
3.4%
Government
0.1%
Public
21.8%

Since Jun 2025

  • Public −3.60 pp
  • DIIs +3.38 pp
  • FIIs +0.60 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.0% to 3.4% — +3.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.1%, FIIs 4.9%, DIIs 0.0%, Government 0.1%, Public 23.8%.Dec '23: Promoters 71.1%, FIIs 4.8%, DIIs 0.0%, Government 0.1%, Public 23.9%.Mar '24: Promoters 71.1%, FIIs 4.8%, DIIs 0.0%, Government 0.1%, Public 24.0%.Jun '24: Promoters 71.1%, FIIs 4.7%, DIIs 0.0%, Government 0.1%, Public 24.1%.Sep '24: Promoters 71.1%, FIIs 3.4%, DIIs 0.0%, Government 0.1%, Public 25.4%.Dec '24: Promoters 70.6%, FIIs 4.3%, DIIs 0.0%, Government 0.1%, Public 24.9%.Mar '25: Promoters 70.5%, FIIs 4.7%, DIIs 0.0%, Government 0.1%, Public 24.6%.Jun '25: Promoters 70.3%, FIIs 4.1%, DIIs 0.0%, Government 0.1%, Public 25.4%.Sep '25: Promoters 70.2%, FIIs 4.2%, DIIs 0.0%, Government 0.1%, Public 25.4%.Dec '25: Promoters 70.1%, FIIs 3.4%, DIIs 2.5%, Government 0.1%, Public 23.9%.Mar '26: Promoters 70.0%, FIIs 3.3%, DIIs 3.0%, Government 0.1%, Public 23.6%.Jun '26: Promoters 70.0%, FIIs 4.7%, DIIs 3.4%, Government 0.1%, Public 21.8%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Black Box above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Essar Telecom Limited 69.95%unchanged
Quant Mutual Fund - Quant Small Cap Fund Mutual fund3.02%+0.40 pp
Subodh Maskara 2.47%−0.12 pp
India Opportunities Growth Fund Ltd - Pinewood Strategy FPI fund1.79%unchanged
Sanjeev S Verma 1.27%unchanged
Essar Global Limited 0.00%unchanged
Essar Global Holdings Limited 0.00%unchanged
Equinox Capital Limited 0.00%unchanged
Essar Investment Holdings Mauritius Ltd 0.00%unchanged
Essar Global Fund Limited 0.00%unchanged
Essar Steel Metal Trading Limited 0.00%unchanged
Equinox Realty Holdings Limited 0.00%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Black Box

Guides on how to read this kind of business and the numbers that matter.