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DCX Systems Results: Latest Quarterly Results & Analysis

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DCX Systems Ltd. 13 Nov 2025 18:16 PM
Result PDF

Q2FY26 Quarterly Result Announced for DCX Systems Ltd.

Aerospace & Defence company DCX Systems announced Q2FY26 results

  • Revenue from operations for the quarter stood at Rs 192.85 crore in Q2FY26, as compared to Rs 195.62 crore in the previous corresponding period, a decrease of 1.42% on YoY basis.
  • EBIT stood at Rs (4.56) crore in Q2FY26, vis-à-vis Rs 12.90 crore in Q2FY25, down by 135.35% YoY.
  • EBIT margin for the quarter decreased to (2.36%) as compared to 6.59% in Q2FY25, owing to Rs 16.35 crore loss in our wholly owned subsidiary, Niart Systems Limited (Niart), Israel. Niart as a Research and Development Company, incurred the cost for development of products and yet to commence commercial production. Since the product is still under development stage the expenditure related to development project was recognized as capital expenditure as per Ind AS 38. The above loss includes Rs 3.24 crore for the quarter ended, which is on account of loss on foreign currency translation as on measurement date as per Ind AS 21.
  • Profit after Tax (PAT) for the quarter decreased by 273.18% to Rs (9.04) crore in Q2FY26 from Rs 5.22 crore in Q2FY25.
  • PAT margin for the quarter decreased by 736bps to (4.69%) as compared to 2.67% in Q2FY25 owing to Rs 16.35 crore loss incurred in our wholly owned subsidiary, Niart Systems Limited., Israel.

H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “On a standalone basis, this quarter and the half year performance witnessed a steady growth in terms of operational performance compared to previous fiscal year. However, on a consolidated basis the EBIT and PAT witnessed a decrease owing to the consolidation of financials of our subsidiary NIART Systems. Despite the continued geo-political tensions in parts of the world, DCX continue to demonstrate robust operational parameters despite the dynamic market conditions. We will continue to strengthen our strategic efforts and focus areas.

In Q2FY26, our consolidated revenue stood at Rs192.85 crore, while EBIT and PAT were Rs (4.56) crore and Rs (9.04) crore, respectively. As of 30th September 2025, the order book position stood at about Rs 2,600 crore, built over a steady inflow of orders.

Some of the recent orders we won include those from ELTA Systems, Rafael Advanced Defense Systems, Elbit Systems and other foreign and domestic customers worth more than Rs 50.00 crore.

Further, the new JV company with ELTA Systems (ELTX SYSTEMS PVT LTD) to develop EW and Radar Systems is progressing steadily and we expect to setup the infrastructure by end of 2026 and commence operation by 2027. This aligns with our ToT strategy to leverage our manufacturing capabilities and support the Government’s “Make in India” motto.

Our focus continues to be on entering new geographies, leveraging Make-in-India initiative and establishing DCX as a Product company through Transfer of Technology (ToT). We shall continue to improve operational efficiencies to deliver sustainable value for all our stakeholders.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us drive the Company forward.”

Result PDF

Result PDF

Aerospace & Defence company DCX Systems announced Q1FY26 results

  • Revenue from operations for the quarter stood at Rs 222.16 crore in Q1FY26, as compared to Rs 138.08 crore in Q1FY25, an increase of 60.89% on YoY basis.
  • EBIT stood at Rs 11.54 crore in Q1FY26, vis-à-vis Rs 10.70 crore in Q1FY25, up by 7.85% YoY.
  • EBIT margin for the quarter decreased to 4.87% as compared to 6.84% in Q1FY25.
  • Profit after Tax (PAT) for the quarter increased by 38.10% to Rs 4.06 crore in Q1FY26 from Rs 2.94 crore in Q1FY25.
  • PAT margin for the quarter decreased by 17bps to 1.71% as compared to 1.88% in Q1FY25 owing to Rs 110.21 million loss in our wholly owned subsidiary Niart resulted in a decrease in PAT

H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said: “This quarter witnessed growth in terms of revenue compared to YoY of Q1FY25. Despite macroeconomic uncertainties and continued geo-political tensions in parts of the world, DCX has demonstrated resilience in navigating the dynamic market conditions successfully. Recent milestones during this quarter reflect our strategic efforts and focus areas.

