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₹104 - 104
Digilogic Systems Ltd
Aerospace & DefenceIPOSME
₹104 - 104
We are a technology-led company engaged in the design, development, integration, manufacturing, supply and support of Automated Test Equipment (ATE) systems, radar and Electronic Warfare environmental simulators, application software, and embedded signal processing solutions for the defence and aerospace engineering sector.
Lot1,200Min Invest₹2,49,600Face Value₹2Issue Size₹81 CrFresh Issue₹70 CrOffer for Sale₹11 CrListing Price₹83CMP₹171
Timeline
20 Jan
Bidding opens
22 Jan
Bidding closes
23 Jan
Allotment
27 Jan
Refund & demat credit
28 Jan
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹81 Cr0.78 Cr shares
Fresh Issue₹70 Cr
Offer for Sale₹11 Cr
Face Value₹2
Lot Size1,200 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹2,49,6001-1 lots
sNII₹2,49,600from 2 lots
bNII₹11,23,200from 9 lots
Managers & Registrar
Lead ManagerIndorient Financial Services Limited
RegistrarKFin Techologies Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrMadhusudhan Varma JettyPRMTR10,89,60011.33Total10,89,60011.33
Shareholding
CategoryPre IPOPost IPOPromoter Group88.5%61.93%Public11.5%38.07%
Objects of the Issue
- Capital expenditure towards setting up of Proposed New Facility
- Pre-payment/ re-payment, in part or full, of certain outstanding borrowings availed by the Company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 40 | 56 | 52 | 72 | 77 |
| Operating ProfitCr | 4 | 6 | 6 | 14 | 16 |
| OPM% | 9.9 | 9.9 | 11.1 | 18.7 | 20.4 |
| PBTCr | 2 | 3 | 3 | 11 | 14 |
| PATCr | 1 | 2 | 2 | 8 | 10 |
| EPS | 6 | 1 | 1 | 4 | 4 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 4 | 6 |
| ReservesCr | 7 | 9 | 12 | 29 | 102 |
| BorrowingsCr | 5 | 11 | 8 | 13 | 4 |
| Total AssetsCr | 32 | 36 | 36 | 72 | 137 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 5 | -7 | 5 | -11 | 13 |
| Investing Cash FlowCr | -1 | -1 | -1 | -5 | -66 |
| Financing Cash FlowCr | 0 | 4 | -4 | 16 | 53 |
| Net Cash FlowCr | 3 | -3 | 0 | 0 | 0 |
Strengths & Risks
Strengths · as stated in the DRHP
- Experience in delivering Defence and Aerospace Systems.
- Strong industry relationships and International collaborations.
- End-to-end solution capabilities.
- Reusable engineering platforms for efficient delivery.
- Professional and experienced leadership team with technical and industry expertise.
Strategies · as stated in the DRHP
- Expand Product and Service Portfolio and Strengthen Subsystem Capabilities.
- Align growth with defence procurement and indigenization policies.
- Strengthen export readiness and broaden customer base.
- Invest in skills, technology, and in-house development for Next-generation systems.
Risks · as stated in the DRHP
- The company intend to utilize a portion of the Net proceeds for setting up the Proposed New Facility at Plot No. 6/2, TGIIC Hardware Park Phase II, Rangareddy District, Hyderabad 500005 - ("Proposed New Facility"). The company is yet to place orders for the plant, machinery and equipment and apply for requisite government approvals for the Proposed New Facility. If the company is unable to commission its Proposed New Facility without time and cost overruns or unable to adhere to the schedule of implementation, it may adversely affect the company's business, results of operations and financial conditions.
- There can be no assurance that the Objects of the Offer will be achieved within the time frame anticipated or at all, or that the deployment of the Net Proceeds in the manner intended by the company will result in any increase in the value of your investment.
- There have been certain inadvertent inconsistencies in some of its historical corporate filings, which may result in penalties or fines being imposed by the competent regulatory authority.
- The Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on its business.
- There were delays in filing of certain regulatory returns with the relevant authorities in relation to Employees' Provident Fund (EPF), Employees' State Insurance Corporation (ESIC), Goods and Services Tax (GST), Tax Deducted at Source (TDS), and Profession Tax.
- The company's business is dependent on the sale of its products and services to the company's key customers. The company's top three customers accounted for 84.47%, 54.58%, 65.22% and 70.92% of its revenue from operations for six months ended September 30, 2025 and in Fiscal 2025, 2024 and 2023 respectively. The loss of one or more such customers or a reduction in their demand for its products could adversely affect the company's business, results of operations, financial condition and cash flows.