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Digilogic Systems Ltd

DIGILOGIC

BSE

₹188.00-2.11%19 Oct 2026 at 3:11 PM

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Electronics Others

Digilogic Systems Ltd

DIGILOGIC

BSE

₹188.00

-2.11%

19 Oct 2026 at 3:11 PM

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Electronics Others

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Digilogic Systems is an Indian deep-tech company that builds the test and simulation equipment used to prove that missiles, radars and satellites will work before they ever leave the ground. Founded in 2007 by an Indian Air Force veteran who spent three decades maintaining ground radar, the company has grown by embedding itself inside India’s most sensitive defence programmes - designing custom test systems for DRDO labs, then becoming the nominated supplier when those systems move into production. That recurring pattern - win a design contract, get validated by the government’s quality agency, and become locked in as the sole source for production orders - explains everything about how the business works and why competitors find it hard to dislodge.

Business segments

A single engine built on a two-stage model - prototyping opens the door, then production orders flow on a nomination basis - with a new RF subsidiary just seeded to capture the radar and communications portion of the same defence programmes.

1. Test, Measurement and Simulation systems: the equipment that proves defence hardware works

Once Digilogic’s test system is designed into a missile or radar programme and validated by the government, the customer must buy that specific part number from Digilogic - turning each design win into a multi-year production annuity.

Design-in creates a captive production stream - the company competes for prototyping contracts against firms like Data Patterns and Zen Technologies, but once its hardware and software are proven and certified by MSQA (the government’s quality assurance agency), it becomes the nominated partner in a Design-cum-Production Program, and the customer’s production manual specifies Digilogic’s part number as the only acceptable source. That is how roughly 70% of revenue comes from production orders and 30% from prototyping.
Four product lines, one integration skill - the company builds Automated Test Equipment (ATE) that checks electronic subsystems, RF simulators that mimic radar and electronic-warfare signals, checkout systems that verify a complete missile or aircraft before deployment, and ruggedised systems that can be deployed in the field. Together, ATE, checkout systems and measurement equipment delivered 88% of FY26 revenue.
Embedded in India’s missile export pipeline - when Bharat Dynamics Limited exports a missile system to countries like the Philippines, Malaysia or Cambodia, Digilogic’s test and checkout equipment ships as part of the package, so the company earns export revenue without having to find its own overseas customers.
A four-times-larger factory arriving in 2027 - the current facility can build six systems in six months; the new 65,000 sq ft plant under construction in Hyderabad’s hardware park will lift that to 20-25 systems in the same period, with electronic manufacturing, functional testing and environmental stress screening all under one roof.
Eighteen years of incumbency as the moat - the company has delivered over 800 test systems, holds AS9100D aerospace certification, and counts nine DRDO labs plus ISRO, HAL and Bharat Electronics among its customers, making it a “serious partner” in multiple ongoing government programmes that a newcomer would take years to penetrate.

Group structure and partners

A founder-led company with a newly created RF subsidiary, backed by alliances with the world’s largest test-and-measurement brands.

The founder, J. Madhusudhan Varma, serves as Chairman and Managing Director, while his son J. Shashank Varma - 13 years with the company - is CEO and Whole-time Director; the family holds 64.26% of the shares.
Abhedhya Systems Private Limited was incorporated in May 2026 as an 80%-owned subsidiary to focus exclusively on RF and microwave engineering - designing flightworthy radar and communication sub-systems for missiles, aircraft and unmanned vehicles - with a separate talent pool and compensation structure from the parent’s TMS business.
The company is a regional alliance partner to National Instruments (named Partner of the Year for EMEA in 2018), Tektronix (High Growth Partner and 100% Club award in 2025), and holds relationships with Emerson, Fluke, SPHEREA, Anritsu and others - giving it access to the commercial-off-the-shelf hardware it integrates with its own proprietary software.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹544Cr

