DCX Systems Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 29.6% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 19.9% CAGR over last 5 years
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (123.4% of PBT)
- Recent results are weak - TTM profit is down 49.3% versus prior year
- Promoter holding has decreased over last 2 years: -7.6pp
- Company has a low return on capital employed of 9.2%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.80x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4850.00 | 34.80 | 324355.88 | 0.93 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 405.20 | 48.19 | 296192.24 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1258.00 | 88.55 | 46113.56 | 0.39 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4580.30 | 3333.94 | 25642.34 | 0.22 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1727.85 | 86.78 | 16405.07 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1800.75 | 90.25 | 16259.50 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 242.30 | 326.32 | 16250.23 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 388.55 | 119.01 | 14438.50 | 0.06 | 25.22 | 42.58 | 251.29 | 88.12 | 14.05 | 21.38 |
| PARAS | 1414.15 | 120.66 | 11396.26 | 0.07 | 207.40 | 1353.40 | 1279.10 | 1272.57 | 18.68 | 24.95 |
| UNIMECH | 1505.05 | 106.37 | 7661.01 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1711.80 | 200.37 | 7280.88 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| DCXINDIA | 168.90 | 70.96 | 1881.32 | 0.00 | -8.66 | -313.36 | 103.12 | -53.58 | 5.10 | -10.43 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 170 | 309 | 198 | 746 | 138 | 195 | 283 | 495 | 220 | 192 | 122 | 206 | 101 | |
| 162 | 290 | 187 | 716 | 141 | 197 | 280 | 491 | 219 | 189 | 117 | 201 | 103 | |
| Operating Profit | 8 | 19 | 11 | 30 | -3 | -1 | 3 | 4 | 1 | 3 | 5 | 4 | -2 |
| OPM % | 4.63% | 6.16% | 5.48% | 4.04% | -2.26% | -0.62% | 1.11% | 0.82% | 0.50% | 1.65% | 3.94% | 2.19% | -2.32% |
| 11 | 12 | 11 | 14 | 16 | 20 | 17 | 14 | 18 | 10 | 8 | 9 | 9 | |
| Interest | 7 | 6 | 7 | 8 | 5 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Depreciation | 0 | 0 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 1 |
| Profit before Tax | 12 | 24 | 14 | 35 | 7 | 16 | 18 | 15 | 17 | 11 | 11 | 12 | 7 |
| Tax % | 16.31% | 16.35% | 16.33% | 25.93% | 34.26% | 34.76% | 33.77% | 36.61% | 33.93% | 34.04% | 32.99% | 33.25% | 32.60% |
| Net Profit | 10 | 20 | 12 | 26 | 5 | 10 | 12 | 9 | 11 | 7 | 7 | 8 | 4 |
| 1.02 | 2.11 | 1.23 | 2.39 | 0.40 | 0.92 | 1.05 | 0.83 | 1.00 | 0.64 | 0.64 | 0.69 | 0.40 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 300 | 449 | 641 | 1,102 | 1,254 | 1,423 | 1,112 | 621 | |
| 295 | 443 | 631 | 1,035 | 1,170 | 1,353 | 1,109 | 611 | |
| Operating Profit | 5 | 6 | 10 | 67 | 84 | 70 | 3 | 10 |
| OPM % | 1.55% | 1.38% | 1.57% | 6.08% | 6.69% | 4.92% | 0.26% | 1.63% |
| 9 | 16 | 42 | 22 | 30 | 46 | 68 | 37 | |
| Interest | 6 | 8 | 10 | 11 | 26 | 28 | 10 | 3 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 6 | 6 |
| Profit before Tax | 7 | 13 | 40 | 76 | 86 | 85 | 55 | 40 |
| Tax % | 37.20% | 24.27% | 25.74% | 13.16% | 16.37% | 20.26% | 34.88% | 33.29% |
| Net Profit | 5 | 10 | 30 | 66 | 72 | 68 | 36 | 27 |
| EPS | 0.66 | 1.39 | 4.22 | 9.19 | 8.47 | 6.11 | 3.20 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 20%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 30%
- 3 Years:
- -18%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -21%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 41%
- 3 Years:
- 11%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 15 | 19 | 22 | 22 |
