The latest version of meshconvert is part of the DirectXMesh, so unless you specifically need legacy .X file support (which you don't since you are using Wavefront OBJ) you should use that one instead of the legacy DirectX SDK.
The default behavior of meshconvert is to take the texture file names from your Wavefront OBJ's mtl file and embed them as .dds versions of the same file (so texture.jpg is stored as texture.dds). You can generate the dds using the texconv tool in the DirectXTex project. You can also tell the latest meshconvert to leave the filenames alone using the -nodds switch.
This DirectXMesh sample is an implementation of the meshconvert command-line utility from the DirectX SDK using DirectXMesh rather than D3DX. This tool imports geometry and prepares it for runtime use including generating normals and tangent frames, performing vertex-cache optimization, and writing it to a file format suited for runtime use.
But this changes the winding order resulting in backface culling on the wrong sides. Subsequently, I tried changing the culling face to clockwise with the -cw switch meshconvert unit.obj -cmo -y -nodds -fliptc -cw
Depending on the winding order of your source and if you are going to render doing blackface culling of counter-clockwise triangles or clockwise triangles, you might need to reverse the winding of the triangles. That is what -flip does. I had originally made them dependent operations, but they are really independent. The -ccw switch in meshconvert just informs the normal computation which winding to use for the front (and this happens before any -flip if it is applied).
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