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26 Aug, 2025 12:21

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DCX Systems Limited (“DCX Systems”) 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. The Company is preferred Indian Offset Partner (“IOP”) for foreign original equipment manufacturers (“OEMs”) for executing defence manufacturing projects. The Company undertakes “build-to-print” system integration and manufacture cable and wire harness assemblies for both domestic and international OEMs. As part of its system integration services, the Company's strength includes the manufacturing of complex microwave modules and sub-systems such as transmit receiver modules, receiver subsystems, and antennas used in military applications, space technology and aerospace. The Company is also engaged in manufacturing a comprehensive array of cables and wire harnesses assemblies such as radio frequency co-axial, mixed signal, power, data and communication cables for a variety of uses including communication systems, sensors, surveillance systems, missile systems, military armored vehicle, and other electronic warfare systems.

At the upper end of the price band of ₹207, the Company's IPO is valued at P/E of 30.5x at post IPO FY22 EPS which we believe is reasonable. We recommend investors to "SUBSCRIBE the issue for listing gains" due to the following factors.

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