DCX Systems Limited
NSE: DCXINDIAAerospace & Defense
Share price
₹153.51
-2.77% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
41
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹1,689 Cr
P/E ratio
—
P/B ratio
1.1
ROCE
0.9%
ROE
-0.6%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales fell 46.5% over the past year. Meanwhile what it keeps of every 100 rupees of sales slipped from 4.8% to -5.4% over the last four years.
Whether it grew faster than its sector
It grew -9.2% a year against a sector median of 10.6% — 19.9 percentage points slower.
Room to re-rate, or risk of de-rating
It has no earnings, so there is no price-to-earnings to compare.
Whether growth justifies the valuation
It has no earnings to weigh the price against.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| DCX Systems Limited — this one | — | — | — |
| Bharat Dynamics Limited | 6%/yr | 73.8× | ₹12.3 |
| Garden Reach Shipbuilders & Engineers Limited | 50%/yr | 28.9× | ₹0.58 |
| Data Patterns (India) Limited | 26%/yr | 84.4× | ₹3.2 |
| SIGMA ADVANCED SYSTEMS LIMITED | 228%/yr | 109.3× | — |
| Aequs Limited | -5%/yr | — | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Aerospace & Defense), it ranks 25 of 26 on returns, 22 of 24 on growth, 25 of 26 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 0.9% on capital, ahead of 4% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years the business itself consumed ₹1032 crore of cash before any plant spend, funded from shareholders — borrowings did not rise. And the profit is not backed by cash: it reported a profit over 6 years and consumed cash from the business. Its cash comes back more slowly than it used to: it went from being paid 220 days before it paid its own suppliers to waiting 129 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
6 of 9 checks clear · 67%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Revenue fell 54% year on year and the quarter swung to an INR 8.7 crore loss.
Announced 12 Aug 2026 · Consolidated · Unaudited
Revenue
₹103 Cr
Revenue vs last year
-53.6%
Revenue vs last quarter
-50.2%
Net profit
-₹9 Cr
Profit vs last year
-313.2%
Net margin
-8.4%
EPS
₹-0.78
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹1,689 Cr
- Prev close
- ₹153.51
- 52w High
- ₹246
- 52w Low
- ₹152
- Enterprise value
- ₹947 Cr
- Beta
- 1.2
- Price CAGR 1y
- -36.0%
- Price CAGR 3y
- -19.0%
- Price CAGR 5y
- —
- Price CAGR 10y
- —
Ratios
- Return on assets
- -0.4%
- PEG ratio
- —
- P/E ratio
- —
- P/B ratio
- 1.1
- EV / EBITDA
- -103.6
- Industry P/E
- 83.4
- ROCE
- 0.9%
- ROCE 5y average
- 10.2%
- ROE
- -0.6%
- Debt / Equity
- 0.0
- Interest coverage
- 4.0
- Dividend yield
- 0.0%
- ROE 3y average
- 3.0%
- ROE last year
- -1.0%
Annual P&L
- Annual revenue
- ₹743 Cr
- Annual profit
- -₹8 Cr
- Operating margin
- -2.3%
- Net profit margin
- -1.1%
- EBITDA margin
- -2.3%
- Sales growth 3y
- -16.0%
- Sales growth 5y
- 3.0%
- Profit growth 3y
- —
- Profit growth 5y
- —
- EPS
- ₹-0.7
- Sales growth TTM
- -47.0%
