Black Box Limited

BBOX.NS

Information Technology Services · Technology

Price

₹744.45

+2.75 (+0.37%)

Market Cap

₹132.21B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+3.7% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 165.5M (2022) → 171.7M (2026)

Black Box Limited is an Indian information technology services company that helps businesses set up and manage their technology infrastructure. Its core services include network installation, data center solutions, unified communications, and IT support. The company serves large enterprises, government agencies, and telecom clients across India, making it one of the notable IT infrastructure services providers listed on Indian exchanges.

Black Box earns revenue primarily through project-based contracts and managed services agreements, where clients pay for ongoing support and maintenance of their IT systems. The company operates mainly within India, and its relatively strong return on invested capital suggests it has built some operational efficiency in winning and delivering complex infrastructure projects. However, its thin gross margin of around 15% means profitability is sensitive to project costs and competition from larger global IT firms and domestic rivals, which remains a key risk to sustained earnings growth.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+5.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

72.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$5.8B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Black Box Limited is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

11.9%

Thin — 11.9% gross margin

Operating Margin

0.6%

Thin — 0.6% operating margin

ROCE

0.5%

Weak — 0.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.9%

Slow sales growth (+5.9% YoY)

EPS YoY

+5.2%

Modest earnings growth (+5.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

25%

Weak — only 25% of profit becomes cash

FCF Margin

0.2%

Thin free cash flow (0.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Interest Cover

2.79x

Tight — interest eats into profit (2.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

58.3x

Expensive — P/E 58.3

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+21.3

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (58.3 → 36.9)

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Dividends

Dividend Yield

0.13%

Small dividend — 0.13% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

-27.3%

Dividend cut (-27.3% YoY) — warning sign

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