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DCX Systems Ltd (DCXINDIA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543650 NSE: DCXINDIA Defence | Small Cap | DCX Systems Share Price

₹194.05 -3.35 (-1.70%)

As on 05-Jun'26 16:59

DCX Systems Ltd (DCXINDIA)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543650 NSE: DCXINDIA Defence | Small Cap | DCX Systems Share Price

₹194.05 -3.35 (-1.70%)

As on 05-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹2,199 Cr.
Current Price
₹194.1
52-Week Low / High
₹153 / 329
TTM EPS
₹3
TTM Sales
₹740 Cr.
Book Value per Share
₹106.6
P/E Ratio
66.31
Higher than its 5-year historical median
Industry PE
44
Price to Book (P/B)
1.85
Lower than its 5-year historical median
Price to Sales (P/S)
2.97
Higher than its 5-year historical median
EV/EBITDA
25.88
Higher than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
3.14%
Underperforms industry median
Return on Capital Employed (ROCE)
5.10%
Underperforms industry median
Return on Assets (ROA)
2.07%
Operating Profit Margin
0.3%
Net Profit Margin
3.21%
Gross Profit Margin
5.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-21.87%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-95.89%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-47.62%
Asset Quality
Promoter Holding
52.16%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,165 Cr.
Equity
₹22.3 Cr.
Face Value
₹2
All Time Low / High
₹138.90 / 451.90

DCX Systems stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is DCX Systems Ltd a good quality company?
DCX Systems Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does DCX Systems Ltd performance compare with that of its Peers?
Q.1 Revenue growth of DCX Systems Ltd vs industry peers?
DCX Systems Ltd revenue CAGR is 19.87%, compared to the industry median CAGR of 17.94%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of DCX Systems Ltd?
Promoters hold 52.16% of the DCX Systems Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of DCX Systems Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of 1.17% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
DCX Systems Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 11.3%15.6%29.8%21.6%13.2%9.3%5.1%-
Value Creation
Index
-0.20.11.10.6-0.1-0.3-0.6-

Growth Parameters

Sales 3004496411,1021,2541,4231,112740
Sales YoY Gr.-49.8%42.7%71.9%13.7%13.5%-21.9%-
Adj EPS 1.33.82.3109.562.73
YoY Gr.-205.6%-40.8%342.5%-4.6%-37%-55.9%-
BVPS (₹) 1.12.56.715.258.6100.5103.6106.6
Adj Net
Profit
8.826.815.977.492.36729.533
Cash Flow from Ops. 121130114-134-5860.8444-
Debt/CF from Ops. 0.911.2-3.8-0.9352.30-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales NA19.9%0.3%-21.9%
Adj EPS NA-7.1%-35.8%-55.9%
BVPSNA111.5%89.7%3.2%
Share Price - - -5.1% -38.2%

Key Financial Parameters

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
117.7217.349.694.2277.92.62.8
Op. Profit
Mgn %
3.66.81.67.694.90.31.8
Net Profit
Mgn %
2.962.577.44.72.74.5
Debt to
Equity
14.67.82.94.30.90.200
Working Cap
Days
019614058104194239337
Cash Conv.
Cycle
01425116194108205

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales3004496411,1021,2541,4231,112
Operating Expenses + 2954436311,0351,1701,3531,109
Manufacturing Costs2322223
Material Costs2804086181,0011,1191,3291,080
Employee Cost 5659101215
Other Costs 827524381111
Operating Profit 56106784703
Operating Profit Margin (%) 1.6%1.4%1.6%6.1%6.7%4.9%0.3%
Other Income + 9164222304668
Exceptional Items 0000000
Interest 681011262810
Depreciation 1122226
Profit Before Tax 7134076868555
Tax 331010141719
Profit After Tax 5103066726836
PAT Margin (%) 1.5%2.2%4.6%6.0%5.7%4.8%3.2%
Adjusted EPS (₹)0.71.44.28.57.56.13.2
Dividend Payout Ratio (%)0%0%0%0%0%0%0%

Valuation of DCX Systems - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 717471185671,1191,154
Share Capital 44415192222
Reserves 414431025481,0971,132
Debt +1091341365035042650
Long Term Debt00035000
Short Term Debt1091341364675042650
Minority Interest0000000
Trade Payables741511309713438085
Others Liabilities 298397480222335401
Total Liabilities 4896997939391,2071,8001,640

Fixed Assets

Net Fixed Assets +6171615153233
Gross Block9202123254450
Accumulated Depreciation336891218
CWIP 3000200
Investments 4000713159
Inventories67720227229125173
Trade Receivables100881269320667160
Cash Equivalents flag 259417549800591835913
Others Assets 110100142744127202
Total Assets 4896997939391,2071,8001,640

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 121130114-134-5861444
PBT 7134076868555
Adjustment -4-8-15-13-9-17-46
Changes in Working Capital 11912993-184-638-55445
Tax Paid -1-4-3-13-25-13-9
Cash Flow From Investing Activity + 7821211919-93
Capex -3-10-1-1-2-18-6
Net Investments -4400000
Others 141522222137-87
Cash Flow From Financing Activity + 3819-2364358223-272
Net Proceeds from Shares 00053764860
Net Proceeds from Borrowing 0000000
Interest Paid -4-6-5-7-19-24-7
Dividend Paid 0000000
Others 432523661-238-266
Net Cash Flow 166157133251-20924378

