₹ 347 4.96%
17 Sep - close price
About
Incorporated in 2011, Dcx Systems Ltd is in the business of System Integration and Cable & Wire Harnessing[1]
Key Points
Business Overview:[1]
Company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and are also involved in kitting. They evolved into a highly regarded Indian Offset Partner (“IOP”) for foreign original equipment manufacturers (“OEMs”), particularly in the aerospace and defence manufacturing sector.They are one of the largest Indian Offset Partner (“IOP”) for ELTA Systems Limited and Israel Aerospace Industries Limited, System Missiles and Space Division (together, the “IAI Group”), Israel, for the Indian defence market for manufacture of electronic sub-systems and cable and wire harness assemblies.
- Market Cap ₹ 3,863 Cr.
- Current Price ₹ 347
- High / Low ₹ 452 / 235
- Stock P/E 61.6
- Book Value ₹ 100
- Dividend Yield 0.00 %
- ROCE 9.27 %
- ROE 8.08 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 71.6% CAGR over last 5 years
Cons
- Stock is trading at 3.45 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -2.51%
- Company might be capitalizing the interest cost
- Earnings include an other income of Rs.53.2 Cr.
- Company has high debtors of 171 days.
- Working capital days have increased from 64.5 days to 128 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Sector: Industry: Electronics - Components
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Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 213.25 | 417.18 | 374.04 | 213.25 | 173.88 | 355.95 | 510.55 | 170.10 | 309.12 | 197.98 | 746.19 | 138.08 | |
| 208.14 | 397.05 | 337.55 | 208.14 | 163.98 | 332.89 | 464.70 | 162.22 | 290.09 | 187.13 | 716.02 | 140.83 | |
| Operating Profit | 5.11 | 20.13 | 36.49 | 5.11 | 9.90 | 23.06 | 45.85 | 7.88 | 19.03 | 10.85 | 30.17 | -2.75 |
| OPM % | 2.40% | 4.83% | 9.76% | 2.40% | 5.69% | 6.48% | 8.98% | 4.63% | 6.16% | 5.48% | 4.04% | -1.99% |
| 7.00 | 9.47 | 1.05 | 7.00 | 6.43 | 6.41 | 9.70 | 11.30 | 12.09 | 11.01 | 13.95 | 16.20 | |
| Interest | 4.98 | 2.71 | 5.01 | 4.98 | 6.78 | 9.02 | 4.75 | 6.94 | 6.24 | 7.07 | 8.14 | 4.91 |
| Depreciation | 0.46 | 0.56 | 0.57 | 0.46 | 0.48 | 0.48 | 0.40 | 0.47 | 0.48 | 0.58 | 0.95 | 1.31 |
| Profit before tax | 6.67 | 26.33 | 31.96 | 6.67 | 9.07 | 19.97 | 50.40 | 11.77 | 24.40 | 14.21 | 35.03 | 7.23 |
| Tax % | 13.49% | 30.80% | -1.47% | 13.49% | 13.23% | 13.42% | 18.47% | 16.31% | 16.35% | 16.33% | 25.92% | 37.48% |
| 5.77 | 18.21 | 32.42 | 5.76 | 7.87 | 17.29 | 41.09 | 9.85 | 20.41 | 11.89 | 25.94 | 4.51 | |
| EPS in Rs | 16.49 | 52.03 | 4.19 | 0.74 | 1.02 | 1.79 | 4.25 | 1.02 | 2.11 | 1.23 | 2.33 | 0.40 |
| Raw PDF |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | TTM | |
|---|---|---|---|---|---|---|---|
| 300 | 449 | 641 | 1,102 | 1,254 | 1,423 | 1,391 | |
| 295 | 443 | 631 | 1,035 | 1,170 | 1,353 | 1,334 | |
| Operating Profit | 5 | 6 | 10 | 67 | 84 | 70 | 57 |
| OPM % | 2% | 1% | 2% | 6% | 7% | 5% | 4% |
| 9 | 16 | 42 | 22 | 30 | 46 | 53 | |
| Interest | 6 | 8 | 10 | 11 | 26 | 28 | 26 |
| Depreciation | 1 | 1 | 2 | 2 | 2 | 2 | 3 |
| Profit before tax | 7 | 13 | 40 | 76 | 86 | 85 | 81 |
| Tax % | 37% | 24% | 26% | 13% | 16% | 20% | |
| 5 | 10 | 30 | 66 | 72 | 68 | 63 | |
| EPS in Rs | 13.11 | 27.83 | 84.46 | 8.48 | 7.44 | 6.11 | 6.07 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 37% |
| 3 Years: | 30% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 72% |
| 3 Years: | 32% |
| TTM: | -18% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 14% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 19% |
| 3 Years: | 16% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| Equity Capital | 4 | 4 | 4 | 15 | 19 | 22 |
| Reserves | 4 | 14 | 43 | 102 | 548 | 1,097 |
| 110 | 134 | 136 | 503 | 504 | 265 | |
| 371 | 548 | 610 | 322 | 141 | 418 | |
| Total Liabilities | 489 | 699 | 793 | 943 | 1,212 | 1,802 |
| 6 | 17 | 16 | 15 | 15 | 32 | |
| CWIP | 3 | 0 | 0 | 0 | 2 | 0 |
| Investments | 4 | 0 | 0 | 0 | 7 | 13 |
| 476 | 682 | 778 | 928 | 1,188 | 1,757 | |
| Total Assets | 489 | 699 | 793 | 943 | 1,212 | 1,802 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| 121 | 130 | 114 | -134 | -586 | 1 | |
| 7 | 8 | 21 | 21 | 19 | 19 | |
| 38 | 19 | -2 | 364 | 358 | 223 | |
| Net Cash Flow | 166 | 157 | 133 | 251 | -209 | 243 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
|---|---|---|---|---|---|---|
| Debtor Days | 122 | 71 | 7 | 23 | 93 | 171 |
| Inventory Days | 8 | 69 | 119 | 10 | 75 | 34 |
| Days Payable | 96 | 135 | 77 | 35 | 44 | 104 |
| Cash Conversion Cycle | 34 | 6 | 49 | -2 | 124 | 101 |
| Working Capital Days | -188 | -229 | -217 | -66 | 131 | 128 |
| ROCE % | 15% | 30% | 22% | 13% | 9% |
Documents
Announcements
- Grant Of Industrial License To Our Wholly Owned Subsidiary M/S Raneal Advanced Systems Private Limited
14h - Grant of industrial license to Raneal Advanced Systems.
- Announcement under Regulation 30 (LODR)-Newspaper Publication
4 Sep - Submission of copies of newspaper advertisem*nt for notice of 13th Annual General Meeting.
- Business Responsibility and Sustainability Reporting (BRSR)
3 Sep - Submission of Business Responsibility and Sustainability Report for FY 2023-24.
- Shareholders Meeting- AGM To Be Held On September 26, 2024.
3 Sep - Notice for 13th Annual General Meeting on September 26, 2024.
- Reg. 34 (1) Annual Report. 3 Sep
Concalls
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Aug 2024
Transcript PPT REC -
May 2024
Transcript PPT -
Feb 2024
Transcript PPT -
Oct 2023
Transcript PPT -
Aug 2023
Transcript PPT -
Jun 2023
Transcript PPT REC
