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DCX Systems Ltd

₹ 190-0.45%
07 Jan 10:02 a.m. – close price
🔗dcxindia.com•BSE: 543650•NSE: DCXINDIA
Market Cap₹ 2,111 Cr.
Current Price₹ 190
High / Low₹ 389
Stock P/E53.8
Book Value₹ 105
Dividend Yield0.00 %
ROCE5.10 %
ROE3.14 %
Face Value₹ 2.00
Sales₹ 1,191 Cr.
OPM0.97 %
Mar Cap₹ 2,111 Cr.

ABOUT

Incorporated in 2011, Dcx Systems Ltd is in the business of System Integration and Cable & Wire Harnessing[1]

KEY POINTS

Business Overview[1]DCX Systems Limited is engaged insystem integration, cable and wire harness manufacturing, and kitting servicesfor theaerospace and defensesectors. The company is established as aleading Indian Offset Partner (IOP)for globalOEMs, particularly in defense electronics. It is one of thelargest IOPsforELTA Systems Limited and Israel Aerospace Industries (IAI Group), Israel, catering to the Indian defense market by manufacturing electronic sub-systems and cable & wire harness assemblies.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Bharat Electron411.5052.80300797.380.581287.1617.885792.0925.7838.8825152.1129.525695.671287.7713.9313.210.00
2.Hind.Aeronautics4493.0035.49300480.590.891669.0510.826628.6110.9233.8832104.7830.588469.331669.078.078.820.00
3.Bharat Dynamics1541.0086.3356487.240.30215.8876.191147.03110.5519.664004.0814.19654.13215.8813.384.940.00
4.Garden Reach Sh.2485.9546.1728477.020.56153.7957.301677.3845.4936.645900.309.56616.41153.7912.385.020.01
5.Data Pattern2673.7064.1214968.400.2949.1962.45307.46237.7921.00920.0433.05233.4349.199.7212.180.00
6.Zen Technologies1327.0048.4911981.510.1561.91-6.29173.57-28.2337.22808.9738.44247.2558.736.7121.380.01
7.Apollo Micro Sys263.75110.589423.570.0933.05108.25225.2640.1714.54669.0026.0485.2433.058.175.200.29
8.DCX Systems189.5553.782111.330.007.17-29.77192.35-1.605.101190.890.9739.257.171.832.070.00
–Median: 26 Co.656.1760.845079.450.1115.6438.59130.3819.2118.09533.4321.8244.5615.648.077.670.08

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
355.95197.98283.11170.10138.08220.02510.55746.19495.41173.88309.12195.47192.35
Expenses
332.89187.13279.96162.22141.20218.92464.70716.02491.33163.98290.09196.69189.17
Operating Profit
23.0610.853.157.88-3.121.1045.8530.174.089.9019.03-1.223.18
Other Income
6.4111.0117.3311.3016.2018.029.7013.9513.686.4312.0920.369.96
Profit before tax
19.9714.2117.5911.776.8616.8350.4035.0314.679.0724.4015.6510.87
Tax %
13.42%16.33%33.77%16.31%34.26%33.87%18.47%25.92%36.61%13.23%16.35%34.76%34.04%
Net Profit
17.2911.8911.659.854.5111.1341.0925.949.307.8720.4110.217.17
EPS in Rs
1.791.231.051.020.401.004.252.330.831.022.110.920.64

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
3004496411,1021,2541,4231,1121,191
Expenses
2954436311,0351,1701,3531,1091,179
Operating Profit
5610678470312
Other Income
916422230466859
Interest
6810112628104
Depreciation
11222266
Profit before tax
713407686855560
Net Profit
510306672683639
EPS in Rs
13.1127.8384.468.487.446.113.203.52
Dividend Payout %
0%0%0%0%0%0%0%–