Financial Ratio

PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)61.5479.1592.4379.8321.048.083.14
ROCE (%)11.2715.5529.7521.6313.29.275.1
Asset Turnover Ratio0.610.760.861.271.170.950.65
PAT to CFO Conversion(x)24.2133.8-2.03-8.140.0112.33
Working Capital Days
Receivable Days122.1076.5028.6013.5056.60126.50135.80
Inventory Days7.803479.4037.9037.2045.4049
Payable Days96.30100.5082.8041.3037.6070.6078.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

DCX Systems Ltd FAQs

The current trading price of DCX Systems on 05-Jun-2026 16:59 is ₹194.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 04-Jun-2026 the market cap of DCX Systems stood at ₹2,198.8 Cr

The latest P/E ratio of DCX Systems as of 04-Jun-2026 is 66.31.

The latest P/B ratio of DCX Systems as of 04-Jun-2026 is 1.85.

The 52-week high of DCX Systems is ₹329.0 and the 52-week low is ₹153.3.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of DCX Systems is ₹740 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that DCX Systems Ltd is a average quality company.

The key valuation ratios of DCX Systems Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of DCX Systems Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About DCX Systems Ltd

The company was incorporated as “DCX Cable Assemblies Private Limited” on December 16, 2011, at Bengaluru, Karnataka as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation issued by the Registrar of Companies, Karnataka (RoC). Thereafter, the name of the Company was changed to ‘DCX Systems Private Limited’ pursuant to a special resolution dated November 24, 2021, passed by its shareholders and a fresh certificate of incorporation consequent upon change of name issued by the RoC on January 3, 2022. Pursuant to the conversion of the Company to a public limited company, in accordance with the special resolution passed by its Shareholders dated February 2, 2022, the name of the Company was changed to “DCX Systems Limited” and the RoC issued a fresh certificate of incorporation on February 18, 2022.

DCX Systems is among the leading Indian players for the manufacture of electronic sub-systems and cable harnesses in terms of manufacturing capability and revenue in Fiscal 2022 in the defence and aerospace sector. It is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and are also involved in kitting. It commenced operations in 2011 and has been a preferred Indian Offset Partner (IOP) for foreign original equipment manufacturers (OEMs) for executing aerospace and defence manufacturing projects. It is also one of the largest Indian Offset Partner (IOP) for ELTA Systems and Israel Aerospace Industries, System Missiles and Space Division (together, the IAI Group), Israel, for the Indian defence market for manufacture of electronic sub-systems and cable and wire harness assemblies. Over the years, it has expanded its manufacturing capabilities and grown its order book.

Business area of the company

The company classifies its operations under the following business verticals:

  • System Integration: The company undertakes system integration in areas of radar systems, sensors, electronic warfare, missiles, and communication systems. It provides product assembly and system integration services of various complexities to address customers’ requirements. System integration services are part of a comprehensive array of electronics and electro-mechanical assembly and enclosure assembly. It also provides product repair support for the parts that it manufacture.
  • Cable and Wire Harness Assemblies: The company manufactures a comprehensive array of cables and wire harnesses assemblies such as radio frequency cables, co-axial, mixed signal, power, and data cables for a variety of uses including communication systems, sensors, surveillance systems, missile systems, military armored vehicles, and other electronic warfare systems for the aerospace and defence industries as per the customers’ requirements.
  • Kitting: The company supply assembly ready kits of electronic and electro-mechanical parts and undertake all aspects of procurement including sourcing components from suppliers approved by its customer along with a ‘Certificate of Compliance’ for traceability, controlled storage of moisture sensitive devices to ensure that customers receive complete, assembly-ready kits when required when they are needed for production.

In addition, the company also undertakes certain job work services that includes assembly and testing of materials that have been supplied directly by its customers.

Key Awards, Accreditations and Recognition

  • 2013: Awarded AS-9100:2016 and ISO 9001:2015 certification by DQS Inc.
  • 2018: Awarded the most promising Manufacturing (Cables) Company of the Year at the 11th International Achievers Summit on ‘Global Business Opportunities’.
  • 2018: Conferred the Excellence Award for Industrial Development by the Indian Economic Developmental and Research Association at the National Seminar on Outstanding Contributions to National Development.
  • 2018: Won the India 5000 Best MSME Awards.

Major events and milestones

  • 2011: Incorporated as a private limited company.
  • 2012: Executed first direct export order.
  • 2013: Executed first deemed export order.
  • 2015: Granted industrial license by the Department of Industrial Policy and Promotion, Ministry of Commerce and Industry, Government of India for manufacturing items including microwave components, electronic components, and assembly and testing of microwave modules.
  • 2018: Granted authorisation for export of Munitions List items to IAI Elta System, Israel for end use of Indian Air Force and Navy.
  • 2018: Signed lease deed for 6,070 square meters of land in the Aerospace SEZ Sector, Hitech, Defence & Aerospace Park.
  • 2022: Raneal Advanced Systems Private Limited incorporated as the company’s wholly-owned subsidiary.
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