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What are REITs, How do they work, and Should you invest?


Introduction to REITs

Real estate investment trusts (REITs) are publicly traded companies that own and manage a portfolio of income-generating real estate assets. These assets may include office buildings, shopping centres, apartment buildings, and hotels. The main objective of REITs is to provide investors with a regular stream of income through rental income and capital appreciation of the underlying real estate assets.

Investing in REITs in India

REITs can be a good investment option for those interested in investing in real estate, but don’t want to directly own and manage the physical property. REITs in India are regulated by the Securities and Exchange Board of India (SEBI). According to SEBI regulations, REITs must have a minimum of INR 500 crore (approximately $68 million) in assets under management and must pay out at least 90% of their net income as dividends to investors.

REITs were introduced in India in 2007, but it was only in 2019 that the first REIT was listed on the stock exchange. The REIT market in India is still in its early stages, with only a few REITs listed on the stock exchange. However, the potential for REITs to become a popular investment vehicle in India is significant due to the country’s growing real estate market and increasing demand for rental housing. Listed Real Estate Investment Trusts (REITs) in India saw a 6.85% year-on-year growth in the total leasable area, which is a positive sign for the REIT market.

Types of REITs and Mutual Funds

Some REITs that are listed on the stock exchange are
1. Embassy Office Parks REIT,
2. Mindspace Business Park REIT, and
3. Brookfield India Real Estate Trust.

In addition to these listed REITs, mutual funds that deal exclusively with REITs are also available. Some of these mutual funds deal with international real estates, such as Kotak International REIT Fund of Funds, PGIM India Global Select Real Estate Securities, and Mahindra Manulife Asia Pacific REIT Fund of Funds.

Factors to Consider Before Investing in REITs

There are several factors that investors should consider before investing in REITs in India. These include:

  • Quality of underlying real estate assets
  • Management team
  • Financial performance of the REIT
  • Market conditions
  • Tax implications

It is also important for investors to consider the high percentage of delayed real estate projects in India, as this can play a crucial role in risk assessment for REITs.


Overall, REITs have the potential to be a lucrative investment option in India, particularly for investors looking for a regular stream of income and exposure to the country’s growing real estate market. However, investors need to do their due diligence and carefully consider the risks and potential returns before investing. REITs can be volatile and carry inherent risks, so they should be invested in with caution.

Why Most Startups Don’t Make Money?


According to statistics, the vast majority of startups fail. But why is this the case? In this blog post, we’ll explore some of the common reasons why most startups don’t make money.

Advertising Spends

Advertising can be a significant expense for startups, making it challenging for them to turn a profit. This is true regardless of the size or stage of the startup. For example, Paytm and Zomato, two well-known startups, both spend 34% and 33% (respectively) of their net revenue on marketing. This can be particularly difficult for small businesses trying to establish themselves in the market and build a customer base, as they may not have the resources to compete with larger companies with more money to spend on advertising.

High Employee Cost

Starting a business is all about solving problems, and oftentimes, startups are focused on tackling advanced, complex issues that require a high level of expertise. In order to assemble a top-notch team that can take on these challenges, startups may need to pay higher salaries than other companies. This can be a significant financial burden, especially for a new, cash-strapped startup.

Freebies to Customers

Many startups use freebies as a way to keep their customers coming back. This can include free deliveries, free use of certain services, and coupons. These offers can be a great way to build loyalty and encourage customers to continue doing business with the startup. While giving out freebies can be expensive, it’s often seen as a necessary investment in order to retain customers and keep the business afloat.

Poor Product-Market Fit

One of the biggest reasons that startups don’t make money is that they create products that people don’t want or need. This is known as poor product-market fit.

Poor Execution

Even with a great product, startups can still fail if they don’t execute well. Poor management, lack of resources, and other factors can all contribute to poor execution.


The market may already be saturated with similar products, making it difficult for a new startup to stand out. This can make it challenging for startups to attract customers and generate revenue.


One common reason for this failure is the inability to monetize their product or service. Advertising spending, higher salaries than other companies, freebees to customers, poor product-market fit, lack of focus, poor execution, competition, and limited funding are all challenges that can make it difficult for startups to turn a profit.

Is P2P Lending a good investment choice?



