Black Box Limited

BBOX.NS

Information Technology Services · Technology

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

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.

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

Insider Activity

72.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹8.6B 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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

15.5%

Thin — 15.5% gross margin

Profit after running costs

Operating Margin

6.6%

Modest — 6.6% operating margin

Return on the money invested

ROCE

17.0%

Strong — 17.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+12.2%

Fast-growing sales (+12.2% YoY)

Profit growth

EPS YoY

+3.1%

Modest earnings growth (+3.1% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

24%

Weak — only 24% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Covers its interest

Interest Cover

2.09x

Tight — interest eats into profit (2.1x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

59.1x

no trend

Expensive — P/E 59.1

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

Cheaper or dearer next year

P/E vs Forward

+22.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.1 → 36.9)

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Dividends

Dividend

Dividend Yield

0.13%

no trend

Small dividend — 0.13% yield

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

Dividend record

Dividend Growth

-27.3%

no trend

Dividend cut (-27.3% YoY) — warning sign

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