Close Price

₹188.00

Industry

Electronics Others

Price To Earnings

27.05

Price To Sales

7.03

Revenue

₹77Cr

Rev Gr TTM

Revenue Growth TTM

—

PAT Gr TTM

PAT Growth TTM

—

Standalone

Numbers

Percentage

Quarter	Sep 2025	Mar 2026
Revenue RevenueCr	18	59
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	15	47
Operating Profit Operating ProfitCr	4	12
OPM OPM%	20.1	20.6
Other Income Other IncomeCr	0	1
Interest Expense Interest ExpenseCr	1	1
Depreciation DepreciationCr	1	1
PBT PBTCr	3	12
Tax TaxCr	1	3
PAT PATCr	2	9
Growth YoY PAT Growth YoY%
NPM NPM%	8.9	14.4
EPS EPS₹	0.0	7.0

Quarter	Sep 2025	Mar 2026
Revenue RevenueCr	18	59
Growth YoY Revenue Growth YoY%
Expenses ExpensesCr	15	47
Operating Profit Operating ProfitCr	4	12
OPM OPM%	20.1	20.6
Other Income Other IncomeCr	0	1
Interest Expense Interest ExpenseCr	1	1
Depreciation DepreciationCr	1	1
PBT PBTCr	3	12
Tax TaxCr	1	3
PAT PATCr	2	9
Growth YoY PAT Growth YoY%
NPM NPM%	8.9	14.4
EPS EPS₹	0.0	7.0

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	20	40	56	52	72	77
Growth Revenue Growth%		100.3	39.4	-7.9	39.8	7.5
Expenses ExpensesCr	17	36	50	46	59	62
Operating Profit Operating ProfitCr	3	4	6	6	14	16
OPM OPM%	14.0	9.9	9.9	11.1	18.7	20.4
Other Income Other IncomeCr	0	0	0	0	0	1
Interest Expense Interest ExpenseCr	1	1	1	1	1	1
Depreciation DepreciationCr	1	2	2	1	2	2
PBT PBTCr	1	2	3	3	11	14
Tax TaxCr	0	0	1	1	3	3
PAT PATCr	1	1	2	2	8	10
Growth PAT Growth%		58.9	87.0	12.4	217.7	33.8
NPM NPM%	3.7	2.9	3.9	4.8	10.8	13.5
EPS EPS₹	3.7	5.8	1.1	1.2	3.7	4.5

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue RevenueCr	20	40	56	52	72	77
Growth Revenue Growth%		100.3	39.4	-7.9	39.8	7.5
Expenses ExpensesCr	17	36	50	46	59	62
Operating Profit Operating ProfitCr	3	4	6	6	14	16
OPM OPM%	14.0	9.9	9.9	11.1	18.7	20.4
Other Income Other IncomeCr	0	0	0	0	0	1
Interest Expense Interest ExpenseCr	1	1	1	1	1	1
Depreciation DepreciationCr	1	2	2	1	2	2
PBT PBTCr	1	2	3	3	11	14
Tax TaxCr	0	0	1	1	3	3
PAT PATCr	1	1	2	2	8	10
Growth PAT Growth%		58.9	87.0	12.4	217.7	33.8
NPM NPM%	3.7	2.9	3.9	4.8	10.8	13.5
EPS EPS₹	3.7	5.8	1.1	1.2	3.7	4.5

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	2	4	6
Reserves ReservesCr	6	7	9	12	29	102
Current Liabilities Current LiabilitiesCr	9	19	21	20	37	26
Non Current Liabilities Non Current LiabilitiesCr	4	4	3	2	3	3
Total Liabilities Total LiabilitiesCr	21	32	36	36	72	137
Current Assets Current AssetsCr	10	21	25	24	58	90
Non Current Assets Non Current AssetsCr	10	10	10	11	14	47
Total Assets Total AssetsCr	21	32	36	36	72	137

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	2	2	2	2	4	6
Reserves ReservesCr	6	7	9	12	29	102
Current Liabilities Current LiabilitiesCr	9	19	21	20	37	26
Non Current Liabilities Non Current LiabilitiesCr	4	4	3	2	3	3
Total Liabilities Total LiabilitiesCr	21	32	36	36	72	137
Current Assets Current AssetsCr	10	21	25	24	58	90
Non Current Assets Non Current AssetsCr	10	10	10	11	14	47
Total Assets Total AssetsCr	21	32	36	36	72	137

