DCX Systems Ltd

DCXINDIA

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Market Cap

₹ 1,833 Cr

P/E

71.26

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

DCX Systems Limited is a premier player in the Indian Defence Manufacturing sector offering a comprehensive range of electronic systems and cable harness assemblies for both domestic and international clients.

The company has demonstrated a steady order inflow, maintaining a consolidated order book worth Rs. 2,600 crores as of September 2025, which reinforces its robust market position.

DCX has strategically expanded its operations through a joint venture with ELTA Systems, targeting advanced radar manufacturing for airborne and land applications, bolstering its product portfolio.

The company benefits from a strong international presence, with partnerships and contracts from globally renowned firms like Lockheed Martin and Collins Aerospace, symbolizing its competitive edge.

By setting up a state-of-the-art facility in Tamil Nadu's Defence Industrial Corridor, DCX exemplifies its commitment to scaling operations and leveraging government incentives for growth.

Sector

Aerospace & Defence

Industry

Electronics - Others

Market Cap

1,833 Cr

Volatility

High Risk

P/E Ratio

71.3

Industry P/E

53.0

PEG Ratio

1.1

P/B Ratio

1.3

52W High

393.00

52W Low

156.00

Sales CAGR

-23.88%

0.30%

19.87%

10Y

—

Profit CAGR

-48.69%

-18.39%

29.63%

10Y

—

ROE

TTM

1.77%

6.19%

9.02%

10Y

—

ROCE

TTM

3.75%

10.20%

14.00%

10Y

—

Technicals

‌

Forecasts

No. of Analysts

9

1Y Price Target

291.72 ▲ 81.81%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DCXINDIA	163.90	1,833 Cr	71.26	1.26	0.00	1.77	3.75	1.23
KERNEX	1012.90	1,697 Cr	31.54	9.77	0.00	30.97	19.42	11.62
AIMTRON	803.60	1,640 Cr	63.98	10.58	0.00	17.45	23.36	13.36
VINYAS	1175.10	1,479 Cr	76.16	10.06	0.00	10.12	12.89	5.34
MICEL	44.68	1,077 Cr	111.70	4.71	0.00	4.19	6.76	2.73
CWD	2013.50	885 Cr	352.63	10.00	0.00	8.09	8.96	4.62
ELIN	167.20	830 Cr	21.66	1.50	0.00	6.91	10.27	4.70

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	170	309	198	746	138	196	200	550	222	193
Expenses	163	291	184	708	143	199	197	540	222	206
Operating Profit	7.60	18	15	38	-4.81	-3.80	2.99	10	0.27	-13
OPM %	4.47	5.97	7.37	5.08	-3.48	-1.94	1.49	1.86	0.12	-6.64
Other Income	11	12	11	16	18	20	18	24	15	12
Interest	6.99	6.33	7.70	8.78	5.41	2.24	1.71	1.54	0.91	0.75
Depreciation	0.47	0.60	1.79	2.27	2.81	3.31	3.52	3.73	3.53	3.80
Profit Before Tax	12	24	16	43	5.29	11	16	28	11	-5.31
Tax %	16.67	16.74	16.99	23.60	44.42	51.03	37.24	27.29	61.81	-70.24
Net Profit	9.60	20	13	33	2.94	5.22	10	21	4.06	-9.04
EPS in Rs	0.86	1.78	1.20	3.04	0.26	0.47	0.90	1.86	0.36	-0.81

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	641	1,102	1,254	1,424	1,084	1,168
Expenses	631	1,035	1,170	1,344	1,079	1,158
Operating Profit	10	67	84	80	4.61	9.69
OPM %	1.57	6.08	6.67	5.61	0.43	0.83
Other Income	42	22	30	50	80	77
Interest	9.92	11	26	30	11	6.40
Depreciation	2.43	2.18	1.82	5.13	13	14
Profit Before Tax	40	76	86	95	60	66
Tax %	25.74	13.17	16.43	19.90	35.61	39.14
Net Profit	30	66	72	76	39	40
EPS in Rs	—	—	7.12	6.88	3.49	2.31
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	3.50	15	19	22	22
Reserves	43	102	547	1,104	1,353
Borrowings	136	503	509	291	3.75
Other Liabilities	610	322	143	430	525
Total Liabilities	793	943	1,219	1,847	1,904
Fixed Assets	16	15	15	60	347
CWIP	0.00	0.00	5.29	0.00	0.00
Investments	0.00	0.00	0.00	0.00	0.00
Other Assets	778	928	1,199	1,787	1,558
Total Assets	793	943	1,219	1,847	1,904