In Q1FY26, our consolidated revenue stood at Rs 222.16 crore, while EBIT and PAT were Rs 11.54 crore and Rs 4.06 crore, respectively. As of 30th June 2025, the order book position stood at Rs 2,697.00 crore, built over a steady inflow of orders.

Some of the recent orders we won include those from ELTA Systems, Rafael Advanced Defense Systems, Elbit Systems and other foreign and domestic customers worth more than Rs 60.00 crore.

DCX has obtained Defense Industrial License to manufacture full Radar Systems, EW Systems, Avionics and other Defense Electronic Equipment. This license enables the Company to manufacture items categorized under CATEGORY-A as per the MOD Security Manual. Products falling within this category are considered to be of the highest level of security, and are highly classified and sensitive in nature from a security standpoint.

Moreover, the new JV company with ELTA Systems to develop airborne maritime radar systems, fire control radar systems, and other radar systems for airborne and land applications is shaping up steadily and efficiently. This aligns with our ToT strategy to leverage our manufacturing capabilities and support the Government’s “Make in India” motto.

Our focus continues to be on entering new geographies, leveraging Make-in-India initiative and establishing DCX as a Product company through Transfer of Technology (ToT). We shall continue to improve operational efficiencies to deliver sustainable value for all our stakeholders.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us drive the Company forward.”

Result PDF

Aerospace & Defence company DCX Systems announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue for the quarter stood at Rs 549.96 crore in Q4FY25, as compared to Rs 746.20 crore in the previous corresponding period, a decrease of 26.30% on YoY basis.
  • EBIT stood at Rs 30.01 crore in Q4FY25, vis-à-vis Rs 51.91 crore in Q4 FY24, down by 42.19% YoY.
  • EBIT margin for the quarter decreased to 5.46% as compared to 6.96% in Q4 FY24.
  • Profit after Tax (PAT) for the quarter decreased by 37.18% to Rs 20.70 crore in Q4FY25 from Rs 32.95 crore in Q4 FY24 which led to decrease in PAT margin by 66bps.

FY25 Financial Highlights:

  • Operational Revenue stood at Rs 1,083.67 crore in FY25, decreased by 23.88% from Rs 1,423.58 crore in FY24.
  • EBIT stood at Rs 71.27 crore in FY25, down from Rs 124.41 crore in FY24; YoY decrease of 42.71%.
  • EBIT Margin for the year stood at 6.58%, a decrease of 216 bps as compared to 8.74% in FY24.
  • Profit After Tax (PAT) for the year is Rs 38.88 crore compared to Rs 75.78 crore in the same period of last financial year; YoY decrease of 48.69%. PAT Margin down by 173bps.
  • Consolidated Order Book as on 31 st March 2025 is over Rs 2,855 crores.

Commenting on the company’s performance, H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “We have closed the fiscal year on a resilient note and sustained through markets headwinds and macro-economic and geo-political uncertainties.

In FY25, our consolidated revenue stood at Rs 1,083.67 crore, while EBIT and PAT were Rs 71.27 crore and Rs 38.88 crore, respectively. As of 31st March 2025, the order book position stood at Rs 2,855 crores, built over a steady inflow of orders.

Some of the recent orders we won include those from ELTA Systems for Close-In Weapon Systems, worth Rs 483 crores, one for BACKPLANE module assemblies worth Rs 19.3 crores, and two orders from Lockheed Martin for electronic assemblies worth Rs 460.3 crores and Rs 379.7 crores. The repeat business that Lockheed Martin has been giving us reflects the recognition that we have been garnering from global premier companies.

