DCX Systems Ltd

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

DCX Systems Ltd

₹ 202 4.47%
19 Jun 1:13 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]
The company operates across system integration, cable and wire harness assembly, printed circuit board assembly (PCBA), kitting, and maintenance, repair & overhaul (MRO). It positions itself as an end-to-end, build-to-print integrated solution provider for global defence original equipment manufacturers (OEMs), operating under both Indian Offset Partner (IOP) and non-IOP frameworks.
It holds a 4-Star Export House recognition
and is certified under AS-9100:2016 and ISO 9001:2015 for aviation, space, and defence product manufacturing. It holds a Defence Industrial License from the Ministry of the
Commerce and Industry for the manufacture
of key defence products. [2]

Website BSE NSE
  • Market Cap ₹ 2,250 Cr.
  • Current Price ₹ 202
  • High / Low ₹ 303 / 153
  • Stock P/E 67.9
  • Book Value ₹ 107
  • Dividend Yield 0.00 %
  • ROCE 4.52 %
  • ROE 2.83 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Debtor days have improved from 96.4 to 65.6 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 2.91% over past five years.
  • Company has a low return on equity of 4.35% over last 3 years.
  • Earnings include an other income of Rs.42.9 Cr.
  • Promoter holding has decreased over last 3 years: -19.6%
  • Working capital days have increased from 66.2 days to 123 days

* 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 Industrials BSE 1000 BSE India Defence

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
510.55 170.10 309.12 197.98 746.19 138.08 195.47 283.11 495.41 220.02 192.35 121.60 205.91
464.70 162.22 290.09 187.13 716.02 141.20 196.69 279.96 491.33 218.92 189.17 116.81 201.41
Operating Profit 45.85 7.88 19.03 10.85 30.17 -3.12 -1.22 3.15 4.08 1.10 3.18 4.79 4.50
OPM % 8.98% 4.63% 6.16% 5.48% 4.04% -2.26% -0.62% 1.11% 0.82% 0.50% 1.65% 3.94% 2.19%
9.70 11.30 12.09 11.01 13.95 16.20 20.36 17.33 13.68 18.02 9.96 8.39 9.36
Interest 4.75 6.94 6.24 7.07 8.14 4.91 2.14 1.47 1.45 0.78 0.67 0.86 0.65
Depreciation 0.40 0.47 0.48 0.58 0.95 1.31 1.35 1.42 1.64 1.51 1.60 1.65 1.66
Profit before tax 50.40 11.77 24.40 14.21 35.03 6.86 15.65 17.59 14.67 16.83 10.87 10.67 11.55
Tax % 18.47% 16.31% 16.35% 16.33% 25.92% 34.26% 34.76% 33.77% 36.61% 33.87% 34.04% 32.99% 33.25%
41.09 9.85 20.41 11.89 25.94 4.51 10.21 11.65 9.30 11.13 7.17 7.16 7.71
EPS in Rs 4.25 1.02 2.11 1.23 2.33 0.40 0.92 1.05 0.83 1.00 0.64 0.64 0.69
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 Mar 2026
300 449 641 1,102 1,254 1,423 1,112 740
295 443 631 1,035 1,170 1,353 1,109 723
Operating Profit 5 6 10 67 84 70 3 16
OPM % 2% 1% 2% 6% 7% 5% 0% 2%
9 16 42 22 30 46 68 43
Interest 6 8 10 11 26 28 10 3
Depreciation 1 1 2 2 2 2 6 6
Profit before tax 7 13 40 76 86 85 55 50
Tax % 37% 24% 26% 13% 16% 20% 35% 34%
5 10 30 66 72 68 36 33
EPS in Rs 13.11 27.83 84.46 8.48 7.44 6.11 3.20 2.98
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 3%
3 Years: -16%
TTM: -33%
Compounded Profit Growth
10 Years: %
5 Years: 2%
3 Years: -23%
TTM: -7%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: -12%
1 Year: -35%
Return on Equity
10 Years: %
5 Years: 8%
3 Years: 4%
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 Mar 2026
Equity Capital 4 4 4 15 19 22 22 22
Reserves 4 14 43 102 548 1,097 1,132 1,165
110 134 136 503 504 265 0 0
371 548 610 322 141 418 487 552
Total Liabilities 489 699 793 943 1,212 1,802 1,641 1,739
6 17 16 15 15 32 33 30
CWIP 3 0 0 0 2 0 0 0
Investments 4 0 0 0 7 13 159 243
476 682 778 928 1,188 1,757 1,450 1,466
Total Assets 489 699 793 943 1,212 1,802 1,641 1,739

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
121 130 114 -134 -586 1 444 23
7 8 21 21 19 19 -93 -45
38 19 -2 364 358 223 -272 -0
Net Cash Flow 166 157 133 251 -209 243 78 -22
Free Cash Flow 118 120 113 -135 -590 -17 437 19
CFO/OP 2,616% 2,160% 1,162% -181% -668% 20% 15,728% 232%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 122 71 7 23 93 171 53 66
Inventory Days 8 69 119 10 75 34 58 225
Days Payable 96 135 77 35 44 104 29 96
Cash Conversion Cycle 34 6 49 -2 124 101 82 195
Working Capital Days -188 -229 -295 -220 -16 60 16 123
ROCE % 15% 30% 22% 13% 9% 5% 5%

Insights

In beta
Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Order Book
INR Crores

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Exports as % of Revenue
%
System Integration Revenue Mix
%
Customer Concentration (Top 3 Customers)
%
Manufacturing Facility Size
Sq. Ft.
Raneal External Sales
INR Crores
Gross Current Assets (GCA) Days (net of cash)
Days

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

37 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
71.72% 71.72% 71.72% 62.30% 59.78% 57.13% 56.86% 56.86% 52.17% 52.17% 52.17% 52.17%
0.69% 0.07% 0.35% 2.30% 1.28% 0.77% 1.01% 1.17% 0.71% 1.48% 1.06% 0.83%
9.29% 8.21% 7.02% 11.19% 8.89% 7.88% 5.39% 4.04% 4.56% 3.22% 3.64% 2.91%
18.29% 20.00% 20.90% 24.24% 30.05% 34.24% 36.75% 37.96% 42.56% 43.14% 43.15% 44.09%
No. of Shareholders 71,59270,80770,96386,6901,11,7461,48,1251,42,6181,42,5361,55,4061,61,8871,61,5921,63,978

* 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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