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BLACK BOX LIMITED (BBOX)

Technology Services

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.40 / 100
Profitability 50Growth 60Balance sheet 10
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.71 / 100
Price 83Earnings 35FII/DII 95
Divergence: price ahead of business (5 months)
Compare withTATA CONSULTANCY SERVICES LTDINFOSYS LTDHCL TECHNOLOGIES LIMITED

Passes these screens: High Momentum · Price ahead of business

Share Price
₹796.75
P/E
61.3x
ROCE
22.0%
Market Cap
₹14146 cr
Revenue (TTM)
₹6654 cr
P/S
2.1x
P/B
11.0x
ROE
17.9%
Operating Margin
9.0%
Debt / Equity
0.9x
Promoter Holding
70.0%
12M Momentum
50.1%
P/E vs its own history73rd percentilesince Jan '19
P/E vs Technology Services3.0xthe sector median

52-week range

₹444.30₹1103.00
54% of the way from its 52-week low to its high

Price risk

1Y volatility
46.3%
Beta vs sector
1-year daily
0.16

Balance sheet & cash

Interest cover
operating profit ÷ interest
2.5x
Cash from profit, 3Y
operating cash flow ÷ net profit
0.22x
low
Share count, 1Y
+5.9%

Was the rally earned?

+50%share price, 1 yearMultiple-driven

Partly.

  • Most of the rise came from investors paying a higher multiple (P/E 41.8x to 61.3x); per-share earnings added 3 points.
  • The share count rose 5%.
1 year Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).+9 ptsP/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48 ptsShare count change: -7 pts. Points of the price return explained by the share count changing. More shares count against the price.-7 pts +50% 1 year Net profit growth: +9 pts. Points of the price return explained by net profit growing (or shrinking).P/E change: +48 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+48 ptsShare count change: -7 pts. Points of the price return explained by the share count changing. More shares count against the price. +50%
Net profit growth+9 ptsNet profit rose about 8%, which lifts the price.
P/E change+48 ptsThe P/E rose from 41.8x to 61.3x, which lifts the price.
Share count change-6 ptsShare count rose 5%, which lowers the price.
+228%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 426 points, but investors now pay less per rupee of profit (P/E 172.5x to 61.3x), which took 198 points back.
  • The share count rose 4%.
3 years Net profit growth: +434 pts. Points of the price return explained by net profit growing (or shrinking).+434 ptsP/E change: -198 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-198 ptsShare count change: -8 pts. Points of the price return explained by the share count changing. More shares count against the price. +228% 3 years Net profit growth: +434 pts. Points of the price return explained by net profit growing (or shrinking).+434 ptsP/E change: -198 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.-198 ptsShare count change: -8 pts. Points of the price return explained by the share count changing. More shares count against the price. +228%
Net profit growth+434 ptsNet profit rose about 861%, which lifts the price.
P/E change-198 ptsThe P/E fell from 172.5x to 61.3x, which lowers the price.
Share count change-8 ptsShare count rose 4%, which lowers the price.
+315%share price, 5 yearsEarnings-driven

Mostly yes.

  • Per-share earnings added 220 points to the rise, while the multiple moved less (P/E 40.0x to 61.3x).
  • The share count rose 9%.
5 years Net profit growth: +240 pts. Points of the price return explained by net profit growing (or shrinking).+240 ptsP/E change: +95 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+95 ptsShare count change: -20 pts. Points of the price return explained by the share count changing. More shares count against the price. +315% 5 years Net profit growth: +240 pts. Points of the price return explained by net profit growing (or shrinking).+240 ptsP/E change: +95 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.+95 ptsShare count change: -20 pts. Points of the price return explained by the share count changing. More shares count against the price. +315%
Net profit growth+240 ptsNet profit rose about 196%, which lifts the price.
P/E change+95 ptsThe P/E rose from 40.0x to 61.3x, which lifts the price.
Share count change-20 ptsShare count rose 9%, which lowers the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with TATA CONSULTANCY SERVICES

Is it expensive against its own past and its peers?