Moreover, we entered into another JV agreement with ELTA Systems to develop airborne maritime radar systems, fire control radar systems, and other radar systems for airborne and land applications. This aligns with our ToT strategy to leverage our manufacturing capabilities and support the Government’s “Make in India” motto.

Looking at the ongoing year, our focus remains on establishing DCX as a global product company, while delivering sustainable value for all stakeholder

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us drive the Company forward.”

Result PDF

Aerospace & Defence company DCX Systems announced Q3FY25 results

  • Revenue for the quarter stood at Rs 200.01 crore in Q3FY25, as compared to Rs 198.16 crore in the previous corresponding period, a rise of 0.93% on YoY basis.
  • EBIT stood at Rs 17.65 crore in Q3FY25, vis-a-vis Rs 23.83 crore in Q3FY24. EBIT margin for the quarter decreased to 8.82% as compared to 12.03% in Q3FY24.
  • Profit after Tax (PAT) for the quarter stood at Rs 10.01 crore in Q3FY25 vis-a-vis Rs 13.38 crore in Q3FY24, while PAT margin was 5.00%.

H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said: “Despite macro-economic uncertainties and continued geo-political tensions in parts of the world, DCX has demonstrated resilience in navigating the dynamic market conditions. Recent milestones during this quarter reflect our strategic efforts and focus areas.

In Q3FY25, our consolidated revenue stood at Rs 200.01 crore, while EBIT and PAT were Rs 17.65 crore and Rs 10.00 crore, respectively. Top line continued to expand based on successful execution of our order book. I am glad to share that we have continued to grow our order book during this quarter by securing several new orders. Our consolidated order book stood at Rs 3,359 crore, as on 31 st December 2024.

Some of the new contracts we bagged during this quarter include orders from overseas customers worth USD 160 million as well as from our prestigious customers like IAI-ELTA SYSTEMS and Lockheed Martin. These contracts reflect the strong brand recall that DCX has built for itself in the global markets, through its unmatched product quality, consistency in delivery, and robust production capabilities.

I am glad to share that both DCX and our W-o-S Raneal have cleared all its short term and long-term fund based borrowings from the lenders and are now debt free. Further, we have been reassured of A-/Stable and A2 credit rating for our long-term and shortterm borrowings from the reputed credit rating agency CRISIL, which demonstrates stability in the business.

Our focus continues to be on entering new geographies, leveraging Make-in-India initiative and establishing DCX as a Product company through Transfer of Technology (ToT). We shall continue to improve operational efficiencies to deliver sustainable value for all our stakeholders.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

Result PDF

Defence company DCX Systems announced Q1FY25 results:

  • Revenue stood at Rs 138.08 crore in Q1FY25 as compared to Rs 170.10 crore in Q1FY24.
  • EBIT stood at Rs 10.70 crore in Q1FY25, vis-à-vis Rs 18.51 crore in Q1FY24.
  • EBIT margin stood at 7.75% in Q1FY25 as compared to 10.88% in Q1FY24.
  • Profit after Tax (PAT) stood at Rs 2.94 crore in Q1FY25 as compared to Rs 9.60 crore in Q1FY24.
  • Order Book as on 30th June 2024, is Rs 1,937 crores. 

Commenting on the company’s performance, H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “We have entered the new fiscal year on a strong note, with performance well in line with expectations during the first quarter. Backed by our commitment to quality and consistency, coupled with our manufacturing prowess, we have been able to grow our order book, while maintaining healthy profit margins.

In Q1FY25, our consolidated revenues stood at Rs 138.08 crore, while EBIT and PAT were Rs 10.70 crore and Rs 2.94 crore, respectively. Our order book stood at Rs.1,937 crores, as on 30th June 2024.

