1. Lockheed Martin electronic kits - $100M+ repeat orders - DCX has received two Lockheed Martin orders worth ₹840 crore and a further ₹409 crore electronic-kit order in June 2025, all following successful qualification on an initial $2M test order. These are non-offset, direct export orders that carry better margins than offset business and establish DCX as a repeat supplier to the world's largest defence prime.
2. L&T electronic modules - ₹1,250 crore order - The order from Larsen & Toubro for manufacturing and supply of electronic modules is the single largest in DCX's book, with execution spread over two to three years and an advance already received. At roughly 1.7x the company's FY24 annual revenue, this order alone provides multi-year revenue visibility.
3. ELTX Systems radar JV - ground broken, production by mid-2027 - The joint venture with IAI ELTA Systems broke ground on its Tamil Nadu radar manufacturing facility in May 2026, with construction expected to complete by April 2027 and production commencing shortly after. The facility targets airborne and ground-based radar systems under Make in India, a segment where India's defence procurement pipeline runs into tens of thousands of crores.
4. Maritime Patrol Radar - ₹563 crore domestic order - DCX received a purchase order for Maritime Patrol Radar Systems for airborne application from a domestic customer in March 2026. The order adds a new radar platform to the revenue mix and, at roughly three-quarters of FY24 revenue, materially deepens the domestic order book.
5. NIART Systems - railway obstacle detection ready for commercial tender - The NIART JV with ELTA has developed, qualified, and demonstrated a radar-and-optics obstacle detection system approved by Indian Railways, with proto orders tested across multiple countries and weather conditions. Indian Railways has a fleet of \~15,000 locomotives and a ₹34,000 crore electronic upgradation budget; each system costs \~₹15 crore, and DCX supplies the PCBs, cables and subsystems.
6. Raneal Advanced Systems - oversized PCB assembly opens new order category - Raneal added oversized PCB assembly capability (up to 55 inches) in March 2026 and has already secured \~₹20 crore in orders for large-dimension boards used in defence, aerospace, and advanced power systems. The expansion moves Raneal into a higher-complexity niche with fewer qualified suppliers, building on its existing ₹617 crore turnover run-rate and Category A defence licence.
7. Non-offset shift - margin mix improving - Non-offset projects have grown from \~15% to nearly 40% of the portfolio, with non-offset revenue now at \~70% of total revenue and carrying higher margins than offset business. As the Lockheed Martin and L&T orders flow through, the mix shift compounds revenue growth with margin expansion.
8. RoDTEP for SEZs - direct profitability uplift from June 2025 - The extension of the RoDTEP scheme to SEZ units became effective from June 2025, rebating embedded duties and taxes that were previously a cost. For a company operating primarily from an SEZ with thin or negative recent margins, this is a structural reduction in the cost base that flows directly to EBITDA.