DCX Systems Ltd (DCXINDIA) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 543650 | NSE: DCXINDIA | Defence | Small Cap

DCX Systems Share Price

206.85 -4.95 -2.34%
as on 07-Nov'25 16:59

DCX Systems Ltd (DCXINDIA) Stock Analysis: Valuation, Latest Results, Financial Ratios & DeciZen Rating

BSE: 543650 | NSE: DCXINDIA | Defence | Small Cap

DeciZen - make an informed investing decision on DCX Systems

Based on:

Overall Rating
Bole Toh

1. Quality

2. Valuation

Fair

3. Price Trend

DCX Systems stock performance -

Key Ratios
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P/E Ratio (SA):
54.49
Market Cap:
2,304 Cr.
52-wk low:
200
52-wk high:
393

Is DCX Systems Ltd an attractive stock to invest in?

1. Is DCX Systems Ltd a good quality company?

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

2. Is DCX Systems Ltd undervalued or overvalued?

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

3. Is DCX Systems Ltd a good buy now?

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

10 Year X-Ray of DCX Systems:

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

Value Creation Index Colour Code Guide

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

Growth Parameters Colour Code Guide

Sales 3004496411,1021,2541,4231,1121,194
Sales YoY Gr.-49.8%42.7%71.9%13.7%13.5%-21.9%-
Adj EPS 1.33.82.3109.562.73.8
YoY Gr.-205.6%-40.8%342.5%-4.6%-37%-55.9%-
BVPS (₹) 1.12.56.715.258.6100.5103.6104.6
Adj Net
Profit
8.826.815.977.492.36729.542
Cash Flow from Ops. 121130114-134-5860.8444-
Debt/CF from Ops. 0.911.2-3.8-0.9352.30-

CAGR

CAGR Colour Code Guide

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 - - - -39%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
117.7217.349.694.2277.92.63.7
Op. Profit
Mgn %
3.66.81.67.694.90.30.6
Net Profit
Mgn %
2.962.577.44.72.73.6
Debt to
Equity
14.67.82.94.30.90.20-
Working Cap
Days
019614058104194239246
Cash Conv.
Cycle
01425116194108152

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 3.60%

Sales growth has been subdued in last 3 years 0.30%

Net Profit has been subdued in last 3 years -35.77%

Sales growth is not so good in last 4 quarters at 7.99%

Latest Financials - DCX Systems Ltd.

Standalone Consolidated
TTM EPS (₹) 3.8 3.6
TTM Sales (₹ Cr.) 1,194 1,168
BVPS (₹.) 104.6 123.8
Reserves (₹ Cr.) 1,143 1,357
P/BV 1.98 1.67
PE 54.49 57.62
From the Market
52 Week Low / High (₹) 200.00 / 393.00
All Time Low / High (₹) 138.90 / 451.90
Market Cap (₹ Cr.) 2,304
Equity (₹ Cr.) 22.3
Face Value (₹) 2
Industry PE 47.4

Management X-Ray of DCX Systems:

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 (%)

Valuation of DCX Systems - Standalone Basis

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

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

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

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Event Update

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Analyst's Notes

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No data found!

Key Ratios of DCX Systems

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

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
Interest 681011262810
Depreciation 1122226
Exceptional Items 0000000
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%

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
Minority Interest0000000
Debt1091341365035042650
Long Term Debt00035000
Short Term Debt1091341364675042650
Trade Payables741511309713438085
Others Liabilities 298397480222335401
Total Liabilities 4896997939391,2071,8001,640

Fixed Assets

Gross Block9202123254450
Accumulated Depreciation336891218
Net Fixed Assets 6171615153233
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

Finance 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 Days12276291457127136
Inventory Days8347938374549
Payable Days961018341387179

DCX Systems Ltd Stock News

DCX Systems Ltd FAQs

The current trading price of DCX Systems on 07-Nov-2025 16:59 is ₹206.8.
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 06-Nov-2025 the market cap of DCX Systems stood at ₹2,304.
The latest P/E ratio of DCX Systems as of 06-Nov-2025 is 54.49.
The latest P/B ratio of DCX Systems as of 06-Nov-2025 is 1.98.
The 52-week high of DCX Systems is ₹393.0 and the 52-week low is ₹200.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of DCX Systems is ₹1,194 ( Cr.) .

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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