I am pleased to announce that we won several new contracts during this quarter. These include orders from L&T India, worth Rs 1,250 crores, and several orders from domestic as well as international clients, totaling Rs 32.21 crores. We also signed a supply and services agreement with IAI, which comes under our MRO line of business. These contracts reflect the trust that DCX has earned among global conglomerates, through its unmatched product quality, consistency in delivery, and robust production capabilities

Operations in our subsidiary Raneal Advanced Systems are going as planned, which has been useful in controlling the supply chain. Also, development of our obstacle detection product is also underway, through NIART Systems, our JV with ELTA System, based on radar and optics, for railway safety and efficiency.

Our focus remains on penetrating in new geographies, focusing on Make in India initiative and establishing DCX as a Product manufacturing company through Transfer of Technology (ToT) and securing raw materials supply to support the anticipated growth with better margins and rationalizing expenses to improve operational efficiencies.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

Result PDF

Defence company DCX Systems announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue stood at Rs 746.20 crore in Q4FY24 as compared to Rs 510.55 crore in Q4FY23.
  • EBIT stood at Rs 51.91 crore in Q4FY24, vis-à-vis Rs 55.16 crore in Q4FY23.
  • EBIT margin stood at 6.96% in Q4FY24 as compared to 10.80% in Q4FY23.
  • Profit after Tax (PAT) stood at Rs 32.95 crore in Q4FY24 as compared to Rs 41.13 crore in Q4FY23.

FY24 Financial Highlights:

  • Operational Revenue stood at Rs 1423.58 crore in FY24 from Rs 1253.30 crore in FY23.
  • EBIT stood at Rs 124.41 crore in FY24, up from Rs 111.40 crore in FY23.
  • EBIT Margin for the full year stood at 8.74%in FY 24, as compared to 8.89% in FY23.
  • Profit After Tax (PAT) for the full year is Rs 75.78 crore in FY 24 as compared to Rs 71.68 in FY 23.
  • Order Book as on 31st March 2024, is over Rs 801.16 crore.

Commenting on the company’s performance, Dr. H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “DCX Systems continued to navigate the turbulent global markets successfully during this quarter. Despite macro-economic headwinds and geo-political tensions, we were able to maintain healthy growth and profit margins.

In FY24, our consolidated revenues stood at Rs 1424 crore, while EBIT and PAT were Rs 124.41 crore and Rs 75.78 crore, respectively. This year we clocked the highest turnover in the history of DCX, with our continuous efforts we were able to boost operational efficiency and supply chain measures helped to improve the revenues and margins.

We recently raised funds to the tune of approximately Rs 500 crore through QIP. The proceeds out of fund raised through QIP would be utilized towards investment in NIART Systems, our JV agreement with ELTA Systems, we shall be developing and supplying obstacle detection solutions based on radar and optics technologies for the railway industry and also Invest in Opportunities through JV/Subsidiaries catering to Defence and Aerospace Sector through Transfer of Technology from Original Equipment Manufacturers (OEMs).

Our backward integration strategy through our 100% subsidiary M/s. Raneal Advanced Systems Private Limited started Commercial production from September 2023 and has been the driving force in controlling the supply chain.

Our focus remains on penetrating in new geographies, focusing on Make in India initiative and establishing DCX as a Product manufacturing company through Transfer of Technology (ToT) and securing raw materials supply to support the anticipated growth with better margins and rationalizing expenses to improve operational efficiencies.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

Result PDF

Defence company DCX Systems announced Q3FY24 & 9MFY24 results:

Standalone Q3FY24:

  • Q3FY24 operational revenue was Rs 197.98 crore, showing a decline from Q3FY23's Rs 355.95 crore.
  • EBIT for Q3FY24 stood at Rs 21.28 crore, down from Q3FY23's Rs 28.99 crore.
  • EBIT margin increased to 10.75% in Q3FY24, up from 8.14% in Q3FY23, marking an improvement of 261 basis points.
  • PAT for Q3FY24 was registered at Rs 11.89 crore, a decrease from Rs 17.29 crore in Q3FY23, but the PAT margin increased by 115 basis points to 6.01%.

