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Model Note · DIXON TECHNO (INDIA) LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
DIXON TECHNO (INDIA) LTD Discounted cash flow · base FY26
DIXON TECHNO (INDIA) LTD
Value per share, this model₹6,944
CMP 2026-09-10₹13,425.00
Difference(48.3)%
Growth the CMP implies44.6%/yr
This note states the assumptions and the arithmetic of one model of DIXON TECHNO (INDIA) LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
26% a year
FY26 25.8% · 5-yr CAGR 49.9%
EBITDA margin
3.8%
FY26 3.8% · 5-yr average 4.1%
Depreciation · capex, % of revenue
0.8% · 2.2%, fading to 1.2× depreciation
FY26 0.8% · 2.2%
Working capital, % of added revenue · tax
0% · 20.8%
-3 working-capital days · effective 20.8%
Discount rate
11.00%
1-yr beta 1.51
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(300) · ₹0 · ₹0 cr
FY26 net debt ₹(300) cr
Shares
6.11 crore
6.11 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
48,873
61,580
77,590
97,764
1,23,183
1,55,210
growth %
25.8
26.0
26.0
26.0
26.0
26.0
EBITDA
1,867
2,340
2,948
3,715
4,681
5,898
Depreciation
(393)
(493)
(621)
(782)
(985)
(1,242)
NOPAT
1,167
1,463
1,844
2,323
2,927
3,688
less capex
(1,068)
(1,355)
(1,466)
(1,545)
(1,564)
(1,490)
less working-capital build
—
0
0
0
0
0
Free cash flow to firm
—
601
998
1,560
2,348
3,439
Present value
570
853
1,202
1,629
2,150
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · DIXON TECHNO (INDIA) LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
6,406
PV of the terminal value (85% of EV)
35,720
Enterprise value
42,126
less net debt
300
less non-controlling interest
0
add non-operating investments
0
Equity value
42,426
÷ 6.11 crore shares
₹6,944
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
7,186
7,769
8,468
9,322
10,390
10.5%
6,579
7,064
7,636
8,322
9,161
11.0%
6,061
6,468
6,944
7,505
8,180
11.5%
5,612
5,959
6,359
6,826
7,378
12.0%
5,221
5,519
5,860
6,253
6,712
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
