DCX

Bengaluru, India Founded: 2011 • Age: 15 yrs Listed
Provider of cable assemblies, system integration, electronics manufacturing, and kitting services

About DCX

DCX is a publicly listed company based in Bengaluru (India) founded in 2011 by Neal Castleman and H S Raghavendra Rao. The company has 170 employees. Its chief executive, as recorded, is H S Raghavendra Rao. Its Indian entity Dcx Systems Limited reported revenue of β‚Ή788 Cr. DCX offers products and services including Cable Assemblies and System Integration.

Company details

Provider of cable assemblies, system integration, electronics manufacturing, and kitting services. The company manufactures build-to-print and customized cable and wire harness assemblies. It undertakes system integration in areas of electronic warfare, radar, sensors, and surveillance. The company also provides electronics manufacturing services and supplies ready-to-assemble kits, handling all aspects of procurement. It operates a manufacturing facility engaged in system integration and manufacturing of cable and wire harnesses, with environmental and electrical testing capabilities.

  • Headquarters Bengaluru, India
  • Employees 170
  • Founders Neal Castleman, H S Raghavendra Rao
  • Stage Public
  • Email
    β€’β€’β€’β€’β€’β€’β€’β€’
  • Phone
    β€’β€’β€’β€’ β€’β€’β€’β€’
  • Website dcxindia.com
  • Social LinkedIn
  • Legal Name Dcx Systems Limited
Key Metrics
  • Market Cap
    ₹1,551 Cr

    DCXINDIA · NSE

  • Share Price
    ₹132.91

    -4.53% today

  • Revenue
    ₹743 Cr

    FY 2025-26 · -31.4% YoY

  • EBITDA
    −₹17.17 Cr

    Margin -2.3%

  • Net Profit
    −₹7.73 Cr

    FY 2025-26 · -119.9% YoY

  • ROE
    -0.5%

    ROCE 0.9%

  • Latest Funding Round
    $60.15M (USD), Post-IPO

    Jan 2024

  • Investors
  • Employee Count
    170

Products & Services of DCX

DCX offers a comprehensive portfolio of products and services, including Cable Assemblies and System Integration.

Cable Assemblies
Electronics Manufacturing

Cable and wire harness assemblies are manufactured for aerospace and defence applications

System Integration
Defence Solutions

System integration is performed for electronic warfare, radar, sensors, and surveillance systems

Funding Insights of DCX

  • Total Rounds 1
  • Last Round Post-IPO β€” $60.15M
  • First Round $60.15M

    (Jan 2024)

  • Investors Count 6

All 1 funding rounds of DCX with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.

DateAmountTransaction NameValuationLead InvestorsInvestors
Jan 2024$60.15MPost-IPO––
Valuation history

6 investors in total: 6 institutional.

Investors in DCX

DCX has secured backing from 6 investors, including institutional and venture fund investors. Prominent investors backing the company include HDFC Mutual Fund, Bank of America and Bandhan Mutual Fund.

All
Venture Fund
Institutional
InvestorDescriptionFounded YearDomainLocation
copthallmauritiusinvestment.tcc.mode
Commercial banking and asset management services are offered worldwide.
1904bankofamerica.comCharlotte, United States
Mutual fund services are provided with focus on investment management.
1999hdfcfund.comMumbai, India
Online platform for investing in mutual funds
2000bandhanmutual.comMumbai, India
General insurance services are provided in multiple categories.
2009sbigeneral.inMumbai, India
Diversified financial services including asset management and investment advisory.
2010vikasacapital.comNew York, United States
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Investor details for DCX

The complete investor list, round-by-round participation and investor portfolios require an active premium plan.

  • Complete investor list
  • Round participation
  • Investor portfolios
  • Co-investor network

Verified entity values are shown only after access is granted.

