DCX Systems Limited

DCX Systems Limited is a Bengaluru based company that manufactures electronic sub-systems and cable and wire harness assemblies for the defence and aerospace sector. Its product range covers radio frequency, co-axial, mixed-signal, power and data cables used in communication systems, sensors, surveillance equipment, missile systems, armoured vehicles and other electronic warfare platforms. Beyond manufacturing, the company also carries out system integration work spanning radar systems, sensors, electronic warfare equipment, missile systems and communication systems, and undertakes kitting for its clients. The company traces its operations back to 2011 and was formerly known as DCX Cable Assemblies Private Limited before adopting its present name. It has built a long standing position as a preferred Indian Offset Partner for several foreign original equipment manufacturers executing aerospace and defence manufacturing projects in India, with customers that have included Elta Systems, Israel Aerospace Industries, Bharat Electronics and Astra Rafael Comsys across markets such as Israel, the United States, South Korea and India. In 2020 the company commissioned a new manufacturing facility inside the Hi-Tech Defence and Aerospace Park special economic zone in Bengaluru, and it also operates through a wholly owned subsidiary, Raneal Advanced Systems Private Limited. DCX Systems has grown rapidly on the back of India's defence indigenisation push under initiatives such as Make in India and Atmanirbhar Bharat, posting a steep rise in revenue and profit across the fiscal years leading up to its public listing and building an order book that stood at more than Rs 2,563 crore at the time of its offer document. Its dual focus on offset-driven manufacturing and in-house system integration gives it a differentiated position among Indian defence electronics suppliers.

The company raised approximately Rs 225 crore from anchor investors at the upper price band of Rs 207 per share, ahead of the public issue. Notable participants in the anchor round included Volrado Venture Partners Fund, Cohesion MK Best Ideas Fund, Quantum State Investment Fund, and domestic mutual funds HDFC Mutual Fund and Motilal Oswal Mutual Fund.