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Dixon Technologies (India) Ltd.
(DIXON)
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Rating:66Neutral
Price Target:
₹12,414.00
▼(-15.32% Downside)
Action:Reiterated
Date:10/30/26
The score is driven mainly by solid financial strength (low leverage, strong ROE) and a constructive earnings-call outlook with sizable growth and ramp-up targets. These positives are tempered by weak technicals (below major moving averages with negative MACD), a relatively high P/E with minimal dividend support, and financial watch items around margin pressure and volatile/weak near-term free cash flow.
Positive Factors
Multi-vertical growth pipeline
The planned expansion across mobiles, IT hardware, displays, telecom, optical products and advanced packaging gives Dixon several avenues for sustained growth. This broader platform can reduce reliance on any single product category while increasing scale, localization and customer relevance.
Negative Factors
Input-cost and margin pressure
Persistent memory and other input-cost inflation, combined with the expiry of Mobile PLI 1.0, is compressing reported margins across important businesses. Even with pass-through mechanisms, timing lags can weigh on profitability and make margin expansion dependent on costs moderating.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-vertical growth pipeline
The planned expansion across mobiles, IT hardware, displays, telecom, optical products and advanced packaging gives Dixon several avenues for sustained growth. This broader platform can reduce reliance on any single product category while increasing scale, localization and customer relevance.
Read all positive factors
Dixon Technologies (India) Ltd. (DIXON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹672.88B
Dividend Yield0.09%
Average Volume (3M)19.68K
Price to Earnings (P/E)34.8
Beta (1Y)1.16
Revenue Growth14.34%
EPS Growth56.47%
CountryIN
Employees1,319
SectorGeneral
Sector StrengthN/A
IndustryConsumer Electronics
Share Statistics
EPS (TTM)315.86
Shares Outstanding61,170,586
10 Day Avg. Volume19,709
30 Day Avg. Volume19,681
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)10.96
Price to Sales (P/S)1.05
P/FCF Ratio82.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹12,730.00Price Target Upside-13.17% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)170.41
Revenue Forecast (FY)₹727.88B
Dixon Technologies (India) Ltd. Business Overview & Revenue Model
Company Description
Dixon Technologies (India) Limited is an India-based company that provides a wide array of electronic manufacturing services. Its product offerings are extensive, covering consumer electronics such as LED televisions and AC PCBs, as well as home a...
Dixon Technologies (India) Ltd. Earnings Call Summary
Earnings Call Date:Oct 30, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
The call was predominantly positive. Management reported strong revenue and profit, resilient mobile volumes despite a 26% market decline, robust IT hardware and telecom growth, significant customer and export opportunities, and continued expansion into displays, components, optical products, and advanced packaging. The main challenges were margin compression from memory and other input-cost inflation, softness in several consumer categories, working-capital usage, and some project timing delays. Management nevertheless maintained a constructive outlook for volume growth, localization, operating leverage, and medium- to long-term expansion.Positive Updates
Strong Q2 Financial Performance
Revenue for the quarter ended September 30, 2026, was INR 21,806 crores. EBITDA, excluding fair value gain on the stake held by Dixon and Aditya Infotech Limited, was INR 609 crores, while PAT after minority interest and excluding the fair value gain was INR 293 crores.
Negative Updates
Margin Pressure From PLI Expiry and Input Inflation
Quarterly margins were impacted by the expiration of the Mobile PLI 1.0 scheme and elevated global memory prices caused by rapid AI infrastructure expansion. Higher input costs were passed through via selling-price increases, resulting in lower reported margin percentages, particularly in the mobile and IT hardware businesses.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong Q2 Financial Performance
Revenue for the quarter ended September 30, 2026, was INR 21,806 crores. EBITDA, excluding fair value gain on the stake held by Dixon and Aditya Infotech Limited, was INR 609 crores, while PAT after minority interest and excluding the fair value gain was INR 293 crores.