Board of directors of Dcx Systems Limited (DCX)

Dcx Systems Limited is the primary company behind DCX. The board of Dcx Systems Limited currently have 6 directors; the longest-serving is Raghavendra Rao Hosakote Shamarao, appointed in 2021. 17 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Raghavendra Rao Hosakote Shamarao
DIN 00379249
Managing Director03 Mar 20215 yrs 7 moDcx Systems Limited
Kalyanasundaram Chandrasekaran
DIN 00936289
Director28 Jan 20224 yrs 8 moDcx Systems Limited
Lathika Siddharth Pai
DIN 00420102
Director02 Feb 20224 yrs 8 moDcx Systems Limited
Prakash Nagabushan
DIN 00998992
Director01 Aug 20242 yrs 2 moDcx Systems Limited
Ramegowda Shiva Kumar
DIN 08678987
Director02 Jan 20251 yr 9 moDcx Systems Limited
Gopinath Vedaprakash
DIN 11241863
Whole-time director01 Sep 20251 yr 1 moDcx Systems Limited

People of DCX

2 people are tracked at DCX (2 in leadership); the tracked headcount is 170.

NameRoleGroup
Co-FounderLeadership
H S Raghavendra Rao
Co-Founder & CEOLeadership
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Complete people profiles for DCX

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IPO & Listings of DCX

DCX is a publicly listed company on the NSE with ticker symbol DCXINDIA in India, operating in the Producer manufacturing sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date11 Nov 2022
  • Listed onBSE: 543650 · NSE: DCXINDIA
  • Listed entityDCX Systems Limited
  • Exchange sectorProducer manufacturing
  • ISININE0KL801015
  • Share price₹155.49 (+1.07% on the day) · 2026-10-14
  • Market capitalisation₹1,716 Cr
  • Price to earnings78.0
  • EPS (diluted, trailing year)₹-1.83
  • Volume (last session)247,880

Financials of DCX

Exchange-reported figures of Dcx Systems Limited, the listed company behind DCX (NSE: DCXINDIA).

Financial Highlights

FY 2025-26 Β· Consolidated
Revenue
₹743 Cr
-31.4% YoY
EBITDA
−₹17.17 Cr
-473.3% YoY
Profit After Tax
−₹7.73 Cr
-119.9% YoY
Net Worth
₹1,513 Cr
+10.0% YoY
Total Assets
₹1,520 Cr
+10.0% YoY
Total Debt
₹2.92 Cr
-22.1% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Income statement
Revenue7431,0841,4241,2541,102641
Revenue growth-31.4%-23.9%+13.6%+13.7%+71.9%-
EBITDA(17.17)4.6079.8883.6766.9810.07
EBITDA margin-2.3%+0.4%+5.6%+6.7%+6.1%+1.6%
Profit before tax9.3160.3794.6085.7775.5439.80
Net profit(7.73)38.8775.7671.5765.5929.55
Net profit margin-1.0%+3.6%+5.3%+5.7%+6.0%+4.6%
EPS (β‚Ή)(0.69)3.496.807.418.4884.45
Balance sheet
Total assets1,5201,3821,4191,077621184
Net worth1,5131,3751,12656711846.79
Total debt2.923.75291509503136
Cash & bank7651,004841596800549
Net working capital1,0301,0291,3531,049602167
Cash flow
Cash from operations2.30(314)4.43(590)(134)114
Cash from investing(108)(239)(1.25)21.9020.8021.07
Cash from financing25.96(94.64)242364364(2.34)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue103207121193222550200196
Revenue growth (YoY)-53.6%-62.3%-39.5%-1.4%+60.9%---
Other income8.788.4210.7112.0513.9523.5218.1820.00
EBITDA(10.75)(0.33)(5.14)(12.82)1.1210.232.99(3.80)
EBITDA margin-10.4%-0.2%-4.2%-6.6%+0.5%+1.9%+1.5%-1.9%
Depreciation3.684.033.993.803.533.733.523.31
Interest0.840.730.920.750.911.541.712.24
Profit before tax(6.49)3.330.66(5.32)10.6328.4815.9410.65
Tax2.163.643.103.736.577.765.945.44
Net profit(8.65)(0.31)(2.44)(9.05)4.0620.7210.005.21
EPS (β‚Ή)(0.78)(0.03)(0.22)(0.81)0.361.860.900.47
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue7401,1121,4231,2541,102641449
Revenue growth-33.5%-21.9%+13.5%+13.7%+71.9%+42.7%-
EBITDA16.372.8770.0683.9166.9910.076.21
EBITDA margin+2.2%+0.3%+4.9%+6.7%+6.1%+1.6%+1.4%
Profit before tax49.9054.7685.4086.1075.5539.8012.86
Net profit33.1335.6668.0871.9065.6029.559.72
Net profit margin+4.5%+3.2%+4.8%+5.7%+6.0%+4.6%+2.2%
EPS (β‚Ή)2.983.206.117.458.4884.4527.84
Balance sheet
Total assets1,1901,1571,3861,072621184152
Net worth1,1871,1541,11956711846.7917.17
Total debt0.000.00265504503136134
Cash & bank665913835591800549417
Net working capital9149601,3351,041602167134
Cash flow
Cash from operations22.96(337)0.75(586)(134)114130
Cash from investing(45.10)(93.45)19.2118.8320.7021.078.40
Cash from financing(0.34)(272)223358364(2.34)18.97
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue101206122192220495283195
Revenue growth (YoY)-54.0%-58.4%-57.1%-1.6%+59.3%---
Other income8.999.368.399.9618.0213.6817.3320.36
Total expenses101201117189219491280197
EBITDA(0.30)4.504.793.171.104.083.15(1.22)
EBITDA margin-0.3%+2.2%+3.9%+1.6%+0.5%+0.8%+1.1%-0.6%
Depreciation1.271.661.651.601.511.641.421.35
Interest0.780.650.860.670.781.451.472.14
Profit before tax6.6411.5510.6710.8616.8314.6717.5915.65
Tax2.163.843.523.705.705.375.945.44

