Here is the recording of AGM.
The important segments to watch are:
From 0:16:30 to 0:59:00 minutes, the opening presentation,
And from 2:00:00 till the end, the answers of the questions, put up by many of the fellow Valuepickrs
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Presentation Deck by Tushar Bohra
At Alpha Ideas November 2025:
(Available Publically)
Dynamatic Tushar Bohra.pdf (2.0 MB)
18/11/2025
Udayant Malhoutra shared this on Twitter:
Dynautonsys We will see you soon:
Sub-male.
100kgs.
8 hrs endurance.
Fully autonomous. Software+Hardware developed in-house.
Sensors+Gimbals are Male-class.
Indigenous content widely surpasses Indian requirements.
NATO compliant
Imported content from trusted partners in trusted countries.
Zero Chinese content.
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Dynamatic Technologies โ Report on company reaching inflection point..
After reviewing the report and a few other info, My observations
- Seems strong tech background and niche player (proven by market share, marquee clients, Tier-1 supplier etc)
- Customers spread across sectors
- Customer spread across Geo
- Once established as supplier, opp for more products to get added to mix.
Doubts:
For last 10 years, OPM is hovering 10-11% only.. Is that due to capex or any other issue?
Does the company have pricing power ?
ROE is at 6%,
Debt is high, so checked ROCE - Thats about 9-10%. Is it good capital allocation ?
Or is it all going in Assets that can give returns soon?
How to see this?
Do not see concalls happening as well.
Anyone having any information about mgmt, capital allocation, above points, please share
Aerospace vertical which contributes approx 45% of revenue is a business with approx 18-20% OPM with potential for upside. Hydraulics is presently low margin though historically it was cash cow for the company. Metallurgy segment is struggling because of collapse of demand in auto sector in Europe and Germany. Company is trying to turn around both these poor performing verticals with focus on aftersales market in hydraulics sector.
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When we observe the corporate world, we see entrepreneurs driven by ambition โ to discover, to build, to create, and to fulfill aspirations, whether personal or national. Their passion often leads to innovation and groundbreaking developments.
However, from a business standpoint, this same passion can sometimes create tension with investor and shareholder objectives. While entrepreneurs may prioritize creativity, long-term development, and visionary goals, investors often focus on financial performance, profitability, and growth margins. In many cases, the entrepreneurโs personal pursuit of innovation or legacy becomes more important than direct value creation for shareholders, leading to a potential misalignment of goals.
This raises a fundamental question: Can the pursuit of innovation and purpose coexist harmoniously with the pursuit of profit? Thoughts after hearing few Management interview and AGM.
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This is a good point, Prashant.
In such businesses, as an investor we need to evaluate when is all these investments and capability building over the years going to pay off.
When will the company have that inflexion point or J- curve.
AGM was very interesting. Great set of questions asked by fellow VPers. Kudos to the hard work put in.
Things in my view are aligning here for that ramp-up.
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Dassault Aviation and Dynamatic sign an agreement to build the complete Rear Fuselage of Dassault Latest Business Jet Falcon 6X.
Dynamatic.pdf (1.0 MB)
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Thereโs incredible work going on at
@DynautonSys
. Sharing a sneak-peak 
.
From Horseโs mouth:
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At the Shop Floor:
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The major issue from investorsโ perspective is that the company does not interact with investors except at AGM. No clear idea about future growth. No idea about orders for their defence drones and so onโฆ
New MOU signed.
Toby writes:
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Latest From Toby:
๐๐๐ป๐ฎ๐๐๐ผ๐ป: ๐๐ฟ๐ฒ๐ฎ๐ธ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐๐ฒ๐ฝ๐ฒ๐ป๐ฑ๐ฒ๐ป๐ฐ๐
โFor long, the global defense narrative has been dominated by โBlack Boxโ platforms. Nations have bought the hardware, but the โbrainโ - the source code, remained under foreign control. In a crisis, a platform you cannot reprogram is a platform you do not truly own. Your national security, effectively isnโt sovereign.
โAccess to the interface alone is insufficient for deep modification or rapid optimization. To achieve true sovereign upgrade capability, one must own the logic, the design data, and the foundational algorithms.
