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Dixon

DIXON NSE

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹81,020 Cr
Volatility
Moderate
P/E Ratio
41.12
EBITDA
₹2,580 Cr
Return on Equity
30.52%
Debt to Equity
0.21
Book Value
₹764.54
EPS
₹72.3
52W High
₹17,505
52W Low
₹9,600

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has delivered good profit growth of 35.4% CAGR over last 5 years
  • Company's median sales growth is 45.8% of last 10 years

Weaknesses

3
  • Stock is trading at 16.5 times its book value
  • Earnings include an other income of Rs.1,263 Cr.
  • Promoter holding has decreased over last 3 years: -5.25%

Growth Rate

Revenue Growth
27.53% lower than 3Y
Net Income Growth
33.4% lower than 3Y
Cash Flow Change
55.02% lower than 3Y
ROE
-14.1% lower than 3Y
ROCE
-17.35% lower than 3Y
EBITDA Margin (Avg.)
32.32% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Dixon Technologies has a market cap of about Rs 82,130 Cr. Over 10 years it has compounded sales at 43% and profit at 35%, with 3-year sales CAGR of 59%. TTM sales growth has slowed to 14%, and the reported 119% TTM profit growth includes Rs 1,263 Cr of other income. The stock trades at a P/E of 38.9 and P/B of 17.33 after falling 24% over the past year.

Bull Case 7
  • Sales have compounded at 59% over 3 years, 50% over 5 years and 43% over 10 years, which shows sustained scale-up over a long period rather than a one-off spike.
  • Profit has compounded at 35.4% over 5 years and 35% over 10 years, which shows that revenue growth has turned into earnings growth over multiple cycles.
  • Median sales growth of 45.8% over the last 10 years suggests high growth has been typical for most years, not driven by a few outlier years.
  • ROE has held at 22% on 3-, 5- and 10-year averages, which is consistent capital efficiency for a contract-manufacturing business with typically thin margins.
  • TTM compounded profit growth of 119% is well above TTM sales growth of 14%, which points to a sharp rise in reported earnings over the latest period.
  • After a 24% fall in the stock over 1 year, the trailing P/E stands at 38.9, lower than what a stock with 35% 5-year profit CAGR would imply if the historical growth rate were sustained.
  • Long-term shareholder returns have been high, with stock CAGR of 36% over 3 years and 24% over 5 years.
Bear Case 8
  • Earnings include Rs 1,263 Cr of other income. Against implied TTM earnings of about Rs 2,111 Cr (market cap Rs 82,130 Cr divided by P/E 38.9), this is a large share of profit and suggests the 119% TTM profit growth is not mainly operational.
  • TTM sales growth of 14% is a sharp slowdown from the 59% 3-year and 50% 5-year sales CAGRs, which raises questions about how durable the growth trajectory is.
  • The stock trades at 17.33 times book value, a high multiple that leaves little room for error if growth or margins disappoint.
  • The headline P/E of 38.9 would be much higher if the Rs 1,263 Cr of other income were excluded, so the valuation on core operating earnings is higher than the reported multiple suggests.
  • Promoter holding has fallen by 5.49 percentage points over the last 3 years.
  • ROE for the last year was 19%, below the 22% 3-, 5- and 10-year averages, which suggests some weakening in return on equity.
  • The stock has fallen 24% over 1 year, which reflects weaker market sentiment compared with its 36% 3-year CAGR.
  • The dividend yield of 0.08% is very low, so shareholder returns depend almost entirely on price appreciation.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 1
  • CLSA flags smartphone volume decline Sep 16

    CLSA projects Dixon's smartphone volumes could fall 14-16%, well below management's FY27 guidance of flat volumes. The gap between the broker's estimate and guidance points to material near-term earnings risk in Dixon's largest segment.

Positives 3
  • 51% stake in Adivistar Electronics Sep 21

    Dixon acquired a 51% stake in newly incorporated Adivistar Electronics India Pvt Ltd for ₹2.55 crore. The entity will focus on OEM manufacturing of electronic devices, including smartphones.

  • Aviat IP deal for microwave radios Sep 30

    Subsidiary DEAPL signed an IP license agreement with Aviat Networks on September 30, 2026, to manufacture and sell microwave radios. This widens Dixon's telecom manufacturing footprint beyond consumer electronics.

  • Pivot to design-led EMS platform Sep 4

    Dixon is moving from pure assembly to an integrated, component-driven, design-led EMS model. It is targeting higher-margin industrial and component verticals across the electronics value chain.

