DCX Systems

NSE: DCXINDIA · Aerospace & Defense

52W Range₹153 ₹286

Snapshot

Unlock DCX Systems's vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

DCX Systems Limited is an Indian manufacturer specialising in electronic sub-systems, cable assemblies, and wire harnesses for the aerospace and defence sectors. The company provides comprehensive services including system integration, kitting, and testing for complex industrial and military applications.

Business Model

The company generates revenue through the manufacturing and supply of customised electronic components and sub-systems, alongside providing value-added integration and testing services for defence and aerospace clients.

Growth Outlook

Growth is primarily driven by the increasing indigenisation of defence manufacturing in India and the rising demand for sophisticated electronic sub-systems in aerospace applications.

Key Risks

  • Geopolitical and Policy Risk. The company's performance is highly sensitive to changes in Indian government defence procurement policies and budget allocations.
  • Customer Concentration. A significant portion of revenue is often derived from a limited number of large defence contracts, creating vulnerability if specific projects are delayed or cancelled.
  • Supply Chain Dependency. Reliance on imported components for high-end electronic sub-systems exposes the company to global supply chain disruptions and currency fluctuations.
  • Technological Obsolescence. Rapid advancements in aerospace and defence technology require continuous investment in R&D to maintain competitive relevance.

Price

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Key Metrics

REVENUE

₹743 Cr

TTM · consolidated

-31.4%YoY

NET PROFIT

₹-8 Cr

TTM · consolidated

-119.8%YoY

EPS

₹-0.70

TTM · consolidated

-120.1%YoY

RETURN ON EQUITY

-0.5%

TTM · consolidated

-3.8 ppYoY

RETURN ON CAPITAL EMPLOYED

0.9%

TTM · consolidated

-5.0 ppYoY

P/E

-272.3x

Q4 FY26 · consolidated

-272.3 vs 32.0x5Y avg

EV/EBITDA

71.7x

Q4 FY26 · consolidated

71.7 vs 25.7x5Y avg

EBITDA MARGIN

3.8%

TTM · consolidated

-4.0 ppYoY

NET PROFIT MARGIN

-0.1%

Q4 FY26 · consolidated

-3.9 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · consolidated

+0.00xYoY

Peers · Aerospace & Defense

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
DCX SystemsDCXINDIA
1,924-272.3471.72-31.4%3.8%-0.5%0.9%-30.4%
Rossell TechsysROSSTECH
2,644175.2763.3713.7%15.8%35.5%+118.4%
Ideaforge TechIDEAFORGE
1,756-91.43312.0248.2%5.0%-6.7%-6.6%+52.5%
Jaykay Enter.JAYKAY
1,63510.0333.11197.2%27.8%41.7%40.4%+17.8%
NIBENIBE
1,37698.2231.9515.8%7.4%13.6%-3.7%
Krishna DefenceKRISHNADEF
1,32322.0%+51.1%

As of Q4 FY26

Financials