Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Dynamatic Technologies Ltd

DYNAMATECH
Aerospace & Defence - Equipments

Dynamatic Technologies Ltd's price has outrun its earnings. +41.9% in a year against EPS −24.7% — the market is paying now for delivery later.

The sharpest disagreement: the price moved +41.9% in a year while annual EPS moved −24.7% — the difference is re-rating, and re-rating has to be repaid with earnings.

The price is in a confirmed uptrend (39 weeks in) while the P/E sits at the 88th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit −18.8% year on year, and 171% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.

Stage
Turning around
fundamental trajectory, 12 quarters
Price
₹10,309
+41.9% 1Y
P/E
142.0×
88th pctile
of its own 10-year range
Revenue (Mar 26)
₹433 Cr
+13.6% YoY
Profit (Mar 26)
₹13.0 Cr
−18.8% YoY
Operating margin
11.0%
+1.0 pp YoY
ROCE
10%
FY26
ROIC
5.1%
vs WACC 12.0% → −6.9 pp
Cash conversion
171%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dynamatic Technologies Ltd trades at ₹10,309, in a confirmed uptrend and 39 weeks into that stage. That is +7.0% against its own 200-day average. It sits at 64% of a 52-week range of ₹6,430 to ₹12,530. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (5 weeks and counting).

Today the stock is in a confirmed uptrend — week 39 of stage 2, confirmed. At ₹10,309 it trades +7.0% versus its 200-day average and sits at 64% of its 52-week range (₹6,430–₹12,530).

Jul 26: ₹10,309 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+7.0% versus the 200-day line, week 39 of stage 2
Price50-day avg200-day avg
S2S4S2₹13,300₹10,510₹7,720₹4,930₹2,140₹10,309₹9,633Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S2₹13,300₹10,510₹7,720₹4,930₹2,140₹10,309₹9,633Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (547 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Mar 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +529% while the NIFTY 500 moved +272% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (5 weeks and counting; last ahead the week of 2026-06-24) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 88th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dynamatic Technologies Ltd trades at 142.0× P/E, at the pricey end of its own range (88th percentile). Its long-run median P/E is 54.3×, measured across 10.3 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 142.0× is at the pricey end of its own range (88th percentile), against a long-run median of 54.3× measured over 10.3 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 142.0× vs a 54.3× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.3-year window; loss-period spikes above 163× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (88th percentile)
P/EMedianEPS (TTM) (quarterly)
175.3×₹113131.4×₹84.887.6×₹56.643.8×₹28.30.0×₹0.0×132.60×₹79Apr 16Jun 19Apr 22Jun 24Jul 26
175.3×₹113131.4×₹84.887.6×₹56.643.8×₹28.30.0×₹0.0×132.60×₹79Apr 16Apr 22Jul 26
PEG 31.05 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Computed here as quarter-end P/E ÷ trailing-twelve-month EPS growth (only quarters with positive growth), because a reported quarterly PEG is not held for this stock. Last 7 quarters; values above 6 pinned at the top.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
6.5×4.9×3.2×1.6×0.0××6.00×Q1 FY24Q2 FY24Q4 FY24Q1 FY25Q3 FY25
6.5×4.9×3.2×1.6×0.0××6.00×Q1 FY24Q4 FY24Q3 FY25
P/E
142.0×
88th percentile of 10y
PEG
n/m
not derivable — 3-year earnings growth unavailable

🚨 Why the multiple sits where it does: over the past year annual EPS moved −24.7% against a +41.9% price move — the price outran earnings, pushing the multiple UP its own range.

The price move, decomposed: over 5y, of the +44.8%/yr price move, ~+96.4%/yr came from earnings growth and ~−51.6 pp from the multiple (compressing); over 10y, of the +15.1%/yr price move, ~+3.7%/yr came from earnings growth and ~+11.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Turning around

Stage: Turning around Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dynamatic Technologies Ltd reads as turning around on its fundamental arc. Turning around — profit growth swung from −62.6% at the trough to −23.3% off a 3-quarter-old trough, ROCE holding at 9.7%. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
33%273%23%182%13%92%3.3%0.0%−6.5%−90%%%15.5%−23.3%−24.7%Jun 23Sep 24Mar 26
33%273%23%182%13%92%3.3%0.0%−6.5%−90%%%15.5%−23.3%−24.7%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
11.5%11.0%10.6%10.1%9.56%%9.7%Jun 23Sep 24Mar 26
11.5%11.0%10.6%10.1%9.56%%9.7%Jun 23Sep 24Mar 26
Revenue growth
Rising
latest +15.5% · span −3.8% to +30.0%
Profit growth
Recovering
latest −23.3% · span −64.5% to +247.7%
EPS growth
Recovering
latest −24.7% · span −64.7% to +244.3%
ROCE
Stuck low
latest 9.7% · span 9.7%–11.4%

Why it matters: growth inflections are where re-ratings start — the curves say a turn is forming, so the question becomes whether the next quarters confirm it.