Peer-to-peer (P2P) lending is a way for individuals to lend money directly to other individuals or small businesses, without going through a traditional financial institution like a bank. P2P lending companies act as intermediaries, matching lenders with borrowers and helping to facilitate the loan process. In India, the regulation of P2P lending is still in the early stages, with guidelines being set by the Reserve Bank of India in 2017. Some examples of P2P lending platforms in India include Cred Mint, 12% Club by BharatPe, LendingKart, Faircent, and i3i Funding.


P2P lending can be a good option for those looking for higher returns on their money than traditional bank deposits offer. Thereby, where the traditional bank Fixed Deposit rates vary around 6-8%, the P2P lending platforms can offer up to 12%. However, it’s important to know that there are risks involved. P2P lending also doesn’t have the traditional “three Cs” of lending: collateral, capacity, and creditworthiness. This means you don’t have any collateral to protect you if the borrower doesn’t pay back the loan, and you have to rely on their ability to pay and their creditworthiness as judged by the P2P company. The recovery in case of a default is somewhat troublesome as unlike with a bank deposit, there is no institution backing the loan, so there’s a chance you could lose your investment.  The Non-Performing Assets (NPA) for P2P firms as a percentage are higher than the NPAs for traditional banks.


So is P2P lending a good choice? It really depends on your personal situation and how much risk you’re comfortable with. If you’re looking for higher returns than traditional bank deposits offer, P2P lending might be an option to consider. Just be aware that there is risk involved and as is the case with most investments, make sure you only invest what you can afford to lose. It’s important to do your research and carefully evaluate any P2P lending company before investing.

In conclusion, P2P lending can be a good option for those willing to take on more risk in exchange for potentially higher returns. Just make sure to carefully consider the potential risk-reward ratio.

Reference: Capitalmind

Why is fractional share investing not possible in India?


What are Fractional Shares?

Fractional shares, also known as fractional trading, allow investors to purchase a part of a share of a company instead of having to buy the entire share. This option can be especially useful for retail investors who may not have enough funds to purchase a full share of a particular stock. However, fractional trading is currently not possible in India due to regulatory differences between the country and others, such as the United States, where fractional trading has become popular in recent years.

Differences in Broker Roles Between India and the US

In India, brokers are only permitted to act as agents, meaning they are responsible for placing orders on behalf of their clients. These orders are then sent to exchanges, such as the National Stock Exchange (NSE) or Bombay Stock Exchange (BSE), where they are matched and executed. In contrast, in the US, brokers can also act as dealers, meaning they can be the counterparty to trades, buying and selling securities for their own accounts.

Differences in Share Management Between India and the US

In addition to the differences in the roles of brokers in India and the US, there are also differences in the way that shares are held and managed. In India, investors open both a trading account, used to place orders, and a Demat account, where all securities are held. Brokers in India must become participants with depositories, such as the Central Depository Services Limited (CDSL) and National Securities Depository Limited (NSDL), in order to offer Demat services. All shares in India are held by these depositories, and investors have beneficial ownership of the shares they purchase.

In the US, there is no concept of Demat accounts. Instead, US investors open a trading account. Dematerialized shares purchased in the US can either be held in the investor’s name or in the name of the broker-dealer (also known as “street name”). The street name concept allows broker-dealers to own stocks in their own name and pass a “book entry” to their clients, indicating that the client is the beneficiary of the shares according to the broker-dealer’s records.

Overall Impacts of Regulatory Differences on Fractional Trading in India

Overall, while fractional trading can be a useful tool for retail investors looking to invest in expensive stocks, it is not available in India due to regulatory differences between the country and others. These differences can affect the way that investors trade stocks and the level of protection they have when they invest. It is important for investors to understand these differences and the regulations governing the stock market in India in order to make informed investment decisions.