Standalone 9MFY24:

  • Over the 9MFY24, revenue reached Rs 677.20 crore, compared to Rs 743.08 crore over the same period in FY23.
  • EBIT for the 9MFY24 period was Rs 70.63 crore, reflecting a year-over-year growth of 25.05% from Rs 56.48 crore in 9MFY23.
  • EBIT margin for 9MFY24 stood at 10.43%, a significant increase of 283 basis points from 7.60% in 9MFY23.
  • PAT for 9MFY24 rose by 36.33% to Rs 42.16 crore from Rs 30.92 crore in 9MFY23, with PAT margin improving by 206 basis points to 6.22%.

Order Book Status:

  • As of December 31, 2023, DCX Systems reported an order book of over Rs 1,095 crore.

Strategic Updates:

  • DCX Systems raised approximately Rs 500 crore through a Qualified Institutional Placement (QIP) by issuing 1.46 crore shares.
  • The company entered into a joint venture with ELTA Systems, Israel, launching NIART Systems for railway industry obstacle detection solutions.
  • DCX Systems was recognized as a Four Star Export House.
  • Commercial production commenced at the subsidiary Raneal Advanced Systems specifically for Printed Circuit Board Assemblies.

Commenting on the company’s performance, Dr. H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “DCX Systems continued to navigate the turbulent global markets successfully during this quarter. Despite macro-economic headwinds and geo-political tensions, we were able to maintain healthy profit margins.

In Q3FY24, our revenues stood at Rs 197.98 crore, while EBIT and PAT were Rs 21.28 crore and Rs 11.89 crore, respectively. While lower orders executed under System Integration had a bearing on topline, our efforts to boost operational efficiency and supply chain measures helped improve EBIT margins.

We recently raised funds of approximately Rs 500 crore through a successful QIP. The proceeds would be utilized towards investment in NIART Systems, Investment in JVs/Subsidiaries in Defence and Aerospace sector and General Corporate Purposes. DCX through its well laid out strategies and focus is marching ahead to become a technology driven Product manufacturing company in line with the initiatives of Make in India Policy through JVs / Subsidiaries.

Through NIART Systems, our JV agreement with ELTA Systems, we shall be developing and supplying obstacle detection solutions based on radar and optics technologies for the railway industry.

Our backward integration strategy through Raneal Advanced Systems is also gaining traction as operations at this EMS facility are in swing.

We continue to scout to acquire technology (TOT) from OEMs in the area of Aerospace and defence and Civil Applications.

We are striving to grow our order book and are optimistic about the future. Our focus remains on securing raw materials to support the anticipated growth and rationalizing expenses to improve operational efficiencies.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

 

Result PDF

Defence company DCX Systems announced Q2FY24 & H1FY24 results:

  • Q2FY24:
    • Revenue stood at Rs 309.12 crore in Q2FY24, as compared to Rs 173.88 crore in Q2FY23, a rise of 77.78% on a YoY basis, driven by the successful execution of the order book.
    • EBIT stood at Rs 30.64 crore in Q2FY24, vis-à-vis Rs 15.85 crore in Q2FY23, improving 93.37% YoY.
    • EBIT margin for the quarter increased to 9.91% as compared to 9.11% in Q2FY23. Improvement in operational efficiency and supply chain measures helped improve the margins.
    • Profit after Tax (PAT) for the quarter is Rs 20.41 crore compared to Rs 7.87 crore YoY growth of 159.28%. PAT margin improved by 207 bps
  • H1FY24:
    • Operational Revenue stood at Rs 479.23 crore in H1FY24, up by 23.79% from Rs 387.13 crore in H1FY23. During the half year, the Company made higher sales of System Integration projects, leading to a YoY increase in Revenue.
    • EBIT stood at Rs 49.35 crore in H1FY24, up from Rs 27.49 crore in H1FY23; YoY increase of 79.51%
    • EBIT Margin for the half year stood at 10.30%, a rise of 320 bps as compared to 7.10% in H1FY23.
    • Profit After Tax (PAT) for the half year is Rs 30.26 crore compared to Rs 13.64 crore in the same period of last financial year; YoY increase of 121.90%. PAT Margin improved by 279bps.
    • Order Book (as of September 30, 2023) is over Rs 1,258 crore.
  • DCX Systems Limited entered into a joint venture (JV) agreement with Israel-based ELTA Systems (part of IAI). Under this, a subsidiary has been incorporated in Israel, which would offer obstacle detection solutions based on radar and optics technology for the railway industry.

