DCXINDIA

DCX Systems share price & financials

Price
₹204.32
Market cap
₹1.9k Cr
Sector
Capital Goods
Calls analysed
5
Latest concall · Q4 FY25 · call held 28 May 2025

DCX Systems Q4 FY25

FY25 PAT ₹38.88 cr −49%

FY25 PAT ₹39 cr (−49% YoY). Consolidated order book stood at ₹2,855 crores as on March 31, 2025.

Read the full call →

What DCX Systems does

DCX Systems manufactures cable & wire harness assemblies, printed circuit board assemblies (PCBAs) and system-integration products for the defence and aerospace industry, operating out of a facility in the Hi-Tech Defence and Aerospace Park SEZ in Bengaluru. It works on a Build-to-Print / offset model as the preferred and largest Indian offset partner to Israel Aerospace Industries (IAI), sourcing and assembling components for radar, communication, surveillance and missile systems supplied to global OEM customers. Backward integration into EMS/PCB assembly is carried out through its wholly-owned subsidiary Raneal Advanced Systems, and it has entered joint ventures with ELTA Systems (Israel) to develop obstacle-detection systems for railways (NIART Systems) and radar/electronic-warfare systems (ELTX Systems).

Segments

  • Manufacturing (Backward Integration)
  • System Integration
  • Others
Employee strength
140 (as of March 31, 2025)
Primary manufacturing facility land area
6,070 sq. m leased in Aerospace SEZ, Hi-Tech Defence & Aerospace Park, Bengaluru
Market position
Preferred and largest Indian offset partner to Israel Aerospace Industries (IAI)
Customer geography
Diverse mix of domestic and international customers across Israel, US, South Korea and India
Joint ventures
2 — NIART Systems (railway obstacle-detection, with ELTA Systems, Israel) and ELTX Systems (radar & EW systems, with ELTA Systems, Israel; new facility under construction at Shoolagiri, Tamil Nadu)
Wholly-owned manufacturing subsidiary
Raneal Advanced Systems — backward-integrated EMS/PCB assembly facility, including an oversized PCB assembly line
Founded 2011Headquarters Bengaluru (Hi-Tech Defence & Aerospace Park SEZ), Karnataka, IndiaEmployees 140 (2025-03-31) Company website

Guidance record · Q4 FY25

what the last two calls moved 11 tracked 4 delivered 4 missed 3 open
  • QIP Allocation for NIART Systems JV delivered, diluted said Q3 FY24 Promised: ₹209 crores Q4 FY25: the Rs. 280 crores, intangible that belongs to NIART... has been capitalized
  • NIART Systems Revenue Generation Start missed said Q3 FY24 Promised: FY24 end to FY25 Q4 FY25: to take proper revenue in my view in books, next year it should start.
  • BOM Guarantee Cost Recovery delayed said Q4 FY24 Promised: within 3-4 months Q4 FY25: In my view, months' time, 1 to 1.5 months' time, it has to be reconsidered... I want to push for Q1 results.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 53.6%, net profit down 313.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue196 200 550 222 193 −1%121 −39%207 −62%103 −54%
EBITDA-4 3 10 1 -13 −237%-5 −271%-0 −103%-11 −1060%
Net profit5 10 21 4 -9 −273%-2 −124%-0 −101%-9 −313%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −37.0% 1Y

₹150₹200₹250Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹264.5 on 10 Sept 2025 → ₹166.63. High ₹279.3 (19 Sept 2025), low ₹154.23 (30 Mar 2026).

Financials, as filed

Revenue fell 16.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to -2.3%.