Growth, year by year: revenue +15.5% in FY26, profit −25.6% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
18%337%8.5%204%−1.3%72%−11%−61%−21%−193%%%15.5%−25.6%FY16FY21FY26
18%337%8.5%204%−1.3%72%−11%−61%−21%−193%%%15.5%−25.6%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+15.5%) with the last 8 annualized (+6.5%).
revenue accelerating, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
33%273%23%182%13%92%3.3%0.0%−6.5%−90%%%15.5%−23.3%Jun 23Sep 24Mar 26
33%273%23%182%13%92%3.3%0.0%−6.5%−90%%%15.5%−23.3%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+15.5%+7.2%+7.7%+0.8%
Profit−25.6%−9.4%+10.3%
EPS−24.7%−8.8%+10.2%
Share price+41.9%+38.1%+44.8%+15.1%
Revenue YoY (Mar 26)
+13.6%
latest quarter vs a year ago
Profit YoY (Mar 26)
−18.8%
latest quarter vs a year ago
Revenue 10y
0.8%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

41.7/100 — rank 18 of 24 in Aerospace & Defence - Equipments · 89% evidence confidence

Dynamatic Technologies Ltd scores 41.7 out of 100 against the 24 companies it is compared with in Aerospace & Defence - Equipments, ranking 18. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 16.2 + 9.1 + 10.6 + 5.8 = 41.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dynamatic Technologies Ltd reported ₹433 Cr of revenue in the Mar 26 quarter, +13.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 0.8% a year. The last full year, FY26, came in at ₹1,621 Cr. The last four reported quarters add to ₹1,621 Cr.

Dynamatic Technologies Ltd reported ₹433 Cr of revenue in the Mar 26 quarter, +13.6% year on year. That is the 5th straight quarter of year-on-year growth. Over 10 years it has compounded at 0.8% a year. The last full year, FY26, came in at ₹1,621 Cr. The last four reported quarters add to ₹1,621 Cr.

FY26 revenue came in at ₹1,621 Cr (+15.5% on the year), capping 10 years at 0.8% compound. The latest quarter (Mar 26) printed ₹433 Cr, +13.6% year on year — the 5th consecutive quarter of year-over-year growth.

FY26 revenue ₹1,621 Cr (+15.5% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
0.8% a year over 10 years
RevenueYoY growth
1.8k18%1.3k8.5%875−1.3%438−11%0−21%₹ Cr%₹1,62115.5%FY16FY21FY26
1.8k18%1.3k8.5%875−1.3%438−11%0−21%₹ Cr%₹1,62115.5%FY16FY21FY26
Mar 26: ₹433 Cr (+13.6% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
5th straight quarter of growth
Revenue (quarterly)YoY growth
468140%351100%23460%11720%0−20%₹ Cr%₹43313.6%Jun 23Sep 24Mar 26
468140%351100%23460%11720%0−20%₹ Cr%₹43313.6%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +16.1% growth against the decade's 0.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.5% over the last 4 quarters against +6.5%/yr over the last 8 — accelerating; TTM profit −23.3% vs −47.8%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 11.0% this quarter (+1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dynamatic Technologies Ltd's operating margin is 11.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 14.0%. The current quarter sits inside that band.

Dynamatic Technologies Ltd's operating margin is 11.0% in the Mar 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 11.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 10.0%–14.0%.

Why the margin moved: operating margin went +1.3 pp year on year while gross margin went −2.5 pp — the gain came mostly from the gross line: input costs and pricing.

FY26: 11.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
within a 10.0–14.0% band over 13 years
operating marginYoY change (pp)
14%3.5%13%1.7%12%0.0%11%−1.7%9.7%−3.5%%%11%0%FY14FY20FY26
14%3.5%13%1.7%12%0.0%11%−1.7%9.7%−3.5%%%11%0%FY14FY20FY26
Mar 26: 11.0% operating margin (+1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
12.2%2.8%11.6%0.0%11.0%−3.0%10.4%−5.9%9.84%−8.8%%%11%1%Jun 23Sep 24Mar 26
12.2%2.8%11.6%0.0%11.0%−3.0%10.4%−5.9%9.84%−8.8%%%11%1%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit −18.8% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dynamatic Technologies Ltd earned ₹13.0 Cr of net profit in the Mar 26 quarter, −18.8% year on year. Full-year FY26 profit was ₹32.0 Cr. The 10-year compound rate is 10.3%. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Dynamatic Technologies Ltd earned ₹13.0 Cr of net profit in the Mar 26 quarter, −18.8% year on year. Full-year FY26 profit was ₹32.0 Cr. The 10-year compound rate is 10.3%. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹16.0 Cr.