Compounded Profit Growth

10 Years:%
5 Years:30%
3 Years:-18%
TTM:-25%

Compounded Sales Growth

10 Years:%
5 Years:20%
3 Years:0%
TTM:-7%

Return on Equity

10 Years:%
5 Years:11%
3 Years:8%
Last Year:3%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:-4%
1 Year:-50%

Balance Sheet

Standalone figures in ₹ crores

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
4441519222222
Reserves
414431025481,0971,1321,150
Borrowings
11013413650350426500
Other Liabilities
371548610322141418487621
Total Liabilities
4896997939431,2121,8021,6411,793
Fixed Assets
6171615153233275
Gross Block
9.0820.0521.4822.7124.6344.2650.44–
Accumulated Depreciation
3.233.455.888.069.4711.9317.65–
CWIP
30002000
Investments
40007131592
Other Assets
4766827789281,1881,7571,4501,517
Total Assets
4896997939431,2121,8021,6411,793

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
121130114-134-5861444
Cash from Investing Activity
7821211919-93
Cash from Financing Activity
3819-2364358223-272
Net Cash Flow
166157133251-20924378

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
122717239317153
Inventory Days
86911910753458
Days Payable
9613577354410429
Cash Conversion Cycle
34649-212410182
Working Capital Days
-188-229-295-220-166016
ROCE %
–15%30%22%13%9%5%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
71.72%71.72%71.72%71.72%71.72%62.30%59.78%57.13%56.86%56.86%52.17%52.17%
FIIs
1.75%0.94%0.69%0.07%0.35%2.30%1.28%0.77%1.01%1.17%0.71%1.48%
DIIs
11.28%9.69%9.29%8.21%7.02%11.19%8.89%7.88%5.39%4.04%4.56%3.22%
Public
15.25%17.63%18.29%20.00%20.90%24.24%30.05%34.24%36.75%37.96%42.56%43.14%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

DCX Systems Receives ₹9.30 Crore Purchase Order from IAI-ELTA Systems

17th April 2026, 2:39 am

DCX Systems and Subsidiary Secure New Orders Worth Over ₹31 Crore

14th April 2026, 2:36 pm

DCX Systems Initiates Postal Ballot Process with Newspaper Announcements

10th April 2026, 9:32 pm

DCX Systems seeks shareholder approval for up to ₹2,000 Cr related party transactions

10th April 2026, 12:23 am

DCX Systems: RTA Confirms Compliance in Securities Dematerialization for Q4 FY26

3rd April 2026, 7:13 pm

Published by Other Websites

External media mentions & references

Stocks in Focus: LIC Bonus, Vedanta Tragedy, Adani Energy Milestone, REIT Deal

15th April 2026, 7:32 am

DCX Secures Rs 31 Crore in Defence Sector Orders

14th April 2026, 1:24 pm

Coal India Divestment, IRFC Loan, GR Infra Project, SEPC Deal Shake Up Markets

24th March 2026, 7:14 am

Indian Markets Crash: Nifty Dives Below 22,550, Rupee Hits Record Low

23rd March 2026, 4:32 pm

DCX Systems Shares Jump 12% on ₹564 Cr Order Amid Financial Woes

23rd March 2026, 10:59 am

News Articles

Editorial & research coverage

Nuvama Flags Defence Execution: 3 Stocks Eye 36% Upside
Nuvama Flags Defence Execution: 3 Stocks Eye 36% Upside

15th January 2026, 1:05 pm

Sensex Drops 250 Points, Nifty Holds 25,700 Amid Market Dip
Sensex Drops 250 Points, Nifty Holds 25,700 Amid Market Dip

13th January 2026, 3:46 pm

Indian Stocks Surge: Sensex & Nifty Hit New Highs Amidst Broad Market Rally!
Indian Stocks Surge: Sensex & Nifty Hit New Highs Amidst Broad Market Rally!

19th December 2025, 4:03 pm

Defence Stocks Plunge as Tejas Jet Crashes; IndiGo Soars on Major Sensex Boost!
Defence Stocks Plunge as Tejas Jet Crashes; IndiGo Soars on Major Sensex Boost!

24th November 2025, 12:32 pm

DCX Systems SHOCKER! Analyst Slashes Target Price, Warns Investors: REDUCE Rating Issued!
DCX Systems SHOCKER! Analyst Slashes Target Price, Warns Investors: REDUCE Rating Issued!

13th November 2025, 11:55 am

Documents

Announcements

Intimation Of Receipt Of Purchase Order

1d - Received INR 11.33 Crore order from Rafael for cable and wire-harness assemblies, dated Jan 5, 2026.