| 4 | 14 | 43 | 102 | 548 | 1,097 | 1,132 | |
| 110 | 134 | 136 | 503 | 504 | 265 | 0 | |
| Trade Payables | 74 | 151 | 130 | 97 | 134 | 380 | 85 |
| 297 | 397 | 480 | 222 | 3 | 35 | 401 | |
| Total Liabilities | 489 | 699 | 793 | 939 | 1,207 | 1,800 | 1,640 |
| 6 | 17 | 16 | 15 | 15 | 32 | 33 | |
| Capital Work in Progress | 3 | 0 | 0 | 0 | 2 | 0 | 0 |
| 4 | 0 | 0 | 0 | 7 | 13 | 159 | |
| 6 | 77 | 202 | 27 | 229 | 125 | 173 | |
| 0 | 0 | 0 | 0 | 0 | 667 | 160 | |
| Cash & Bank | 259 | 417 | 549 | 800 | 591 | 835 | 913 |
| 210 | 188 | 26 | 97 | 364 | 127 | 202 | |
| Total Assets | 489 | 699 | 793 | 939 | 1,207 | 1,800 | 1,640 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 122 | 134 | 117 | -121 | -561 | 1 | 444 | |
| Cash from Investing | 7 | 8 | 21 | 21 | 19 | 19 | -93 |
| Cash from Financing | 38 | 19 | -2 | 364 | 358 | 223 | -272 |
| 166 | 157 | 133 | 251 | -209 | 243 | 78 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | 13.10 | 27.84 | 84.45 | 8.48 | 7.45 | 6.11 | 3.20 |
| Book Value (₹) | 21.29 | 49.06 | 133.67 | 15.19 | 58.63 | 100.45 | 103.62 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | 0.76 | 1.59 | 4.57 | 8.76 | 7.63 | 6.34 | 3.72 |
| PROFITABILITY | |||||||
| Operating Margin % | 4.62% | 4.94% | 8.14% | 8.08% | 9.05% | 4.92% | 0.26% |
| Net Margin % | 1.53% | 2.17% | 4.61% | 5.95% | 5.74% | 4.78% | 3.21% |
| ROE % | 61.54% | 79.15% | 92.43% | 79.83% | 21.04% | 8.08% | 3.14% |
| ROCE % | 11.27% | 15.55% | 29.75% | 21.63% | 13.20% | 9.27% | 5.10% |
| 0.94% | 1.64% | 3.96% | 7.58% | 6.71% | 4.53% | 2.07% | |
| EFFICIENCY | |||||||
| Debtor Days | 122 | 76 | 29 | 14 | 57 | 126 | 136 |
| Inventory Days | 8 | 34 | 79 | 38 | 37 | 45 | 49 |
| Payable Days | 96 | 101 | 83 | 41 | 38 | 71 | 79 |
| 34 | 10 | 25 | 10 | 56 | 101 | 106 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | 14.62x | 7.80x | 2.92x | 4.27x | 0.89x | 0.24x | 0.00x |
| Interest Coverage (x) | 2.25x | 2.62x | 5.01x | 7.67x | 4.37x | 4.01x | 6.50x |
| 1.00x | 1.00x | 1.04x | 1.17x | 1.83x | 2.57x | 2.98x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | 49.82% | 42.71% | 71.92% | 13.73% | 13.54% | -21.87% |
| Operating Profit Growth % | 0.00% | 60.07% | 135.12% | 70.74% | 27.39% | 2.49% | -39.41% |
| Net Profit Growth % | 0.00% | 112.47% | 203.35% | 121.98% | 9.75% | -5.43% | -47.63% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -17.88% | -47.63% | |
| VALUATION | |||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 48.15x | 71.58x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 2.93x | 2.21x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 23.31x | 23.29x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-05 - Dcx Systems Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Dcx Systems Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026
2026-08-17 - Dcx Systems Limited has informed the Exchange about General Updates
2026-08-13 - Dcx Systems Limited has informed the Exchange regarding 'Updates on signing of MOU.
2026-08-13 - Dcx Systems Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-13 - Dcx Systems Limited has informed the Exchange about Investor Presentation
2026-08-12 - Dcx Systems Limited has informed the Exchange regarding a press release dated August 12, 2026, titled "Press Release for the un-audited financial results for the quarter ended June 30, 2026".
2026-08-12 - Monitoring Agency Report for the quarter ended June 30, 2026
2026-08-12 - Dcx Systems Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
Recent coverage and analyst commentary for DCXINDIA
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