Mar 26 profit was ₹13.0 Cr, −18.8% year on year. On the full year, FY26 printed ₹32.0 Cr (−25.6%), and the 10-year compound rate is 10.3%.

FY26 profit ₹32.0 Cr (−25.6% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
10.3% a year over 10 years
Net profitYoY growth
1342,821%922,021%501,222%8422%−34−377%₹ Cr%₹32−25.6%FY16FY21FY26
1342,821%922,021%501,222%8422%−34−377%₹ Cr%₹32−25.6%FY16FY21FY26
Mar 26: ₹13.0 Cr (−18.8% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
62452%46310%31169%1527%0−114%₹ Cr%₹13−18.8%Jun 23Sep 24Mar 26
62452%46310%31169%1527%0−114%₹ Cr%₹13−18.8%Jun 23Sep 24Mar 26

🚨 Why profit moved: revenue contributed +13.6% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −10.9% vs revenue +16.1%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 171% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 171% of Dynamatic Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹95.0 Cr of operating cash against ₹32.0 Cr of profit. After ₹134 Cr of capital spending, ₹−39.0 Cr was left as free cash.

FY26: operating cash of ₹95.0 Cr against reported profit of ₹32.0 Cr, leaving free cash of ₹−39.0 Cr after ₹134 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 171% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹95.0 Cr vs profit ₹32.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution.
171% of 3-year profit arrived as cash
Operating cashNet profitFree cash
249166820−85₹ Cr₹95₹32₹−39FY16FY21FY26
249166820−85₹ Cr₹95₹32₹−39FY16FY21FY26
FY26: CFO = 297% of profit (three-year rate 171%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
318%254%190%126%62%%297%FY16FY21FY26
318%254%190%126%62%%297%FY16FY21FY26

Why conversion sits at 171%: the cash cycle stretched 64 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 1.6× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹338 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dynamatic Technologies Ltd's cash conversion cycle runs 142 days in FY26, up from 78 days in FY21. Capital spending ran ₹338 Cr over the last 3 years. At FY26 sales of ₹1,621 Cr each day of that cycle holds about ₹4.4 Cr, so roughly ₹631 Cr sits inside the business at any moment.

FY26: debtors at 72 days, inventory at 185 days — roughly 6.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 142 days, looser than FY21's 78.

The full loop: cash goes out to suppliers and production on day 0; stock waits 185 days to sell; customers pay about 72 days after that; and suppliers themselves are paid at 115 days — netting out to the 142-day cycle.

In money terms: at FY26 sales of ₹1,621 Cr, each day of the cycle holds about ₹4.4 Cr — so the 142-day loop keeps roughly ₹631 Cr sitting inside the business at any moment.

FY26: a 142-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+64 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
2091549842−13days142d185d72d115dFY14FY17FY20FY23FY26
2091549842−13days142d185d72d115dFY14FY20FY26

On the investment side: capital spending of ₹338 Cr over the last 3 fiscal years against ₹212 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹7.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹134 Cr, work-in-progress ₹7.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
28818379−26−131₹ Cr₹134₹7FY16FY18FY21FY23FY26
28818379−26−131₹ Cr₹134₹7FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 10% and the ROIC − WACC spread is −6.9 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dynamatic Technologies Ltd earns a ROCE of 10% in FY26. That is up from a trough of 5% in FY21. Return on invested capital clears the cost of that capital by −6.9 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 2.0% net margin on 0.88× asset turns.