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue103207121193222550200196
Revenue growth (YoY)-53.6%-62.3%-39.5%-1.4%+60.9%---
Other income8.788.4210.7112.0513.9523.5218.1820.00
EBITDA(10.75)(0.33)(5.14)(12.82)1.1210.232.99(3.80)
EBITDA margin-10.4%-0.2%-4.2%-6.6%+0.5%+1.9%+1.5%-1.9%
Depreciation3.684.033.993.803.533.733.523.31
Interest0.840.730.920.750.911.541.712.24
Profit before tax(6.49)3.330.66(5.32)10.6328.4815.9410.65
Tax2.163.643.103.736.577.765.945.44
Net profit(8.65)(0.31)(2.44)(9.05)4.0620.7210.005.21
EPS (β‚Ή)(0.78)(0.03)(0.22)(0.81)0.361.860.900.47
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Revenue7431,0841,4241,2541,102641
Revenue growth-31.4%-23.9%+13.6%+13.7%+71.9%-
Other income45.1380.0349.6529.5522.0642.08
Total expenses7611,0791,3441,1701,035631
Employee cost40.0723.3613.9010.518.675.48
EBITDA(17.17)4.6079.8883.6766.9810.07
EBITDA margin-2.3%+0.4%+5.6%+6.7%+6.1%+1.6%
Depreciation15.3413.375.131.822.182.43
Interest3.3110.8929.8025.6311.329.92
Profit before tax9.3160.3794.6085.7775.5439.80
Tax17.0421.5018.8314.099.9510.25
Net profit(7.73)38.8775.7671.5765.5929.55
Net profit margin-1.0%+3.6%+5.3%+5.7%+6.0%+4.6%
EPS (β‚Ή)(0.69)3.496.807.418.4884.45
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Equity & liabilities
Share capital22.2822.2822.2819.3515.483.50
Reserves & surplus1,4911,3531,10454710243.29
Shareholders' funds (net worth)1,5131,3751,12656711846.79
Minority interest0.000.000.000.000.000.00
Secured loans0.000.02291509503136
Unsecured loans2.923.730.000.000.000.00
Total debt2.923.75291509503136
Total liabilities1,5201,3821,4191,077621184
Assets
Gross block52737474.4624.6522.7121.48
Net block48434759.8815.1814.6515.60
Capital work in progress0.000.000.005.290.000.00
Investments0.040.000.000.000.000.00
Inventories53728920422927.25202
Sundry debtors13416566732069.4912.31
Cash & bank balances7651,004841596800549
Loans & advances17893.3569.9546.7826.7313.36
Total current assets1,6141,5511,7811,191924777
Total current liabilities584522429142321609
Net working capital1,0301,0291,3531,049602167
Total assets1,5201,3821,4191,077621184
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Opening cash194841596800549417
Net cash from operating activities2.30(314)4.43(590)(134)114
Net cash from investing activities(108)(239)(1.25)21.9020.8021.07
Net cash from financing activities25.96(94.64)242364364(2.34)
Net change in cash(79.85)(647)245(204)251133
Closing cash7651,004841596800549
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21
Growth
Sales growth-31.4%-23.9%+13.6%+13.7%+71.9%-
EBITDA growth-473.3%-94.2%-4.5%+24.9%+565.1%-
PBT growth-84.6%-36.2%+10.3%+13.5%+89.8%+9997.0%
Net income growth-119.9%-48.7%+5.9%+9.1%+122.0%-
Revenue CAGR (3Y)-16.0%-0.6%+30.5%---
EBITDA CAGR (3Y)--59.1%+99.4%---
Profitability & leverage
Net income margin-1.0%+3.6%+5.3%+5.7%+6.0%+4.6%
Return on capital employed+0.9%+5.1%+10.0%+13.1%+21.6%+27.0%
Return on net worth-0.5%+3.1%+9.0%+21.0%+79.8%+63.2%
Debt / equity0.000.120.471.483.892.91
Long-term debt / equity0.000.010.020.060.220.00
Interest cover-10.18-124.1739.8731.3117.47129.84
Efficiency & per share
Fixed asset turnover1.654.8328.7352.9449.8929.85
Inventory turnover1.804.406.589.789.633.18
Debtors turnover4.962.602.896.4526.9552.08
EPS (β‚Ή)(0.69)3.496.807.418.4884.45
Dividend per share (β‚Ή)0.000.000.000.000.000.00
Book value per share (β‚Ή)135.83123.46101.1158.5915.19133.67
