Coda Octopus: 3 Overhangs Are Hiding A Debt-Free Defense Compounder

Market prices Coda Octopus' 26.8% Marine Technology decline as a broken franchise, but Defense Engineering (+37.9%) and PAL (+17.5%) drove net income up 86.8% last quarter—diversification is already working. Three drags keep generalists away—a Middle East/Asia demand freeze on offshore projects, a tiny float with ~20% insider ownership, and an unreported Q3 print due September 14. The U.S. Navy just approved the untethered DAVD for fleet-wide procurement, converting it from an R&D cost line to a sellable product right as H2 procurement activity is guided to ramp.