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Last Updated: April 2, 2026, 4:26 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 543650 | NSE: DCXINDIA

DCX Systems Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹142.32Overvalued by 13.75%vs CMP ₹165.00

P/E (52.9) × ROE (3.1%) × BV (₹105.00) × DY (2.00%)

₹146.61Overvalued by 11.15%vs CMP ₹165.00
MoS: -12.5% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹116.4522%Over (-29.4%)
Graham NumberEarnings₹85.7216%Over (-48%)
Earnings PowerEarnings₹47.4111%Over (-71.3%)
DCFCash Flow₹31.0013%Over (-81.2%)
Net Asset ValueAssets₹105.277%Over (-36.2%)
EV/EBITDAEnterprise₹8.089%Over (-95.1%)
Earnings YieldEarnings₹31.107%Over (-81.2%)
ROCE CapitalReturns₹916.119%Under (+455.2%)
Revenue MultipleRevenue₹99.885%Over (-39.5%)
Consensus (9 models)₹146.61100%Overvalued
Key Drivers: EPS CAGR -18.2% drags value — could be higher if earnings stabilize. | ROE 3.1% is below cost of equity.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -18.2%

*Investments are subject to market risks

Investment Snapshot

40
DCX Systems Ltd scores 40/100 (Weak)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health46/100 · Moderate
ROCE 5.1% WeakROE 3.1% WeakD/E 2.91 High debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 52.2% Stable
Earnings Quality50/100 · Moderate
OPM contracting (7% → 3%) DecliningWorking capital: 16 days (improving) Efficient
Quarterly Momentum25/100 · Weak
Revenue (4Q): -24% YoY DecliningProfit (4Q): -34% YoY Declining
Industry Rank25/100 · Weak
P/E 52.9 vs industry 66.4 In-lineROCE 5.1% vs industry 22.6% Below peersROE 3.1% vs industry 16.7% Below peers3Y sales CAGR: 0% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:26 am

Market Cap 1,837 Cr.
Current Price 165
Intrinsic Value₹146.61
High / Low 364/153
Stock P/E52.9
Book Value 105
Dividend Yield0.00 %
ROCE5.10 %
ROE3.14 %
Face Value 2.00
PEG Ratio-2.91

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for DCX Systems Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
DCX Systems Ltd 1,837 Cr. 165 364/15352.9 1050.00 %5.10 %3.14 % 2.00
Paras Defence and Space Technologies Ltd 5,148 Cr. 639 972/40169.3 84.00.04 %16.6 %11.8 % 5.00
Apollo Micro Systems Ltd 6,993 Cr. 196 355/10171.8 30.30.13 %14.5 %10.2 % 1.00
Astra Microwave Products Ltd 8,518 Cr. 897 1,196/62953.1 1220.25 %18.7 %14.4 % 2.00
MTAR Technologies Ltd 11,085 Cr. 3,604 3,923/1,152163 2430.00 %10.5 %7.51 % 10.0
Industry Average62,347.73 Cr1,600.6466.40177.440.31%22.58%16.73%4.00

All Competitor Stocks of DCX Systems Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 355.95510.55170.10309.12197.98746.19138.08195.47283.11495.41220.02192.35121.60
Expenses 332.89464.70162.22290.09187.13716.02141.20196.69279.96491.33218.92189.17116.81
Operating Profit 23.0645.857.8819.0310.8530.17-3.12-1.223.154.081.103.184.79
OPM % 6.48%8.98%4.63%6.16%5.48%4.04%-2.26%-0.62%1.11%0.82%0.50%1.65%3.94%
Other Income 6.419.7011.3012.0911.0113.9516.2020.3617.3313.6818.029.968.39
Interest 9.024.756.946.247.078.144.912.141.471.450.780.670.86
Depreciation 0.480.400.470.480.580.951.311.351.421.641.511.601.65
Profit before tax 19.9750.4011.7724.4014.2135.036.8615.6517.5914.6716.8310.8710.67
Tax % 13.42%18.47%16.31%16.35%16.33%25.92%34.26%34.76%33.77%36.61%33.87%34.04%32.99%
Net Profit 17.2941.099.8520.4111.8925.944.5110.2111.659.3011.137.177.16
EPS in Rs 1.794.251.022.111.232.330.400.921.050.831.000.640.64