Amounts written off by Banks as NPAs in FY22 and FY21

Bank2021-222020-21YoY Change
State Bank of India19,66634,402-42.8%
Union Bank of India (UBI)19,48416,98314.7%
Punjab National Bank (PNB)18,31215,87715.3%
Bank of Baroda (BoB)17,96714,78221.5%
Bank of India10,4438,81518.5%
ICICI Bank Limited10,1489,5076.7%
HDFC Bank Limited9,4059,2891.2%
Axis Bank Limited9,12612,018-24.1%
Indian Bank8,3478,371-0.3%
Canara Bank8,2107,6427.4%
IndusInd Bank Limited4,3854,0558.1%
IDFC First Bank Limited4,2021,433193.2%
UCO Bank3,8519,410-59.1%
Indian Overseas Bank3,7694,618-18.4%
Bandhan Bank Limited3,2472,03859.3%
Bank of Maharashtra3,1184,931-36.8%
IDBI Bank Limited2,8898,392-65.6%
RBL Bank Limited2,2941,67537.0%
Standard Chartered Bank1,3251,697-21.9%
Central Bank of India1,2365,992-79.4%
Kotak Mahindra Bank Limited1,23062895.9%
Punjab and Sind Bank1,134711497.2%
Yes Bank Limited97112,240-92.1%
Federal Bank Limited929398133.4%
Karur Vysya Bank Limited87961942.0%
Ujjivan Small Finance Bank Limited78974966.2%
Jammu and Kashmir Bank Limited7581,185-36.0%
South Indian Bank Limited7001,135-38.3%
City Union Bank Limited62941252.7%
Jana Small Finance Bank Limited585233151.1%
Karnataka Bank Limited5851,060-44.8%
Citibank N.A.57637055.7%
DBS Bank India Limited (DBIL)438139215.1%
Fincare Small Finance Bank Limited370281221.4%
Equitas Small Finance Bank Limited36024546.9%
Tamilnad Mercantile Bank Limited321393-18.3%
Corporation Limited23418526.5%
Suryoday Small Finance Bank Limited23197138.1%
Utkarsh Small Finance Bank Limited21935525.7%
American Express Banking21512769.3%
Deutsche Bank AG213485-56.1%
AU Small Finance Bank Limited18811563.5%
Cooperatieve Rabobank U.A.1750NA
Barclays Bank PLC16373123.3%
Nainital Bank Limited119111800.0%
CSB Bank Limited110138-20.3%
DCB Bank Limited88126-30.2%
The Dhanalakshmi Bank Limited8314492.9%

Smallcase Vs Mutual Funds, What’s Better?


Mutual Funds are pooled assets that are managed by experienced professionals hired by the AMCs whereas anyone who is registered with SEBI as an Investment Advisor or Research Analyst can create a Smallcase to which an investor can subscribe.

We have divided the comparison into Costs, Taxation, Returns, Portfolio, Transparency, Risk & Suitability.


Smallcases come with free & paid options,

Free Smallcases consist of simpler portfolios which include ETFs, thematic, and sectoral portfolios. The “FREE” Smallcases are just there to help you understand how the “product” works. Most “Free” Smallcases other than which include ETFs, are not suitable for an average investor due to high concentration on individual sectors, where even if you choose multiple sectoral Smallcases, in that case, you would just be owning too many stocks, making matters only worse.

Paid Smallcases subscription costs vary. These have a higher frequency of rebalancing & active management to achieve better results. Only subscribe to a smallcase if the percentage-wise costs come out to be lower than 2% which can be calculated as % of fees divided by the Amount to be invested

For eg, if you are looking to invest 2 Lakh Rupees in a Smallcase & the Smallcase itself costs ₹15,000 a year, it would translate into 7.5% per annum, if you are paying 7.5% p.a you would need your smallcase to give at least 7.5% return in a year just to breakeven so, It’s advisable to pay not more than 2% in fees.

Mutual Funds have fees also known as the Expense Ratio which varies from 0.10% to 2% p.a of investment value and an Exit Load of 1% which is applicable only if you exit before a year.


Both (Equity MFs & Smallcases) come under Capital Gains, But it works differently in both cases. There are two types of Capital Gains Tax;

Short-Term Capital Gains: When you exit your investments within a year, the profit realised on that investment is taxed at 15% FLAT.

Long-Term Capital Gains: When you exit your investments after a year, the profit realised on that investment is tax-free to an extent of ₹1 Lakh, profit above 1 Lakh is taxed at 10% FLAT.

The Twist: When you reshuffle your Smallcase portfolio and you realise any profit on investments you sell become taxable at a rate of 15% if the investment was held for less than a year. On the other hand in the case of Mutual Funds, when the fund manager reshuffles the portfolio of the scheme the taxability doesn’t arise. The taxability only arises when an investor exits from the scheme itself.

This is a huge disadvantage of Smallcase, the post-tax returns of a Smallcase could be a lot lower than what is presented on the website.