61.3xP/E todayWithin its usual range
Against its own history73rd percentileMedian 41.8x; usual range 28.1x to 160.7x since 2019-01.
Against Technology Services61.3x vs 20.6xAbove the Technology Services median.
7.4x73.7x140.1x206.5xJan '19Aug '20Mar '22Oct '23May '25Oct '267.4x73.7x140.1x206.5xJan '19Aug '21Mar '24Oct '26
P/E (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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P/B (this company)10th to 90th percentile of its own historyIts medianTechnology Services median

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P/S (this company)10th to 90th percentile of its own historyIts medianTechnology Services median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dashed line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Technology Services is valued

What is the price implying?

~36%annual earnings growth implied by the price

At a P/E of 105.8x, the price would imply about 36.2%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Technology Services The market-wide Expectations lists

What changed?

  1. Oct '26Volume reached 17.5x its 50-day median on 2026-10-09; price +4.2% that day.
  2. Sep '26Fell 34% from the Jun 2026 peak to the Sep 2026 low.
  3. Sep '26Volume reached 6.7x its 50-day median on 2026-09-11; price +7.5% that day.
  4. Jun '26Revenue (TTM) reached a new high of ₹6,323 cr.
  5. Jun '26Slipped to the 2nd quartile of Technology Services on ROCE (from the top quartile).
  6. Jun '26Debt / equity fell below 1.0x (0.90x).
  7. Jun '26Share count is up 5.9% over 12 months.
  8. May '26Regained the 2024-12 peak, 13 months after the low.
Show 22 earlier events
  1. May '26Volume reached 26.1x its 50-day median on 2026-05-12; price +5.2% that day.
  2. Feb '26Volume reached 6.5x its 50-day median on 2026-02-12; price -0.8% that day.
  3. Dec '25Slipped to the 2nd quartile of Technology Services on EPS growth (from the top quartile).
  4. Nov '25Volume reached 19.8x its 50-day median on 2025-11-03; price +4.3% that day.
  5. Sep '25Volume reached 12.2x its 50-day median on 2025-09-16; price +4.4% that day.
  6. Jun '25Started paying a dividend (payout 8% of profit).
  7. Apr '25Fell 54% from the Dec 2024 peak to the Apr 2025 low.
  8. Apr '25Volume reached 6.8x its 50-day median on 2025-04-25; price -4.7% that day.
  9. Dec '24Moved into the 3rd quartile of Technology Services on operating margin (from the bottom quartile).
  10. Nov '24Volume reached 6.3x its 50-day median on 2024-11-11; price +5.0% that day.
  11. Sep '24Slipped to the bottom quartile of Technology Services on operating margin (from the 3rd quartile).
  12. Jul '24Volume reached 57.7x its 50-day median on 2024-07-01; price +9.9% that day.
  13. Jun '24Year-on-year EPS growth turned positive.
  14. Jun '24Regained the 2021-04 peak, 15 months after the low.
  15. Jun '24Moved into the top quartile of Technology Services on ROCE (from the 2nd quartile).
  16. Jun '24Volume reached 68.3x its 50-day median on 2024-06-28; price +9.4% that day.
  17. May '24P/E crossed above the 90th percentile of its own history to date (174.0x).
  18. Jan '24Volume reached 5.7x its 50-day median on 2024-01-01; price +1.6% that day.
  19. Oct '23Volume reached 20.4x its 50-day median on 2023-10-04; price +7.4% that day.
  20. Jul '23Volume reached 38.4x its 50-day median on 2023-07-06; price +20.0% that day.
  21. Jun '23Revenue (TTM) reached a new high of ₹6,288 cr.
  22. Jun '23Slipped to the bottom quartile of Technology Services on EPS growth (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Are profits backed by cash?

4 of 7 checks are within range, 2 near a threshold, 1 beyond a threshold.
Tap a check to see how it is measured.

