This defence stock is bucking the trend in an extremely weak market
Published on 23/03/2026 10:50 AM
This defence stock is bucking the trend in an extremely weak marketDCX 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 ReadShares 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%.Continue ReadingTagsDCX Systemsshare market today