Digilogic SystemsShare price, financial results, shareholding and management
- Market cap
- ₹542 cr
- Stock P/E
- 51.9peers 56.0
- Book value
- ₹37.3
- Price to book
- 5.02
- EV / operating profit
- -
- Market cap to sales
- 7.00
- ROCE · FY26
- 19.2%
- ROE · FY26
- 14.8%
- ROE, 3-year average
- 21.6%
- Operating margin · FY26
- 20.4%peers 21.0%
- Sales growth, 3 years
- 11.4%
- Profit growth, 3 years
- 73.4%
- Debt to equity
- 0.04peers 0.19
- Borrowings
- ₹4 cr
- Interest cover
- 10.8×
- Cash from business / op. profit
- 82%
- Debtor days
- 203
- Pledged
- 0.00%
- Promoter holding
- 64.26%
- Change in promoter holding
- -
- Shareholders
- 976
- 52-week high / low
- ₹215 / ₹73
- Dividend yield
- 0.00%
- Face value
- ₹2
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Digilogic Systems share price chart
Close on 6 Nov 2026 · -1.99% on the day · Vol 9,600
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -4.8%
- 3 months
- +9.4%
- 6 months
- +85.1%
- Traded a day, 20 days
- ₹0.74 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +8% | +30% |
| 3 years, a year | +11% | +73% |
About Digilogic Systems: business, products and customers
Digilogic Systems builds machines that test and check defence electronics, such as missile checkout systems, automated testers and radar signal simulators, for defence labs and defence companies. It is based in Hyderabad and its shares trade on BSE SME.
Digilogic Systems began in Hyderabad in 2007 as a partnership set up by Madhusudhan Varma Jetty, a former Indian Air Force radar technician, and Radhika Varma Jetty. It designs and builds custom test systems for defence and aerospace: automated test equipment that checks electronic parts, checkout systems that test missile and aircraft subsystems before use, radar and electronic warfare simulators, data acquisition systems and measurement equipment, plus software and annual maintenance. Measurement equipment, checkout systems and automated testers made up most of FY26 revenue.
Its buyers are DRDO laboratories and defence production companies such as BEL and BDL, through tenders or through vendors that supply them, so all of its business ends with the government. Once a tester is proven during a missile or radar programme's design stage and validated by quality agencies, the production-stage units are bought from it on nomination; the company says it is part of four to six such design-cum-production programmes.
Read more about the business
The business model shapes the numbers. It buys commercial off-the-shelf hardware, much of it from US and European makers, and earns its margin on the software and integration it adds, so software-heavy measurement jobs carry more margin than hardware-heavy testers. Defence orders bunch up in the second half and are billed when delivered, so first-half sales are small, and receivables at year end are large. Its chairman named Data Patterns and Zen Technologies as larger listed companies it competes with at the prototype stage.
What is new: the company listed in January 2026 and is using most of the issue money for Project Udaan, a 65,000 to 70,000 sq ft electronics manufacturing and testing facility in Hyderabad that it plans to start producing in December 2027. In May 2026 it set up Abhedhya Systems to build radio frequency subsystems for radar and communication systems, and it is developing a single board computer, a harness tester and gimbal systems.
From the offer document (red herring prospectus, January 2026), the FY26 annual report, the June 2026 earnings call and investor presentation, and the January 2026 investor presentation.
Read the deeper study ↓In its favour
- It brings in more cash than it shows as profit: ₹13 cr against ₹10.4 cr in FY26.
- It has little debt for its size: debt to equity 0.04.
- The promoters own a large part of the company: 64.26%.
To watch
- FY27 revenue against the company's expected 25% to 30% growth, and whether orders of over ₹100 cr are in hand by September 2026 as the chairman said (Investor presentation, June 2026, p.30; Earnings call transcript, June 2026, p.6).
- Project Udaan: building work through May 2027 and production planned from December 2027 (Investor presentation, June 2026, p.29).
- Collection of the ₹42.9 cr owed by customers at March 2026 (Earnings call transcript, June 2026, p.5).
- First products from the Abhedhya subsidiary, which the company expects to bring revenue from FY28 (Earnings call transcript, June 2026, p.9).
