DCX Systems is scaling indigenous radar and EW technology via joint ventures with ELTX and NIART, while expanding its Raneal PCBA unit.

The ELTX partnership is the bigger of the two moves. DCX put in ₹84.32 crore through a rights issue in July, buying 234,229 equity shares to hold on to roughly a 37% stake in the venture, which also counts Israel’s ELTA Systems as a partner.

That money is going toward a radar manufacturing facility coming up in Tamil Nadu. NIART Systems, meanwhile, is focused on something a bit different: railway safety.

The joint venture is currently pilot-testing an all-weather obstacle detection system, aimed at spotting hazards on tracks regardless of visibility conditions.

On the manufacturing side, DCX’s wholly-owned subsidiary Raneal Advanced Systems continues to scale up its PCBA capabilities.

This is essentially backward integration, meaning the company is building more of its own electronic manufacturing capacity in-house instead of relying on outside vendors. There’s been other activity too.

In mid-August, DCX signed a fresh MoU with the Tamil Nadu government to widen its operations there, this time extending into electronic and communications intelligence systems.

Around the same time, the company and Raneal together picked up purchase orders worth ₹18.28 crore, split between cable harness manufacturing and export-focused PCBAs.

As of June 30, DCX’s consolidated order book stood at ₹3,269 crore. That said, the numbers for the June quarter tell a more mixed story.

Consolidated revenue fell to ₹103.13 crore from ₹222.16 crore a year earlier, and the company posted a net loss of ₹8.66 crore against a net profit of ₹4.06 crore in the same period last year.

DCX has also scheduled its 15th Annual General Meeting for September 28, where shareholders will vote on adopting the FY26 financial statements along with a few routine board matters.

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