Black Box Limited (BBOX.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-57.7%

₹337.84

vs ₹799.25 price

Levered DCF

-₹107.94

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.99×	30.46×	28.67×	65.74×	33.89×	49.55×	-8.43×	-4.27×
P/B	5.91×	8.22×	8.21×	5.28×	9.54×	18.72×	-14.1×	18×
P/S	1.2×	1.05×	0.63×	0.25×	0.46×	0.83×	0.14×	0.18×
EV / EBITDA	16.03×	12.96×	10.43×	7.29×	10.31×	10.55×	3.06×	18.81×
Gross margin	14.7%	15.8%	13.4%	10.6%	13.1%	14.9%	13.7%	12.3%
Operating margin	7.0%	15.2%	12.4%	9.1%	12.3%	14.1%	12.6%	10.1%
Net margin	3.4%	3.4%	2.2%	0.4%	1.4%	1.7%	-1.6%	-4.3%
Current ratio	1.83×	1.56×	1.17×	0.99×	0.94×	0.92×	0.8×	1.17×
Debt / equity	0.9×	1.24×	1.48×	2.12×	1.85×	1.59×	-13.57×	43.31×
Interest coverage	2.79×	6.26×	5.5×	5.17×	8.96×	6.72×	4.79×	4.2×
Dividend yield	0.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	-0.2%	-0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.9%	27.0%	28.6%	8.0%	27.9%	37.8%	167.2%	-422.1%
Return on invested capital	15.3%	49.1%	52.3%	46.1%	63.8%	73.1%	73.2%	18.1%
Return on assets	5.1%	6.7%	5.0%	0.8%	2.7%	3.4%	-3.4%	-3.2%
Free cash flow yield	-0.9%	-4.0%	2.1%	-5.1%	0.4%	9.9%	147.1%	-116.3%
Earnings yield	2.9%	3.3%	3.5%	1.5%	2.9%	2.0%	-11.9%	-23.5%
Enterprise value	₹82.3B	₹69.7B	₹44.5B	₹19.9B	₹26.6B	₹38.4B	₹10.1B	₹9.4B
Net debt / EBITDA	1.2×	1.36×	1.17×	1.57×	0.7×	-0.07×	1.01×	12.08×
Cash conversion cycle (days)	81	23	36	12	2	15	15	143