Data Patterns, a key player in India’s defence electronics sector, is witnessing growing demand across its diversified product portfolio. The company caters to critical segments including avionics, radar systems and annual maintenance contracts (AMC), supported by rising defence spending and increasing indigenisation.
With expanding orders and opportunities across these segments, let’s look at which segment will drive the company’s revenue growth, while examining the key factors supporting its performance and future prospects.
With a market capitalisation of Rs. 23,745.88 crore in the day’s trade, the shares of Data Patterns (India) Ltd were trading at Rs. 4241.55, down by 0.87 percent compared to the previous close of Rs. 4,278.70.
Q1FY27 Revenue Breakup
Data Patterns reported Q1FY27 revenue of Rs 1,160 million, with Avionics the largest contributor at 41.3% and Radar next at 27.8%. Together, these two segments make up about 69% of revenue, showing that the company’s top line rests heavily on a couple of core product lines.
The rest of the revenue is spread across smaller segments: FCS at 8.4%, AMC at 8.0%, ATE at 7.0%, and Naval Systems at 6.2%. Services and Others add only 1.3%, so the quarter’s revenue is overwhelmingly driven by products rather than services.
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Key Customers
Data Patterns’ Q1FY27 revenue of Rs. 1,160 million is led by DRDO at 26.7% and HAL at 22.1%. Together, these two customers account for about 49% of revenue, so nearly half of the quarter’s business depends on just two government-linked customers.
Brahmos (12.7%) and Export (12.8%) each contribute a similar share, roughly 25% combined, while BEL adds 7.5% and MoD only 1.9%. Others make up a sizable 16.3%, which shows a reasonably diversified customer tail beyond the top names.
Diversified Order Book (Q1FY27)
Data Patterns’ order book stands at Rs 9,277 million, with AMC the largest share at 31.9% and Radar close behind at 30.0%. Avionics adds another 20.9%, so these three segments together account for about 83% of the order book, showing a strong lead from a few core lines.
Among the smaller segments, EW contributes 7.4% and Services 4.7%, while Others make up 2.5%. ATE (1.6%), FCS (1.0%) and Naval System (0.03%) are marginal, though the presence of EW and Services adds some diversification beyond the main product lines.
Compared with the Q1FY27 revenue mix, where Avionics led at 41.3%, the order book tilts more towards AMC and Radar. This suggests that future revenue could see a higher contribution from maintenance and radar work, with Avionics playing a relatively smaller role.
Order Book Build (Q1FY27)
Data Patterns began Q1FY27 with an order book of Rs 9,265 million, added fresh order inflow of Rs 1,172 million, and executed orders worth Rs 1,160 million during the quarter. This takes the closing order book to Rs 9,277 million, a marginal increase of Rs 12 million over the FY26 closing level.
Inflow slightly outpaced execution, giving a book-to-bill ratio of roughly 1.01x, so the order book was essentially replenished as fast as it was consumed. The closing order book is about 8x the quarter’s revenue, which suggests strong revenue visibility for the coming quarters.
Which Segment Will Drive Revenue Growth—Avionics, Radar or AMC?
Based on the Q1FY27 order book, AMC appears positioned to be an important driver of future revenue growth, as it accounts for the largest share of the order book at 31.9%. This is significantly higher than its 8.0% contribution to Q1FY27 revenue, indicating a substantial pipeline that could support stronger AMC revenue as orders are executed.
Radar is another key growth segment, contributing 30.0% of the order book compared with 27.8% of Q1FY27 revenue. The relatively strong order-book share suggests that Radar should continue making a meaningful contribution to the company’s top line, although its future growth will depend on the pace of execution and conversion of these orders into revenue.
Avionics remains the largest current revenue contributor, accounting for 41.3% of Q1FY27 revenue. However, its share of the order book is lower at 20.9%, suggesting that its contribution to future revenue growth may be comparatively lower than its current revenue weight unless fresh orders are secured.
Overall, AMC and Radar appear better positioned to drive incremental revenue growth based on the current order-book mix, while Avionics remains an important base business. With AMC, Radar and Avionics together accounting for around 83% of the order book, execution across these three segments will be central to Data Patterns’ revenue growth in the coming quarters.
Financials & Others
Revenue from Operations increased by 17.2 percent YoY, from Rs. 99 crore in Q1 FY26 to Rs. 116 crore in Q1 FY27. It decreased by 66.4 percent QoQ, from Rs. 345 crore in Q4 FY26 to Rs. 116 crore in Q1 FY27.
The company’s Net Profit decreased by 15.4 percent YoY, from Rs. 26 crore in Q1 FY26 to Rs. 22 crore in Q1 FY27. It decreased by 84.1 percent QoQ, from Rs. 138 crore in Q4 FY26 to Rs. 22 crore in Q1 FY27.
The company has a strong financial profile, with ROCE of 21.9% and ROE of 15.2%, indicating healthy returns on capital and shareholders’ equity. Its debt-to-equity ratio of 0.00 also reflects a debt-free balance sheet.
It has delivered a 34.8% CAGR in profits over the last five years, while maintaining a healthy 20.2% dividend payout. Its median sales growth of 33.4% over the last 10 years also highlights strong long-term revenue growth.
Data Patterns (India) Ltd is a vertically integrated defence and aerospace electronics company providing end-to-end solutions across design, development, manufacturing, testing, and lifecycle support. Its product portfolio includes radars, electronic warfare systems, avionics, communication systems, missile electronics, space systems and automatic test equipment, catering to India’s defence and aerospace ecosystem.
Future Outlook
Looking ahead, Data Patterns aims to maintain revenue growth of 20–25% over the next two to three years, supported by its strong order book, execution pipeline and continued demand across its key defence and aerospace segments.
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For FY27, the company expects to maintain EBITDA margins in the range of 35–40%, while targeting revenue growth of 20–25%. This outlook reflects management’s focus on sustaining growth while maintaining healthy operating profitability.
Conclusion
Overall, Data Patterns’ revenue growth outlook is increasingly supported by AMC and Radar, which together account for over 60% of the current order book. While Avionics remains the largest revenue contributor, its lower order-book share indicates that AMC and Radar could drive a greater portion of incremental growth in the coming quarters.
With a strong order book and management targeting 20–25% revenue growth over the next two to three years, execution will remain the key factor in converting order visibility into sustainable revenue and profitability.