Digilogic Systems builds test systems used in Chandrayaan-3, Aditya-L1 and a DRDO laser weapon. Yet the Registrar of Companies has levied a ₹4.73 crore penalty over pre-IPO compliance lapses.
Founded in 2007, Digilogic designs automated test equipment, simulation and data acquisition systems for defense and space programs. It listed on BSE SME in January 2026, raising ₹69.66 crore net for debt reduction and capex.
The promoter family leads the board, holding 64.26%. An 18-year track record, AS9100D and ISO 9001:2015 certifications, and over 800 deployed test systems give it a niche in India’s defense indigenization push.
Before the IPO, Digilogic placed 1,70,207 shares at a ₹283.76 premium but didn't keep application money in a separate account, and filed DPT-3 late. It self-reported; ROC rejected the defense and imposed ₹4.73 crore in April 2026.
FY26 revenue grew 8.42% to ₹78.27 crore, but net profit jumped 33.8% to ₹10.43 crore. EBITDA margin expanded 152 basis points to 19.6%, helped by a shift toward higher-margin proprietary software and IP.
Digilogic used ₹8 crore of IPO proceeds to cut total borrowings from ₹13.34 crore to ₹4.06 crore, lowering debt-to-equity from 0.40 to 0.04. FY26 free cash flow from operations turned positive at ₹12.63 crore.
The defining number: profit after tax rose to ₹10.43 crore, from ₹7.79 crore a year earlier, while revenue reached ₹78.27 crore. PAT margin expanded to 13.46%, up 221 basis points.
For FY27, management guides 25-30% topline growth and 45-50% EBITDA and PAT expansion. As of May 2026, the order book was ₹31 crore, with a ₹110 crore tender pipeline and a ₹150 crore identified opportunity matrix.
Almost all revenue comes from Indian government entities, while 37-47% of hardware is sourced from National Instruments. Western OEM lead times deferred about ₹20 crore from FY26 to FY27; debtor days exceed 200 and Project Udaan adds execution risk.
The full report weighs Digilogic’s technical role in defense indigenization against compliance, client concentration and supply chain risks. Swipe up to read the complete deep dive and track actual order conversion.
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