DCX Systems Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹1,481 Cr
- ROE
- -0.53%
- Price to sales
- 2.38
- Debt to equity
- 0.00
- 52W high / low
- ₹225 / ₹133
- Sales growth (5Y)
- 3.00%
- EBITDA margin
- -4.65%
- Net profit margin
- -1.04%
- Promoter holding
- 52.16%
- Sales (last year)
- ₹624 Cr
Incorporated in 2011, Dcx Systems Ltd is in the business of System Integration and Cable & Wire Harnessing[1]
Guidance scorecard · Q1 FY27 call
What DCX Systems Ltd's management guided
and where it ranks in Aerospace & Defense
Aerospace & Defense
RevenueQ4 FY25 call
10–20%- The railway safety business is a major focus area with a large market opportunity in India, targeting deployment on 5,000-6,000 locomotives over the next 5 years.
- Export visibility includes about 1,750 units expected in other countries within 3 years.
- The JV with Elta for radar systems aims to start operations within 11 months, with a planned CAPEX of around Rs. 200 crore, indicating expansion into new product segments.
- Current order book execution expected over 2 years, including Rs. 2,008 crore plus Rs. 500 crore worth of orders.
- Revenue growth guidance is cautious; management refrains from giving exact figures until orders are finalized.
2 more points from DCX Systems Ltd's call on revenue
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MarginsQ4 FY25 call
Up 0–2%See what DCX Systems Ltd said on margins — free account, 30 seconds.
CapexQ4 FY25 call
Planned- No immediate CAPEX is being forced for the current year in DCX Systems; only small annual CAPEX of Rs. 10-25 lakhs for computers or worn-out machinery is planned.
- For the joint venture (JV) with Elta Systems, the CAPEX is under negotiation and yet to be finalized, expected to be around Rs. 200 crore (likely above Rs. 150 crore), covering building, plant equipment, and test equipment. Finalization expected in 10-15 days.
- The JV aims to start operations within 11 months, focusing on manufacturing radar and sensor systems for defense applications.
2 more points from DCX Systems Ltd's call on capex
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FundraisingQ4 FY25 call
See what DCX Systems Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY25 call
Rising- Current outstanding order book execution period is around 2 years maximum.
- Present order book size is approximately Rs. 2,008 crore plus Rs. 500 crore, expected to be completed within 2 years.
- Long-term POs, some being 4 years old, are getting settled gradually with expected closure in 1 to 1.5 months from the time of the call.
- 2-3 customers in Israel with pending amounts related to long-term POs are being reconciled and approvals are in process for recovery of pending dues.
2 more points from DCX Systems Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingFinancials of DCX Systems Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of DCX Systems Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 510.55 | 170.10 | 309.12 | 198.16 | 746.20 | 138.08 | 195.62 | 200.01 | 549.96 | 222.16 | 192.85 | 121.06 | 207.27 |
| Expenses + | 464.70 | 162.49 | 290.68 | 183.55 | 708.32 | 142.89 | 199.42 | 197.01 | 539.74 | 221.04 | 205.66 | 126.19 | 207.60 |
| Operating Profit | 45.85 | 7.61 | 18.44 | 14.61 | 37.88 | -4.81 | -3.80 | 3.00 | 10.22 | 1.12 | -12.81 | -5.13 | -0.33 |
| OPM % | 8.98% | 4.47% | 5.97% | 7.37% | 5.08% | -3.48% | -1.94% | 1.50% | 1.86% | 0.50% | -6.64% | -4.24% | -0.16% |
| Other Income + | 9.72 | 11.37 | 12.32 | 11.01 | 16.30 | 18.32 | 20.00 | 18.18 | 23.52 | 13.95 | 12.05 | 10.71 | 8.42 |