Commenting on the company’s performance, Dr H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “Our Q2 & H1FY23 performance has been in line with expectations. The Company successfully navigated macroeconomic headwinds and performed well during this period. Overall, we saw higher revenue from System Integration, complemented by the cables and wire harness business.

In Q2FY23, our revenues increased 77.78% YoY to Rs 309.12 crore, while EBIT and PAT grew 93.37% and 159.28% YoY to Rs 30.64 crore and Rs 20.41 crore, respectively. Our efforts to boost operational efficiency and supply chain measures helped improve the EBIT margin.

We recently incorporated a subsidiary NIART Systems Limited in Israel through a JV agreement with ELTA Systems. Through this, we shall be developing and supplying obstacle detection solutions based on radar and optics technologies for the railway industry.

I am also happy to share that in September we commenced operations in our PCBA facility under Raneal Advanced Systems. This is in line with our backward integration strategy. We continue to scout to acquire technology (TOT) from OEMs in the area of Aerospace and defence and Civil Applications. This would also be supported by potential inorganic growth in offset defence obligations and Non-offset defence opportunities.

We have a healthy and strong order book which gives an optimistic outlook for the near future. Our focus remains on securing raw materials to support the anticipated growth and rationalizing expenses to improve operational efficiencies.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

 

Result PDF

Defence company DCX Systems announced Q1FY24 results:

  • Revenue stood at Rs 170.10 crore in Q1FY24, as compared to Rs 213.25 crore in Q1FY23, a dip of 20.24% on a YoY basis, as prioritized by project-specific demand from our customers.
  • EBIT stood at Rs 18.71 crore in Q1FY24, vis-à-vis Rs 11.64 crore in Q1FY23, registering an improvement of 60.74% YoY.
  • EBIT margin for Q1FY24 increased 555 bps to 11.00% as compared to 5.45% in Q1FY23. A higher share of system integration projects executed during Q1FY24 had a bearing on the overall blended margins, which was offset by the risk mitigation measures undertaken by the company eliminating forex loss and improving operational efficiency and supply chain measures.
  • Profit After Tax (PAT) for Q1FY24 is Rs 9.85 crore compared to Rs 5.76 crore in Q1FY23, with YoY growth of 71.01% and margins improving by 309 bps.
  • Focus and theme of FY24 would be on improvement in margins at EBIT and PAT levels.

Commenting on the company’s performance, Dr. H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “Our Q1FY24 performance has been in line with the policy of improvement of margins at various levels of operating efficiency and strong supply chain management. On a quarter comparative analysis despite a revenue dip of 20.24%, the company has shown strong PAT from Rs 5.77 crore in Q1FY23 to Rs 9.85 crore in Q1FY24, improving margins at a PAT level by 309 bps and registering a percentage growth of 71.01%.

The historical data would suggest that the major portion of business targets are achieved in the 3rd and 4th quarter of the financial year and FY24 first quarter has been no exception to this. The first quarter witnessed business stability, stabilized supply chain management, and results of the risk management strategy fully executed. In Q1FY24, our revenues stood at Rs 170.10 crore, while EBIT was Rs 18.71 crore, significantly improving the margins by 60.74% whereas PAT grew 71.01% YoY to Rs 9.85 crore. Top line growth witnessed a dip of 20.24% specifically based on priority being accorded to selective projects by our customers. However, the order book position continues to be strong at Rs 1,535 crore as of June 30, 2023, which is considered healthy.

