DCX Systems Ltd

DCX Systems Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

DCX Systems Ltd

₹ 168 5.40%
27 Jan 4:01 p.m.
dcxindia.com BSE: 543650 NSE: DCXINDIA
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 in system integration, cable and wire harness manufacturing, and kitting services for the aerospace and defense sectors. The company is established as a leading Indian Offset Partner (IOP) for global OEMs, particularly in defense electronics. It is one of the largest IOPs for ELTA 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.

Website BSE NSE
  • Market Cap ₹ 1,873 Cr.
  • Current Price ₹ 168
  • High / Low ₹ 364 / 154
  • Stock P/E 47.7
  • Book Value ₹ 105
  • Dividend Yield 0.00 %
  • ROCE 5.10 %
  • ROE 3.14 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Debtor days have improved from 106 to 52.6 days.
  • Company's working capital requirements have reduced from 20.0 days to 15.6 days

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 7.57% over last 3 years.
  • Contingent liabilities of Rs.598 Cr.
  • Earnings include an other income of Rs.59.0 Cr.
  • Promoter holding has decreased over last 3 years: -19.6%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Aerospace & Defense Aerospace & Defense

Part of BSE SmallCap BSE Allcap BSE Industrials Nifty India Defence

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
173.88 355.95 510.55 170.10 309.12 197.98 746.19 138.08 195.47 283.11 495.41 220.02 192.35
163.98 332.89 464.70 162.22 290.09 187.13 716.02 141.20 196.69 279.96 491.33 218.92 189.17
Operating Profit 9.90 23.06 45.85 7.88 19.03 10.85 30.17 -3.12 -1.22 3.15 4.08 1.10 3.18
OPM % 5.69% 6.48% 8.98% 4.63% 6.16% 5.48% 4.04% -2.26% -0.62% 1.11% 0.82% 0.50% 1.65%
6.43 6.41 9.70 11.30 12.09 11.01 13.95 16.20 20.36 17.33 13.68 18.02 9.96
Interest 6.78 9.02 4.75 6.94 6.24 7.07 8.14 4.91 2.14 1.47 1.45 0.78 0.67
Depreciation 0.48 0.48 0.40 0.47 0.48 0.58 0.95 1.31 1.35 1.42 1.64 1.51 1.60
Profit before tax 9.07 19.97 50.40 11.77 24.40 14.21 35.03 6.86 15.65 17.59 14.67 16.83 10.87
Tax % 13.23% 13.42% 18.47% 16.31% 16.35% 16.33% 25.92% 34.26% 34.76% 33.77% 36.61% 33.87% 34.04%
7.87 17.29 41.09 9.85 20.41 11.89 25.94 4.51 10.21 11.65 9.30 11.13 7.17
EPS in Rs 1.02 1.79 4.25 1.02 2.11 1.23 2.33 0.40 0.92 1.05 0.83 1.00 0.64
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
300 449 641 1,102 1,254 1,423 1,112 1,191
295 443 631 1,035 1,170 1,353 1,109 1,179
Operating Profit 5 6 10 67 84 70 3 12
OPM % 2% 1% 2% 6% 7% 5% 0% 1%
9 16 42 22 30 46 68 59
Interest 6 8 10 11 26 28 10 4
Depreciation 1 1 2 2 2 2 6 6
Profit before tax 7 13 40 76 86 85 55 60
Tax % 37% 24% 26% 13% 16% 20% 35%
5 10 30 66 72 68 36 39
EPS in Rs 13.11 27.83 84.46 8.48 7.44 6.11 3.20 3.52
Dividend Payout % 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 20%
3 Years: 0%
TTM: -7%
Compounded Profit Growth
10 Years: %
5 Years: 30%
3 Years: -18%
TTM: -25%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -6%
1 Year: -47%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 8%
Last Year: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 4 4 4 15 19 22 22 22
Reserves 4 14 43 102 548 1,097 1,132 1,150
110 134 136 503 504 265 0 0
371 548 610 322 141 418 487 621
Total Liabilities 489 699 793 943 1,212 1,802 1,641 1,793
6 17 16 15 15 32 33 275
CWIP 3 0 0 0 2 0 0 0
Investments 4 0 0 0 7 13 159 2
476 682 778 928 1,188 1,757 1,450 1,517
Total Assets 489 699 793 943 1,212 1,802 1,641 1,793

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
121 130 114 -134 -586 1 444
7 8 21 21 19 19 -93
38 19 -2 364 358 223 -272
Net Cash Flow 166 157 133 251 -209 243 78

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 122 71 7 23 93 171 53
Inventory Days 8 69 119 10 75 34 58
Days Payable 96 135 77 35 44 104 29
Cash Conversion Cycle 34 6 49 -2 124 101 82
Working Capital Days -188 -229 -295 -220 -16 60 16
ROCE % 15% 30% 22% 13% 9% 5%

Shareholding Pattern

Numbers in percentages

18 Recently
Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
71.72% 71.72% 71.72% 71.72% 62.30% 59.78% 57.13% 56.86% 56.86% 52.17% 52.17% 52.17%
0.94% 0.69% 0.07% 0.35% 2.30% 1.28% 0.77% 1.01% 1.17% 0.71% 1.48% 1.06%
9.69% 9.29% 8.21% 7.02% 11.19% 8.89% 7.88% 5.39% 4.04% 4.56% 3.22% 3.64%
17.63% 18.29% 20.00% 20.90% 24.24% 30.05% 34.24% 36.75% 37.96% 42.56% 43.14% 43.15%
No. of Shareholders 71,99871,59270,80770,96386,6901,11,7461,48,1251,42,6181,42,5361,55,4061,61,8871,61,592

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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