DCX Systems Limited
NSE: DCXINDIA · Aerospace & Defense · sector
₹135.01NSE close 2026-10-26
Key numbers
Market cap₹1,504 cr
Price₹135.01
52w high / low₹235 / ₹135
P/E–Sector median 75.3x
P/B1.0xSector median 8.2x
Book value₹135.8
Dividend yield–Sector median 0.15%
ROE0.7%Sector median 12.6%
ROCE-0.3%Sector median 13.7%
OPM-4.6%Sector median 20.9%
Debt / equity0.00xSector median 0.11x
EV/EBITDA–Sector median 59.6x
Interest cover-1.4x
Current ratio2.75x
Sales growth 3y-16.0%Sector median +15.9%
Profit growth 3y+18.8%Sector median +32.2%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 29 companies in Aerospace & Defense (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹765 cr vs borrowings ₹0 cr (FY26): cash is higher (net cash).
- Borrowings fell in each of the last 3 years (₹509 cr → ₹0 cr).
- Operating profit covered interest -1.4x in the last 12 months.
- Operating cash flow was below net profit in 3 of the last 4 years (FY26, FY24, FY23).
- Net loss in 3 of the last 8 quarters.
- Revenue was higher than a year earlier in 0 of the last 4 quarters.
- Other income was 380% of net profit in the last 12 months.
- Debtor days went from 171 (FY24) to 66 (FY26).
- No dividend in the last 4 financial years.
- Price ₹135.01 on 2026-10-26: -42.5% from the 52-week high, 0.0% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹368.90 · low ₹135.01
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 196 | 200 | 550 | 222 | 193 | 121 | 207 | 103 |
| EBITDA | -4 | 3 | 10 | 0 | -13 | -5 | -0 | -11 |
| OPM % | -1.9% | 1.5% | 1.9% | 0.1% | -6.6% | -4.2% | -0.1% | -10.4% |
| Other income | 20 | 18 | 24 | 15 | 12 | 11 | 8 | 9 |
| Net profit | 5 | 10 | 21 | 4 | -9 | -2 | 31 | -9 |
| EPS (₹) | 0.47 | 0.90 | 1.86 | 0.36 | -0.81 | -0.22 | -0.03 | -0.78 |
| Revenue YoY | -1.4% | -39.5% | -62.3% | -53.6% | ||||
| Profit YoY | -273.2% | -124.3% | +48.0% | -313.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|
| Revenue | 1,254 | 1,424 | 1,084 | 743 | 624 |
| EBITDA | 84 | 80 | 5 | -17 | -29 |
| Net profit | 72 | 76 | 39 | 120 | 11 |
| EPS (₹) | 8.44 | 7.61 | 3.49 | -0.69 | -1.84 |
| Revenue growth | +13.6% | -23.9% | -31.4% | -46.5% | |
| Profit growth | +5.7% | -48.7% | +209.1% | -73.7% | |
| Dividend / share (₹) | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -16.0% | – | -46.5% |
| Net profit | +18.8% | – | -73.7% |
| EPS | – | – | – |
| Share price | – | -31.2% (2y) | -37.9% |
Balance sheet
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Shareholders' equity | 567 | 1,126 | 1,375 | 1,513 |
| Borrowings | 509 | 291 | 0 | 0 |
| Cash & equivalents | 596 | 841 | 1,004 | 765 |
| Total assets | 1,219 | 1,847 | 1,904 | 2,103 |
| Fixed assets | 11 | 56 | 62 | 64 |
| Capital work in progress | 5 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Receivables | 320 | 667 | 165 | 134 |
| Inventory | 229 | 204 | 289 | 537 |
| Payables | 136 | 392 | 101 | 210 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Cash from operations | -590 | 4 | 496 | 2 |
| Cash from investing | 22 | -1 | -239 | -108 |
| Cash from financing | 364 | 242 | -95 | 26 |
| Capex | 3 | 45 | 300 | 153 |
| Free cash flow | -593 | -40 | 196 | -151 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ROE % | 12.6% | 6.7% | 2.8% | 7.9% |
| ROCE % | 10.4% | 8.8% | 5.2% | 0.8% |
| Debtor days | 93 | 171 | 56 | 66 |
| Inventory days | 75 | 56 | 102 | 289 |
| Payable days | 44 | 109 | 36 | 113 |
| Cash conversion cycle (days) | 124 | 118 | 122 | 242 |
| Working capital days | 159 | 278 | 346 | 505 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 52.16% |
| FIIs | 1.52% |
| DIIs | 2.75% |
| of which Mutual funds | 2.58% |
| Public (non-institutions) | 43.56% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 56.85% | 56.85% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% | 52.16% |
| Promoter group | % |
|---|---|
| Raneal Technologies Private Limited | 28.63% |
| Ncbg Holdings Inc | 20.12% |
| H S Raghavendra Rao | 3.42% |
| Public holders above 1% | % |
|---|---|
| HDFC Large and MID CAP Fund | 2.55% |
| Ajay Upadhyaya | 1.35% |
| Barclays Wealth Trustees India Private Limited | 1.32% |
1,57,832 shareholders. Pledged: – of promoter shares.
Peers in Aerospace & Defense
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| HAL | ₹3,19,342 cr | 34.3x | 7.8x | 24.5% | 30.2% | 29.6% | +7.1% | 1.05% |
| BEL | ₹2,65,346 cr | 43.2x | 11.1x | 28.0% | 34.1% | 28.6% | +15.9% | 0.79% |
| BDL | ₹37,719 cr | 72.4x | 8.9x | 12.6% | 16.8% | 12.7% | -0.6% | 0.51% |
| GRSE | ₹21,411 cr | 26.7x | 8.2x | 34.0% | 41.2% | 11.1% | +39.8% | 0.95% |
| DATAPATTNS | ₹21,133 cr | 78.8x | 12.2x | 16.5% | 21.4% | 39.3% | +26.8% | 0.21% |
| AEQUS | ₹16,257 cr | – | 10.9x | -7.6% | 1.1% | 7.6% | – | – |
| APOLLO | ₹15,269 cr | 118.8x | 11.6x | 12.7% | 11.6% | 22.6% | +44.9% | 0.06% |
| ASTRAMICRO | ₹14,226 cr | 75.3x | 10.8x | 15.7% | 18.6% | 28.6% | +12.6% | 0.15% |
| ZENTEC | ₹13,947 cr | 77.1x | 7.4x | 10.3% | 14.6% | 32.6% | +46.5% | 0.13% |
| DCXINDIA | ₹1,504 cr | – | 1.0x | 0.7% | -0.3% | -4.6% | -16.0% | – |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing: Manufacture of Defence and Aerospace related products
| Sector | Industrials |
| Industry | Aerospace & Defense |
| Sub-industry | Aerospace & Defense |
| Symbol | DCXINDIA |
| BSE code | 543650 |
| ISIN | INE0KL801015 |
| Face value | ₹2.0 |
| Incorporated | 2011-12-16 |
| Website | www.dcxindia.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.