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DCX Systems secured an order worth ₹564 crore for the manufacture and supply of Maritime Patrol Radar Systems for airborne applications.
By Meghna Sen March 23, 2026, 10:50:29 AM IST (Published)
2 Min Read
Shares of DCX Systems Ltd. climbed as much as 12% on Monday, March 23, outperforming a broadly weak market.
The rally comes after the company secured an order worth ₹564 crore for the manufacture and supply of Maritime Patrol Radar Systems for airborne applications.
Nifty India Defence fell 4%
Its order book stood at ₹2,582 crore at the end of the third quarter of fiscal 2025-2026.
DCX Systems operates in system integration across radar systems, sensors, electronic warfare, missiles and communication systems, and also manufactures cable and wire harness assemblies.
The business is largely export-driven, with a significant portion of revenue coming from global OEMs, particularly Israeli defence players such as Elta and IAI, along with clients in the US and Europe.
Weak financial performance historically -
Yearly
|
₹cr |
FY23 |
FY24 |
FY25 |
|
Revenue |
1,254 |
1,424 |
1,084 |
|
Rev growth % |
13.73% |
13.56% |
-23.88% |
|
EBITDA Margin % |
7% |
6% |
The company's revenue declined 24% in FY25, while margins shrank from 6-7% to near zero.
Quarterly
|
₹cr |
Q4FY25 |
Q1FY26 |
Q2FY26 |
Q3FY26 |
|
Revenue |
549.96 |
222.16 |
192.85 |
121.06 |
|
Rev growth % |
-26.30% |
60.89% |
-1.42% |
-39.47% |
|
EBITDA Margin % |
1.86% |
0.50% |
-6.64% |
-4.24% |
In Q3, revenue fell nearly 40%, and the company has reported a decline in revenue for seven consecutive quarters, barring Q1FY26. It continues to remain loss-making.
Despite a strong order book, which expanded 3.5 times year-on-year in FY25, execution concerns persist.
Order Book
|
₹cr |
Order Book |
|
FY23 |
1700 |
|
FY24 |
801 |
|
FY25 |
2,855 |
|
Q3FY26 |
2,582 |
The stock is up about 12% in today's session but remains down 32% over the past six months and 42% since its listing in November 2022. It is currently trading around ₹182.27, up 11.33%.