Other income reliance-24%Within range

Other income as a share of pre-tax profit (trailing twelve months): -23.9%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate9%Near threshold

Median quarterly effective tax rate over about 2.5 years: 8.5%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.22xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.22x (cash from operations ₹125 cr, net profit ₹561 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+43 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 43 days (67 vs 24). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days-17 days / 2 yrsWithin range

Days payable changed by -17 over two years. Bands: rise of up to 30 days; more than 30 days.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 2 years, DIIs added 3.4 pts; promoters trimmed 1.2 pts.
  • The number of shareholders rose from 16,394 to 72,559 (+343%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change
Promoters71.1%70.0%-1.2 pts
FIIs4.8%4.7%-0.1 pts
DIIs0.0%3.4%+3.4 pts
Public and others23.9%21.8%-2.1 pts

Number of shareholders

72,559shareholders+343% since Dec '23
16k40k64k88k Dec '23Jun '24Dec '24Jun '25Dec '25Jun '26
Dec '23: 16,394
Mar '24: 16,647
Jun '24: 26,206
Sep '24: 55,997
Dec '24: 60,198
Mar '25: 64,210
Jun '25: 78,709
Sep '25: 88,065
Dec '25: 81,639
Mar '26: 73,638
Jun '26: 72,559
 16k40k64k88k Dec '23Dec '24Dec '25Jun '26
Dec '23: 16,394
Mar '24: 16,647
Jun '24: 26,206
Sep '24: 55,997
Dec '24: 60,198
Mar '25: 64,210
Jun '25: 78,709
Sep '25: 88,065
Dec '25: 81,639
Mar '26: 73,638
Jun '26: 72,559

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

How rough has the ride been?

Maximum drawdown-75.0%recovered 2024-06
1-year volatility46.3%annualised
Beta vs sector index0.403-year daily, correlation 0.16
Volume spikes6last 90 sessions, 5x the 50-day median