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue101206122192220495283195
Revenue growth (YoY)-54.0%-58.4%-57.1%-1.6%+59.3%---
Other income8.999.368.399.9618.0213.6817.3320.36
Total expenses101201117189219491280197
EBITDA(0.30)4.504.793.171.104.083.15(1.22)
EBITDA margin-0.3%+2.2%+3.9%+1.6%+0.5%+0.8%+1.1%-0.6%
Depreciation1.271.661.651.601.511.641.421.35
Interest0.780.650.860.670.781.451.472.14
Profit before tax6.6411.5510.6710.8616.8314.6717.5915.65
Tax2.163.843.523.705.705.375.945.44
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue7401,1121,4231,2541,102641449
Revenue growth-33.5%-21.9%+13.5%+13.7%+71.9%+42.7%-
Other income42.9067.5746.2129.5422.0642.0815.97
Total expenses7241,1091,3531,1701,035631443
Employee cost18.5014.7012.0610.508.675.485.60
EBITDA16.372.8770.0683.9166.9910.076.21
EBITDA margin+2.2%+0.3%+4.9%+6.7%+6.1%+1.6%+1.4%
Depreciation6.415.722.481.822.182.431.38
Interest2.969.9628.3925.5311.329.927.94
Profit before tax49.9054.7685.4086.1075.5539.8012.86
Tax16.7719.1017.3114.099.9510.253.13
Net profit33.1335.6668.0871.9065.6029.559.72
Net profit margin+4.5%+3.2%+4.8%+5.7%+6.0%+4.6%+2.2%
EPS (β‚Ή)2.983.206.117.458.4884.4527.84
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital22.2822.2822.2819.3515.483.503.50
Reserves & surplus1,1651,1321,09754810243.2913.67
Shareholders' funds (net worth)1,1871,1541,11956711846.7917.17
Secured loans0.000.00265504503136134
Unsecured loans0.000.000.000.000.000.000.00
Total debt0.000.00265504503136134
Total liabilities1,1901,1571,3861,072621184152
Assets
Gross block53.9950.4444.2624.6322.7121.4820.05
Net block29.9432.7932.3315.1614.6515.6016.60
Capital work in progress0.000.000.001.870.000.000.00
Investments24315912.856.600.100.000.12
Inventories42317312522927.2520277.21
Sundry debtors13316066732069.4912.3187.97
Cash & bank balances665913835591800549417
Loans & advances24119812341.2526.7313.3699.31
Total current assets1,4621,4441,7511,181924777681
Total current liabilities548484416140321609547
Net working capital9149601,3351,041602167134
Total assets1,1901,1571,3861,072621184152
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash132835591800549417259
Net cash from operating activities22.96(337)0.75(586)(134)114130
Net cash from investing activities(45.10)(93.45)19.2118.8320.7021.078.40
Net cash from financing activities(0.34)(272)223358364(2.34)18.97
Net change in cash(22.47)(703)243(209)251133157
Closing cash665913835591800549417
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth-33.5%-21.9%+13.5%+13.7%+71.9%+42.7%-
EBITDA growth+470.4%-95.9%-16.5%+25.3%+565.2%+62.2%-
PBT growth-8.9%-35.9%-0.8%+14.0%+89.8%+209.5%+76.4%
Net income growth-7.1%-47.6%-5.3%+9.6%+122.0%+204.0%-
Revenue CAGR (3Y)-16.1%+0.3%+30.5%+40.8%+54.3%--
EBITDA CAGR (3Y)-42.0%-65.0%+90.9%+138.2%+143.3%--
Profitability & leverage
Net income margin+4.5%+3.2%+4.8%+5.7%+6.0%+4.6%+2.2%
Return on capital employed+4.5%+5.1%+9.3%+13.2%+21.6%+29.6%+15.4%
Return on net worth+2.8%+3.1%+8.1%+21.0%+79.8%+92.4%+79.1%
Debt / equity0.000.120.461.473.894.239.93
Long-term debt / equity0.000.000.000.000.000.000.04
Interest cover29.72-349.4742.0131.1017.47129.84164.39
Efficiency & per share
Fixed asset turnover14.1723.4941.3252.9649.8930.8830.85
Inventory turnover2.487.458.049.809.634.6010.74
Debtors turnover5.042.692.896.4526.9512.794.77
EPS (β‚Ή)2.983.206.117.458.4884.4527.84
Dividend per share (β‚Ή)0.000.000.000.000.000.000.00
Book value per share (β‚Ή)106.56103.62100.4558.6315.19133.6749.06

