Black Box Ltd
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]
Strengths
- +Company has reduced debt.
- +Company is almost debt free.
Weaknesses
- −Stock is trading at 31.9 times its book value
- −The company has delivered a poor sales growth of 4.03% over past five years.
- −Company has a low return on equity of -0.04% over last 3 years.
- −Debtor days have increased from 120 to 149 days.
- −Working capital days have increased from 59.7 days to 91.8 days
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 71.06% | 71.06% | 70.6%▼0.5 | 70.53%▼0.1 | 70.35%▼0.2 | 70.24%▼0.1 | 70.11%▼0.1 | 69.99%▼0.1 |
| FIIs | 4.71% | 3.38%▼1.3 | 4.33%▲1.0 | 4.7%▲0.4 | 4.09%▼0.6 | 4.22%▲0.1 | 3.43%▼0.8 | 3.26%▼0.2 |
| DIIs | 0.01% | 0.02%▲0.0 | 0.02% | 0.03%▲0.0 | 0.03% | 0.04%▲0.0 | 2.46%▲2.4 | 2.99%▲0.5 |
| Public | 24.09% | 25.41%▲1.3 | 24.91%▼0.5 | 24.61%▼0.3 | 25.42%▲0.8 | 25.36%▼0.1 | 23.85%▼1.5 | 23.62%▼0.2 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 94.72 | 103.96 | 103.69 | 84.18 | 81.09 | 87.13 | 124.46 | 75.99 | 116.77 | 102.87 |
| Expenses | 95.24 | 98.39 | 111.26 | 84.48 | 81.63 | 83.9 | 107.42 | 73.77 | 109.18 | 99.02 |
| Operating Profit | -0.52 | 5.57 | -7.57 | -0.3 | -0.54 | 3.23 | 17.04 | 2.22 | 7.59 | 3.85 |
| OPM % | -0.55% | 5.36% | -7.3% | -0.36% | -0.67% | 3.71% | 13.69% | 2.92% | 6.5% | 3.74% |
| Net Profit | -3.73 | 3.49 | -14.24 | -2.58 | -2.47 | 1.46 | 15.47 | 1.16 | 3.23 | -1.34 |
| EPS ₹ | -0.22 | 0.21 | -0.85 | -0.15 | -0.15 | 0.09 | 0.91 | 0.07 | 0.19 | -0.08 |
AI Insights
TTM revenue at ₹420Cr, up 11.4% YoY. OPM at 7%.
Borrowings at ₹27Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.
DIIs: 2.99% (+2.98pp change). FIIs: 3.26% (-2.28pp change). Promoters hold 69.99%.
ROCE improving from -30% (Mar 2014) to 4% (Mar 2025). Working capital days: 92.
PE 713x with 3.95% ROCE. Price is 3325% above book value of ₹27.3. Dividend yield: 0.11%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Monitoring Agency Report 14 May - CARE Ratings report for quarter ended March 31, 2026 shows no deviation in Black Box preferential issue utilization.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 May - Black Box completes acquisition of Brazil-based 2S Inovações Tecnológicas, expected to add Rs. 500 crore annualized revenue.
- Update On Completion Of Acquisition 13 May - Black Box completed 100% acquisition of 2S in Brazil on May 13, 2026; effective May 1, 2026.
- Clarification Letter 12 May - Black Box says no undisclosed or price-sensitive information exists amid volume spike.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 May - Intimation of Investor / Analyst meet 'Capital Markets Day 2026'
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse