DCX Systems Limited | Globe Capital Market LTD.
DCX Systems Limited
Price Band
Rs. 197-207
IPO Issue Period
Oct 31, 2022 to Nov 02, 2022
Issue Size
Rs. 500 Cr.
Face value
Rs. 2 /-
Fresh issue
400 cr
Offer for sale
100 cr
Minimum Shares for Retail
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
Nov 11, 2022
Not More than 75% of the offer
Not less than 15% of the offer
Not less than 10% of the offer

Edelweiss Financial Services Ltd
Axis Capital Limited
Saffron Capital Advisors Private Limited

DCX Systems Limited was incorporated on December 16, 2011. DCX Systems is among the leading Indian players for the manufacture of electronic sub-systems and cable harnesses in terms of manufacturing capability and revenue in the defence and aerospace sector. They are preferred Indian Offset Partner for foreign original equipment manufacturers (“OEMs”) for executing defence manufacturing projects. It primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and is also involved in kitting. They undertake system integration in areas of radar systems, sensors, electronic warfare, missiles, and communication systems. They provide product assembly and system integration services to address customers’ requirements. As of June 30, 2022, the Company had 26 customers in Israel, United States, Korea and India, including certain Fortune 500 companies, multinational corporations and start-ups.

For year/ period ended ( in Cr.)

H1FY22 FY21 FY20
Total Revenue 1102.27 641.16 449.26
Profit After Tax 65.61 29.56 9.74
EPS 9.19 4.22 1.39
OPM (%) 9.42% 4.75% 9.72%
PATM (%) 5.48% 4.33% 2.09%


  • Among the preferred Indian Offset Partners for the defence and aerospace industry with global accreditations.
  • The Company has technology enabled and scalable end-to-end capabilities
  • Business model with visibility of cash flows and ability to mitigate operational and technology risk
  • Strategically located in aerospace SEZ with an advanced and modern manufacturing facility
  • Consistent financial performance track record
  • Repayment/ prepayment, in full or part, of certain borrowings availed of by the company
  • Funding working capital requirements of the company
  • Investment in the wholly owned Subsidiary, Raneal Advanced Systems Pvt. Ltd, to fund its capital expenditure expenses & General Corporate Purpose

In terms of valuations, at the upper band P/E works out to 30.5x FY22 EPS which is low compared to its peers like Paras Defense & Space Technologies Ltd, Data Patterns (India) ltd and Sundram Fasteners Ltd. Considering all the positive factors, we believe this valuation is at reasonable levels. Hence, Investors may subscribe to the Issue.

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