Smallcases do have a higher chance of outperforming the market & Mutual Funds due to less number of stocks in a Smallcase, most adopting a concentrated portfolio approach by owning not more than 20 stocks in a Smallcase. The CAGR you see on Smallcase doesn’t necessarily translate to real returns (post-tax & charges) because there’s a possibility that the CAGRs mentioned may have been achieved by frequent reshuffling of stocks. More transactions translate into more charges, which may damage your post-expense returns in a big way.

Mutual Funds, on the other hand, are expected to give close to market returns i.e the Index. The past returns mentioned on websites are post-expense past performance.


Smallcase: Concentrated & Momentum approach followed by most smallcases while may translate into lucrative returns in a bull market, It may backfire when the market cycle reverts. Having said that an Investment Advisor can choose to go in cash for a large part of the portfolio or shift to safer bets. Risk in Smallcases depends a lot on the competency, knowledge & experience of the Advisor.

Mutual Funds: An average mutual fund portfolio consists of 35 to 60 stocks & follows a diversified approach. A mutual fund’s risk is equivalent to that of an Index. Cash holding in a mutual fund scheme doesn’t exceed 10% limiting the ability of a Mutual Fund manager to minimise market risk.


Smallcase: Changes made in a Smallcase are made known to you in no time, your smallcase portfolio holdings show up in your Demat account just like other stocks that you have invested in, and the purchase price of a stock is also known to you. The performance of the Smallcase can be tracked in real-time. But there is a problem, you will only know the securities or sector allocation in a smallcase after you subscribe to it.

Mutual Funds: A portfolio of schemes is released by the AMC every month, which includes all the detail about the portfolio & securities held by the scheme, except the average cost. NAV & day’s performance is updated once a day by the AMCs.


  • If you have a small amount to invest, you are better off investing in a Free Smallcase with ETFs or in Mutual Funds.
  • Someone looking to chase momentum for higher returns also bearing in mind the relatively higher risk involved can choose Smallcase.
  • Choosing a Premium Smallcase is not easy, and even more difficult to analyse than a mutual fund, why? A portfolio of a smallcase is not known to you before you subscribe to it. The only benchmark you have to judge a scheme is by historical performance which ignores the costs & capital gains tax due to reshuffling. When purchasing a Smallcase you better be knowing who is the manager of the Smallcase & be confident in his or her abilities to manage a portfolio.

Bikaji Foods IPO Details, Schedule, Allotment Link, Financials, Latest GMP


About Company

The company is engaged in selling Indian snacks and sweets which include six principal categories; bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks that primarily includes gift packs (assortment), frozen food and cookies.

As of September 30, 2021, Bikaji Foods has operations across 22 states and three union territories in India. And also exports its products to 35 countries internationally including countries in North America, Europe, the Middle East, Africa, and the Asia Pacific representing 4.60% of the company’s sales of food products in the six months ending September 30, 2021.

IPO Details

IPO DateNov 3, 2022 to Nov 7, 2022
Listing Date16 November 2022
Price Band₹285 to ₹300 per share
Lot Size50 Shares
Issue Size₹881.22 Cr (Only Offer for Sale)
Minimum Application₹15,000
GMP (Last Updated 2 Nov)₹73 per share
QIB Quota50% of the Issue Size
NII Quota15% of the Issue Size
Retail Quota35% of the Issue Size


Issue Period3rd November to 7th November 2022
Finalization of Allotment11th November 2022
Initiation of Refunds14th November 2022
Credit of Shares15th November 2022
Date of Listing16th November 2022
Mandate end date22nd November 2022
Anchor Investors Lock-In End Date7th December 2022

Objects of the Issue

The selling shareholders are entitled to the entire proceeds of the Offer after deducting the Offer expenses, and relevant taxes/ The company will not receive any proceeds from the IPO.

Financial Highlights

Revenue from Operations (₹ Crores)1,074.551,310.751610.96
EBITDA (₹ Crores)94.6144.77139.54
EBITDA Margin (%)8.80%11.04%8.66%
Net Profit (₹ Crores)56.3790.3476.03
RONW (%)10.65%14.93%9.51%
ROCE (%)12.79%20.88%13.89%


  1. Well-established brand: The company sells all products under a well-established Bikajo brand with a focus on a diverse range of quality products, authentic ethnic Indian taste, and effective pricing strategies covering all key price points. These qualities have helped them develop strong brand recognition and consumer loyalty.