Timeline of DCX

3 dated milestones of DCX across 13 years, from founding to its latest funding, stage changes and deals.

  1. Founded DCX is founded.
  2. IPO Lists on the stock exchange (IPO).
  3. Funding First funding round of $60.2M.

Web traffic of DCX

The website of DCX (dcxindia.com) receives about 4.7K visits a month.

  • Monthly visits
    4.7K

    ▼ 67.5% vs previous month

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Frequently Asked Questions about DCX

DCX was founded in 2011 and raised its 1st funding round 13 years after it was founded.

DCX is headquartered in Bengaluru, India. It is registered at Bengaluru, Karnataka, India.

H S Raghavendra Rao is the CEO of DCX, as recorded in our data. They have also founded this company.

DCX has 170 employees.

The primary company behind DCX, Dcx Systems Limited, reported revenue of β‚Ή788 Cr for FY 2026, down 31% year on year.

Provider of cable assemblies, system integration, electronics manufacturing, and kitting services. The company manufactures build-to-print and customized cable and wire harness assemblies. It undertakes system integration in areas of electronic warfare, radar, sensors, and surveillance. The company also provides electronics manufacturing services and supplies ready-to-assemble kits, handling all aspects of procurement. It operates a manufacturing facility engaged in system integration and manufacturing of cable and wire harnesses, with environmental and electrical testing capabilities.

DCX offers Cable Assemblies and System Integration.

Yes, DCX is publicly traded on NSE under the ticker symbol DCXINDIA.

DCX has 6 investors. Key investors include HDFC Mutual Fund, Bank of America, Bandhan Mutual Fund, SBI General, and Copthall Mauritius Investment.

DCX operates through Dcx Systems Limited.

The legal entities of DCX currently have 8 directors, including Kalyanasundaram Chandrasekaran, Lathika Siddharth Pai, Raghavendra Rao Hosakote Shamarao and others.

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