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Dcx Systems Limited (DCXINDIA) · mywealthgrid

Dcx Systems Limited

NSE:DCXINDIA BSE:DCXINDIA

IndustrialsAerospace & Defense

₹159.0

-1.36%1 Oct close

Mkt cap

₹1,771 Cr

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About

Dcx Systems Limited operates in aerospace & defense within India's industrials sector, with quarterly standalone revenue ranging from ₹101–₹207 Cr. Market cap of ₹1,962.76 Cr positions it as a mid-cap player in a capital-intensive, government-dependent industry. The company reported -34.33% one-year returns, reflecting recent underperformance.

Face value: ₹2

Market cap

₹1,771 Cr

P/E

—

P/B

1.2×

Dividend yield

ROE

8.3%

ROCE

0.9%

Debt / equity

OPM

-2.3%

EPS (TTM)

₹-1.8

Book value

₹135.8

52-week high

—

52-week low

—

Key insights

Company research notes and source-linked reviews

Key risks

Profitability volatility: Operating margin has swung from -10.36% (Jun 2026) to +3.95% (Dec 2025) quarter-to-quarter; aggregate OPM of -2.3% signals consistent margin pressure. Verify root cause and trajectory.
Revenue lumpy and unpredictable: Standalone quarterly revenue ranges from ₹101 Cr to ₹207 Cr, with net profit alternating between losses and modest gains (₹-9 Cr to ₹+7 Cr). Verify if this reflects order-dependent business model or execution gaps.
Elevated leverage at current scale: While D/E is zero, ROE of only 8.32% on a debt-free balance sheet suggests low capital efficiency; thin or negative margins amplify risk from any revenue contraction.
Aerospace & defense cycle exposure: Verify government defense budget allocation trends and geopolitical demand drivers that would underpin sector growth.

Generated analysis · source review pending

Growth drivers

Project scale-up: Quarterly revenue ranges ₹101–₹207 Cr, suggesting project-dependent execution; higher throughput or larger contract wins could drive revenue growth if margins can be stabilized.
Margin recovery on existing base: Most negative OPM in Jun 2026 (-10.36%) versus best in Dec 2025 (+3.95%) signals 14pp volatility; if margins trend toward the +3% to +5% range on current ₹100–200 Cr quarterly base, profitability could improve sharply.
Debt-free balance sheet enables capex: Zero D/E ratio allows investment in manufacturing capacity or technology if demand environment improves; verify whether order pipeline justifies such investment.
Defense sector allocation: Verify whether government defense spend, Make-in-India policies, or geopolitical factors are expanding addressable market for aerospace & defense suppliers.

Generated analysis · source review pending

957 historical price candles were omitted because the exchange source has not been verified.

₹159.0+0.1%1Y

Quick read

rule-based

Pros

+Profit CAGR of 18.8% over the last 3 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of 6.8% (3-yr avg)
−Revenue shrank over the last 3 years (-16% a year)

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 27
Growth: 16
Valuation: 99

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,102	1,254	1,424	1,084	743
COGS	1,001	1,119	1,317	1,036	679
Gross profit	102	134	107	48	65
	35	51	27	43	82
	67	84	80	5	-17
OPM %	6.1%	6.7%	5.6%	0.4%	-2.3%
Depreciation	2	2	5	13	15
Interest	11	26	30	11	3
	22	30	50	80	45
Profit before tax	76	86	95	60	9
Tax	10	14	19	22	17
Tax %	13.2%	16.4%	19.9%	35.6%	182.6%
	66	72	76	39	-8
PAT margin %	6%	5.7%	5.3%	3.6%	-1%
EPS (₹)	9.2	8.4	7.6	3.5	-0.7
EPS adjusted (₹)	8.5	7.4	6.8	3.5	10.8
Annual report	—	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	4	15	19	22	22	22
Reserves	—	102	547	1,104	1,353	1,491
	—	503	509	291	0	0
	—	322	143	431	529	590
Total equity & liabilities	—	943	1,219	1,847	1,904	2,103
	16	15	11	56	339	478
CWIP	—	0	5	0	0	0
Investments	—	0	4	4	7	0
	—	928	1,199	1,787	1,558	1,626
Total assets	—	943	1,219	1,847	1,904	2,103