FY26 ROCE is 10%, recovered from a FY21 trough of 5% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 2.0% net margin × 0.88× asset turns × 2.33× balance-sheet leverage ≈ 4.1% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 5.1% − 12.0% = a −6.9 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 10% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 5%
ROCEROIC (annual)WACC
16%13%10%7.1%4.2%%10%5.2%FY14FY20FY26
16%13%10%7.1%4.2%%10%5.2%FY14FY20FY26
Q4 FY26: ROCE 9.0% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
13%10%7.9%5.6%3.3%%9%4.8%Q1 FY24Q2 FY25Q4 FY26
13%10%7.9%5.6%3.3%%9%4.8%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.80.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Dynamatic Technologies Ltd carries total debt of ₹638 Cr against shareholder equity of ₹794 Cr as of Mar 26, a debt-to-equity of 0.80. On the annual view that ratio went from 1.80 in FY22 to 0.80 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹638 Cr against shareholder equity of ₹794 Cr — a debt-to-equity of 0.80. On the annual view, debt-to-equity went from 1.80 (FY22) to 0.80 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹638 Cr at 0.80× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
8141.9×6111.6×4071.3×2041.0×00.7×₹ Cr×₹6380.80×FY22FY24FY26
8141.9×6111.6×4071.3×2041.0×00.7×₹ Cr×₹6380.80×FY22FY24FY26
Mar 26: debt ₹638 Cr, debt-to-equity 0.80 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
8141.4×6111.3×4071.1×2040.9×00.7×₹ Cr×₹6380.80×Jun 23Sep 24Mar 26
8141.4×6111.3×4071.1×2040.9×00.7×₹ Cr×₹6380.80×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 6.9 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 6.9 points of Dynamatic Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 10.3% of the company. Domestic institutions moved +4.6 points over the same window, to 15.9%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −6.9 points over 8 quarters to 10.3%; Domestic institutions: +4.6 points over 8 quarters to 15.9%; Promoters: −0.4 points over 8 quarters to 41.5%.

Why the register moved: rotation — foreign institutions −6.9 points against domestic institutions +4.6 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Fiscal-year ends: promoters −0.4 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
44%35%26%17%7.6%%41.5%10.1%15.6%32.8%Mar 24Mar 25Mar 26
44%35%26%17%7.6%%41.5%10.1%15.6%32.8%Mar 24Mar 25Mar 26
Foreign institutions cut 6.9 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
44%35%26%17%7.6%%41.5%10.3%15.9%32.4%Jun 23Dec 24Jun 26
44%35%26%17%7.6%%41.5%10.3%15.9%32.4%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dynamatic Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Aerospace & Defence - Equipments Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Dynamatic Technologies Ltd this page142.0×₹7,102 CrTurning around
Hindustan Aeronautics Ltd33.6×₹3.1L CrConsistent
Bharat Electronics Ltd48.8×₹3L CrMixed
Bharat Dynamics Ltd108.0×₹45,564 CrDeteriorating
Data Patterns (India) Ltd104.0×₹25,666 CrTurning around
MTAR Technologies Ltd184.0×₹17,856 CrImproving
Astra Microwave Products Ltd89.2×₹17,217 CrMixed
Zen Technologies Ltd87.9×₹15,970 CrDeteriorating
Azad Engineering Ltd119.0×₹15,751 CrMixed
Aequs Ltd₹15,374 Cr
Apollo Micro Systems Ltd130.0×₹14,652 CrMixed
BEML Ltd101.0×₹14,269 CrMixed
Sigma Advanced System Ltd35.7×₹9,911 CrNo read
Paras Defence and Space Technologies Ltd112.0×₹9,632 CrMixed
Mishra Dhatu Nigam Ltd56.0×₹7,357 CrMixed
AXISCADES Technologies Ltd86.6×₹6,839 CrMixed
AXISCADES Technologies Ltd82.5×₹6,520 CrTopping out
Avantel Ltd253.0×₹4,344 CrDeteriorating
Ideaforge Technology Ltd₹4,326 CrNo read
Rossell Techsys Ltd164.0×₹3,707 CrNo read
Sika Interplant Systems Ltd68.8×₹2,416 CrMixed
NIBE Ltd414.0×₹2,332 CrTurning around
Jaykay Enterprises Ltd32.1×₹2,152 CrNo read
DCX Systems Ltd₹2,013 CrDeteriorating
Sika Interplant Systems Ltd49.4×₹1,813 CrMixed
Vinyas Innovative Technologies Ltd51.9×₹1,602 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Dynamatic Technologies Ltd's share price today?

Dynamatic Technologies Ltd trades at ₹10,309, +41.9% over the past year. The company is valued at ₹7,102 Cr. The stock sits at 64% of its 52-week range of ₹6,430–₹12,530, +7.0% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 39 weeks in. — as of 24 July 2026.

What were Dynamatic Technologies Ltd's latest quarterly results?

Dynamatic Technologies Ltd reported revenue of ₹433 Cr and net profit of ₹13.0 Cr for the Mar 26 quarter. Revenue rose 13.6% and profit fell 18.8% year on year. Earnings per share were ₹19.81. The operating margin was 11.0%, 1.0 pp higher than a year earlier. — as of 24 July 2026.