โAt Dynauton, we have developed the complete stack - hardware, software, electronics, and optronics, all in-house. Whether it is the Cheel or Kaatil families, we maintain 100% ownership of the source code. This ensures:
โ๐จ๐ป๐ถ๐น๐ฎ๐๐ฒ๐ฟ๐ฎ๐น ๐จ๐ฝ๐ด๐ฟ๐ฎ๐ฑ๐ฒ๐: We wonโt wait for an OEMโs permission to integrate new capabilities.
โ๐ฅ๐ฎ๐ฝ๐ถ๐ฑ ๐ฅ๐ฒ๐ฝ๐ฟ๐ผ๐ด๐ฟ๐ฎ๐บ๐บ๐ถ๐ป๐ด: In active conflict, our systems can be adapted to new threats instantaneously, not in years.
โ๐๐๐ฏ๐ฒ๐ฟ ๐ฅ๐ฒ๐๐ถ๐น๐ถ๐ฒ๐ป๐ฐ๐ฒ: Complete transparency of the code stack eliminates the risk of backdoor controls.
โOur collaboration with Aerodata to co-develop the AeroForce-X is a testament to this philosophy. This isnโt merely a foreign UAV built under licence; it is an architecture forged through collaborative design and software sovereignty. By ensuring the Digital Spine is indigenous, we will provide the Tri-Services with a platform that is immune to foreign kill switches or geopolitical shifts.
โOwning the IP is the catalyst for a domestic ecosystem. It allows us to move from current technologies to future generation capabilities by understanding the โknow-whyโ. It builds the institutional muscle required for a rising power to project influence without foreign control.
โ๐ข๐๐ป๐ฒ๐ฟ๐๐ต๐ถ๐ฝ ๐ผ๐ณ ๐ฑ๐ฒ๐๐ถ๐ด๐ป ๐๐ฃ ๐ฎ๐ป๐ฑ ๐๐ผ๐๐ฟ๐ฐ๐ฒ ๐ฐ๐ผ๐ฑ๐ฒ๐ ๐ถ๐ ๐๐ต๐ฒ ๐๐น๐๐ถ๐บ๐ฎ๐๐ฒ ๐ต๐ฎ๐น๐น๐บ๐ฎ๐ฟ๐ธ ๐ผ๐ณ ๐ฎ ๐บ๐ฎ๐๐๐ฟ๐ฒ ๐ถ๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐น ๐ฝ๐ผ๐๐ฒ๐ฟ. ๐๐ ๐๐๐ป๐ฎ๐๐๐ผ๐ป, ๐๐ฒ ๐ฎ๐ฟ๐ฒ๐ปโ๐ ๐ท๐๐๐ ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐ฎ๐๐๐ผ๐ป๐ผ๐บ๐ผ๐๐ ๐๐๐๐๐ฒ๐บ๐; ๐๐ฒ ๐ฎ๐ฟ๐ฒ ๐๐ฒ๐ฐ๐๐ฟ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฎ๐๐๐ผ๐ป๐ผ๐บ๐ ๐ผ๐ณ ๐๐ป๐ฑ๐ถ๐ฎโ๐ ๐ณ๐๐๐๐ฟ๐ฒ.
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Is this related to Dynamatic technologies?
Dynauton comes under Dynamatic
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Good to see Dynamatic participating in the MALE UAV 30000 cr tender.
( India's โน30,000 Crore MALE UAV: 10 Defence Firms in Race - AlphaDefense.in ). I think it may not qualify due to 1-2 years prototype delay. Check my model for detailed rationale.
Was working on claude to build a financial model. Have inputted all MY assumptions in notes.
Source is AGM, online interviews, IDRW news, etc. Hope it is useful.
Dynamatic_Technologies v12.xlsx (49.9 KB) (Revised attached as requested by few to take very conservative estimate). I have modified by assumptions - Bear (30% discount), Base (15% discount), Bull (as per management commentary)
Your views accepted.
Disclosure: Invested (18% PF weight) and baised. Not a registered RIA. NOT A BUY/SELL RECOMMENDATION. Consult your Investment Advisor.
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Just wanted to share an interesting snippet from a new initiation note on Aequs Ltd -
โDynamatic Technologiesโ qualification as the supplier of A220 main landing gear doors to Airbus is a milestone for two reasons: it is a structural primary aircraft component (not a non-critical secondary part) and it was awarded on commercial merit rather than offset obligation. Dynamatic won the nomination against established European and Chinese alternatives because it offered competitive pricing, certified quality and reliable delivery.โ
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