  2. Extensive distribution network: The company has developed a large pan-India distribution network. They had six depots, 38 super stockists, 416 direct and 1,956 indirect distributors that work with super stockists, located across 23 states and four union territories in India ( June 2022).


  1. Dependency on a single segment: The financial performance of the company is dependent on its bhujia products. On average, the segment contributes around 35% of the company’s total sales. If they are unable to evolve consumer tastes, preferences, and demand for particular products, the financials will be impacted. 

  2. Investments in unsecured debt instruments: The Company has made investments in unsecured debt instruments of Hanuman Agrofood in the form of compulsorily convertible debentures amounting to Rs 106.23 crore, and optionally convertible debentures of Dadiji Snacks Private Limited amounting to Rs 11.5 crore. 

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apply the “DISYONOAMAZON” code to get 1.5% off on the purchase.

3. Redeem the Voucher in Amazon Pay: Use the redeemed gift card balance to make payments for Insurance, Electricity, Landline, Gas, Recharge, Phone Bills etc.

Let’s say you buy a ₹10,000 Voucher from the GYFTR portal, your total value back will work around at ₹642 or 6.42% (₹150 GYFTR discount & ₹492.5 Cashback on SBI Cashback Card)

Bonus: You can even use your Amazon Pay Balance to purchase an HPCL Gift Card of ₹5,000 which can be redeemed at HPCL outlets for payment for Petrol, Diesel. There is a delivery charge of ₹100, but even after accounting for that, you will still be saving 5.42%.

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Fusion Microfinance, IPO Details, Schedule, Allotment Link, Financials, Latest GMP


About Company

Fusion Micro Finance, located in New Delhi and established in 2010, is a micro-lending company that provides funding to women in rural and semi-urban regions so they may take advantage of more options for employment. Fusion offers loans up to Rs. 50,000 and employs a joint liability group concept created by the Grameen Bank of Bangladesh.

As of June 30, 2022, and March 31, 2022, 2021 and 2020, total AUM stood at ₹7,389.0 Cr, ₹6,785.9 Cr, ₹4,637.8 Cr and ₹3,606.5 Cr respectively. As of June 30, 2022, the share of AUM from customers in rural areas represented 91.3% of the total AUM. FMFL’s focus customer segment is women in rural areas with an annual household income of up to ₹300,000. Their business runs on a joint liability group lending model wherein a small number of women form a group (typically comprising five to seven members) and guarantee one another’s loans. As of June 30, 2022, and March 31, 2022, 2021 and 2020, gross NPA ratio was at 3.6%, 5.7%, 5.5% and 1.1%, respectively, and net NPA ratio was 1.3%, 1.6%, 2.2% and 0.4% respectively.

IPO Details

IPO DateNov 2, 2022 to Nov 4, 2022
Listing Date11 November 2022
Price Band₹350 to ₹368 per share
Lot Size40 Shares
Issue Size₹1,104 Cr ( ₹600 Cr Fresh, 504 Cr Offer for Sale)
Minimum Application₹14,720
GMP (Last Updated 31st Oct)₹33 per share
QIB Quota50% of the Issue Size
NII Quota15% of the Issue Size
Retail Quota35% of the Issue Size


Issue PeriodNov 2, 2022 to Nov 4, 2022
Finalization of Allotment10th November 2022
Initiation of Refunds11th November 2022
Credit of Shares14th November 2022
Date of Listing15th November 2022
Anchor Investors Lock-In End Date4th December 2022

Objects of the Issue

  1. Augment the capital base of the microfinance firm.

Financial Highlights

DateQ1 FY23FY22FY21FY20
Revenue (₹ Crores)342.721151.26855.81720.26
Net Profit (₹ Crores)75.121.7543.9469.61
EPS (diluted)8.982.645.4910.32

Asset Quality


  1. Diversified and extensive pan-India presence: As of June 30, 2022, the company had 29 lakh active borrowers who were served by 966 branches and 9,262 employees across 377 districts in 19 states and UTs in India. No single state contributed to more than 20%of total AUM, and the proportion of AUM in the five largest states in terms of AUM concentration further decreased from 94.6% as of March 31, 2016, to 66.1% as of June 30, 2022
  2. Potent underwriting process, and risk management policies: As of Q1FY23, FY22, FY21 and FY20 gross NPA ratio was 3.6%, 5.7%, 5.5% and 1.1%, respectively, and net NPA ratio was 1.3%, 1.6%, 2.2% and 0.3%, respectively. According to Crisil, the company had the sixth lowest gross NPA ratio among the top 10 NBFC-MFIs in India during FY22, and average asset quality of 2.4% between FY15 and FY22 was the lowest among all NBFCMFIs operating in North India.