Monthly share price

₹17₹357₹697₹1,037 Jan '19Aug '20Mar '22Oct '23May '25Oct '26
2019-01: ₹23.20
2019-02: ₹21.00
2019-03: ₹22.60
2019-04: ₹21.80
2019-05: ₹22.00
2019-06: ₹22.00
2019-07: ₹17.20
2019-08: ₹21.95
2019-09: ₹23.05
2019-10: ₹22.70
2019-11: ₹25.20
2019-12: ₹29.00
2020-01: ₹48.25
2020-02: ₹84.45
2020-03: ₹45.35
2020-04: ₹50.20
2020-05: ₹49.35
2020-06: ₹58.55
2020-07: ₹64.65
2020-08: ₹64.45
2020-09: ₹69.90
2020-10: ₹126.05
2020-11: ₹120.70
2020-12: ₹145.10
2021-01: ₹150.60
2021-02: ₹199.85
2021-03: ₹258.20
2021-04: ₹317.75
2021-05: ₹281.45
2021-06: ₹213.55
2021-07: ₹238.10
2021-08: ₹185.30
2021-09: ₹201.35
2021-10: ₹192.00
2021-11: ₹164.50
2021-12: ₹163.35
2022-01: ₹176.45
2022-02: ₹168.40
2022-03: ₹150.80
2022-04: ₹158.55
2022-05: ₹162.45
2022-06: ₹148.20
2022-07: ₹141.20
2022-08: ₹133.80
2022-09: ₹139.30
2022-10: ₹160.20
2022-11: ₹137.10
2022-12: ₹133.80
2023-01: ₹126.55
2023-02: ₹105.65
2023-03: ₹93.35
2023-04: ₹137.35
2023-05: ₹138.35
2023-06: ₹134.25
2023-07: ₹201.40
2023-08: ₹213.35
2023-09: ₹184.80
2023-10: ₹243.20
2023-11: ₹257.05
2023-12: ₹291.15
2024-01: ₹284.00
2024-02: ₹263.50
2024-03: ₹225.10
2024-04: ₹239.85
2024-05: ₹245.30
2024-06: ₹350.59
2024-07: ₹512.40
2024-08: ₹513.40
2024-09: ₹500.80
2024-10: ₹487.40
2024-11: ₹628.95
2024-12: ₹648.75
2025-01: ₹515.20
2025-02: ₹372.80
2025-03: ₹360.25
2025-04: ₹373.15
2025-05: ₹516.40
2025-06: ₹524.00
2025-07: ₹508.90
2025-08: ₹452.00
2025-09: ₹515.25
2025-10: ₹530.65
2025-11: ₹533.80
2025-12: ₹550.85
2026-01: ₹515.20
2026-02: ₹533.50
2026-03: ₹447.15
2026-04: ₹639.60
2026-05: ₹1037.15
2026-06: ₹947.20
2026-07: ₹755.50
2026-08: ₹747.65
2026-09: ₹804.80
2026-10: ₹796.75
 ₹17₹357₹697₹1,037 Jan '19Aug '21Mar '24Oct '26
2019-01: ₹23.20
2019-02: ₹21.00
2019-03: ₹22.60
2019-04: ₹21.80
2019-05: ₹22.00
2019-06: ₹22.00
2019-07: ₹17.20
2019-08: ₹21.95
2019-09: ₹23.05
2019-10: ₹22.70
2019-11: ₹25.20
2019-12: ₹29.00
2020-01: ₹48.25
2020-02: ₹84.45
2020-03: ₹45.35
2020-04: ₹50.20
2020-05: ₹49.35
2020-06: ₹58.55
2020-07: ₹64.65
2020-08: ₹64.45
2020-09: ₹69.90
2020-10: ₹126.05
2020-11: ₹120.70
2020-12: ₹145.10
2021-01: ₹150.60
2021-02: ₹199.85
2021-03: ₹258.20
2021-04: ₹317.75
2021-05: ₹281.45
2021-06: ₹213.55
2021-07: ₹238.10
2021-08: ₹185.30
2021-09: ₹201.35
2021-10: ₹192.00
2021-11: ₹164.50
2021-12: ₹163.35
2022-01: ₹176.45
2022-02: ₹168.40
2022-03: ₹150.80
2022-04: ₹158.55
2022-05: ₹162.45
2022-06: ₹148.20
2022-07: ₹141.20
2022-08: ₹133.80
2022-09: ₹139.30
2022-10: ₹160.20
2022-11: ₹137.10
2022-12: ₹133.80
2023-01: ₹126.55
2023-02: ₹105.65
2023-03: ₹93.35
2023-04: ₹137.35
2023-05: ₹138.35
2023-06: ₹134.25
2023-07: ₹201.40
2023-08: ₹213.35
2023-09: ₹184.80
2023-10: ₹243.20
2023-11: ₹257.05
2023-12: ₹291.15
2024-01: ₹284.00
2024-02: ₹263.50
2024-03: ₹225.10
2024-04: ₹239.85
2024-05: ₹245.30
2024-06: ₹350.59
2024-07: ₹512.40
2024-08: ₹513.40
2024-09: ₹500.80
2024-10: ₹487.40
2024-11: ₹628.95
2024-12: ₹648.75
2025-01: ₹515.20
2025-02: ₹372.80
2025-03: ₹360.25
2025-04: ₹373.15
2025-05: ₹516.40
2025-06: ₹524.00
2025-07: ₹508.90
2025-08: ₹452.00
2025-09: ₹515.25
2025-10: ₹530.65
2025-11: ₹533.80
2025-12: ₹550.85
2026-01: ₹515.20
2026-02: ₹533.50
2026-03: ₹447.15
2026-04: ₹639.60
2026-05: ₹1037.15
2026-06: ₹947.20
2026-07: ₹755.50
2026-08: ₹747.65
2026-09: ₹804.80
2026-10: ₹796.75