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	5	-7	5	-11	13
Investing Cash Flow Investing Cash FlowCr	-5	-1	-1	-1	-5	-66
Financing Cash Flow Financing Cash FlowCr	1	0	4	-4	16	53
Net Cash Flow Net Cash FlowCr	-1	3	-3	0	0	0
Free Cash Flow Free Cash FlowCr	-2	3	-7	5	-12	11
CFO To PAT CFO To PAT%	399.3	424.4	-304.9	224.0	-134.9	121.1
CFO To EBITDA CFO To EBITDA%	104.5	124.3	-119.4	95.9	-77.9	79.8

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	3	5	-7	5	-11	13
Investing Cash Flow Investing Cash FlowCr	-5	-1	-1	-1	-5	-66
Financing Cash Flow Financing Cash FlowCr	1	0	4	-4	16	53
Net Cash Flow Net Cash FlowCr	-1	3	-3	0	0	0
Free Cash Flow Free Cash FlowCr	-2	3	-7	5	-12	11
CFO To PAT CFO To PAT%	399.3	424.4	-304.9	224.0	-134.9	121.1
CFO To EBITDA CFO To EBITDA%	104.5	124.3	-119.4	95.9	-77.9	79.8

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						242	544
Price To Earnings Price To Earnings						23.3	27.1
Price To Sales Price To Sales						3.1	7.0
Price To Book Price To Book						2.2	5.0
EV To EBITDA EV To EBITDA						13.4
Profitability Ratios Profitability Ratios
GPM GPM%	37.2	26.2	25.9	30.6	36.9	39.6	39.6
OPM OPM%	14.0	9.9	9.9	11.1	18.7	20.4	20.4
NPM NPM%	3.7	2.9	3.9	4.8	10.8	13.5	13.5
ROCE ROCE%	11.8	18.2	19.2	21.3	25.7	13.5	13.5
ROE ROE%	9.5	13.1	19.7	18.1	23.5	9.7	9.7
ROA ROA%	3.6	3.6	6.2	6.9	10.8	7.6	7.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr						242	544
Price To Earnings Price To Earnings						23.3	27.1
Price To Sales Price To Sales						3.1	7.0
Price To Book Price To Book						2.2	5.0
EV To EBITDA EV To EBITDA						13.4
Profitability Ratios Profitability Ratios
GPM GPM%	37.2	26.2	25.9	30.6	36.9	39.6	39.6
OPM OPM%	14.0	9.9	9.9	11.1	18.7	20.4	20.4
NPM NPM%	3.7	2.9	3.9	4.8	10.8	13.5	13.5
ROCE ROCE%	11.8	18.2	19.2	21.3	25.7	13.5	13.5
ROE ROE%	9.5	13.1	19.7	18.1	23.5	9.7	9.7
ROA ROA%	3.6	3.6	6.2	6.9	10.8	7.6	7.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	BCCFUBA	CWD	OSELDEVICE	DIGILOGIC	JGTL	NITIRAJ	HIGHNESS
Market CapitalizationMkt CapCr	680	642	614	544	231	205	155
Close PriceClose₹	279.25	274.90	345.00	188.00	509.00	200.00	300.80
IndustryIndustry	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others
Price To EarningsPE	82.37	54.44	31.74	27.05	15.24	85.11
Price To SalesPS	9.35	4.52	2.10	7.03	3.88	3.75	9.64
RevenueRevenueCr	73	142	293	77	59	55	16
Revenue Growth TTMRev Gr TTM%		331.1%	57.0%		12.8%	-33.9%	14.6%
PAT Growth TTMPAT Gr TTM%		326.9%	45.7%		2.5%	-61.0%	66.2%

	BCCFUBA	CWD	OSELDEVICE	DIGILOGIC	JGTL	NITIRAJ	HIGHNESS
Market CapitalizationMkt CapCr	680	642	614	544	231	205	155
Close PriceClose₹	279.25	274.90	345.00	188.00	509.00	200.00	300.80
IndustryIndustry	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others	Electronics Others
Price To EarningsPE	82.37	54.44	31.74	27.05	15.24	85.11
Price To SalesPS	9.35	4.52	2.10	7.03	3.88	3.75	9.64
RevenueRevenueCr	73	142	293	77	59	55	16
Revenue Growth TTMRev Gr TTM%		331.1%	57.0%		12.8%	-33.9%	14.6%
PAT Growth TTMPAT Gr TTM%		326.9%	45.7%		2.5%	-61.0%	66.2%