₹ Cr	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-134	-590	4	496	2
	21	22	-1	-239	-108
	364	364	242	-95	26
Net cash flow	251	-204	245	163	-80
Free cash flow	-136	-593	-40	196	-151
CFO / Operating profit %	-200.1%	-705.3%	5.6%	—	—

Compounded sales growth

7 years: —
5 years: —
3 years: -16%
1 year: -31%

Return on equity

7 years: —
5 years: 16%
3 years: 3%
Last year: -1%

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	9.2%	10.7%	7.5%	4.4%	8.7%
EBITDA margin %	6.1%	6.7%	5.6%	0.4%	-2.3%
EBIT margin %	5.9%	6.5%	5.3%	-0.8%	-4.4%
PAT margin %	6%	5.7%	5.3%	3.6%	-1%
Working capital
Receivable days	23	93	171	56	66
Inventory days	10	75	56	102	289
Payable days	35	44	109	36	113
NWC days	-2	123	119	122	242
Leverage
Current ratio	1.17	1.85	2.55	2.96	2.75
Debt to EBITDA	7.5	6.09	3.64	0	—
Debt to equity	4.27	0.9	0.26	0	0
Interest coverage	7.7	4.3	4.2	6.5	3.8
Asset turnover	1.17	1.03	0.77	0.57	0.35
Return ratios
Return on assets %	7%	5.9%	4.1%	2%	-0.4%
Return on capital employed %	56.4%	30.6%	14.4%	5.6%	0.9%
Return on equity %	55.8%	12.6%	6.7%	2.8%	-0.5%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	71.73%	71.73%	62.29%	59.78%	57.12%	56.85%	56.85%	52.16%	52.16%	52.16%	52.16%	52.16%
	0.07%	0.34%	2.3%	1.28%	0.77%	1.01%	1.16%	0.72%	1.48%	1.06%	0.83%	1.72%
	8.2%	7.02%	11.18%	8.89%	7.89%	5.39%	4.04%	4.57%	3.22%	3.65%	2.91%	2.69%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	20%	20.91%	24.23%	30.05%	34.22%	36.75%	37.95%	42.55%	43.14%	43.13%	44.1%	43.43%
No. of shareholders	—	—	—	—	—	—	—	—	1,61,887	1,61,592	1,63,978	1,60,726

Promoter holding down 19.57 percentage points since Sep 2023.

151 deals · 11 Nov 2022 – 24 Mar 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
24 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	7,21,606	₹173.71	₹12.54 Cr
24 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	6,48,167	₹175.01	₹11.34 Cr
24 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	5,64,294	₹173.94	₹9.82 Cr
24 Mar 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	5,53,234	₹173.92	₹9.62 Cr
23 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	41,97,640	₹179.97	₹75.54 Cr
23 Mar 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	41,97,640	₹179.88	₹75.51 Cr
23 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	29,47,992	₹179.91	₹53.04 Cr
23 Mar 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	29,47,992	₹180.05	₹53.08 Cr
23 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	28,76,566	₹179.93	₹51.76 Cr
23 Mar 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	27,74,834	₹180.30	₹50.03 Cr

1–10 of 151

1 / 16

Mr. H S Raghavendra RaoExecutive Director-Chairperson-MD
Mr. Gopinath VedaprakashExecutive Director
Mr. Shiva Kumar RExecutive Director
Mr. K ChandrasekaranNon-Executive - Independent Director
Mr. Nagabushan PrakashNon-Executive - Independent Director
Mrs. Lathika S PaiNon-Executive - Independent Director
Mr. Prasanna Kumar T SChief Financial Officer
Mr. Gurumurthy HegdeCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

2.57%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	159	0	0%	0%	+1

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Intimation of revision in Credit Rating.8 May 2026

