DCX Systems Ltd

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

DCX Systems Ltd

₹ 164 -3.81%
27 Mar - close price
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 ₹ 1,826 Cr.
  • Current Price ₹ 164
  • High / Low ₹ 364 / 154
  • Stock P/E 137
  • Book Value ₹ 130
  • Dividend Yield 0.00 %
  • ROCE 5.10 %
  • ROE 3.11 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Debtor days have improved from 107 to 55.6 days.

Cons

  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 7.63% over last 3 years.
  • Contingent liabilities of Rs.712 Cr.
  • Earnings include an other income of Rs.60.2 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 Allcap BSE Industrials Nifty India Defence

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
355.95 510.55 170.10 309.12 198.16 746.20 138.08 195.62 200.01 549.96 222.16 192.85 121.06
332.94 464.70 162.49 290.68 183.55 708.32 142.89 199.42 197.01 539.74 221.04 205.66 126.19
Operating Profit 23.01 45.85 7.61 18.44 14.61 37.88 -4.81 -3.80 3.00 10.22 1.12 -12.81 -5.13
OPM % 6.46% 8.98% 4.47% 5.97% 7.37% 5.08% -3.48% -1.94% 1.50% 1.86% 0.50% -6.64% -4.24%
6.41 9.72 11.37 12.32 11.01 16.30 18.32 20.00 18.18 23.52 13.95 12.05 10.71
Interest 9.15 4.73 6.99 6.33 7.70 8.78 5.41 2.24 1.71 1.54 0.91 0.75 0.92
Depreciation 0.48 0.40 0.47 0.60 1.79 2.27 2.81 3.31 3.52 3.73 3.53 3.80 3.99
Profit before tax 19.79 50.44 11.52 23.83 16.13 43.13 5.29 10.65 15.95 28.47 10.63 -5.31 0.67
Tax % 13.54% 18.46% 16.67% 16.74% 17.05% 23.60% 44.42% 51.08% 37.24% 27.26% 61.81% 70.24% 462.69%
17.11 41.13 9.60 19.85 13.38 32.95 2.94 5.22 10.01 20.70 4.06 -9.04 -2.43
EPS in Rs 1.77 4.25 0.99 2.05 1.38 2.96 0.26 0.47 0.90 1.86 0.36 -0.81 -0.22
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
641 1,102 1,254 1,424 1,084 1,086
631 1,035 1,170 1,344 1,079 1,093
Operating Profit 10 67 84 80 5 -7
OPM % 2% 6% 7% 6% 0% -1%
42 22 30 50 80 60
Interest 10 11 26 30 11 4
Depreciation 2 2 2 5 13 15
Profit before tax 40 76 86 95 60 34
Tax % 26% 13% 16% 20% 36%
30 66 72 76 39 13
EPS in Rs 84.46 8.48 7.41 6.80 3.49 1.19
Dividend Payout % -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: -1%
TTM: -15%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: -16%
TTM: -74%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: 5%
1 Year: -28%
Return on Equity
10 Years: %
5 Years: 11%
3 Years: 8%
Last Year: 3%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 4 15 19 22 22 22
Reserves 43 102 547 1,104 1,353 1,431
136 503 509 291 4 4
610 322 143 430 525 642
Total Liabilities 793 943 1,219 1,847 1,904 2,098
16 15 15 60 347 418
CWIP -0 -0 5 -0 -0 -0
Investments -0 -0 -0 -0 -0 -0
778 928 1,199 1,787 1,558 1,680
Total Assets 793 943 1,219 1,847 1,904 2,098

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
114 -134 -590 4 496
21 21 22 -1 -239
-2 364 364 242 -95
Net Cash Flow 133 251 -204 245 163
Free Cash Flow 113 -135 -598 -40 196
CFO/OP 1,162% -181% -675% 23% 11,030%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 7 23 93 171 56
Inventory Days 119 10 75 56 102
Days Payable 77 35 44 109 36
Cash Conversion Cycle 49 -2 123 119 122
Working Capital Days -295 -220 -15 62 8
ROCE % 22% 13% 10% 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
% ・Standalone data
System Integration Revenue Mix
% ・Standalone data
Customer Concentration (Top 3 Customers)
% ・Standalone data
Manufacturing Facility Size
Sq. Ft.
Raneal External Sales
INR Crores ・Standalone data
Gross Current Assets (GCA) Days (net of cash)
Days

Shareholding Pattern

Numbers in percentages

73 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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Documents

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