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	114	-134	-590	4.43	496
Cash from Investing Activity	21	21	22	-1.25	-239
Cash from Financing Activity	-2.34	364	364	242	-95
Net Cash Flow	133	251	-204	245	163

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Jan 2024	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	71.73%	71.73%	71.73%	71.73%	62.29%	62.29%	59.78%	57.12%	56.85%	56.85%	52.16%	52.16%
FIIs	0.94%	0.69%	0.07%	0.34%	6.75%	2.30%	1.28%	0.77%	1.01%	1.16%	0.72%	1.48%
DIIs	9.69%	9.29%	8.20%	7.02%	12.00%	11.18%	8.89%	7.89%	5.39%	4.04%	4.57%	3.22%
Public	17.64%	18.29%	19.99%	20.90%	18.97%	24.23%	30.06%	34.22%	36.75%	37.94%	42.55%	43.13%
Total Shareholders	71,998	71,592	70,807	70,963	71,059	86,690	1,11,746	1,48,125	1,42,618	1,42,536	1,55,406	1,61,887

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Sep 29, 2025	Motilal oswal mutual fund	Bulk	Sell	242.62	17.89 Cr	7,37,191	0.66
Aug 22, 2025	Qe securities llp	Bulk	Sell	275.89	15.50 Cr	5,61,995	0.50
Aug 22, 2025	Qe securities llp	Bulk	Buy	275.20	16.02 Cr	5,82,072	0.52
Jun 26, 2025	Ncbg holdings inc	Bulk	Sell	280.00	75.60 Cr	27,00,000	2.42
Jun 26, 2025	Neomile growth fund - series i	Bulk	Buy	280.00	21.92 Cr	7,82,783	0.70
Jun 26, 2025	Neomile corporate advisory li...	Bulk	Buy	280.00	42.00 Cr	15,00,000	1.34
Jun 26, 2025	Neomile growth fund - series i	Bulk	Sell	283.90	12.29 Cr	4,32,783	0.38
Jun 11, 2025	Mansi share and stock advisor...	Bulk	Buy	303.94	21.04 Cr	6,92,102	0.62
Jun 11, 2025	Neomile corporate advisory li...	Bulk	Buy	304.00	24.69 Cr	8,12,165	0.72
Jun 11, 2025	F3 advisors private limited	Bulk	Buy	303.43	11.91 Cr	3,92,585	0.35

Projection

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
DCXINDIA	163.90	1,833 Cr	71.26	1.26	0.00	1.77	3.75	1.23
KERNEX	1012.90	1,697 Cr	31.54	9.77	0.00	30.97	19.42	11.62
AIMTRON	803.60	1,640 Cr	63.98	10.58	0.00	17.45	23.36	13.36
VINYAS	1175.10	1,479 Cr	76.16	10.06	0.00	10.12	12.89	5.34
MICEL	44.68	1,077 Cr	111.70	4.71	0.00	4.19	6.76	2.73
CWD	2013.50	885 Cr	352.63	10.00	0.00	8.09	8.96	4.62
ELIN	167.20	830 Cr	21.66	1.50	0.00	6.91	10.27	4.70

Overview

Detailed Summary

The company has demonstrated a steady order inflow, maintaining a consolidated order book worth Rs. 2,600 crores as of September 2025, which reinforces its robust market position.

DCX has strategically expanded its operations through a joint venture with ELTA Systems, targeting advanced radar manufacturing for airborne and land applications, bolstering its product portfolio.

The company benefits from a strong international presence, with partnerships and contracts from globally renowned firms like Lockheed Martin and Collins Aerospace, symbolizing its competitive edge.

By setting up a state-of-the-art facility in Tamil Nadu's Defence Industrial Corridor, DCX exemplifies its commitment to scaling operations and leveraging government incentives for growth.

Sector

Aerospace & Defence

Industry

Electronics - Others

Market Cap

1,833 Cr

Volatility

High Risk

P/E Ratio

71.3

Industry P/E

53.0

PEG Ratio

1.1

P/B Ratio

1.3

52W High

393.00

52W Low

156.00

Sales CAGR

-23.88%

0.30%

19.87%

10Y

—

Profit CAGR

-48.69%

-18.39%

29.63%

10Y

—

ROE

TTM

1.77%

6.19%

9.02%

10Y

—

ROCE

TTM

3.75%

10.20%

14.00%

10Y

—

Dcx Systems Ltd

DCX Systems Ltd

DCXINDIA

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Sector

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Market Cap

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P/E Ratio

Industry P/E

PEG Ratio

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9

291.72 ▲ 81.81%

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

Projection

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291.72 ▲ 81.81%

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DCX Systems Ltd

DCXINDIA

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