DCX Systems Ltd

Hi Akshada,

Good Crips thesis pointers.

Few thoughts in my mind:

Raneal Systems :

What’s the moat in this business ? Or its just assembly work

Will they manufacture PCB ? When they say going into backward integration. I don’t think they manufacture PCB here.

NIART :

DCX Entered into JV with ELTA subsidiary of IAI.
Why to give technology transfer to DCX ?

Based on my reading on DCX –

DCX does system integration work, they are into assemblies when they talk about Backward Integration, I don’t think they do manufacturing. They are just into assembly work. ( Not manufacturing)

We can simply compare with Vinyas.

• JV wrt Railways need to be seen. – Scale up needs to be seen.
• Defence orders from Largest Defence Company.( System Integration Work) – Is this an offset business that Lockheed Martin needs to fulfill that’s why the orders are flowing to them or they cracked the clientele. Which is hard to believe.