Our ongoing backward integration through our Wholly owned subsidiary Raneal Advanced Systems Private Limited (EMS) facility has been completed during the first quarter of this fiscal year and the company is on the verge of completing all the licensing formalities to commence commercial operations soon.

On the System Integration front, our relationship with existing foreign OEMs continues to grow stronger with incremental orders in the pipeline. Based on the positive feedback, we are also executing non-offset-based projects in this line of business. The company is further focused to make geographical penetration into larger markets in the world in the space of aerospace and defence.

While the company is in an advanced stage of discussions with foreign OEMs to acquire product technology in Aerospace and Defence, Civil Applications, and MRO (Maintenance, Repairs, and Overhauling), potential inorganic growth opportunities under Make-In-India and Aatmanirbhar Bharat programs would fuel future growth plans of the company.

We have a healthy pipeline of orders, based on which we are optimistic for the near and medium-term future, while consistently striving to maintain and improve operational efficiencies and thereby margins in operations.

I thank the entire team of DCX and all our stakeholders for your continued faith and support which helps us set and achieve new benchmarks.”

Result PDF

Defence company DCX Systems announced Q4FY23 & FY23 results:

  • Standalone Q4FY23:
    • Revenue for the quarter was Rs 510.55 crore, compared with Rs 374.04 crore in Q4FY22, driven by continuous execution of the order book
    • EBITDA (excluding other income & forex loss) stood at Rs 49.82 crore in Q4FY23, vs Rs 45.11 crore in Q4FY22
    • EBITDA margin for the quarter stood at 9.76%, a decrease of 230 bps as compared to 12.06% in Q4FY22. A higher share of system integration projects executed during this quarter had a bearing on the overall blended margins.
    • Profit After Tax (PAT) for the quarter is Rs 41.09 crore compared to Rs 32.42 crore in Q4FY22
  • Standalone FY23:
    • In FY23, revenue stood at Rs 1,253.63 crore with a YoY growth of 13.73%. Growth was mainly driven by the ongoing conversion of the order book.
    • In FY23, EBIDTA (excluding other income & forex loss) stood at Rs 113.01 crore – YoY growth of 34.73%
    • EBIDTA margin at 9.01% - YoY improvement of 140 bps
    • PAT for FY23 stood at Rs 72.01 crore, compared with Rs 65.61 crore in FY22

Commenting on the company’s performance, Dr. H.S. Raghavendra Rao, Chairman & Managing Director, DCX Systems, said, “Our Q4 & FY2022-23 performance has been in line with expectations. Despite headwinds in the global supply chains, hardening interest rates in USD borrowings, and steep depreciation of INR v/s USD during the year, the company has been able to navigate successfully and execute projects, delivering value to clients and stakeholders.

The fourth quarter witnessed stability in business, signs of improvement in the supply chain, and a reduction in borrowings. In FY23, our revenues stood at Rs 1,253.63 crore, growing 13.73% year-on-year. EBITDA (excluding other income and FX loss) and PAT grew 34.73% and 9.75% to Rs 113.00 crore and Rs 72.01 crore, respectively. Top-line growth was driven by the successful execution of projects. Despite a change in product mix during this quarter, margins improved on account of better operational efficiencies.

Our ongoing backward integration plans are progressing well. We have invested Rs 6.60 crore in Raneal Advanced Systems and continue to focus on our EMS business, which would leverage our manufacturing expertise.

On the System Integration front, our relationship with IAI continues to grow stronger with incremental orders in the pipeline. Based on the positive feedback, we are also exploring non-IOP-based projects in this line of business.

While we are open to acquiring product technology in Aerospace, Defence, and Civil Applications, potential inorganic growth opportunities under Make-In-India and Aatmanirbhar Bharat programs would also support growth.

We have a strong pipeline of orders, based on which we are optimistic for the near and medium-term future. We continue to focus on procuring raw materials to support the anticipated growth while striving to maintain and improve operational efficiencies.

I thank the entire team of DCX and all our stakeholders for your faith and support which helps us set and achieve new benchmarks.”

 

 

Result PDF

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