- Profit growth TTM
- -151.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹103 Cr
- Profit latest quarter
- -₹9 Cr
- YoY quarterly sales growth
- -53.6%
- YoY quarterly profit growth
- -313.3%
- OPM latest quarter
- -10.4%
Balance Sheet
- Book Value
- ₹138
- Face Value
- ₹2.0
- Total debt
- ₹3 Cr
- Total cash
- ₹765 Cr
- Borrowings
- ₹3 Cr
- Reserves / Equity
- 67.8
Cash Flow
- Operating cash flow
- ₹2 Cr
- Free cash flow
- -₹151 Cr
- FCF yield
- -9.1%
- Net cash flow
- -₹80 Cr
Shareholding
- Promoter holding
- 52.2%
- FII holding
- 1.7%
- DII holding
- 2.7%
- Public holding
- 43.4%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Hind.Aeronautics | 4,746.30 | 34.0 | 3,17,421 | 0.95 | 1,589.7 | 14.9 | 5,515.2 | 14.4 | 32.0 |
| Bharat Electron | 378.30 | 45.0 | 2,76,529 | 0.66 | 1,054.5 | 8.7 | 5,547.0 | 24.9 | 36.4 |
| Bharat Dynamics | 1,085.00 | 76.4 | 39,772 | 0.45 | 118.8 | 547.4 | 572.2 | 130.8 | 13.9 |
| Garden Reach Sh. | 2,102.00 | 30.1 | 24,079 | 0.93 | 172.8 | 43.8 | 1,814.6 | 38.5 | 42.8 |
| Data Pattern | 4,233.40 | 87.7 | 23,700 | 0.24 | 22.1 | -13.5 | 116.0 | 16.8 | 21.9 |
| Sigma Advanced System | 1,091.60 | 124.7 | 20,733 | 0.00 | 35.4 | -81.9 | 374.3 | 7083.9 | 11.7 |
| Aequs | 288.15 | 19,325 | 0.00 | -53.2 | -1457.9 | 395.6 | 54.8 | 1.7 | |
| DCX Systems | 157.88 | 1,759 | 0.00 | -8.7 | -313.3 | 103.1 | -53.6 | 0.9 | |
| Median | 1,068.60 | 78.5 | 6,116 | 0.06 | 12.0 | 14.9 | 111.8 | 34.5 | 14.5 |
Competes with: Aequs Limited, Apollo Micro Systems Limited, Astra Microwave Products Limited, Bharat Dynamics Limited, Bharat Electronics, Data Patterns (India) Limited, Garden Reach Shipbuilders & Engineers Limited, Hindustan Aeronautics, Mtar Technologies Limited, SIGMA ADVANCED SYSTEMS LIMITED, Zen Technologies Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 170 | 309 | 198 | 746 | 138 | 196 | 200 | 550 | 222 | 193 | 121 | 207 | 103 |
| Expenses | 162 | 291 | 184 | 708 | 143 | 199 | 197 | 540 | 221 | 206 | 126 | 208 | 114 |
| Material Cost | 527 | 205 | 180 | 107 | 340 | 134 | |||||||
| Change in Inventories | 0 | 0 | 0 | 0 | -154 | -41 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 6.84 | 6.27 | 17 | 7.20 | 9.48 | 9.21 | |||||||
| Other Expenses | 6.01 | 10 | 9.25 | 12 | 12 | 11 | |||||||
| Operating Profit | 7.61 | 18 | 15 | 38 | -4.81 | -3.80 | 3 | 10 | 1.12 | -13 | -5.13 | -0.33 | -11 |
| OPM % | 4.47 | 5.97 | 7.37 | 5.08 | -3.48 | -1.94 | 1.50 | 1.86 | 0.50 | -6.64 | -4.24 | -0.16 | -10 |
| Other Income | 11 | 12 | 11 | 16 | 18 | 20 | 18 | 24 | 14 | 12 | 11 | 8.42 | 8.78 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Interest | 6.99 | 6.33 | 7.70 | 8.78 | 5.41 | 2.24 | 1.71 | 1.54 | 0.91 | 0.75 | 0.92 | 0.73 | 0.84 |
| Depreciation | 0.47 | 0.60 | 1.79 | 2.27 | 2.81 | 3.31 | 3.52 | 3.73 | 3.53 | 3.80 | 3.99 | 4.03 | 3.68 |
| Profit before tax | 12 | 24 | 16 | 43 | 5.29 | 11 | 16 | 28 | 11 | -5.31 | 0.67 | 3.33 | -6.49 |
| Tax % | 17 | 17 | 17 | 24 | 44 | 51 | 37 | 27 | 62 | 70 | 463 | 109 | 33 |