- Customers take longer to pay than before: 203 days in FY26, against 105 in FY21.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Digilogic Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Digilogic Systems half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 18 | 59.25 |
| Expenses | 15 | 47.06 |
| Operating profit | 4 | 12.20 |
| OPM | 20.0% | 20.6% |
| Interest | 1 | 0.72 |
| Depreciation | 1 | 0.91 |
| Profit before tax | 2 | 11.30 |
| Net profit | 2 | 8.53 |
Digilogic Systems profit and loss
Full years to March, FY21 to FY26 · ₹ crore, consolidated where reported
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Sales | 20 | 40 | 56 | 52 | 72 | 77.43 |
| Expenses | 17 | 36 | 50 | 46 | 59 | 61.61 |
| Operating profit | 3 | 4 | 6 | 6 | 14 | 15.82 |
| OPM | 14.0% | 10.0% | 10.0% | 11.0% | 19.0% | 20.4% |
| Other income | 0 | 0 | 0 | 0 | 0 | 0.84 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1.40 |
| Depreciation | 1 | 2 | 2 | 1 | 2 | 1.81 |
| Exceptional and other items | · | 1 | · | -1 | · | · |
| Profit before tax | 1 | 2 | 3 | 3 | 11 | 13.76 |
| Tax rate | 0.0% | 50.0% | 33.3% | 33.3% | 27.3% | 24.2% |
| Net profit | 1 | 1 | 2 | 2 | 8 | 10.43 |
| EPS ₹ | 3.65 | 5.85 | 10.90 | 12.25 | 17.50 | 4.45 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Digilogic Systems profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Operating margin | 14.0% | 10.0% | 10.0% | 11.0% | 19.0% | 20.4% |
| Tax rate | 0.0% | 50.0% | 33.3% | 33.3% | 27.3% | 24.2% |
| ROCE | · | 19.4% | 21.6% | 18.2% | 35.3% | 19.2% |
| ROE | · | 11.8% | 20.0% | 16.0% | 34.0% | 14.8% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Digilogic Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in more cash than it showed as profit. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Digilogic Systems balance sheet
At each 31 March · ₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 4 | 6 |
| Reserves | 6 | 7 | 9 | 12 | 29 | 102 |
| Net worth | 8 | 9 | 11 | 14 | 33 | 108 |
| Borrowings | 8 | 6 | 11 | 8 | 13 | 4 |
| Other liabilities | 5 | 17 | 14 | 14 | 26 | 25 |
| Total liabilities | 21 | 32 | 36 | 36 | 72 | 137 |
| Fixed assets | 10 | 10 | 9 | 9 | 9 | 9 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 11 | 22 | 27 | 27 | 63 | 124 |
Digilogic Systems cash flow
₹ crore
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Cash from operations | 3 | 5 | -7 | 5 | -11 | 13 |
| Cash from investing | -5 | -1 | -1 | -1 | -5 | -66 |
| Cash from financing | 1 | 0 | 4 | -4 | 16 | 53 |
| Net cash flow | -1 | 4 | -4 | 0 | 0 | 0 |
Working capital
Days
| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Debtor days | 105 | 43 | 100 | 139 | 221 | 203 |
| Inventory days | 42 | 110 | 68 | 27 | 86 | 61 |
| Days payable | 101 | 209 | 103 | 119 | 159 | 134 |
| Cash conversion cycle | 46 | -56 | 65 | 47 | 148 | 129 |
| Working capital days | -4 | -17 | 22 | 33 | 105 | 140 |
Digilogic Systems peers and competitors
Listed SME companies in the same industryBy sales, Digilogic Systems is number 4 of the 6 listed SME companies in aerospace & defense.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Shree Refrigerations | 1,233 | 56.0 | 154 | 22 | 21.0% | 0.17 |
| Millworks Technologies | 1,903 | 51.4 | 149 | 37 | 35.0% | 0.20 |
| C2C Advanced Systems | 304 | 16.6 | 146 | 18.3 | 15.9% | 0.19 |
| Digilogic Systems | 542 | 51.9 | 77.4 | 10.4 | 20.4% | 0.04 |
| TechEra Engineering (India) | 244 | 87.9 | 48.5 | 2.8 | 17.1% | 0.61 |
| Apsis Aerocom | 759 | 101.1 | 30.7 | 7.5 | 37.5% | 0.09 |
| Median of the 5 others | 759 | 56 | 146 | 18.3 | 21.0% | 0.19 |
Digilogic Systems shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Digilogic Systems shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 26 | |
|---|---|
| Promoters | 64.26% |
| Number of shareholders | 976 |
Digilogic Systems study: the business from its own documents
Read from 5 of the company's own documentsDigilogic Systems so far
From the company's own record
- 16 Sept 2026Order worth ₹2.40 cr
- 31 March 2026Promoters at 64.26%
- 21 Aug 2026Highest close since listing, ₹207.60
Digilogic Systems key facts from the filings
Each figure with the document it comes from
- Sales
- ₹77.4 cr
- FY26 revenue from operations, up 7.5%, after imported hardware arrived late.Annual report FY26, p.14; Earnings call transcript, June 2026, p.6
- Spillover
- ₹22 cr+
- Orders the company could not deliver by 31 March 2026 because hardware took about four months to arrive, not two.Earnings call transcript, June 2026, p.6
