Compressors / Pumps · Founded 1973 · www.dynamatics.com · BSE 505242 · NSE DYNAMAT.TECH · ISIN INE221B01012
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Business
Dynamatic Technologies Ltd. is a precision engineering company primarily engaged in the design, development, and manufacturing of highly engineered products for critical applications. Its core business revolves around three main areas: Aerospace (precision components, structures), Hydraulics (hydraulic pumps, industrial gear pumps, custom hydraulic solutions), and Automotive (high-precision components for engines, transmissions, and chassis). The company makes money by supplying these advanced components and systems directly to leading global OEMs and Tier-1 suppliers across these sectors, often under long-term contracts.
Revenue Mix
Dynamatic Technologies typically operates across key segments:
Aerospace: Manufacturing complex airframe structures, sub-assemblies, and precision components for aircraft.
Hydraulics: Producing a range of hydraulic gear pumps, power packs, and hydraulic systems for diverse industrial and mobile applications.
Automotive: Supplying high-precision engine and transmission components, as well as critical parts for electric vehicles.
No specific revenue contribution data for these segments is provided.
Industry
The company operates in the global precision engineering and manufacturing industry, which is characterized by high barriers to entry due to stringent quality standards, technological expertise requirements, and long qualification cycles, especially in aerospace. In the hydraulics sector, it competes with established global players. Dynamatic positions itself as a specialized partner offering design-to-delivery solutions, leveraging its advanced manufacturing capabilities and certifications (e.g., AS9100 for aerospace) to serve demanding clients. Its presence in niche, high-value components gives it a distinct standing against commodity manufacturers.
MOAT
Dynamatic's competitive advantages include:
Precision Engineering Expertise: Deep technical know-how and advanced manufacturing capabilities for complex, tight-tolerance components.
Long-Term OEM Relationships: Established partnerships and supplier approvals with global aerospace, automotive, and industrial OEMs.
Certifications & Quality Standards: Adherence to global aerospace (e.g., AS9100) and automotive quality standards, which are high barriers to entry.
Integrated Capabilities: Ability to provide full-lifecycle solutions from design and development to manufacturing and assembly.
Proprietary Technology: Development of specialized hydraulic pumps and systems.
Growth Drivers
Aerospace Sector Growth: Increasing global demand for new aircraft and maintenance, repair, and overhaul (MRO) activities.
"Make in India" & Defense Indigenization: Government initiatives promoting local manufacturing and defense procurement could open new opportunities.
Global Supply Chain Diversification: Geopolitical shifts encouraging global OEMs to diversify their supply chains beyond traditional regions.
Hydraulics Market Expansion: Growth in infrastructure, construction, agriculture, and industrial automation drives demand for hydraulic solutions.
EV Transition: Opportunities in manufacturing precision components for electric vehicle powertrains and related systems.
Risks
Cyclicality of End Markets: Performance is sensitive to economic downturns in aerospace, automotive, and industrial sectors.
Raw Material Price Volatility: Fluctuations in the cost of critical metals and alloys can impact profitability.
Currency Fluctuations: Exposure to foreign exchange risk due to international sales and procurement.
Technological Obsolescence: Need for continuous investment in R&D to keep pace with evolving technologies and customer requirements.
Intense Competition: Competition from both domestic and international players in its operating segments.
Dependency on Key Clients: A significant portion of revenue might be derived from a few large customers, leading to concentration risk.
Management & Ownership
Dynamatic Technologies is a promoter-led company, characteristic of many Indian businesses. The promoter group typically holds a significant stake, which can align long-term interests but also centralize decision-making. The company employs professional management teams to oversee its diverse operations and global presence.
Outlook
Dynamatic Technologies is well-positioned in specialized and high-growth segments of precision engineering, particularly aerospace and advanced hydraulics. The global shift towards diversified manufacturing supply chains, coupled with growth in its core end markets, presents significant opportunities. However, the company faces inherent risks from the cyclical nature of its key industries, raw material price volatility, and the need for continuous technological upgrades. Its ability to maintain competitive edge through innovation and cost efficiency, while navigating global economic uncertainties, will be crucial for sustained growth.