| Net Profit | 9.60 | 20 | 13 | 33 | 2.94 | 5.22 | 10 | 21 | 4.06 | -9.04 | -2.43 | -0.30 | -8.66 |
| EPS in Rs | 0.99 | 2.05 | 1.38 | 2.96 | 0.26 | 0.47 | 0.90 | 1.86 | 0.36 | -0.81 | -0.22 | -0.03 | -0.78 |
| Diluted EPS in Rs | 1.86 | 0.36 | -0.81 | -0.22 | -0.03 | -0.78 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|
| Sales | 641 | 1,102 | 1,254 | 1,424 | 1,084 | 743 | 624 |
| Expenses | 631 | 1,035 | 1,170 | 1,344 | 1,079 | 760 | 653 |
| Material Cost | 1,036 | 832 | |||||
| Change in Inventories | 0 | -154 | |||||
| Purchases of Stock-in-Trade | 0 | 0 | |||||
| Employee Cost | 23 | 40 | |||||
| Other Expenses | 20 | 42 | |||||
| Operating Profit | 10 | 67 | 84 | 80 | 5 | -17 | -29 |
| OPM % | 1.60 | 6 | 7 | 6 | 0.40 | -2.30 | -4.70 |
| Other Income | 42 | 22 | 30 | 50 | 80 | 45 | 40 |
| Exceptional items (within Other Income) | 0 | 0 | |||||
| Interest | 10 | 11 | 26 | 30 | 11 | 3 | 3 |
| Depreciation | 2 | 2 | 2 | 5.13 | 13 | 15 | 16 |
| Profit before tax | 40 | 76 | 86 | 95 | 60 | 9 | -8 |
| Tax % | 26 | 13 | 16 | 20 | 36 | 183 | |
| Net Profit | 30 | 66 | 72 | 76 | 39 | -8 | -20 |
| EPS in Rs | 84 | 8.48 | 7.41 | 6.80 | 3.49 | -0.69 | -1.84 |
| Diluted EPS in Rs | 3.49 | -0.69 | |||||
| Dividend Payout % | 0 | 0 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 3%
- 3 years
- -16%
- TTM
- -47%
Compounded profit growth
- 10 years
- —
- 5 years
- —
- 3 years
- —
- TTM
- -151%
Stock price CAGR
- 10 years
- —
- 5 years
- —
- 3 years
- -19%
- 1 year
- -36%
Return on equity
- 10 years
- —
- 5 years
- 6%
- 3 years
- 3%
- Last year
- -1%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 15 | 19 | 22 | 22 | 22 |
| Reserves | 43 | 102 | 547 | 1,104 | 1,353 | 1,491 |
| Borrowings | 136 | 503 | 509 | 291 | 4 | 3 |
| Other Liabilities | 610 | 322 | 143 | 430 | 525 | 588 |
| Minority Interest | 0 | 0 | ||||
| Total Liabilities | 793 | 943 | 1,219 | 1,847 | 1,904 | 2,103 |
| Fixed Assets | 16 | 15 | 15 | 60 | 347 | 484 |
| CWIP | 0 | 0 | 5 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 778 | 928 | 1,199 | 1,787 | 1,558 | 1,619 |
| Total Assets | 793 | 943 | 1,219 | 1,847 | 1,904 | 2,103 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from Operating Activity | 114 | -134 | -590 | 4 | -314 | 2 |
| Cash from Investing Activity | 21 | 21 | 22 | -1 | -239 | -108 |
| Cash from Financing Activity | -2 | 364 | 364 | 242 | -95 | 26 |
| Net Cash Flow | 133 | 251 | -204 | 245 | -647 | -80 |
| Free Cash Flow | 113 | -135 | -598 | -40 | -614 | -151 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor Days | 7 | 23 | 93 | 171 | 56 | 66 |
| Inventory Days | 119 | 10 | 75 | 56 | 102 | 289 |
| Days Payable | 77 | 35 | 44 | 109 | 36 | 113 |
| Cash Conversion Cycle | 49 | -2 | 123 | 119 | 122 | 242 |
| Working Capital Days | -295 | -220 | -15 | 62 | 8 | 129 |
| ROCE % | 22 | 13 | 10 | 5 | 1 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
5,10,25,655inr
2026-03-31
News
News and filings about DCX Systems Limited. Open one to see why it matters.
No recent news for this company.
