DCX Systems Limited is a prominent Indian defense and aerospace company established in 2011, engaged in system integration, cable and wire harness manufacturing, and kitting services. The company operates as a leading Indian Offset Partner (IOP) for global OEMs, particularly in defense electronics. It is recognized as one of the largest IOPs for ELTA Systems Limited and Israel Aerospace Industries (IAI Group), Israel, catering to the Indian defense market by manufacturing electronic sub-systems and cable & wire harness assemblies.
DCX Systems Limited is one of India's leading manufacturers of electronic subsystems and cable harnesses in the defence and aerospace sector, with operations classified into System Integration, Cable and Wire Harness Assemblies, and Kitting. The company undertakes system integration in radar systems, electronic warfare, missiles, and communication systems, as well as provides assembly and testing services. Its capabilities include the manufacture of complex high-end and high-power microwave modules, inspection and test equipment, shielding solutions, and kitting.
DCX Systems Limited is primarily engaged in system integration and manufacturing of cables and wire harnesses assemblies, also involved in kitting and manufacturing of electronic sub-systems. The company undertakes system integration in areas of radar systems, sensors, electronic warfare, missiles, and communication systems, with services encompassing electronics and electro-mechanical and enclosure assembly. It provides product repair support for the parts that it manufactures.
The company manufactures cables and wire harness assemblies such as radio frequency cables, co-axial, mixed signal, power, and data cables for a variety of uses including communication systems, sensors, surveillance systems, missile systems, military armored vehicles, and other electronic warfare systems for the aerospace and defense industries as per customers' requirements.
The company commissioned a 30,000 square ft facility in Bengaluru in 2020, designed for in-house environmental and electrical testing and wire processing. In 2022, they incorporated Raneal Advanced Systems Private Limited as a wholly-owned subsidiary.
- Market Capitalization: ₹3,091 crores (as of July 2025)
- Promoter Holding: 56.8% (as of March 2025)
- Consolidated Order Book: Over ₹2,855 crores (as of March 31, 2025)
- FY25 Operational Revenue: ₹1,083.67 crores (down 23.88% YoY)
- FY25 Profit After Tax (PAT): ₹38.88 crores (down 48.69% YoY)
- Q4 FY25 Net Profit: ₹20.70 crores (down 37.18% YoY)
- Q3 FY25 Net Profit: ₹10.01 crores (down 25.19% YoY)
- Q3 FY25 Net Sales: ₹200.01 crores (up 0.93% YoY)
For FY25, operational revenue stood at ₹1,083.67 crores, a decrease of 23.88% from ₹1,423.58 crores in FY24. EBIT stood at ₹71.27 crores, down from ₹124.41 crores in FY24, representing a YoY decrease of 42.71%. EBIT margin for the year stood at 6.58%, a decrease of 216 basis points compared to 8.74% in FY24. Profit After Tax (PAT) for the year was ₹38.88 crores compared to ₹75.78 crores in FY24, showing a YoY decrease of 48.69%. PAT margin declined by 173 basis points, while the consolidated order book as of March 31, 2025, stood at over ₹2,855 crores.
- Q4 FY25: Net profit fell 37.18% to ₹20.70 crores compared to the same period last year. The profit after tax for the quarter decreased from ₹32.95 crores in Q4 FY24, leading to a decrease in PAT margin by 66 basis points.
- Q3 FY25: On a consolidated basis, net profit declined 25.19% to ₹10.01 crores while net sales rose 0.93% to ₹200.01 crores in Q3 December 2024 over Q3 December 2023. The company's consolidated net profit slipped from ₹13.38 crores recorded in Q3 FY24, while revenue from operations rose marginally from ₹198.16 crores posted in Q3 FY24.
In July 2025, DCX Systems was granted a 15-year license to manufacture radar, EW, avionics, and defense electronics. The license allows production at its Aerospace SEZ facility in Bengaluru, enhancing the company's capabilities in the defense sector.
DCX Systems executed a Joint Venture Agreement with IAI's ELTA Systems, Israel and its group companies on April 21, 2025, for establishing a Joint Venture Company (JVC) in India for conducting business in the areas of Airborne Maritime Radar System, Fire Control Radar System and other Radar Systems.
The company's wholly-owned subsidiary, Raneal Advanced Systems, has set up an additional unit under Domestic Tariff Area (DTA) located in Bengaluru to carry out manufacturing activities related to printed circuit board assemblies and electronic sub-assemblies, with commercial production expected to commence from March 2025.
DCX Systems recently received an order worth ₹4.36 crores for special test equipment from a leading multinational aerospace company in June 2025.
The company secured additional contracts totaling ₹15 crores for the manufacture and supply of cable and wire harness assemblies to ELTA Systems, Rafael Advanced Defence Systems (Israel), Elbit Systems (Israel), and other international clients.
Recent orders include:
- ₹9.33 crores from Bharat Electronics
- ₹5.63 crores from Rafael Advanced Defence Systems, Israel
- ₹5.58 crores from Alpha-Elsec Defence & Aerospace Systems, India
- ₹3.46 crores from Elbit Systems Israel
- ₹28.50 lakhs from India Optimel
- ₹23.44 lakhs from Elbit Systems, Israel
The company has significantly reduced debt and is almost debt-free. Debtor days have improved from 107 to 55.6 days, indicating better working capital management. Both DCX and its wholly-owned subsidiary Raneal have cleared all short-term and long-term fund-based borrowings from lenders and are now debt-free.
Promoter holding in DCX Systems Ltd stands at 56.8%, having decreased from 59.78% as of June 2024 to 56.86% as of March 2025.
The company's leadership is headed by H.S. Raghavendra Rao as Chairman & Managing Director, with Neal Jeremy Castleman as Non-Executive & Non-Independent Director.
DCX Systems Limited continues to position itself as a key player in India's defense electronics sector, with strong order book visibility and strategic partnerships with international defense manufacturers, despite facing near-term financial challenges in FY25.