Last Updated: March 3, 2026, 11:04 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 3:10 am

MetricMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3004496411,1021,2541,4231,1121,029
Expenses 2954436311,0351,1701,3531,1091,016
Operating Profit 5610678470313
OPM % 2%1%2%6%7%5%0%1%
Other Income 916422230466850
Interest 6810112628104
Depreciation 11222266
Profit before tax 713407686855553
Tax % 37%24%26%13%16%20%35%
Net Profit 510306672683635
EPS in Rs 13.1127.8384.468.487.446.113.203.11
Dividend Payout % 0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%200.00%120.00%9.09%-5.56%-47.06%
Change in YoY Net Profit Growth (%)0.00%100.00%-80.00%-110.91%-14.65%-41.50%

DCX Systems Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 6 years from 2019-2020 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:20%
3 Years:0%
TTM:-14%
Compounded Profit Growth
10 Years:%
5 Years:30%
3 Years:-18%
TTM:-33%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-21%
Return on Equity
10 Years:%
5 Years:11%
3 Years:8%
Last Year:3%

Last Updated: September 5, 2025, 3:10 pm

Balance Sheet

Last Updated: December 4, 2025, 2:43 am

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 4441519222222
Reserves 414431025481,0971,1321,150
Borrowings 11013413650350426500
Other Liabilities 371548610322141418487621
Total Liabilities 4896997939431,2121,8021,6411,793
Fixed Assets 6171615153233275
CWIP 30002000
Investments 40007131592
Other Assets 4766827789281,1881,7571,4501,517
Total Assets 4896997939431,2121,8021,6411,793

Reserves and Borrowings Chart

Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 121130114-134-5861444
Cash from Investing Activity + 7821211919-93
Cash from Financing Activity + 3819-2364358223-272
Net Cash Flow 166157133251-20924378
Free Cash Flow 118120113-135-590-17437
CFO/OP 2,616%2,160%1,162%-181%-668%20%15,728%

Free Cash Flow

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-105.00-128.00-126.00-436.00-420.00-195.003.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 122717239317153
Inventory Days 86911910753458
Days Payable 9613577354410429
Cash Conversion Cycle 34649-212410182
Working Capital Days -188-229-295-220-166016
ROCE %15%30%22%13%9%5%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 71.72%71.72%71.72%71.72%62.30%59.78%57.13%56.86%56.86%52.17%52.17%52.17%
FIIs 0.94%0.69%0.07%0.35%2.30%1.28%0.77%1.01%1.17%0.71%1.48%1.06%
DIIs 9.69%9.29%8.21%7.02%11.19%8.89%7.88%5.39%4.04%4.56%3.22%3.64%
Public 17.63%18.29%20.00%20.90%24.24%30.05%34.24%36.75%37.96%42.56%43.14%43.15%
No. of Shareholders 71,99871,59270,80770,96386,6901,11,7461,48,1251,42,6181,42,5361,55,4061,61,8871,61,592