- Order book
- ₹31 cr
- Orders in hand at 30 May 2026, down from about ₹46 cr in January 2026.Investor presentation, June 2026, p.30; Investor presentation, January 2026, p.28
- Top three customers
- 84.47%
- Share of revenue for the half year to September 2025; the largest customer gave 37.75%.Offer document, p.295
- Measurement equipment
- 49%
- Share of FY26 revenue; checkout systems gave 22% and automated testers 17%.Investor presentation, June 2026, p.23
Show 5 more facts
- Receivables
- ₹42.9 cr
- Money owed by customers at March 2026, more than half a year of sales.Earnings call transcript, June 2026, p.5
- Project Udaan money
- ₹51.7 cr
- Issue money set aside for the new facility; ₹51.3 cr of it was unspent at March 2026.Annual report FY26, p.69
- Udaan production start
- Dec 2027
- Planned start of production at the new facility; building work began after the April 2026 ground-breaking.Investor presentation, June 2026, p.28 and p.29
- Profit after tax
- ₹10.4 cr
- FY26 profit, against ₹7.8 cr in FY25, helped by more software-heavy work.Investor presentation, June 2026, p.21
- Systems delivered
- 800+
- Test systems and solutions delivered since 2007, with a team of over 100.Investor presentation, June 2026, p.5
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says it had orders of ₹31 cr at 30 May 2026, tenders of about ₹110 cr awaiting decision and about ₹150 cr of other opportunities. It expects FY27 revenue to grow 25% to 30% and EBITDA and profit 45% to 50%, and the chairman said purchase orders of over ₹100 cr should be in hand by September 2026. Project Udaan is planned to start production in December 2027, and the company expects the Abhedhya subsidiary to bring revenue from FY28. On 16 September 2026 it announced a ₹2.4 cr order from the Ministry of Defence.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue growth of 20% to 25% and profit growth of 40% to 45% | January 2026 investor presentation | Revenue up 7.5%; profit ₹10.4 cr against ₹7.8 cr |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
The company earns its money writing test software and building it into bought-in hardware for India's missile, radar and aerospace programmes.
Its weak spots are a few government buyers, late hardware that pushes sales into the next year, and money tied up in dues.
AverageCan it set its own prices?Prototype work is won in competitive tenders, but once a tester is validated in a production programme further units come on nomination.
AverageHow strong is it against rivals?Validation inside defence programmes makes it hard to replace, but larger listed firms compete for new prototype work.
WatchWho are its customers?Almost all business comes from a few defence labs and defence production companies.
AverageDoes it need a lot of money?Day-to-day work needs little plant, but dues from defence buyers are large, and a big new facility is being built with issue money.
AverageCan it keep finding new work?It has a long record in defence programmes and a large tender pipeline, but its order book shrank over the past year.
WatchDo good and bad years swing a lot?Sales depend on when defence orders are placed and delivered, so growth jumps around from year to year.
Who runs Digilogic Systems?
Promoters, directors and officers; tap a name for the background
MVMadhusudhan Varma JettyPromoter, Chairman and Managing Director · holds 42.92%
BA from Sri Venkateshwara University, diploma in business administration from Annamalai University and postgraduate in public administration; served 15 years in the Indian Air Force (1979 to 1994), retiring as a Sergeant after radar fitting courses; more than 38 years in defence and space, test and measurement and business development. Founded the original partnership.
Offer document, p.222; Annual report FY26, p.121RVRadhika Varma JettyPromoter and Whole-Time Director · holds 20.99%
BA from the University of Madras; co-founded the original partnership and has 17 years of executive experience in strategy, business development, resources and governance.
Offer document, p.222; Annual report FY26, p.121JSJetty Shashank VarmaPromoter, Whole-Time Director and Chief Executive Officer · holds 0.17%
BE in electronics and communication from VIT University, Vellore, and a management programme for aerospace executives at IIM Bangalore with Toulouse Business School; with the company since 2013, more than 10 years in automated test equipment, data acquisition and RF systems; leads business development and operations.