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

14 announcementsExport CSV

29 Sept 2026, 5:31 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	9.2%	10.7%	7.5%	4.4%	8.7%
EBITDA margin %	6.1%	6.7%	5.6%	0.4%	-2.3%
EBIT margin %	5.9%	6.5%	5.3%	-0.8%	-4.4%
PAT margin %	6%	5.7%	5.3%	3.6%	-1%
Working capital
Receivable days	23	93	171	56	66
Inventory days	10	75	56	102	289
Payable days	35	44	109	36	113
NWC days	-2	123	119	122	242
Leverage
Current ratio	1.17	1.85	2.55	2.96	2.75
Debt to EBITDA	7.5	6.09	3.64	0	—
Debt to equity	4.27	0.9	0.26	0	0
Interest coverage	7.7	4.3	4.2	6.5	3.8
Asset turnover	1.17	1.03	0.77	0.57	0.35
Return ratios
Return on assets %	7%	5.9%	4.1%	2%	-0.4%
Return on capital employed %	56.4%	30.6%	14.4%	5.6%	0.9%
Return on equity %	55.8%	12.6%	6.7%	2.8%	-0.5%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bharat Dynamics LimitedBDLBDL	₹39,882 Cr	₹39,882 Cr	₹2,766 Cr	₹352 Cr	9.2%	₹521 Cr	17.2%	7.5%	10.2%	598
Garden Reach Shipbuilders & Engineers LimitedGRSEGRSE	₹24,193 Cr	₹24,193 Cr	₹7,507 Cr	₹833 Cr	11.4%	₹801 Cr	10.7%	41%	31.8%	205
Data Patterns (India) LimitedDATAPATTNSDATAPATTNS	₹23,807 Cr	₹23,807 Cr	₹941 Cr	₹373 Cr	40.4%	₹268 Cr	29.3%	22.6%	16.7%	499
Sigma Advanced Systems LimitedSIGMAADVSIGMAADV	₹18,975 Cr	₹19,275 Cr	₹843 Cr	₹121 Cr	9.7%	₹163 Cr	54.5%	73.1%	87.6%	271
Aequs LimitedAEQUSAEQUS	₹18,448 Cr	₹18,851 Cr	₹1,230 Cr	₹89 Cr	7.2%	₹-113 Cr	-9.2%	1.1%	-10.3%	259
Astra Microwave Products LimitedASTRAMICROASTRAMICRO	₹15,417 Cr	₹15,704 Cr	₹1,140 Cr	₹326 Cr	28.7%	₹189 Cr	16.6%	23.1%	16%	537
Apollo Micro Systems LimitedAPOLLOAPOLLO	₹14,558 Cr	₹15,091 Cr	₹1,022 Cr	₹231 Cr	24.1%	₹122 Cr	11.9%	18.2%	11.8%	443
Zen Technologies LimitedZENTECZENTEC	₹14,232 Cr	₹14,236 Cr	₹671 Cr	₹221 Cr	36%	₹186 Cr	31.7%	16.3%	10.8%	425
Paras Defence And Space Technologies LimitedPARASPARAS	₹10,285 Cr	₹10,311 Cr	₹511 Cr	₹130 Cr	25.3%	₹94 Cr	18.8%	16.9%	12.9%	435
Axiscades Technologies LimitedAXISCADESAXISCADES	₹9,806 Cr	₹10,082 Cr	₹1,099 Cr	₹152 Cr	15.3%	₹36 Cr	6.2%	17.7%	10.4%	31
Unimech Aerospace And Manufacturing LimitedUNIMECHUNIMECH	₹9,025 Cr	₹9,137 Cr	₹285 Cr	₹95 Cr	31.2%	₹72 Cr	26.3%	12.8%	9%	137
Mishra Dhatu Nigam LimitedMIDHANIMIDHANI	₹8,121 Cr	₹8,405 Cr	₹1,278 Cr	₹240 Cr	19.7%	₹135 Cr	10.9%	9.1%	8.9%	1,022

Date	Category	Subject	Filing
29 Sept 2026, 5:31 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 6:31 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Sept 2026, 6:21 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
5 Sept 2026, 11:10 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
4 Sept 2026, 7:20 pm	Others Business Responsibility and Sustainability Reporting (BRSR)	Business Responsibility and Sustainability Reporting (BRSR)	PDF
4 Sept 2026, 7:16 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
4 Sept 2026, 6:54 pm	AGM/EGM AGM	15Th AGM To Be Held On Monday September 28, 2026	PDF
17 Aug 2026, 4:45 pm	Company Update General	Intimation Of Receipt Of Purchase Orders	PDF