BSE: 544684
DIGILOGIC SYSTEMS LIMITED
Designs and builds Test, Measurement and Simulation (TMS) systems for Indian defence and aerospace, with all revenue routed through government buyers — DRDO, the Ministry of Defence and Defence PSUs. The product portfolio covers checkout systems for satellite and weapon sub-systems, static test jigs, over-the-air TRM characterisation facilities for radar, and a 250-unit deployable spectrum monitoring and analysis system. FY26 revenue was Rs. 77.43 cr against a year-end order book of Rs. 31 cr, with Rs. 22 cr of FY26 orders expected to spill into FY27. A new 80%-owned subsidiary Abhedhya, incorporated in May 2026, is being set up for RF and microwave sub-systems (radar, electronic warfare, communications), with first revenue flagged for FY28. A 65,000 sft greenfield manufacturing facility, Project Udaan, planned at Rs. 59.68 cr investment, broke ground in April 2026 and is targeted for completion around December 2027. Materials account for 52.6% of revenue, making imported hardware the biggest cost line. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Test, Measurement and Simulation (TMS) systems, RF and microwave sub-systems (via Abhedhya). Small-cap, government-procurement-dependent defence electronics and TMS systems integrator
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 77 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 4.45 |
| ROE % · ROCE % | — · 13.7 |
| Debt / equity (x) | — |
| Cash from operations | 13 |
| Capex | (2) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 59 |
| Profit before tax | 11 |
| Net profit | — |
| EPS (₹) | 6.95 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 27.0 | 70.8 | 2 of 23 | 96% |
| ROCE | 12.4 | 13.6 | 15 of 26 | 44% |
| Market cap | 544 | 6484 | 26 of 26 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · IPO proceeds monitoring report for September 2026 quarter | compliance | minimal | — | — |
| 26 Oct 2026 · Company Secretary and Compliance Officer resigns | management changes | medium | — | — |
| 26 Oct 2026 · Audio recording link for September 2026 half-year earnings call | investor communications | low | — | — |
| 26 Oct 2026 · Earnings call audio link provided for September 2026 half-year results | investor communications | low | — | — |
| 26 Oct 2026 · H1FY27 net profit rises 151% with a Rs 20 crore order book | investor communications | medium | — | — |
| 26 Oct 2026 · H1 FY27 revenue and profit surge on strong order execution | compliance | low | — | — |
| 26 Oct 2026 · Revenue rises 83%, profit 155%, but operations use cash | results | high | — | — |
| 26 Oct 2026 · Half-year profit rises to Rs 484.82 lakh; Company Secretary resigns | management changes | high | — | — |
| 22 Oct 2026 · Digilogic gets Rs 5.04 crore defence order | business updates | high | — | — |
| 21 Oct 2026 · Earnings call scheduled for 1HFY27 on October 26 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.