KR Choksey maintains a BUY rating on DCX Systems with a target price of INR 466, despite revising EPS estimates down by 34% for FY25E and 10% for FY26E due to ongoing margin pressures and increased raw material costs. The company reported significant order wins worth INR 30,000 Mn in Q2FY25, enhancing revenue visibility, although margins remain under strain. The outlook remains positive, particularly in the railway and defense sectors, supporting confidence in DCX's growth potential in the EMS space.
