DCX Systems Ltd - Stock Valuation and Financial Performance

BSE: 543650 | NSE: DCXINDIA | Electronics - Components | Small Cap

DCX Systems Share Price

294.40 17.95 6.49%
as on 28-Mar'24 16:01

DeciZen - make an informed investing decision on DCX Systems

Overall Rating
Bole Toh

1. Quality

2. Valuation

Somewhat overvalued

3. Price Trend

DCX Systems stock performance -

mw4me loader
P/E Ratio (SA):
36.99
Market Cap:
3,079.3 Cr.
52-wk low:
138.9
52-wk high:
392.9

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 Somewhat overvalued 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'23TTM
ROCE % 11%24.2%13.6%21.3%13%-
Value Creation
Index
-0.20.70.00.5-0.1-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 3004496411,1021,2541,188
Sales YoY Gr.-49.8%42.7%71.9%13.7%-
Adj EPS 1.33.82.3109.57.5
YoY Gr.-205.6%-40.8%342.5%-4.6%-
BVPS (₹) 1.12.56.715.258.699.2
Adj Net
Profit
8.826.815.977.492.383
Cash Flow from Ops. 121130114-134-586-
Debt/CF from Ops. 0.911.2-3.8-0.9-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales NANA40.8%13.7%
Adj EPS NANA35.7%-4.6%
BVPSNANA188.2%286%
Share Price - - - 109.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
117.7217.349.694.2279.5
Op. Profit
Mgn %
3.66.81.67.697
Net Profit
Mgn %
2.962.577.47
Debt to
Equity
14.67.82.94.30.9-
Working Cap
Days
01961405810477
Cash Conv.
Cycle
01425116141

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 40.79%

Net Profit is growing at healthy rate in last 3 years 35.67%

Debt to equity has declined versus last 3 years average to 0.89

Sales growth is good in last 4 quarters at 12.42%

Return on Equity has declined versus last 3 years average to 9.50%

Latest Financials - DCX Systems Ltd.

Standalone Consolidated
TTM EPS (₹) 7.5 7.5
TTM Sales (₹ Cr.) 1,188 1,188
BVPS (₹.) 99.2 99.2
Reserves (₹ Cr.) 1,082 1,083
P/BV 2.79 2.79
PE 36.99 36.68
From the Market
52 Week Low / High (₹) 138.90 / 392.90
All Time Low / High (₹) 138.90 / 392.90
Market Cap (₹ Cr.) 3,079
Equity (₹ Cr.) 22.3
Face Value (₹) 2
Industry PE 88.6

Management X-Ray of DCX Systems:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

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'23
Sales3004496411,1021,254
Operating Expenses 2954436311,0351,170
Manufacturing Costs23222
Material Costs2804086181,0011,119
Employee Cost 565910
Other Costs 82752438
Operating Profit 56106784
Operating Profit Margin (%) 1.6%1.4%1.6%6.1%6.7%
Other Income 916422230
Interest 68101126
Depreciation 11222
Exceptional Items 00000
Profit Before Tax 713407686
Tax 33101014
Profit After Tax 510306672
PAT Margin (%) 1.5%2.2%4.6%6.0%5.7%
Adjusted EPS (₹)0.71.44.28.57.5
Dividend Payout Ratio (%)0%0%0%0%0%

Balance Sheet

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

Equity and Liabilities

Shareholders Fund 71747118567
Share Capital 4441519
Reserves 41443102548
Minority Interest00000
Debt109134136503504
Long Term Debt000350
Short Term Debt109134136467504
Trade Payables7415113097134
Others Liabilities 2983974802223
Total Liabilities 4896997939391,207

Fixed Assets

Gross Block920212325
Accumulated Depreciation33689
Net Fixed Assets617161515
CWIP 30002
Investments 40007
Inventories67720227229
Trade Receivables100881269320
Cash Equivalents 259417549800591
Others Assets110100142744
Total Assets 4896997939391,207

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity 121130114-134-586
PBT 713407686
Adjustment -4-8-15-13-9
Changes in Working Capital 11912993-184-638
Tax Paid -1-4-3-13-25
Cash Flow From Investing Activity 78212119
Capex -3-10-1-1-2
Net Investments -44000
Others 1415222221
Cash Flow From Financing Activity 3819-2364358
Net Proceeds from Shares 0005376
Net Proceeds from Borrowing 00000
Interest Paid -4-6-5-7-19
Dividend Paid 00000
Others 432523661
Net Cash Flow 166157133251-209
PARTICULARSMar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)61.5479.1592.4379.8321.04
ROCE (%)11.2715.5529.7521.6313.2
Asset Turnover Ratio0.610.760.861.271.17
PAT to CFO Conversion(x)24.2133.8-2.03-8.14
Working Capital Days
Receivable Days12276291457
Inventory Days834793837
Payable Days96101834138

DCX Systems Ltd Stock News

DCX Systems Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of DCX Systems on 28-Mar-2024 16:01 is ₹294.4.
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 28-Mar-2024 16:01 the market cap of DCX Systems stood at ₹3,079.3.
The latest P/E ratio of DCX Systems as of 28-Mar-2024 16:01 is 36.99.
The latest P/B ratio of DCX Systems as of 28-Mar-2024 16:01 is 2.79.
The 52-week high of DCX Systems is ₹392.9 and the 52-week low is ₹138.9.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of DCX Systems is ₹1,188 ( 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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