NSE: DIXON · BSE: 540699
DIXON TECHNO (INDIA) LTD
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD ◆ | 69,349 | 33.0 | 12.87 | 26.8 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 64,354 | 39.4 | 6.80 | 24.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,336 | 74.5 | 5.03 | 36.0 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,269 | 25.9 | 2.08 | 14.0 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 589 | 13.8 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 350 | 60.5 | 2.39 | 19.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 285 | 31.6 | 3.98 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 236 | 8.6 | 0.82 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.0 | 31.6 | 7 of 11 | 40% |
| P/B | 12.9 | 2.4 | 10 of 11 | 10% |
| ROCE | 31.7 | 8.3 | 1 of 13 | 100% |
| ROE | 30.5 | 6.5 | 1 of 11 | 100% |
| Debt / Equity | 0.1 | 0.1 | 5 of 11 | 60% |
| 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 | 69349 | 261 | 1 of 14 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Investor call scheduled for Dixon Q2 FY2027 results | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September quarter and half-year results | results | low | — | — |
| 21 Oct 2026 · Dixon provides US$7 million guarantee for subsidiary Padget | general | medium | — | — |
| 14 Oct 2026 · Dixon Technologies gets CRISIL ESG rating of 61 for FY2026 | credit debt | medium | — | — |
| 10 Oct 2026 · Disclosure of meetings with PL Capital and Balyasny Asset Management | investor communications | low | — | — |
| 9 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Dixon signs JV with Gemtek to make optical and telecom products in India | strategic transactions | high | — | — |
| 1 Oct 2026 · Dixon Tech holds investor meetings with Axis Capital, Kotak, Point72 | investor communications | low | — | — |
| 30 Sept 2026 · Dixon's DEAPL inks IP license with Aviat Networks for microwave radios | strategic transactions | medium | — | — |
| 29 Sept 2026 · Dixon Tech re-appoints MD Atul Lall and WTD Sunil Vachani for 5 years | management changes | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.