MoneyWorks4Me

DCX Systems Ltd (DCXINDIA)

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

₹151.10 0.35 (0.23%)

As on 12-Oct'26 16:59

DCX Systems Ltd (DCXINDIA)

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

₹151.10 0.35 (0.23%)

As on 12-Oct'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,683 Cr.
Current Price
₹151.1
52-Week Low / High
₹148 / 246
TTM EPS
₹-1.8
TTM Sales
₹624 Cr.
Book Value per Share
₹135.1
P/E Ratio
0.00
Lower than its 5-year historical median
Industry PE
45.1
Price to Book (P/B)
1.12
Lower than its 5-year historical median
Price to Sales (P/S)
2.70
Higher than its 5-year historical median
EV/EBITDA
83.08
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
-0.53%
Underperforms industry median
Return on Capital Employed (ROCE)
0.88%
Underperforms industry median
Return on Assets (ROA)
-0.39%
Operating Profit Margin
0.1%
Net Profit Margin
-1.04%
Gross Profit Margin
3.3%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-33.47%
Operating Profit Growth (1 Year)
-
-471.15%
Net Profit Growth (1 Year)
-
-119.83%
Asset Quality
Promoter Holding
52.16%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,482 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

Valuation

Fair

Price Trend

Weak
Q.1 Is DCX Systems Ltd a good quality company?
DCX Systems Ltd is a weak quality company, based on a inconsistent 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 3.00%, compared to the industry median CAGR of 12.65%, indicating slower growth and losing 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 -19.96% 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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ11.3%15.6%29.8%21.6%13.2%9.3%5.1%4.5%-
Value Creation
Index ⓘ
-0.20.11.10.6-0.1-0.3-0.6-0.7-

Growth Parameters ⓘ

Sales ⓘ3004496411,1021,2541,4231,112740621
Sales YoY Gr.-49.8%42.7%71.9%13.7%13.5%-21.9%-33.5%-
Adj EPS ⓘ1.33.82.3109.562.73.12.4
YoY Gr.-205.6%-40.8%342.5%-4.6%-37%-55.9%18.1%-
BVPS (₹) ⓘ1.12.56.715.258.6100.5103.6106.6107
Adj Net
Profit ⓘ
8.826.815.977.492.36729.534.827
Cash Flow from Ops. ⓘ121130114-134-5860.8-33723-
Debt/CF from Ops. ⓘ0.911.2-3.8-0.9352.300-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNA2.9%-16.1%-33.5%
Adj EPS ⓘNA6.7%-31%18.1%
BVPSⓘNA74%22%2.8%
Share Price - - -20.1% -36.5%

Key Financial Parameters ⓘ

Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
117.7217.349.694.2277.92.632.2
Op. Profit
Mgn % ⓘ
3.66.81.67.694.90.32.52
Net Profit
Mgn % ⓘ
2.962.577.44.72.74.74.3
Debt to
Equity ⓘ
14.67.82.94.30.90.200-
Working Cap
Days ⓘ
019614058104194239329337
Cash Conv.
Cycle ⓘ
01425116194108152205

Valuation of DCX Systems - Consolidated

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!

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 (%)

Financials

PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales6411,1021,2541,4241,084743
Operating Expenses ⓘ + 6311,0351,1701,3441,079760
Manufacturing Costs222238
Material Costs6181,0011,1191,3171,036679
Employee Cost 5911142340
Other Costs ⓘ 52438121634
Operating Profit ⓘ 106784805-17
Operating Profit Margin (%) 1.6%6.1%6.7%5.6%0.4%-2.3%
Other Income ⓘ + 422230508045
Exceptional Items ⓘ 000000
Interest ⓘ 10112630113
Depreciation ⓘ 22251315
Profit Before Tax ⓘ 40768695609
Tax ⓘ 101014192117
Profit After Tax 3066727639-8
PAT Margin (%) 4.6%6.0%5.7%5.3%3.6%-1.0%
Adjusted EPS (₹)4.28.57.46.83.5-0.7
Dividend Payout Ratio (%)0%0%0%0%0%0%
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 471185671,1261,3751,513
Share Capital ⓘ 3.5015.4819.3522.2822.2822.28
Reserves ⓘ 431025471,1041,3531,491
Debt +13650350929100
Long Term Debt03562000
Short Term Debt13646750427000
Minority Interest000000
Trade Payables13097136392101210
Others Liabilities ⓘ 480222236426378
Total Liabilities ⓘ 7939391,2151,8451,9032,101

Fixed Assets

Net Fixed Assets ⓘ +16151560347484
Gross Block21232574374527
Accumulated Depreciation689152843
CWIP ⓘ 005000
Investments ⓘ 000000
Inventories20227229203289537
Trade Receivables1269320667165134
Cash Equivalents flag ⓘ 5498005968411,003765
Others Assets ⓘ 1427507498181
Total Assets ⓘ 7939391,2151,8451,9032,101
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 114-134-5904-3142
PBT ⓘ 40768695609
Adjustment ⓘ -15-13-9-13-3291
Changes in Working Capital ⓘ 93-184-642-63-330-81
Tax Paid ⓘ -3-13-25-14-11-17
Cash Flow From Investing Activity ⓘ + 212122-1-239-108
Capex -1-1-2-45-300-153
Net Investments 000000
Others ⓘ 222224436145
Cash Flow From Financing Activity ⓘ + -2364364242-9526
Net Proceeds from Shares ⓘ 0537648600
Net Proceeds from Borrowing ⓘ 000000
Interest Paid ⓘ -5-7-19-25-70
Dividend Paid ⓘ 000000
Others ⓘ 23667-219-8826
Net Cash Flow ⓘ 133251-204245-647-80
PARTICULARSMar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)63.1879.8320.958.953.11-0.53
ROCE (%)27.1521.6313.139.985.10.88
Asset Turnover Ratio0.811.271.160.930.580.37
PAT to CFO Conversion(x)3.8-2.03-8.190.05-8.05N/A
Working Capital Days
Receivable Days713.5056.60126.50140.2073.60
Inventory Days114.8037.9037.3055.5082.90202.80
Payable Days76.6041.303873.2086.9083.70

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Announcements

DCX Systems Ltd FAQs

The current trading price of DCX Systems on 12-Oct-2026 16:59 is ₹151.1.

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 11-Oct-2026 the market cap of DCX Systems stood at ₹1,683.1 Cr

The latest P/E ratio of DCX Systems as of 11-Oct-2026 is 63.48.

The latest P/B ratio of DCX Systems as of 11-Oct-2026 is 1.41.

The 52-week high of DCX Systems is ₹245.6 and the 52-week low is ₹147.7.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of DCX Systems is ₹621 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that DCX Systems Ltd is a below 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 Fair zone.

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.

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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