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DefenceDefence Electronics & RadarComponents
DCX Systems
Cable harness + system integration for IAI/ELTA offsets. FY25-26 revenue collapse as offset orders dried up — high customer concentration risk realized.
Order book · Order book depleted; rebuilding via ELTA JV radar MRO
Sell / Avoid
₹186
Mkt cap ₹2.1K Cr
P/E
—
P/B
1.4x
ROCE
0.9%
ROE
-0.5%
Div yield
0.00%
52W high
₹286
52W low
₹153
Promoter
52.2%
Score bridge (derived from real data)
Fundamental
26
Valuation
64
Technical
42
Moat (curated)
40
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹153now ₹186₹286
25/100
Technical rating D
Price · 2 years · SMA 50/200 · as of 2026-07-20
DownMACD BearishGolden cross
RSI-14
RSI-14
40
vs SMA-50
-5.6%
vs SMA-200
-3.5%
1Y return
-34.1%
Ann. vol
47%
Max DD 1Y
-45%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Defence Electronics & Radar
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| Bharat Electronics | ₹2.98 L Cr | 49.1x | 29% | 36.5% | 15.9% | 26.6% | 0.00x | 70 |
| Data Patterns | ₹22.3K Cr | 90.5x | 40% | 21.9% | 26.9% | 29.8% | 0.00x | 63 |
| Astra Microwave | ₹16.6K Cr | 86.2x | 29% | 20.2% | 12.5% | 40.2% | 0.22x | 68 |
| Apollo Micro Systems | ₹14.6K Cr | 129.0x | 24% | 14.5% | 44.8% | 77.9% | 0.41x | 55 |
| Centum Electronics | ₹5.5K Cr | 54.5x | 14% | 25.6% | 1.1% | — | 0.36x | 62 |
| Avantel | ₹4.6K Cr | 267.0x | 22% | 9.6% | 13.1% | -17.8% | 0.10x | 41 |
| DCX Systems ◄ | ₹2.1K Cr | — | -2% | 0.9% | -16.0% | — | 0.00x | 42 |
Financial statements
Source: Screener.inSales 3Y CAGR
-16.0%
PAT 3Y CAGR
—
OPM (latest)
-2.0%
PAT margin
-1.1%
D / E
0.00x
CFO / PAT
—
EV / EBITDA
—
FCF yield
-5.1%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 13.8% | 13.6% | -23.9% | -31.5% |
| PAT growth YoY % | — | 9.1% | 5.6% | -48.7% | -120.5% |
| OPM % | 6% | 7% | 6% | 0% | -2% |
| PAT margin % | 6.0% | 5.7% | 5.3% | 3.6% | -1.1% |
| ROE % (PAT / net worth) | 56.4% | 12.7% | 6.7% | 2.8% | -0.5% |
| D / E (x) | 4.30 | 0.90 | 0.26 | 0.00 | 0.00 |
| Asset turnover (x) | 1.17 | 1.03 | 0.77 | 0.57 | 0.35 |
| CFO / PAT (x) | -2.03 | -8.19 | 0.05 | 12.72 | — |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 1,102 | 1,254 | 1,424 | 1,084 | 743 |
| Operating profit | 67 | 84 | 80 | 5 | -17 |
| OPM % | 6% | 7% | 6% | 0% | -2% |
| Net profit | 66 | 72 | 76 | 39 | -8 |
| EPS ₹ | 8.48 | 7.41 | 6.80 | 3.49 | -0.69 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 200 | 550 | 222 | 193 |
| OPM % | 2% | 2% | 1% | -7% |
| PAT | 10 | 21 | 4 | -9 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 15 | 19 | 22 | 22 | 22 |
| Reserves | 102 | 547 | 1,104 | 1,353 | 1,491 |
| Borrowings | 503 | 509 | 291 | 4 | 3 |
| Total assets | 943 | 1,219 | 1,847 | 1,904 | 2,103 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | -134 | -590 | 4 | 496 | 2 |
| Investing | 21 | 22 | -1 | -239 | -108 |
| Financing | 364 | 364 | 242 | -95 | 26 |
Shareholding
Promoters
52.2%
FII
0.8%
DII
2.9%
Public
44.1%
Mkt cap
₹2.1K Cr
P/E
—
52W range
₹153–286