Last 90 trading days

₹712₹811₹909₹1,007 Jun 23Jul 20Aug 13Sep 8Oct 6Oct 30
2026-06-23: ₹1007.20
2026-06-25: ₹957.90
2026-06-30: ₹947.20
2026-07-02: ₹988.50
2026-07-06: ₹991.25
2026-07-08: ₹931.70
2026-07-10: ₹922.40
2026-07-14: ₹869.40
2026-07-16: ₹867.85
2026-07-20: ₹837.65
2026-07-22: ₹780.90
2026-07-24: ₹778.45
2026-07-28: ₹732.45
2026-07-30: ₹726.80
2026-08-03: ₹753.70
2026-08-05: ₹748.75
2026-08-07: ₹744.45
2026-08-11: ₹743.35
2026-08-13: ₹832.50
2026-08-17: ₹774.10
2026-08-19: ₹767.75
2026-08-21: ₹775.65
2026-08-25: ₹746.90
2026-08-27: ₹739.00
2026-08-31: ₹747.65
2026-09-02: ₹725.20
2026-09-04: ₹712.25
2026-09-08: ₹770.90
2026-09-10: ₹744.85
2026-09-15: ₹745.80
2026-09-17: ₹766.40
2026-09-21: ₹831.35
2026-09-23: ₹809.85
2026-09-25: ₹799.75
2026-09-29: ₹812.80
2026-10-01: ₹795.85
2026-10-06: ₹839.95
2026-10-08: ₹856.55
2026-10-12: ₹924.60
2026-10-14: ₹935.80
2026-10-16: ₹907.25
2026-10-21: ₹896.80
2026-10-23: ₹805.10
2026-10-27: ₹809.15
2026-10-29: ₹821.15
2026-10-30: ₹796.75
 ₹712₹811₹909₹1,007 Jun 23Aug 5Sep 17Oct 30
2026-06-23: ₹1007.20
2026-06-25: ₹957.90
2026-06-30: ₹947.20
2026-07-02: ₹988.50
2026-07-06: ₹991.25
2026-07-08: ₹931.70
2026-07-10: ₹922.40
2026-07-14: ₹869.40
2026-07-16: ₹867.85
2026-07-20: ₹837.65
2026-07-22: ₹780.90
2026-07-24: ₹778.45
2026-07-28: ₹732.45
2026-07-30: ₹726.80
2026-08-03: ₹753.70
2026-08-05: ₹748.75
2026-08-07: ₹744.45
2026-08-11: ₹743.35
2026-08-13: ₹832.50
2026-08-17: ₹774.10
2026-08-19: ₹767.75
2026-08-21: ₹775.65
2026-08-25: ₹746.90
2026-08-27: ₹739.00
2026-08-31: ₹747.65
2026-09-02: ₹725.20
2026-09-04: ₹712.25
2026-09-08: ₹770.90
2026-09-10: ₹744.85
2026-09-15: ₹745.80
2026-09-17: ₹766.40
2026-09-21: ₹831.35
2026-09-23: ₹809.85
2026-09-25: ₹799.75
2026-09-29: ₹812.80
2026-10-01: ₹795.85
2026-10-06: ₹839.95
2026-10-08: ₹856.55
2026-10-12: ₹924.60
2026-10-14: ₹935.80
2026-10-16: ₹907.25
2026-10-21: ₹896.80
2026-10-23: ₹805.10
2026-10-27: ₹809.15
2026-10-29: ₹821.15
2026-10-30: ₹796.75

Drawdown from peak

0% -37% -74% Jan '19Dec '22Oct '26 0% -37% -74% Jan '19Dec '22Oct '26
Largest drawdowns

-75.0% (2021-04 peak to 2023-03 low, recovered 2024-06)

-53.6% (2024-12 peak to 2025-04 low, recovered 2026-05)

-50.4% (2020-02 peak to 2020-03 low, recovered 2020-10)

Most recent volume spikes

2026-10-09: 17.5x the 50-day median, price +4.2% that day

2026-10-07: 6.3x the 50-day median, price +5.3% that day

2026-09-15: 6.1x the 50-day median, price -6.9% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Where does it rank among Technology Services peers?

