DCX Systems Limited (DCXINDIA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-217.1%

-₹161.53

vs ₹137.89 price

Levered DCF

-₹205.57

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-223.52×	68.79×	39.76×	17.23×	33.56×	80.75×	244.8×	522.8×
P/B	1.14×	1.94×	2.68×	2.18×	18.72×	51.03×	139.05×	320.37×
P/S	2.32×	2.46×	2.12×	0.99×	2×	3.74×	5.39×	8.1×
EV / EBITDA	-56.21×	19.74×	25.35×	15.29×	29.58×	46.74×	123.91×	230.22×
Gross margin	1.3%	1.0%	7.5%	10.7%	8.8%	2.8%	7.2%	2.3%
Operating margin	-4.4%	-0.8%	5.3%	8.8%	7.2%	0.8%	6.6%	1.6%
Net margin	-1.0%	3.6%	5.3%	5.7%	6.0%	4.6%	2.2%	1.6%
Current ratio	2.75×	2.96×	2.55×	1.85×	1.17×	1.04×	1×	1×
Debt / equity	0×	0×	0.26×	0.9×	4.27×	2.91×	7.8×	14.82×
Interest coverage	-9.81×	-0.8×	2.63×	4.33×	6.96×	0.49×	3.67×	0.81×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-0.5%	2.8%	6.7%	12.6%	55.8%	63.2%	56.8%	61.5%
Return on invested capital	1.8%	-0.4%	4.2%	8.6%	11.0%	2.0%	14.5%	2.5%
Return on assets	-0.4%	2.0%	4.1%	5.9%	7.0%	3.7%	1.4%	0.9%
Free cash flow yield	-6.1%	9.4%	-1.3%	-48.4%	-6.2%	4.7%	5.0%	5.2%
Earnings yield	-0.4%	1.5%	2.5%	5.8%	3.0%	1.2%	0.4%	0.2%
Enterprise value	₹9.6B	₹16.7B	₹32.8B	₹17.3B	₹25.2B	₹24.4B	₹24.6B	₹24.1B
Net debt / EBITDA	44.54×	-11.81×	2.08×	4.38×	3.69×	0.97×	3.9×	2.25×
Cash conversion cycle (days)	229	120	119	40	-0	51	7	172