What is Dynamatic Technologies Ltd's revenue?

Dynamatic Technologies Ltd reported revenue of ₹433 Cr in the Mar 26 quarter, +13.6% year on year. For the full FY26 fiscal year, revenue was ₹1,621 Cr (+15.5%). Over the last 10 years revenue compounded at 0.8% a year. — as of 24 July 2026.

What is Dynamatic Technologies Ltd's profit?

Dynamatic Technologies Ltd earned ₹13.0 Cr of net profit in the Mar 26 quarter, −18.8% year on year. Full-year FY26 profit was ₹32.0 Cr. The operating margin ran 11.0% in the latest quarter. — as of 24 July 2026.

What is Dynamatic Technologies Ltd's market cap?

Dynamatic Technologies Ltd's market capitalisation is ₹7,102 Cr at a share price of ₹10,309. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Dynamatic Technologies Ltd's P/E ratio?

Dynamatic Technologies Ltd trades at a P/E of 142.0×, at the 88th percentile of its own 10-year range, against a long-run median of 54.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Dynamatic Technologies Ltd pay a dividend?

Yes — Dynamatic Technologies Ltd's dividend payout was 21% of profit in FY26, and it recorded a payout in 5 of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Dynamatic Technologies Ltd overvalued?

On its own history, Dynamatic Technologies Ltd looks expensive against its own history: its P/E of 142.0× sits at the 88th percentile of its 10-year range (long-run median 54.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Dynamatic Technologies Ltd growing?

Yes — Dynamatic Technologies Ltd is growing: latest-quarter revenue +13.6% year on year, profit −18.8%, and the margin +1.0 pp at 11.0%. The 10-year compound rates are 0.8% (revenue) and 10.3% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Dynamatic Technologies Ltd performing?

Dynamatic Technologies Ltd is in a confirmed uptrend, 39 weeks in. Its latest quarter's revenue rose 13.6% and profit fell 18.8% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 5 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Dynamatic Technologies Ltd in?

Turning around — profit growth swung from −62.6% at the trough to −23.3% off a 3-quarter-old trough, ROCE holding at 9.7%. The read comes from the last 12 quarters of growth (revenue growth +15.5% latest, profit growth −23.3% latest, eps growth −24.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Dynamatic Technologies Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 39 of stage 2), trading +7.0% versus its 200-day average and at 64% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Dynamatic Technologies Ltd beating the market?

Not lately — on a trailing-13-week view Dynamatic Technologies Ltd is currently behind the NIFTY 500 (5 weeks and counting; last ahead the week of 2026-06-24), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +529% against the NIFTY 500's +272% — ahead of the index over the full window. — as of 24 July 2026.

Will Dynamatic Technologies Ltd's share price go up?

This page publishes no price forecast for Dynamatic Technologies Ltd. What it measures instead: the share price is ₹10,309, the price is in a confirmed uptrend 39 weeks in. Its P/E of 142.0× sits at the 88th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Dynamatic Technologies Ltd?

Promoters hold 41.5% of Dynamatic Technologies Ltd, foreign institutions 10.3%, domestic institutions 15.9% and the public 32.4% (latest quarter). The biggest move on the register over the last two years: Foreign institutions cut 6.9 points over 8 quarters. — as of 24 July 2026.

Does Dynamatic Technologies Ltd have too much debt?

It is moderate — Dynamatic Technologies Ltd's debt-to-equity is 0.80, and operating profit covers the interest bill 3×. FY26 borrowings were ₹638 Cr against equity of ₹794 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Dynamatic Technologies Ltd's capex?

Dynamatic Technologies Ltd spent ₹338 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹134 Cr, with ₹7.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Dynamatic Technologies Ltd's cash flow?

Dynamatic Technologies Ltd generated ₹95.0 Cr of operating cash flow in FY26 and ₹−39.0 Cr of free cash flow after ₹134 Cr of capital spending. Reported profit that year was ₹32.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Dynamatic Technologies Ltd's profit real cash?

Yes — over the last 3 fiscal years, 171% of Dynamatic Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹95.0 Cr against reported profit of ₹32.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Dynamatic Technologies Ltd in its business cycle?

Dynamatic Technologies Ltd's FY26 operating margin was 11.0%, against a 13-year band of 10.0%–14.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 11.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Dynamatic Technologies Ltd story?

The sharpest disagreement: the price moved +41.9% in a year while annual EPS moved −24.7% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Dynamatic Technologies Ltd a stock worth studying right now?

This is not investment advice. The machine read: Dynamatic Technologies Ltd's price has outrun its earnings. +41.9% in a year against EPS −24.7% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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