Each cell is the company's percentile rank among its Technology Services peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Nov '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Oct '26
Lower rank Higher rank

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Technology Services sector page Watch it move against Technology Services in the Observatory

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

CompanySectorSimilarityClosest on
ALLIED BLENDERS AND DISTIL (ABDL)Consumer Non-Durables58%market cap, debt/equity
ASK AUTOMOTIVE (ASKAUTOLTD)Producer Manufacturing57%market cap, ROCE
VARROC ENGINEERING (VARROC)Producer Manufacturing57%P/E, market cap
WHEELS INDIA (WHEELS)Producer Manufacturing57%revenue, operating margin
GNG ELECTRONICS (EBGNG)Electronic Technology51%P/E, ROCE
TATA TECHNOLOGIES (TATATECH)Technology Services27%revenue, ROCE
L&T TECHNOLOGIES (LTTS)Technology Services7%revenue, ROCE
WIPRO (WIPRO)Technology Services6%revenue growth, promoter holding

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What happened next to similar setups

−4.4%typical 12-month return vs the marketNot meaningfully different from the base rate
  • We found 50 past situations where a non-financial company looked like BLACK BOX LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −24% to +35% vs the market, against −2% for all non-financial companies in the same months.
  • The gap against the base rate (−2.2%, 80% range −10.3% to +0.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