Shareholding Pattern Chart

No. of Shareholders

DCX Systems Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Large and Mid Cap Fund 2,415,384 0.15 42.81N/AN/AN/A
HDFC Dividend Yield Fund 427,830 0.13 7.581,466,2762025-11-03 13:57:50-70.82%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.0010.00
Basic EPS (Rs.) 3.497.618.449.194.22
Diluted EPS (Rs.) 3.497.618.449.194.22
Cash EPS (Rs.) 4.697.267.608.7691.40
Book Value[Excl.RevalReserv]/Share (Rs.) 123.46101.1158.5915.19133.67
Book Value[Incl.RevalReserv]/Share (Rs.) 123.46101.1158.5915.19133.67
Revenue From Operations / Share (Rs.) 97.29127.80129.61142.411831.89
PBDIT / Share (Rs.) 7.6011.6311.7111.51149.03
PBIT / Share (Rs.) 6.4011.1711.5211.22142.08
PBT / Share (Rs.) 5.428.498.879.76113.73
Net Profit / Share (Rs.) 3.496.807.418.4884.45
NP After MI And SOA / Share (Rs.) 3.496.807.418.4884.45
PBDIT Margin (%) 7.819.099.038.078.13
PBIT Margin (%) 6.578.738.887.887.75
PBT Margin (%) 5.576.646.846.856.20
Net Profit Margin (%) 3.585.325.715.954.61
NP After MI And SOA Margin (%) 3.585.325.715.954.61
Return on Networth / Equity (%) 2.826.7212.6455.7963.17
Return on Capital Employeed (%) 5.1610.8319.4156.38104.43
Return On Assets (%) 2.044.105.876.963.72
Long Term Debt / Equity (X) 0.000.010.010.300.00
Total Debt / Equity (X) 0.000.250.894.272.91
Asset Turnover Ratio (%) 0.570.921.161.270.00
Current Ratio (X) 2.962.551.851.171.04
Quick Ratio (X) 2.412.261.491.140.77
Inventory Turnover Ratio (X) 4.405.429.858.120.00
Interest Coverage Ratio (X) 7.774.354.427.875.26
Interest Coverage Ratio (Post Tax) (X) 4.573.543.806.793.98
Enterprise Value (Cr.) 1549.582729.091324.370.000.00
EV / Net Operating Revenue (X) 1.431.921.060.000.00
EV / EBITDA (X) 18.3121.0711.700.000.00
MarketCap / Net Operating Revenue (X) 2.362.301.130.000.00
Price / BV (X) 1.862.912.490.000.00
Price / Net Operating Revenue (X) 2.362.301.130.000.00
EarningsYield 0.010.020.050.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

DCX Systems Ltd. is a Public Limited Listed company incorporated on 16/12/2011 and has its registered office in the State of Karnataka, India. Company's Corporate Identification Number(CIN) is L31908KA2011PLC061686 and registration number is 061686. Currently Company is involved in the business activities of Manufacture of other electrical equipment. Company's Total Operating Revenue is Rs. 1112.06 Cr. and Equity Capital is Rs. 22.28 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Aerospace & DefenseAerospace SEZ Sector, Plot Nos. 29, 30 and 107, Bengalure Rural Dist. Karnataka 562110Contact not found
Management
NamePosition Held
Dr. H S Raghavendra RaoChairman & Managing Director
Mr. Ramegowda Shiva KumarExecutive Director
Mr. Gopinath VedaprakashWhole Time Director
Mr. Kalyanasundaram ChandrasekaranIndependent Director
Ms. Lathika Siddharth PaiIndependent Director
Mr. Prakash NagabushanIndependent Director

FAQ

What is the intrinsic value of DCX Systems Ltd and is it undervalued?

As of 10 April 2026, DCX Systems Ltd's intrinsic value is ₹146.61, which is 11.15% lower than the current market price of ₹165.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (3.14 %), book value (₹105), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of DCX Systems Ltd?

DCX Systems Ltd is trading at ₹165.00 as of 10 April 2026, with a FY2026-2027 high of ₹364 and low of ₹153. The stock is currently near its 52-week low. Market cap stands at ₹1,837 Cr..

How does DCX Systems Ltd's P/E ratio compare to its industry?

DCX Systems Ltd has a P/E ratio of 52.9, which is below the industry average of 66.40. This is broadly in line with or below the industry average.

Is DCX Systems Ltd financially healthy?

Key indicators for DCX Systems Ltd: ROCE of 5.10 % is on the lower side compared to the industry average of 22.58%; ROE of 3.14 % is below ideal levels (industry average: 16.73%). Dividend yield is 0.00 %.

Is DCX Systems Ltd profitable and how is the profit trend?

DCX Systems Ltd reported a net profit of ₹36 Cr in Mar 2025 on revenue of ₹1,112 Cr. Compared to ₹66 Cr in Mar 2022, the net profit shows a declining trend.

Does DCX Systems Ltd pay dividends?

DCX Systems Ltd has a dividend yield of 0.00 % at the current price of ₹165.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in DCX Systems Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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