| Interest | 4.73 | 6.99 | 6.33 | 7.70 | 8.78 | 5.41 | 2.24 | 1.71 | 1.54 | 0.91 | 0.75 | 0.92 | 0.73 |
| Depreciation | 0.40 | 0.47 | 0.60 | 1.79 | 2.27 | 2.81 | 3.31 | 3.52 | 3.73 | 3.53 | 3.80 | 3.99 | 4.03 |
| Profit before tax | 50.44 | 11.52 | 23.83 | 16.13 | 43.13 | 5.29 | 10.65 | 15.95 | 28.47 | 10.63 | -5.31 | 0.67 | 3.33 |
| Tax % | 18.46% | 16.67% | 16.74% | 17.05% | 23.60% | 44.42% | 51.08% | 37.24% | 27.26% | 61.81% | 70.24% | 462.69% | 109.31% |
| Net Profit + | 41.13 | 9.60 | 19.85 | 13.38 | 32.95 | 2.94 | 5.22 | 10.01 | 20.70 | 4.06 | -9.04 | -2.43 | -0.30 |
| EPS in Rs | 4.25 | 0.99 | 2.05 | 1.38 | 2.96 | 0.26 | 0.47 | 0.90 | 1.86 | 0.36 | -0.81 | -0.22 | -0.03 |
Financials of DCX Systems Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 641 | 1,102 | 1,254 | 1,424 | 1,084 | 743 |
| Expenses + | 631 | 1,035 | 1,170 | 1,344 | 1,079 | 760 |
| Operating Profit | 10 | 67 | 84 | 80 | 5 | -17 |
| OPM % | 2% | 6% | 7% | 6% | 0% | -2% |
| Other Income + | 42 | 22 | 30 | 50 | 80 | 45 |
| Interest | 10 | 11 | 26 | 30 | 11 | 3 |
| Depreciation | 2 | 2 | 2 | 5 | 13 | 15 |
| Profit before tax | 40 | 76 | 86 | 95 | 60 | 9 |
| Tax % | 26% | 13% | 16% | 20% | 36% | 183% |
| Net Profit + | 30 | 66 | 72 | 76 | 39 | -8 |
| EPS in Rs | 84.46 | 8.48 | 7.41 | 6.80 | 3.49 | -0.69 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of DCX Systems Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 15 | 19 | 22 | 22 | 22 |
| Reserves | 43 | 102 | 547 | 1,104 | 1,353 | 1,491 |
| Borrowings + | 136 | 503 | 509 | 291 | 4 | 3 |
| Other Liabilities + | 610 | 322 | 143 | 430 | 525 | 588 |
| Total Liabilities | 793 | 943 | 1,219 | 1,847 | 1,904 | 2,103 |
| Fixed Assets + | 16 | 15 | 15 | 60 | 347 | 484 |
| CWIP | 0 | 0 | 5 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets + | 778 | 928 | 1,199 | 1,787 | 1,558 | 1,619 |
| Total Assets | 793 | 943 | 1,219 | 1,847 | 1,904 | 2,103 |
Financials of DCX Systems Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 114 | -134 | -590 | 4 | 496 | |
| Cash from Investing Activity + | 21 | 21 | 22 | -1 | -239 | |
| Cash from Financing Activity + | -2 | 364 | 364 | 242 | -95 | |
| Net Cash Flow | 133 | 251 | -204 | 245 | 163 | |
| Free Cash Flow | 113 | -135 | -598 | -40 | 196 | |
| CFO/OP | 1,162% | -181% | -675% | 23% | 11,030% |
Financials of DCX Systems Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 7 | 23 | 93 | 171 | 56 | 66 |
| Inventory Days | 119 | 10 | 75 | 56 | 102 | 289 |
| Days Payable | 77 | 35 | 44 | 109 | 36 | 113 |
| Cash Conversion Cycle | 49 | -2 | 123 | 119 | 122 | 242 |
| Working Capital Days | -295 | -220 | -15 | 62 | 8 | 129 |
| ROCE % | 22% | 13% | 10% | 5% | 1% |
Guidance history
How DCX Systems Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY25 call → | 10–20% | Up 0–2% | Planned | — | Rising |
| Q2 FY25 call → | 10–20% | Up 0–2% | Planned | Planned | — |
| Q4 FY24 call → | 10–20% | Up 2%+ | Planned | Planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
4 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −40.9% | 11% |
| Last 6 months | −34.0% | 6% |
| Last 3 months | −26.5% | 10% |
The price is 69.6% below its all-time high of ₹437.1 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 9 became 4.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For DCX Systems Ltd: 0.4 × 11 + 0.4 × 6 + 0.2 × 10 = 9, halved to 4 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What DCX Systems Ltd's management said in earlier quarters
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