Intimation Of Receipt Of Purchase Orders.

31 Dec - Received purchase orders totaling INR 57.67 Cr (DCX) and INR 2.52 Cr (subsidiary) on Dec 31, 2025.

Closure of Trading Window
Clarification On Price Movement

25 Dec - Reply to BSE on Dec 25, 2025: no undisclosed information; price market-driven.

Clarification sought from DCX Systems Ltd

24 Dec - Exchange has sought clarification from DCX Systems Ltd on December 24, 2025 with reference to significant movement in price, in order to ensure that investors …

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Credit Ratings

Rating update

7 Feb 2025 from crisil

Rating update

31 Jan 2025 from crisil

Concalls

Nov 2025

PPT

Aug 2025

PPT

May 2025

TranscriptPPT

Feb 2025

PPT

Nov 2024

TranscriptPPT

Aug 2024

TranscriptPPTRecording

May 2024

TranscriptPPT

Feb 2024

TranscriptPPT

Oct 2023

TranscriptPPT

Aug 2023

TranscriptPPT

Jun 2023

TranscriptPPTRecording

Stock Analysis

Description

DCX Systems Limited is an AS 9100D certified company engaged in system integration, cable and wire harness manufacturing, and kitting services for the aerospace and defense sectors, serving as a leading Indian Offset Partner (IOP) for global OEMs.

Key Growth Triggers

  1. Strategic Joint Venture with Elta Systems for radar manufacturing under the 'Make in India' program.
  2. Establishment of a manufacturing facility in Hosur, Tamil Nadu, within a defence industrial corridor.
  3. Shift towards product-centric offerings and increasing non-offset orders.
  4. Expansion in capabilities for airborne maritime, fire control, and other radar systems.
  5. Securing significant purchase orders from domestic and international clients, including Elta Systems Ltd.

Order Book

  1. Order Book as of FY25 Annual Report: ₹2,855 Cr
  2. Orders Received: January 5, 2026 = ₹11.33 Cr from Rafael for cable and wire-harness assemblies
  3. Orders Received: December 31, 2025 = ₹57.67 Cr (DCX) and ₹2.52 Cr (subsidiary)
  4. Orders Received: September 29, 2025 = ₹49.89 Cr (incl. ₹30.32 Cr from Elta Systems)
  5. Orders Received: September 2025 = ₹16.45 Cr (cable/wire) and ₹6.44 Cr (PCB) from international clients

Key Red Flags

  1. Q2 FY26 consolidated net loss, primarily due to its R&D subsidiary, NIART Systems.
  2. Significant delays in the timeline for QIP investments in joint ventures and subsidiaries, extended to FY2028.
  3. Deviations in IPO fund allocation and shareholder approvals obtained for changes.
  4. H1 FY26 showed negative operating cash flow.
  5. Profitability metrics like ROCE (5.10%) and ROE (3.14%) indicate areas for improvement.

Key Dates To Watch

  1. Trading window closure from January 1, 2026, for Q3 FY26 results.
  2. Date of Board Meeting to approve Q3 FY26 (ending Dec 31, 2025) financial results to be communicated in due course.

Corporate Announcements

16th Apr 26
Impact Rating: 7
DCX Systems has informed the stock exchanges about receiving a purchase order valued at approximately ₹9.30 crore. The order is for manufacturing and supplying Transmitter Receiver Modules to IAI-ELTA Systems Limited, Israel.
14th Apr 26
Impact Rating: 7
DCX Systems and subsidiary Raneal Advanced Systems Pvt. Ltd. have collectively received new purchase orders amounting to ₹31.64 crore for cable assemblies and printed circuit boards.
10th Apr 26
Impact Rating: -
No description available.
9th Apr 26
Impact Rating: 9
DCX Systems will conduct a postal ballot for shareholders to approve material related party transactions with ELTX Systems, an associate, aggregating up to ₹2,000 Crores for FY 2026-27.
3rd Apr 26
Impact Rating: 4
A certificate from MUFG Intime India Pvt. Ltd. confirms that DCX Systems Limited's dematerialization processes for the quarter ended March 31, 2026, were compliant with SEBI (Depositories and Participants) Regulations, 2018.