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
Uses as raw material
- active and passive electronic components
- bare printed circuit boards (PCB)
- integrated circuits
- mechanical enclosures and metal parts
- power supplies
- radio-frequency and circular connectors
- radio-frequency cables and wires
Sells to
- AMETEK · defence/aerospace electronic assemblies
- Astra Rafael Comsys Private Limited · electronic sub-systems and cable/wire harness assemblies
- Bharat Electronics · electronic sub-systems, PCBAs and cable/wire harness assemblies; sole Indian supplier for…
- Boeing · aerospace electronic assemblies
- Collins Aerospace · defence/aerospace electronic assemblies and harnesses
- ELTA Systems Ltd / IAI-ELTA Systems, Israel · CIWS module assemblies, transmitter-receiver / radar-related systems (~Rs 483 cr)
- Elbit Systems · defence electronic assemblies and harnesses
- Hindustan Aeronautics · airborne equipment / electronic assemblies
- Israel Aerospace Industries Limited - Systems, Missiles and Space Division · electronic sub-systems and cable/wire harness assemblies
- Larsen & Toubro · defence electronic assemblies / system integration (~Rs 1,250 cr order)
- Lockheed Martin Global Inc. · electronic assemblies (~Rs 840 cr order)
- Rafael Advanced Defense Systems · cable and wire harness assemblies / electronic modules
- SFO Technologies · electronic assemblies and cable/wire harness assemblies
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Aerospace & Defense
- Classification
- Capital Goods › Aerospace & Defense
- ISIN
- INE0KL801015
Plants
- DCX Systems Domestic Tariff Area manufacturing unit
- DCX Systems SEZ manufacturing facility · Bengaluru Rural, Karnataka
- Raneal Advanced Systems EMS facility · Bengaluru Rural, Karnataka
News impact
Big market events that reach DCX Systems Limited, and how the effect spreads.
30 Sept, 15:33 IST · Market event · high impact
Re-rating on cards for HAL shares as Tejas Mk1A aircraft deliveries near: Jefferies
HAL will deliver 10 Tejas fighter jets this year instead of 5, prompting Jefferies to keep its Buy call, which helps HAL and its parts suppliers while leaving rivals and telecom lookalikes untouched.
Who it hits first
- Hindustan Aeronautics, the state-run company that builds the Tejas fighter jet, is nearing Tejas Mk1A deliveries that make up 43% of its order book.
- Its chief now expects to deliver 10 jets this year, double the 5 that Jefferies had earlier pencilled in.
- Brokerage Jefferies kept its Buy rating with a Rs 6,800 target, calling rising delivery visibility a trigger for the shares to be re-rated.
Who may gain
- Hindustan Aeronautics (fighter-jet maker) — turns 43% of its order book into sales as 10 Tejas jets deliver this year
- HAL's jet parts suppliers (electronics, radar, special-metal, and precision-parts makers) — faster component orders as output doubles
- Defence investors broadly — a marquee deliveryhitting its guide lifts mood across the sector (sentiment only)
Along the supply chain
Downstream
Downstream (buyers of the jet): the Indian Air Force gets its fighters sooner, which strengthens squadrons, but no listed company sits on this side so no stock moves.
Upstream
Upstream (parts for the jet): electronics, radar, special-alloy, and precision-parts suppliers to HAL should see faster orders as jet output doubles from 5 to 10; telecom-gear firms with similar names are not part of this chain.
Where demand moves
Business
Business demand flows to HAL first, since each delivered Tejas jet converts order book into sales, and then to its jet parts suppliers as output doubles from 5 toward 10 aircraft. Rival jet makers win nothing, and telecom firms that share the Tejas name sit outside this demand chain entirely.
Capital
Investor money should rotate into HAL on Jefferies' repeated Buy call and Rs 6,800 target, with lighter sympathy flows into its listed suppliers. Broader defence peers may catch a mild sentiment bid, while mistaken-identity buying in telecom lookalikes should fade fast.
How it spreads across sectors
Capital Goods
HAL hitting its jet guide lifts the defence corner of the sector and pulls supplier orders forward, supporting sentiment for peers.
Telecommunication
No ripple at all — Tejas Networks only shares the jet's name and sells telecom gear, so HAL's news does not travel there.
When it plays out
Immediate
1–7 days: HAL shares firm on the doubled delivery guide and Jefferies' Buy repeat; suppliers tick up while telecom lookalikes stay flat.
Medium term
1–6 months: each confirmed jet handover converts more of the 43% order-book share into reported sales, deciding whether the re-rating sticks.
Short term
1–4 weeks: investors watch for delivery milestones and engine-supply updates that confirm the 10-jet guide is on track.
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Splits, bonuses & buybacks
- daily-prices repair: 8 rows from NSE's archive (replace 2, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Annual report · 2024-254 Sep 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.