Read all positive updates
Company Guidance
Management expects mobile volumes in H2 to be “somewhere around 33, 34 million,” excluding Vivo, with current-fiscal volumes “in the range of around 34 million”; Q3 is expected at “around 7 million-7.5 million” and Q4 at “9.5 million,” while exports are targeted at “somewhere between 3.5 million-four million” this year, the Indian brand at “almost 8-10 million” next year, Vivo at “another 18 million-20 million,” and total mobile volumes at “somewhere between total number of 55 million-60 million.” IT hardware is expected at “somewhere around INR 6,000 crores” this year and “INR 15,000 crore-INR 20,000 crore business” in the next couple of years, with next-year volumes of “almost 1.8 million-two million,” a final plan of “four million,” and “INR 20,000 crores-INR 22,000 crores” at today’s run rate; IT margins are expected at “2%, 2.2%, 2.3%,” with backward integration improving margins by “80-100 basis points,” while telecom margins are expected in the range of “around 3%-3.2%.” Q Tech is targeting “somewhere between 2,500 and 3,000 odd crores,” display revenue of “INR 6,000-7,000 crores” once completely ramped up, “at least 25%-30%” of that next financial year, and display CapEx of “INR 300 crore-INR 350 crore” this fiscal and “INR 350 crore-INR 400 crore” next year; Gemtek’s initial investment is expected at “somewhere between INR 50 crores-INR 60 crores,” while Vivo JV CapEx is estimated at “somewhere around INR 300 crores-INR 350 crores.”Dixon Technologies (India) Ltd. Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 515.85B | 488.73B | 388.60B | 176.91B | 121.92B | 106.97B |
| Gross Profit | 24.12B | 24.91B | 30.05B | 16.39B | 11.64B | 9.09B |
| EBITDA | 31.01B | 26.01B | 15.08B | 6.99B | 5.18B | 3.79B |
| Net Income | 18.77B | 14.39B | 10.96B | 3.68B | 2.56B | 1.90B |
Balance Sheet | ||||||
| Total Assets | 248.54B | 191.62B | 167.67B | 69.91B | 46.79B | 42.77B |
| Cash, Cash Equivalents and Short-Term Investments | 8.05B | 12.41B | 2.64B | 2.09B | 3.49B | 3.11B |
| Total Debt | 5.79B | 9.94B | 6.71B | 4.89B | 4.53B | 6.67B |
| Total Liabilities | 185.91B | 137.75B | 132.98B | 52.69B | 33.95B | 32.80B |
| Stockholders Equity | 54.99B | 46.77B | 30.10B | 16.95B | 12.85B | 9.97B |
Cash Flow | ||||||
| Free Cash Flow | -531.90M | 6.19B | 2.10B | -1.20M | 2.65B | -1.48B |
| Operating Cash Flow | 10.62B | 16.87B | 11.50B | 5.84B | 7.26B | 2.73B |
| Investing Cash Flow | -12.42B | -12.42B | -12.29B | -5.31B | -3.56B | -4.64B |
| Financing Cash Flow | 2.59B | -214.80M | -265.70M | -699.70M | -3.30B | 3.04B |
Dixon Technologies (India) Ltd. Technical Analysis
Negative
14660.00
Price Trends
13221.04
Negative
13227.32
Negative
12066.86
Negative
Market Momentum
-578.83
Positive
25.02
Positive
15.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DIXON, the sentiment is Negative. The current price of 14660 is above the 20-day moving average (MA) of 12146.85, above the 50-day MA of 13221.04, and above the 200-day MA of 12066.86, indicating a bearish trend. The MACD of -578.83 indicates Positive momentum. The RSI at 25.02 is Positive, neither overbought nor oversold. The STOCH value of 15.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:DIXON.
Dixon Technologies (India) Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹635.56B | 38.23 | ― | 0.99% | 16.50% | 13.65% | |
66 Neutral | ₹672.88B | 34.83 | ― | 0.09% | 14.34% | 56.47% | |
61 Neutral | ₹661.60B | 17.95 | ― | 0.17% | 75.43% | 38.62% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | ₹340.15B | 75.76 | ― | 0.39% | 3.80% | -30.64% | |
45 Neutral | ₹2.21B | -15.19 | ― | ― | 2.03% | -40.52% |
* General Sector Average
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Dixon Technologies (India) Ltd. Corporate Events
Dixon Technologies Reports Routine Meetings with Institutional Investors
Oct 10, 2026
Dixon Technologies (India) Ltd. has disclosed that its officials held separate meetings with PL Capital and Balyasny Asset Management on 9 October 2026, conducted in one-on-one formats, with one in person and the other virtually. The company empha...
Dixon Technologies Forms Telecom Components JV With Gemtek in India
Oct 7, 2026
Dixon Technologies (India) Ltd. has signed a joint venture agreement with Taiwan-based Gemtek Technology Co., Ltd. and its subsidiary Dixon Electroconnect Private Ltd. to manufacture and supply optical transceivers and bidirectional optical subass...
Dixon Technologies Reports Compliant Investor Meeting with IKIGAI AM
Sep 18, 2026
Dixon Technologies (India) Limited has disclosed that its officials held an in-person, one-on-one meeting on September 17, 2026, with IKIGAI AM, an institutional investor, in compliance with SEBI’s listing and disclosure regulations. The com...
Dixon Technologies Reports Compliant Investor Meeting With Baillie Gifford
Sep 9, 2026
Dixon Technologies (India) Ltd. operates in the Indian electronics manufacturing services sector, providing contract manufacturing for consumer electronics, appliances and related products. The company serves both domestic and international brands...
Dixon Technologies Sets AGM Date and Record Date for Final Dividend
Sep 3, 2026
Dixon Technologies (India) Ltd. has scheduled its 33rd Annual General Meeting for 28 September 2026 at 11:00 a.m. IST, to be held via video conferencing and other audio-visual means, with the annual report and AGM notice for FY 2025-26 already dis...
Dixon Technologies Files Business Responsibility and Sustainability Report for FY 2025-26
Sep 3, 2026
Dixon Technologies (India) Ltd. has released its Business Responsibility and Sustainability Report for the financial year 2025-26 in compliance with Regulation 34(2)(f) of SEBI’s Listing Obligations and Disclosure Requirements. The report fo...
Dixon Technologies Reports Regulatory-Compliant Investor Meeting
Sep 2, 2026
Dixon Technologies (India) Ltd. disclosed that its officials held a virtual one-on-one meeting on 1 September 2026 with Quest Investment Managers, in line with disclosure obligations under SEBI’s Listing Regulations. The company emphasized t...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.