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| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 346 | 370 | 346 | 361 | 315 | 381 | 371 | 392 | 425 | 433 |
| Other Income | 9 | 6 | 3 | 7 | -0 | 13 | 10 | 7 | 6 | 7 |
| Total Income | 354 | 376 | 349 | 369 | 315 | 393 | 381 | 399 | 431 | 440 |
| Total Expenditure | 305 | 328 | 306 | 320 | 276 | 343 | 333 | 346 | 375 | 385 |
| Operating Profit | 50 | 49 | 43 | 49 | 39 | 51 | 48 | 53 | 56 | 56 |
| Interest | 16 | 18 | 14 | 15 | 14 | 14 | 14 | 15 | 14 | 14 |
| Depreciation | 17 | 17 | 17 | 18 | 17 | 17 | 18 | 19 | 20 | 19 |
| Exceptional Income / Expenses | 0 | 45 | 0 | 0 | 0 | 0 | 0 | -7 | -14 | -6 |
| Profit Before Tax | 16 | 58 | 12 | 16 | 8 | 19 | 15 | 12 | 8 | 15 |
| Provision for Tax | 5 | 1 | 0 | 4 | 5 | 3 | 5 | 8 | 2 | 3 |
| Profit After Tax | 11 | 57 | 11 | 12 | 4 | 16 | 11 | 3 | 6 | 13 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 11 | 57 | 11 | 12 | 4 | 16 | 11 | 3 | 6 | 13 |
| Adjusted Earnings Per Share | 16.6 | 84.1 | 16.8 | 17.7 | 5.2 | 23.7 | 15.9 | 4.9 | 8.5 | 18.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 1629 | 1494 | 1506 | 1321 | 1500 | 1230 | 1118 | 1253 | 1316 | 1429 | 1404 | 1621 |
| Other Income | 10 | 5 | 6 | 6 | 31 | 18 | 6 | 8 | 10 | 43 | 23 | 30 |
| Total Income | 1639 | 1499 | 1512 | 1327 | 1531 | 1248 | 1124 | 1262 | 1326 | 1472 | 1427 | 1651 |
| Total Expenditure | 1475 | 1350 | 1339 | 1179 | 1347 | 1036 | 967 | 1081 | 1132 | 1268 | 1243 | 1439 |
| Operating Profit | 165 | 148 | 172 | 147 | 184 | 212 | 157 | 180 | 194 | 204 | 183 | 213 |
| Interest | 83 | 75 | 80 | 76 | 81 | 83 | 72 | 62 | 68 | 65 | 59 | 57 |
| Depreciation | 51 | 52 | 53 | 47 | 49 | 80 | 78 | 77 | 70 | 66 | 69 | 76 |
| Exceptional Income / Expenses | 19 | 0 | -4 | 0 | 0 | 0 | 0 | 0 | 0 | 62 | 0 | -27 |
| Profit Before Tax | 50 | 21 | 36 | 24 | 54 | 48 | 8 | 42 | 55 | 136 | 55 | 50 |
| Provision for Tax | 21 | 9 | 16 | 12 | 23 | -25 | 6 | 10 | 12 | 14 | 12 | 18 |
| Profit After Tax | 29 | 12 | 20 | 12 | 31 | 74 | 2 | 32 | 43 | 122 | 43 | 33 |
| Adjustments | 0 | 0 | 0 | -11 | -4 | -35 | -24 | -17 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 29 | 12 | 20 | 1 | 27 | 39 | -22 | 15 | 43 | 122 | 43 | 33 |
| Adjusted Earnings Per Share | 45.2 | 19.4 | 30.9 | 1.1 | 43.3 | 61.6 | -34.5 | 24.4 | 63 | 179.4 | 63.4 | 47.8 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | 4% | 3% | -1% |
| Operating Profit CAGR | -10% | 1% | -3% | 1% |
| PAT CAGR | -65% | 10% | -10% | 4% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 54% | 46% | 48% | 15% |
| ROE Average | 6% | 12% | 9% | 10% |
| ROCE Average | 10% | 13% | 12% | 13% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 252 | 258 | 299 | 314 | 325 | 373 | 369 | 381 | 542 | 668 | 718 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 266 | 400 | 463 | 429 | 396 | 358 | 363 | 299 | 225 | 193 | 175 |
