DCX Systems Ltd(DCXINDIA)

NSE: DCXINDIABSE: 543650

₹ 134.3+0.90%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,496 crWebsite: www.dcxindia.comUpdated: 27 Oct 2026

About

DCX Systems makes electronic sub-systems and cable harnesses for aerospace and defence customers, and reports them as a single segment. It reported FY26 revenue of Rs 743.34 cr. Its consolidated order book was about Rs 2,582 cr at 31 Dec 2025. It is moving into radar products through a joint venture with ELTA Systems of Israel, where DCX holds 37%.^[1][2][3][4]

Business and segments

DCX reports one segment, electronic sub-systems and cable harness for aerospace and defence, with FY25 revenue of Rs 1,083.67 cr.^[1]
The share of non-offset projects has grown from about 15% to nearly 40%, which reduces the company's dependence on offset work (FY25 annual report).^[1][3]
Subsidiary Raneal Advanced Systems sold about Rs 380 cr to external customers in FY25, mainly on a Lockheed Martin order that was about 90% complete.^[4]

Order book

Consolidated order book: about Rs 2,582 cr at 31 Dec 2025, vs about Rs 2,600 cr at 30 Sep 2025, Rs 2,697 cr at 30 Jun 2025 and Rs 2,855 cr at 31 Mar 2025.^[3][5][6][4]
Order inflow: more than Rs 92 cr in Q3 FY26, more than Rs 50 cr in Q2 FY26 and about Rs 61 cr in Q1 FY26.^[3][5][6]
As of FY25, management expected to execute the order book over about 2 years.^[4]
The company is targeting about USD 1 bn of the roughly USD 13.21 bn in pending offset obligations (Q3 FY26).^[3]

Customers

The FY25 order book included two Lockheed Martin orders worth about Rs 840 cr and an Elta CIWS order worth Rs 483 cr.^[4]
In Q2 FY26, DCX received purchase orders from both foreign and domestic customers.^[5]
After Operation Sindoor, management reported large export inquiries and said DCX is bidding on 50-60% of its partners' requirements (Q4 FY25).^[4]

Operations

DCX and Raneal set up new Domestic Tariff Area units to meet rising domestic demand; commercial production was expected shortly (FY25).^[4][1]
In Q1 FY26, DCX received a Defence Industrial License to make radar and EW systems, avionics and defence electronic equipment.^[6]

Expansion and new products

ELTX Systems, the radar JV with ELTA (Elta about 63%, DCX 37%), covers airborne maritime radar, fire control radar and other radar systems.^[4][6]
The ELTX facility is in the Hosur defence corridor in Tamil Nadu. Infrastructure is due by end-2026 and commercial operations by 2027. The JV's capex is about Rs 200 cr.^[5][4]
Subsidiary NIART is developing a railway obstacle detection system and targets 5,000-6,000 Indian locomotives over 5 years (Q4 FY25).^[4]
NIART sees an export opportunity of about 1,750 units over 3 years (Q4 FY25).^[4]
DCX is exploring acquisitions in the cable and wire harness business (Q3 FY26).^[3]

Recent developments

21 Apr 2025: DCX signed the JV agreement with ELTA Systems for radar systems.^[1]
Q3 FY26: DCX completed a demonstration to the Indian Army of a Counter-UAS system that uses ELTA technology.^[3]
Q3 FY26: NIART completed functional and fog trials of its Long-Range Obstacle Detection System under the RDSO TRINETRA programme for Indian Railways.^[3]
Q3 FY26: the ELTX JV received a Tamil Nadu Government Order granting incentives for its defence manufacturing facility.^[3]

Market Cap

₹1,496 Cr

High / Low

₹234 / 130

Stock P/E

-72.7

Price / Book

1.0

Book Value

₹136

EPS

₹-0.7

No. of Shares

11.14 Cr

ROCE

0.9%

ROE

-0.5%

OPM

1.6%

Debt / Equity

0.00

Sales

₹743 Cr

Net Profit

₹-8 Cr

Promoter holding

52.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials