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Model Note · BLACK BOX LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
BLACK BOX LIMITED Discounted cash flow · base FY26
BLACK BOX LIMITED
Value per share, this model₹302
CMP 2026-09-10₹805.10
Difference(62.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of BLACK BOX LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
6% a year
FY26 5.9% · 5-yr CAGR 6.2%
EBITDA margin
8%
FY26 8.0% · 5-yr average 6.1%
Depreciation · capex, % of revenue
1.8% · 0.8%, fading to 1.2× depreciation
FY26 1.8% · 0.8%
Working capital, % of added revenue · tax
10.8% · 9%
40 working-capital days · effective 9.0%
Discount rate
11.00%
1-yr beta 0.96
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹299 · ₹0 · ₹0 cr
FY26 net debt ₹299 cr
Shares
17.76 crore
17.76 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
6,322
6,701
7,103
7,529
7,981
8,460
growth %
5.9
6.0
6.0
6.0
6.0
6.0
EBITDA
507
536
568
602
638
677
Depreciation
(116)
(121)
(128)
(136)
(144)
(152)
NOPAT
356
378
401
425
450
477
less capex
(51)
(54)
(81)
(111)
(145)
(183)
less working-capital build
—
(41)
(43)
(46)
(49)
(52)
Free cash flow to firm
—
404
404
403
400
395
Present value
384
346
310
278
247
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · BLACK BOX LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,564
PV of the terminal value (72% of EV)
4,104
Enterprise value
5,668
less net debt
(299)
less non-controlling interest
0
add non-operating investments
0
Equity value
5,369
÷ 17.76 crore shares
₹302
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
313
336
363
397
439
10.5%
288
307
330
357
390
11.0%
267
284
302
325
351
11.5%
249
263
279
297
319
12.0%
234
245
259
274
292
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