Offer document, p.222; Earnings call transcript, June 2026, p.5; Annual report FY26, p.121HVHitesh Varma JettyPromoter and Whole-Time Director · holds 0.17%
Master of Engineering in electrical and computer engineering from Western Ontario University, Canada, embedded systems diploma from C-DAC and an engineering degree from Osmania University; with the company since 2020, working on test equipment, data acquisition and RF applications.
Offer document, p.222; Annual report FY26, p.121MUMadadi Ugender ReddyIndependent Director
BTech and MTech from Kakatiya University; DRDO scientist at the Defence Research and Development Laboratory from 1986 to 2022, with awards for the integrated guided missile programme.
Offer document, p.223SRSesha Rama Srinivasa Sastry PullelaIndependent Director
MTech from Cochin University of Science and Technology and PhD in engineering from Jadavpur University; 40 years as a scientist at ISRO's Inertial Systems Unit and DRDO, Hyderabad, until 2023.
Offer document, p.223BDBalasubramanyam DanturtiIndependent Director
Commerce graduate from Osmania University with 24 years in public sector banking and 12 years running investor relations, including as head of investor relations at Adani Enterprises from 2016 to 2023.
Offer document, p.222SHSri Harsha VadakattuChief Financial Officer
Chartered accountant with business management from XLRI Jamshedpur and over 17 years in automobiles, IT, textiles, health, EPC and dairy.
Annual report FY26, p.43KRKameswara Rao VempatiCompany Secretary and Compliance Officer
Company secretary and law graduate with over 15 years in legal, secretarial and governance work.
Annual report FY26, p.43Digilogic Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- 16 Sept 2026: order worth ₹2.40 cr announced.
Digilogic Systems announcements
9 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations 2018PDF ↗
- Company UpdateThe Company has received ''Best Manufacturing Company Award 2026'' at the 3rd National Business Excellence Awards - MSMECCII Make in India Initiative Award 2026PDF ↗
- Company UpdateIntimation regarding Investor MeetPDF ↗
- Insider Trading / SASTClosure of Trading WindowPDF ↗
- Company UpdateRevision in the terms of remuneration of Managerial PersonnelPDF ↗
- AGM/EGMVoting results along with the Scrutinizer''s Report in respect of the 15th AGM of the CompanyPDF ↗
- AGM/EGMProceedings of the 15th Annual General Meeting for the FY 2025-26PDF ↗
- Company Updateschedule of Investor ConferencePDF ↗
- Company UpdateThe Company has received an order from Ministry of Defence, Government of India, worth of Rs. 2.40 Crores (Incl. of all taxes)PDF ↗
Digilogic Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 30 June 2026 ↗read
- 30 June 2026 ↗read
- 31 Jan 2026 ↗read
Digilogic Systems share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Digilogic Systems' data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,89,51,030 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹12.25) and FY25 (₹17.50) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY21 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Digilogic Systems
What does Digilogic Systems do?
Digilogic Systems builds machines that test and check defence electronics, such as missile checkout systems, automated testers and radar signal simulators, for defence labs and defence companies. It is based in Hyderabad and its shares trade on BSE SME.
What is the share price of Digilogic Systems?
₹187 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Digilogic Systems?
₹542 cr at the close on 6 Nov 2026, on 2,89,51,030 shares.
What is the P/E of Digilogic Systems?
51.9 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Digilogic Systems' revenue and profit?
Revenue ₹77 cr and profit after tax ₹10 cr in FY26.
Who are the promoters of Digilogic Systems?
Madhusudhan Varma Jetty, Radhika Varma Jetty, Jetty Shashank Varma, Hitesh Varma Jetty; promoters held 64.26% at 31 March 2026.
What is Digilogic Systems' website?
www.digilogicsystems.com
More SME companies like Digilogic Systems
Other listed SME companies in aerospace & defense, the closest in size first, each read from its own documents.
- Apsis AerocomAPSISAERO · NSE Emerge · Aerospace & Defense · listed 2026Market cap ₹564 cr
- Shree RefrigerationsSHREEREF · BSE SME · Aerospace & DefenseMarket cap ₹1,058 cr
- C2C Advanced SystemsC2C · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹256 cr
- TechEra Engineering (India)TECHERA · NSE Emerge · Aerospace & Defense · listed 2024Market cap ₹202 cr
- Millworks TechnologiesMILLWORKS · BSE SME · Aerospace & DefenseMarket cap ₹1,799 cr
Built from 2 investor presentations, 1 offer document, 1 earnings call transcript, 1 annual report, 9 exchange announcements, 1 shareholding patterns and 6 years of reported results. Every figure carries its source; where the documents are silent, the page says so.