Manufactures consumer electronics, mobile phones, telecom equipment, IT hardware, home appliances, and electronic components on contract for brand owners. Mobile phones dominate volume at approximately 32 million units in FY26, while telecom equipment generated Rs 5,000 crore, camera modules Rs 1,700 crore, and lighting Rs 850 crore. Camera module capacity is being expanded from 70 million to 190 million units over 15-18 months, and refrigerator capacity is rising from 1.5 million to 3.2 million units. Display modules enter mass production from Q4 FY27 via a JV with HKC, and a smartphone JV with vivo Mobile India (51% Dixon, 49% vivo) received government approval on July 8, 2026. Materials account for 93.0% of FY26 revenue, employees 1.5%, other operating expenses 2.1%, and depreciation 0.8%, leaving an EBITDA margin of 5.28%. FY26 revenue stood at Rs 48,872.8 crore on total assets of Rs 19,161.64 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mobile phones, Telecom equipment, IT hardware, Camera modules, Lighting, Washing machines, Refrigerators, Display modules, Other electronics (85%), Moulding (5%). Asset-light electronics contract manufacturer with order book tied to brand-level demand and government PLI incentives
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,697 | 12,192 | 17,691 | 38,860 | 48,873 |
| EBITDA (ex other income) | 379 | 513 | 698 | 1,968 | 1,867 |
| margin % | 3.5 | 4.2 | 3.9 | 5.1 | 3.8 |
| Owners' profit | 190 | 256 | 368 | 1,096 | 1,439 |
| EPS, as reported (₹) | 32.31 | 42.92 | 62.84 | 205.70 | 271.59 |
| ROE % · ROCE % | 19.1 · 19.4 | 19.9 · 23.2 | 21.8 · 24.7 | 35.5 · 40.9 | 30.5 · 33.8 |
| Debt / equity (x) | 0.46 | 0.14 | 0.09 | 0.06 | 0.09 |
| Cash from operations | 273 | 726 | 584 | 1,150 | 1,782 |
| Capex | (421) | (461) | (584) | (939) | (1,068) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,534 | 10,454 | 10,293 | 12,836 | 14,855 | 10,672 | 10,511 | 15,548 |
| Profit before tax | 526 | 282 | 572 | 359 | 922 | 404 | 364 | 860 |
| Net profit | 412 | 216 | 465 | 280 | 746 | 321 | 298 | 718 |
| EPS (₹) | 68.82 | 36.12 | 77.59 | 46.47 | 123.60 | 53.06 | 49.22 | 118.00 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD ◆ | 82,027 | 39.0 | 15.23 | 31.7 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 69,726 | 42.7 | 7.36 | 26.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,564 | 75.6 | 5.11 | 36.5 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,718 | 35.1 | 2.82 | 18.9 | 6.8 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Dixon Technologies meets Bajaj Life Insurance; no UPSI shared | investor communications | low | — | — |
| 9 Sept 2026 · Dixon to participate in Morgan Stanley Industrials and Energy Seminar | board shareholder meetings | low | — | — |
| 9 Sept 2026 · Dixon Technologies meets Baillie Gifford in one-on-one meeting | investor communications | low | — | — |
| 4 Sept 2026 · Dixon Technologies 33rd AGM on Sep 28; Rs 10 final dividend announced | compliance | minimal | — | — |
| 3 Sept 2026 · Dixon Technologies files BRSR for FY2025-26 with sustainability targets | compliance | low | — | — |
| 3 Sept 2026 · Dixon Tech sets Sep 21 record date for Rs 10 dividend, AGM on Sep 28 | corporate actions | high | — | — |
| 3 Sept 2026 · Dixon Tech sets Sep 28 AGM date, Rs 10 final dividend, record date Sep 21 | corporate actions | medium | — | — |
| 3 Sept 2026 · Dixon Technologies 33rd AGM notice and FY26 Annual Report dispatched | results | high | — | — |
| 3 Sept 2026 · 33rd AGM notice on 28 Sep 2026 with final dividend of Rs 10 per share | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Dixon Tech allots 28,455 shares under ESOP 2023 | capital market events | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 8.3 |
| — |
| 15.5 |
| CWD Limited | 688 | 16.2 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 418 | 72.1 | 2.85 | 22.8 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 292 | 32.4 | 4.09 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 240 | 8.8 | 0.83 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 39.0 | 32.2 | 9 of 12 | 27% |
| P/B | 15.2 | 2.9 | 11 of 11 | 0% |
| ROCE | 31.7 | 9.8 | 1 of 14 | 100% |
| ROE | 30.5 | 6.6 | 1 of 12 | 100% |
| Debt / Equity | 0.1 | 0.1 | 6 of 12 | 55% |
| EBITDA margin | 6.4 | 8.0 | 8 of 11 | 30% |
| Revenue growth | 21.1 | 33.3 | 8 of 13 | 42% |
| Profit growth | 156.3 | 32.9 | 3 of 11 | 80% |
| Market cap | 82027 | 266 | 1 of 14 | 100% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
