BLACK BOX LTD FUNDAMENTAL RESEARCH REPORT

Black Box (NSE: BBOX, BSE: 500463; formerly AGC Networks) is a global digital-infrastructure integrator : it designs, cables,networks, secures and maintains data centres, campuses and branch estates. In FY26, global solutions integration made up~84% of revenue and its KVM/AV product business ~14%. About 69% of revenue is North American, from ~300 strategicaccounts (top-10 = 51%). The promoter is the Essar group (69.95%), and the pledge is now NIL . Today's shares are 17.76 Cr offace value Rs 2. Event 1 - the order book jumped. Backlog was US$949 mn at Jun-26: +83% YoY, up from $792 mn at Mar-26 and $504 mn atMar-25. That includes a US$131 mn (~Rs 1,240 Cr) win from a new US tier-1 hyperscaler announced on 12-Aug. Data centresare guided to go from ~17% to ~30% of revenue in FY27. Q1 FY27 revenue was Rs 1,719 Cr (+24%; ~+20% organic excluding Rs60 Cr from the Brazil acquisition 2S), EBITDA Rs 160 Cr (+38%) and PAT Rs 56 Cr (+18%). FY27 guidance is revenue Rs 7,800-8,000 Cr and PAT Rs 300-325 Cr.