−100%−50%0%+50%+100%
REDTAPE · Dec 2024: −46.3% vs market
SOMANYCERA · Dec 2021: −46.1% vs market
SIS · Apr 2020: −46.0% vs market
EPL · Sep 2020: −39.5% vs market
THERMAX · Nov 2024: −38.8% vs market
EMIL · Mar 2024: −38.7% vs market
WEL · Jun 2025: −36.9% vs market
STYRENIX · Aug 2021: −35.5% vs market
KIRLOSENG · May 2024: −31.0% vs market
HNDFDS · Jan 2023: −30.9% vs market
KEC · Jan 2025: −25.2% vs market
KEI · Feb 2020: −25.1% vs market
ASTERDM · Jun 2020: −23.9% vs market
ARVINDFASN · Jul 2025: −23.3% vs market
HINDWAREAP · Nov 2021: −23.2% vs market
HIKAL · May 2021: −22.3% vs market
STEELXIND · Apr 2022: −22.2% vs market
GREENPLY · May 2021: −19.0% vs market
PRSMJOHNSN · Jul 2021: −18.1% vs market
CANTABIL · Oct 2022: −15.2% vs market
DPABHUSHAN · Dec 2024: −9.8% vs market
KDDL · Dec 2023: −9.8% vs market
UNOMINDA · Oct 2025: −6.7% vs market
RKFORGE · Jan 2024: −5.1% vs market
GREENLAM · Jun 2020: −5.0% vs market
THANGAMAYL · Jul 2023: −3.8% vs market
CRAFTSMAN · Apr 2023: −3.4% vs market
JINDWORLD · Oct 2022: −1.4% vs market
BLUESTARCO · Apr 2020: −0.7% vs market
VRLLOG · Oct 2022: −0.1% vs market
ORIENTELEC · May 2020: +3.4% vs market
CENTURYPLY · Apr 2025: +7.1% vs market
ASAHIINDIA · Apr 2020: +8.2% vs market
NH · Jun 2020: +12.4% vs market
GRAVITA · Jul 2024: +21.2% vs market
APLAPOLLO · May 2021: +33.4% vs market
BLUEDART · Jun 2021: +34.6% vs market
PUNJABCHEM · Mar 2021: +35.1% vs market
KALYANKJIL · May 2024: +37.2% vs market
ETHOSLTD · May 2023: +38.4% vs market
VARROC · Oct 2025: +39.4% vs market
ABDL · Sep 2025: +41.1% vs market
PITTIENG · Sep 2023: +49.6% vs market
APOLLOHOSP · Jun 2020: +64.1% vs market
CEMPRO · Oct 2025: +65.5% vs market
JKCEMENT · Mar 2020: +72.3% vs market
SCHNEIDER · Nov 2023: +93.1% vs market
PGEL · Jul 2024: +93.8% vs market
TIINDIA · Apr 2020: +107.2% vs market
DIXON · Jan 2024: +131.2% vs market
Similar setups −4.4%All companies −2.2%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median
−4.4%
All companies' median
−2.2%
Beat the market
40% vs 48%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
APLAPOLLO
Non-Energy Minerals		 May 2021 68x20% +329%−7% +33%
BLUEDART
Transportation		 Jun 2021 135x17% +184%−5% +35%
ABDL
Consumer Non-Durables		 Sep 2025 59x21% +50%−10% +41%
DPABHUSHAN
Retail Trade		 Dec 2024 82x24% +125%−19% −10%
CRAFTSMAN
Producer Manufacturing		 Apr 2023 40x18% +38%−15% −3%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
SIS
Commercial Services		 Apr 2020 28x16% +2%−31% −46%
RKFORGE
Producer Manufacturing		 Jan 2024 49x19% +178%−5% −5%
NH
Health Services		 Jun 2020 46x14% +10%−29% +12%
How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: P/S, drawdown from 12-month high and P/E. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to BLACK BOX LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-10-30. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 97,430 company-months from 2000 companies; financial: 5,632 company-months from 106 companies. 2240 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.
Monthly history (94 months)
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1061.3x₹6654 cr17.9%22.0%0.9x
2026-0962.0x₹6654 cr17.6%22.0%0.9x