| Other Non-Current Liabilities | 37 | 35 | 43 | 46 | 56 | 124 | 154 | 143 | 148 | 135 | 130 |
| Total Current Liabilities | 595 | 490 | 524 | 630 | 608 | 636 | 541 | 564 | 753 | 577 | 627 |
| Total Liabilities | 1150 | 1182 | 1329 | 1419 | 1385 | 1491 | 1429 | 1387 | 1669 | 1572 | 1650 |
| Fixed Assets | 644 | 627 | 759 | 793 | 644 | 826 | 708 | 685 | 682 | 792 | 801 |
| Other Non-Current Assets | 45 | 63 | 49 | 27 | 28 | 25 | 30 | 42 | 104 | 26 | 45 |
| Total Current Assets | 462 | 493 | 521 | 599 | 637 | 640 | 550 | 603 | 828 | 755 | 804 |
| Total Assets | 1150 | 1182 | 1329 | 1419 | 1385 | 1491 | 1429 | 1387 | 1669 | 1572 | 1650 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 38 | 73 | 60 | 62 | 40 | 37 | 56 | 38 | 17 | 138 | 51 |
| Cash Flow from Operating Activities | 116 | 43 | 118 | 88 | 124 | 226 | 121 | 107 | 131 | 97 | 144 |
| Cash Flow from Investing Activities | 48 | -48 | -94 | -60 | 3 | -52 | -12 | 9 | -83 | 46 | -67 |
| Cash Flow from Financing Activities | -137 | -10 | -25 | -48 | -128 | -155 | -132 | -137 | 72 | -231 | -96 |
| Net Cash Inflow / Outflow | 27 | -15 | -2 | -20 | -2 | 19 | -23 | -20 | 120 | -88 | -19 |
| Closing Cash & Cash Equivalent | 73 | 60 | 62 | 40 | 37 | 56 | 38 | 17 | 138 | 51 | 33 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 45.19 | 19.37 | 30.95 | 1.14 | 43.33 | 61.61 | -34.5 | 24.4 | 63.02 | 179.4 | 63.39 |
| CEPS(Rs) | 125.49 | 102.07 | 114.26 | 93.64 | 126.83 | 242.02 | 125.43 | 171.74 | 166.73 | 277.13 | 165.43 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 10 | 10 | 2 |
| Book NAV/Share(Rs) | 389.48 | 398.91 | 471.28 | 495.02 | 512.44 | 588.53 | 581.64 | 601.59 | 798.19 | 983.42 | 1056.7 |
| Core EBITDA Margin(%) | 9.26 | 9.38 | 10.83 | 10.67 | 10.22 | 15.75 | 13.52 | 13.73 | 13.96 | 11.3 | 11.42 |
| EBIT Margin(%) | 7.97 | 6.28 | 7.5 | 7.54 | 8.99 | 10.7 | 7.13 | 8.26 | 9.35 | 14.01 | 8.11 |
| Pre Tax Margin(%) | 2.99 | 1.37 | 2.31 | 1.79 | 3.58 | 3.92 | 0.68 | 3.32 | 4.2 | 9.49 | 3.93 |
| PAT Margin (%) | 1.72 | 0.8 | 1.27 | 0.91 | 2.08 | 5.98 | 0.18 | 2.56 | 3.25 | 8.52 | 3.07 |
| Cash Profit Margin (%) | 4.77 | 4.24 | 4.71 | 4.47 | 5.36 | 12.47 | 7.11 | 8.69 | 8.6 | 13.16 | 8 |
| ROA(%) | 2.48 | 1.05 | 1.56 | 0.88 | 2.22 | 5.12 | 0.14 | 2.28 | 2.8 | 7.52 | 2.67 |
| ROE(%) | 14.93 | 4.91 | 7.11 | 3.93 | 9.76 | 21.08 | 0.53 | 8.55 | 9.27 | 20.14 | 6.21 |
| ROCE(%) | 17.71 | 11.9 | 12.63 | 9.99 | 13.44 | 13.4 | 8.27 | 11.06 | 11.8 | 17.52 | 9.92 |
| Receivable days | 23.48 | 28.18 | 32.42 | 46.28 | 50.54 | 69.04 | 70.86 | 59.53 | 64.95 | 71.05 | 76.46 |
| Inventory Days | 49.78 | 57.73 | 58.63 | 71.66 | 68.59 | 80.97 | 79.92 | 69.91 | 77.02 | 77.31 | 84.8 |
| Payable days | 94.72 | 101.66 | 98.37 | 128.58 | 124.51 | 168.9 | 158.98 | 125.6 | 129.6 | 113.24 | 115.95 |
| PER(x) | 85.47 | 89.43 | 88.25 | 1506.12 | 37.39 | 7.88 | 0 | 87.54 | 43.74 | 41.53 | 97.95 |