Year endingFY23FY24FY25FY26
Revenue₹1.3k Cr₹1.4k Cr₹1.1k Cr₹743 Cr
Operating profit₹84 Cr₹79 Cr₹5 Cr₹-17 Cr
Operating margin6.7%5.5%0.4%-2.3%
Interest₹26 Cr₹30 Cr₹11 Cr₹3 Cr
Depreciation₹2 Cr₹5 Cr₹13 Cr₹15 Cr
Net profit₹72 Cr₹76 Cr₹39 Cr₹-8 Cr
Net margin5.7%5.3%3.6%-1.0%
Cash from operations₹-590 Cr₹4 Cr₹-314 Cr₹2 Cr
Free cash flow₹-598 Cr₹-40 Cr₹-614 Cr₹-151 Cr
ROCE13.0%10.0%5.0%1.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹4 Cr₹15 Cr₹19 Cr₹22 Cr₹22 Cr₹22 Cr
Reserves₹43 Cr₹102 Cr₹547 Cr₹1.1k Cr₹1.4k Cr₹1.5k Cr
Borrowings₹136 Cr₹503 Cr₹509 Cr₹291 Cr₹4 Cr₹3 Cr
Other liabilities₹610 Cr₹322 Cr₹143 Cr₹430 Cr₹642 Cr₹588 Cr
Total liabilities₹793 Cr₹943 Cr₹1.2k Cr₹1.8k Cr₹2.1k Cr₹2.1k Cr
Fixed assets₹16 Cr₹15 Cr₹15 Cr₹60 Cr₹418 Cr₹484 Cr
Capital work in progress₹0 Cr₹0 Cr₹5 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹778 Cr₹928 Cr₹1.2k Cr₹1.8k Cr₹1.7k Cr₹1.6k Cr
Total assets₹793 Cr₹943 Cr₹1.2k Cr₹1.8k Cr₹2.1k Cr₹2.1k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −1.87 pp while FIIs added +1.01 pp. The shareholder count grew 3% to 1,60,726.

Promoters
52.2%
FIIs
1.7%
DIIs
2.7%
Public
43.4%

Since Jun 2025

  • DIIs −1.87 pp
  • FIIs +1.01 pp
  • Public +0.87 pp

How it drifted, 12 quarters

Over this window the public went from 20.0% to 43.4% — +23.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 71.7%, FIIs 0.1%, DIIs 8.2%, Public 20.0%.Dec '23: Promoters 71.7%, FIIs 0.3%, DIIs 7.0%, Public 20.9%.Mar '24: Promoters 62.3%, FIIs 2.3%, DIIs 11.2%, Public 24.2%.Jun '24: Promoters 59.8%, FIIs 1.3%, DIIs 8.9%, Public 30.1%.Sep '24: Promoters 57.1%, FIIs 0.8%, DIIs 7.9%, Public 34.2%.Dec '24: Promoters 56.9%, FIIs 1.0%, DIIs 5.4%, Public 36.8%.Mar '25: Promoters 56.9%, FIIs 1.2%, DIIs 4.0%, Public 38.0%.Jun '25: Promoters 52.2%, FIIs 0.7%, DIIs 4.6%, Public 42.6%.Sep '25: Promoters 52.2%, FIIs 1.5%, DIIs 3.2%, Public 43.1%.Dec '25: Promoters 52.2%, FIIs 1.1%, DIIs 3.6%, Public 43.1%.Mar '26: Promoters 52.2%, FIIs 0.8%, DIIs 2.9%, Public 44.1%.Jun '26: Promoters 52.2%, FIIs 1.7%, DIIs 2.7%, Public 43.4%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of DCX Systems above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Raneal Technologies Private Limited 28.63%unchanged
Ncbg Holdings Inc 20.12%unchanged
H S Raghavendra Rao 3.42%unchanged
HDFC Large And Mid Cap Fund Mutual fund2.55%unchanged
Ajay Upadhyaya 1.35%unchanged
Barclays Wealth Trustees India Private Limited 1.21%−0.14 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in DCXINDIA

Filings to Jul 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹51 Cr
2 schemes
Biggest holder
HDFC Large and Mid Cap Fund
₹44 Cr · 0.1% of that fund
SchemeHoldingLast month
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹44 Crheld
HDFC Dividend Yield Fund HDFC Mutual Fund₹8 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
-16%
vs est. average cost
Held by funds
₹51 Cr
2 schemes · ≈ 3.1% of the company
Biggest holder
HDFC Large and Mid Cap Fund
₹44 Cr · 0.1% of that fund

Shares held by these funds −19%

Aug '23 28.43 L shares Jul '26

All earnings calls (5)

Read the Q4 FY25 call →

Learn to analyse DCX Systems

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