2026-0859.2x₹6323 cr16.9%22.0%0.9x
2026-0759.8x₹6323 cr16.9%22.0%0.9x
2026-0675.0x₹6323 cr16.9%22.0%0.9x
2026-0582.6x₹6177 cr28.1%30.0%1.2x
2026-0451.0x₹6177 cr28.1%30.0%1.2x
2026-0335.6x₹6177 cr28.1%30.0%1.2x
2026-0241.2x₹6019 cr28.9%30.0%1.2x
2026-0139.8x₹6019 cr28.9%30.0%1.2x
2025-1242.6x₹6019 cr28.9%30.0%1.2x
2025-1142.0x₹5931 cr28.2%30.0%1.2x
2025-1041.8x₹5931 cr28.2%30.0%1.2x
2025-0940.5x₹5931 cr28.2%30.0%1.2x
2025-0837.3x₹5967 cr26.9%30.0%1.2x
2025-0742.0x₹5967 cr26.9%30.0%1.2x
2025-0643.2x₹5967 cr26.9%30.0%1.2x
2025-0547.0x₹5902 cr38.5%31.0%1.5x
2025-0434.0x₹5902 cr38.5%31.0%1.5x
2025-0332.8x₹5902 cr38.5%31.0%1.5x
2025-0236.9x₹6055 cr35.3%31.0%1.5x
2025-0151.0x₹6055 cr35.3%31.0%1.5x
2024-1264.2x₹6055 cr35.3%31.0%1.5x
2024-1170.1x₹6132 cr31.4%31.0%1.5x
2024-1054.3x₹6132 cr31.4%31.0%1.5x
2024-0955.8x₹6132 cr31.4%31.0%1.5x
2024-0862.7x₹6280 cr28.7%31.0%1.5x
2024-0762.6x₹6280 cr28.7%31.0%1.5x
2024-0642.8x₹6280 cr28.7%31.0%1.5x
2024-05174.0x₹6288 cr8.1%20.0%2.1x
2024-04170.1x₹6288 cr8.1%20.0%2.1x
2024-03159.6x₹6288 cr8.1%20.0%2.1x
2024-02186.9x₹6288 cr8.1%20.0%2.1x
2024-01201.4x₹6288 cr8.1%20.0%2.1x
2023-12206.5x₹6288 cr8.1%20.0%2.1x
2023-11182.3x₹6288 cr8.1%20.0%2.1x
2023-10172.5x₹6288 cr8.1%20.0%2.1x
2023-09131.1x₹6288 cr8.1%20.0%2.1x
2023-08151.3x₹6288 cr8.1%20.0%2.1x
2023-07142.8x₹6288 cr8.1%20.0%2.1x
2023-0695.2x₹6288 cr8.1%20.0%2.1x
2023-0531.2x₹5370 cr28.0%26.0%1.8x
2023-0431.0x₹5370 cr28.0%26.0%1.8x
2023-0321.1x₹5370 cr28.0%26.0%1.8x
2023-0223.8x₹5370 cr28.0%26.0%1.8x
2023-0128.6x₹5370 cr28.0%26.0%1.8x
2022-1230.2x₹5370 cr28.0%26.0%1.8x
2022-1130.9x₹5370 cr28.0%26.0%1.8x
2022-1036.2x₹5370 cr28.0%26.0%1.8x
2022-0931.4x₹5370 cr28.0%26.0%1.8x
2022-0830.2x₹5370 cr28.0%26.0%1.8x
2022-0731.9x₹5370 cr28.0%26.0%1.8x
2022-0633.5x₹5370 cr28.0%26.0%1.8x
2022-0533.8x₹4674 cr37.7%58.0%1.6x
2022-0433.0x₹4674 cr37.7%58.0%1.6x
2022-0331.4x₹4674 cr37.7%58.0%1.6x
2022-0235.1x₹4674 cr37.7%58.0%1.6x
2022-0136.8x₹4674 cr37.7%58.0%1.6x
2021-1234.0x₹4674 cr37.7%58.0%1.6x
2021-1134.3x₹4674 cr37.7%58.0%1.6x
2021-1040.0x₹4674 cr37.7%58.0%1.6x
2021-0941.9x₹4674 cr37.7%58.0%1.6x
2021-0838.6x₹4674 cr37.7%58.0%1.6x
2021-0749.6x₹4674 cr37.7%58.0%1.6x
2021-0644.5x₹4674 cr37.7%58.0%1.6x
2021-05—₹4994 cr—39.0%—
2021-04—₹4994 cr—39.0%—
2021-03—₹4994 cr—39.0%—
2021-02—₹4994 cr—39.0%—
2021-01—₹4994 cr—39.0%—
2020-12—₹4994 cr—39.0%—
2020-11—₹4994 cr—39.0%—
2020-10—₹4994 cr—39.0%—
2020-09—₹4994 cr—39.0%—
2020-08—₹4994 cr—39.0%—
2020-07—₹4994 cr—39.0%—
2020-06—₹4994 cr—39.0%—
2020-05—₹1853 cr-415.8%7.0%42.5x
2020-04—₹1853 cr-415.8%7.0%42.5x
2020-03—₹1853 cr-415.8%7.0%42.5x
2020-02—₹1853 cr-415.8%7.0%42.5x
2020-01—₹1853 cr-415.8%7.0%42.5x
2019-12—₹1853 cr-415.8%7.0%42.5x
2019-11—₹1853 cr-415.8%7.0%42.5x
2019-10—₹1853 cr-415.8%7.0%42.5x
2019-09—₹1853 cr-415.8%7.0%42.5x
2019-08—₹1853 cr-415.8%7.0%42.5x
2019-07—₹1853 cr-415.8%7.0%42.5x
2019-06—₹1853 cr-415.8%7.0%42.5x
2019-0521.0x₹733 cr20.0%13.0%2.1x
2019-0420.8x₹733 cr20.0%13.0%2.1x
2019-0321.5x₹733 cr20.0%13.0%2.1x
2019-0220.0x₹733 cr20.0%13.0%2.1x
2019-0122.1x₹733 cr20.0%13.0%2.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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