  1. Higher NPAs: Even if credit monitoring and risk management policies and procedures are adequate and appropriately implemented, the company may not be able to anticipate future economic or financial developments or downturns, which could lead to an increase in NPAs. If NPAs increase or the credit quality of borrowers deteriorates, it could have an adverse effect on business, financial condition, results of operations and cash flows.
  2. Competition from other MFIs, banks, and financial institutions: The company faces the most significant organised competition from other MFIs, banks and state-sponsored social programs in India. Traditional commercial banks as well as regional and cooperative banks may continue to increase their participation in microfinance.

DCX Systems IPO Details, Schedule, Allotment Link, Financials, Valuation, Latest GMP


About the Company

Incorporated in 2011, DCX Systems Limited (DSL) is among the leading Indian players in the manufacture of electronic sub-systems and cable harnesses. The company operates through their manufacturing facility located at the Hi-Tech Defense and Aerospace Park SEZ in Bengaluru, Karnataka.

As of June 30, 2022, DCX Systems had 26 customers in Israel, the United States, Korea and India and its customers include domestic and international OEMs, private companies and public sector undertakings in India across different sectors, ranging from defence and aerospace to space ventures and railways.

IPO Details

IPO DateOct 31, 2022 to Nov 2, 2022
Listing Date11 November 2022
Price Band₹197 to ₹207 per share
Lot Size72 Shares
Issue Size₹500 Cr (₹400 Cr Fresh, ₹100 Cr Offer for Sale)
Minimum Application₹14,904
GMP (Last Updated 31 Oct)₹80 per share (38%)
QIB Quota75% of the Issue Size
NII Quota15% of the Issue Size
Retail Quota10% of the Issue Size


Issue Period31st October to 2nd November 2022
Finalization of Allotment7th November 2022
Initiation of Refunds9th November 2022
Credit of Shares10th November 2022
Date of Listing11th November 2022
Mandate end date17th November 2022
Anchor Investors Lock-In End Date30th November 2022

Allotment Link

Objects of the Issue

The net proceeds from the IPO will be utilized for the below purposes:

  1. Repayment/ prepayment of certain borrowings availed of by the Company.
  2. Funding working capital requirements of the Company.
  3. Investment in a wholly owned Subsidiary, Raneal Advanced Systems Private Limited, to fund its capital expenditure expenses.
  4. General corporate purposes.

Financial Highlights

Assets (₹ Crores)698.85793.18942.62
Revenue (₹ Crores)449.3641.21,102
PAT (₹ Crores)9.729.665.61


At the higher end of the price band, DCX Systems IPO is reasonably priced at post-issue at 31 times FY22 earnings (consolidated). This is lower than peers Bharat Electronics (34 times), Data Patterns (61 times), Paras Defence (97 times), and Astra Microwave (97 times). Interestingly, DCX Systems has reported a better RoNW than these listed peers.

Growth Potential

  1. Strengthen system integration operations: The company intends to expand its existing cable and wire harness assembly operations to better serve the requirements of global customers.
  2. Focus on adjacent industry verticals: They intend to focus on the products identified in the Positive Indigenization List by the Ministry of Defence, (GoI), which they believe will provide opportunities to obtain transfer of technology.
  3. Cross-selling of products: They plan to increase cross-selling of products to increase customer base in various product verticals and expand into new or adjacent product verticals with existing customers. DCX will continue to leverage existing customer relationships to expand into new product categories.
  4. Penetrate into new geographies: They intend to identify opportunities in overseas jurisdictions and tie up with local partners to utilize existing product portfolios and further develop products suitable for meeting the respective country’s native requirements.


Heavy dependency on top three customers: DCX’s top three customers account for 96.83% of its revenue from operations in the three months ended June 30, 2022, respectively. The loss of one or more such customers or a reduction in their demand for DCX’s products will adversely affect its financials.

Order book may not translate to future income: The company has a strong order book of ₹2,563.63 Cr (as of June 30, 2022) but the order book may not necessarily translate into future income in its entirety. Some of the current orders received may be modified, cancelled, delayed, put on hold, or not fully paid, which could adversely affect the results of operations. 

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