| Price/Book(x) | 9.92 | 4.34 | 5.79 | 3.46 | 3.16 | 0.82 | 1.63 | 3.55 | 3.45 | 7.58 | 5.88 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0.12 | 0 | 0 | 0 | 0.36 | 0.13 | 0.03 |
| EV/Net Sales(x) | 1.77 | 1.09 | 1.55 | 1.31 | 1.08 | 0.68 | 1 | 1.48 | 1.77 | 3.82 | 3.29 |
| EV/Core EBITDA(x) | 17.53 | 10.96 | 13.5 | 11.75 | 8.79 | 3.93 | 7.11 | 10.31 | 12.04 | 26.7 | 25.23 |
| Net Sales Growth(%) | 2.62 | -8.31 | 0.82 | -12.28 | 13.57 | -18.01 | -17.78 | 12.09 | 4.98 | 8.63 | -1.79 |
| EBIT Growth(%) | 3.2 | -27.87 | 20.31 | -13.26 | 34.81 | -2.45 | -17.92 | 29.79 | 18.95 | 62.74 | -43.17 |
| PAT Growth(%) | 108.06 | -57.14 | 59.77 | -38.63 | 158.8 | 136.07 | -94.93 | 1519.19 | 33.47 | 184.67 | -64.67 |
| EPS Growth(%) | 81.81 | -57.14 | 59.77 | -96.33 | 3715.44 | 42.19 | -155.99 | 170.74 | 158.27 | 184.67 | -64.67 |
| Debt/Equity(x) | 2.09 | 2.36 | 2.28 | 2.26 | 2.03 | 1.63 | 1.57 | 1.42 | 1.14 | 0.69 | 0.63 |
| Current Ratio(x) | 0.78 | 1.01 | 0.99 | 0.95 | 1.05 | 1.01 | 1.02 | 1.07 | 1.1 | 1.31 | 1.28 |
| Quick Ratio(x) | 0.39 | 0.48 | 0.54 | 0.5 | 0.59 | 0.59 | 0.6 | 0.62 | 0.7 | 0.78 | 0.73 |
| Interest Cover(x) | 1.6 | 1.28 | 1.45 | 1.31 | 1.66 | 1.58 | 1.1 | 1.67 | 1.81 | 3.1 | 1.94 |
| Total Debt/Mcap(x) | 0.21 | 0.54 | 0.39 | 0.65 | 0.64 | 1.97 | 0.96 | 0.4 | 0.33 | 0.09 | 0.11 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.5 |
| FII | 16.77 | 16.51 | 17.13 | 13.95 | 13.26 | 13.29 | 13.21 | 12.23 | 10.28 | 10.12 |
| DII | 11.42 | 11.41 | 11.22 | 12.95 | 13.31 | 13.5 | 12.83 | 13.82 | 15.32 | 15.59 |
| Public | 29.95 | 30.22 | 29.78 | 31.23 | 31.56 | 31.35 | 32.09 | 32.09 | 32.54 | 32.79 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| FII | 0.11 | 0.11 | 0.12 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 | 0.07 |
| DII | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.1 | 0.11 |
| Public | 0.2 | 0.21 | 0.2 | 0.21 | 0.21 | 0.21 | 0.22 | 0.22 | 0.22 | 0.22 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -2% | +4% | +3% | -1% |
| Operating Profit CAGR | -10% | +1% | -3% | +1% |
| PAT CAGR | -65% | +10% | -10% | +4% |
| Share Price CAGR | +54% | +46% | +48% | +15% |
| ROE Average | +6% | +12% | +9% | +10% |
| ROCE Average | +10% | +13% | +12% | +13% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.87 | 41.5 |
| FII | 16.77 | 16.51 | 17.13 | 13.95 | 13.26 | 13.29 | 13.21 | 12.23 | 10.28 | 10.12 |
| DII | 11.42 | 11.41 | 11.22 | 12.95 | 13.31 | 13.5 | 12.83 | 13.82 | 15.32 | 15.59 |
| Public | 58.13 | 58.13 | 58.13 | 58.13 | 58.13 | 58.13 | 58.13 | 58.13 | 58.13 | 58.5 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 | 0.28 |
| FII | 0.11 | 0.11 | 0.12 | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.07 | 0.07 |
| DII | 0.08 | 0.08 | 0.08 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.1 | 0.11 |
| Public | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.4 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
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