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Motilal Oswal's IPO Report
DCX Systems Ltd. undertakes 'build-to-print'; system integration and manufacturing of cable and wire harness assemblies. It undertakes system integration in areas of radar systems, sensors, electronic warfare, missiles, and communication systems.
It is one of the largest Indian offset partner for the IAI Group, Israel.
As of Q1 FY23, DCX Systems order book stood at Rs 26 billion (2.3 times FY22 revenues) which is to be executed by FY25.
Indian aerospace and defence sector is poised to attain a value of $70 billion by 2030, led by initiatives like increase in foreign direct investment, government's push on indigenisation through Atmanirbhar Bharat, production linked incentive scheme and negative Import list, along with revised DAP Policy 2020.
DCX's revenue/Ebitda/profit after tax grew strongly by 57%/228%/ 160% over FY20-FY22, on the back of low base. Given an asset light model, return ratios are robust with FY22 return on equity at 78.9%.
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