Neutral 5
  • 33rd AGM concludes, directors reappointed Sep 28

    The 33rd AGM was held virtually on September 28, 2026. Shareholders adopted FY26 financials, declared dividends, and reappointed Sunil Vachani and Atul B. Lall.

  • Heavy institutional investor engagement Sep 23

    Between September 9 and 22, 2026, Dixon held one-on-one meetings with Baillie Gifford, Bajaj Life Insurance, 360 One Capital, IKIGAI AM, Nuvama, JM Financial and Enam AMC. The company said no unpublished price-sensitive information was shared.

  • Morgan Stanley seminar participation Sep 9

    Dixon joined the MS Virtual India Industrials & Energy Seminar on September 16, 2026, at 11:00 am as a virtual group session.

  • ESG rating of 67 assigned Sep 18

    Niche Ninety Nine assigned Dixon an independent ESG rating of 67 on September 18, 2026, based on public data.

  • FY26 BRSR filed, 10% renewables Sep 3

    Dixon filed its FY26 Business Responsibility and Sustainability Report, which shows renewable energy usage reaching 10%. The report also covers operational metrics, waste management and ESG compliance.

TL;DR: Dixon is diversifying through a new smartphone OEM subsidiary (Adivistar), a telecom IP license with Aviat Networks, and a move toward higher-margin, design-led component manufacturing. The main risk is CLSA's estimate of a 14-16% fall in smartphone volumes, well below management's flat FY27 guidance, which could pressure near-term earnings. Steady meetings with major institutions show strong investor interest but also close scrutiny of the guidance. The outlook depends on whether new verticals and component revenues can scale quickly enough to offset a possible smartphone slowdown in coming quarters.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,272
4,943
4,818
4,658
6,580
11,534
10,454
10,293
12,836
14,855
10,672
10,511
15,548
Expenses
3,140
4,744
4,634
4,476
6,332
11,108
10,063
9,850
12,353
14,294
10,257
10,102
15,085
Operating Profit
132
199
184
182
248
426
391
443
482
561
414
408
463
OPM %
4%
4%
3.8%
3.9%
3.8%
3.7%
3.7%
4.3%
3.8%
3.8%
3.9%
3.9%
3%
Other Income
6
3
4
19
16
206
10
265
8
497
139
90
537
Interest
14
17
22
21
29
38
41
46
33
38
43
24
24
Depreciation
34
36
41
51
55
66
75
86
93
96
99
105
107
PBT
90
149
126
130
180
529
285
576
366
924
412
370
869
Tax %
25%
24%
23%
25%
22%
22%
24%
19%
23%
19%
22%
19%
17%
Net Profit
67
113
97
97
140
412
216
465
280
746
321
298
718
EPS in Rs
11.55
18.02
16.12
15.91
22.34
65.15
28.5
66.54
37.2
111
47.34
42.17
109
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,201
1,389
2,457
2,842
2,984
4,400
6,448
10,697
12,192
17,691
38,860
48,873
51,585
Expenses
1,169
1,340
2,365
2,729
2,848
4,172
6,156
10,313
11,673
16,986
37,345
47,000
49,738
Operating Profit
32
49
92
113
136
228
292
384
519
705
1,515
1,873
1,847
OPM %
2.7%
3.5%
3.7%
4%
4.6%
5%
4.5%
3.6%
4.3%
4%
3.9%
3.8%
3.6%
Other Income
2
23
1
4
6
5
1
4
4
32
497
731
1,263
Interest
10
13
16
13
26
39
33
49
64
81
162
141
129
Depreciation
7
8
11
15
22
37
44
84
115
162
281
393
407
PBT
17
51
66
88
94
157
217
255
345
494
1,570
2,071
2,574
Tax %
24%
16%
28%
31%
32%
23%
26%
25%
26%
24%
21%
21%
—
Net Profit
13
43
48
61
63
120
160
190
255
375
1,233
1,644
2,082
EPS in Rs
7.65
27.46
8.66
10.76
11.19
20.81
27.28
32.05
42.9
61.47
182
237
309
Div. Payout %
3%
9%
14%
4%
4%
4%
4%
6%
7%
8%
4%
4%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
3
3
11
11
11
12
12
12
12
12
12
12
Reserves
82
120
186
304
367
530
726
985
1,273
1,683
2,998
4,665
Borrowings
82
80
43
45
141
87
295
667
453
489
671
994
Other Liabilities
157
215
549
606
971
1,069
1,814
2,613
2,941
4,806
13,077
13,481
Total Liabilities
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,152
Fixed Assets
97
124
137
179
241
414
550
1,003
1,244
1,996
2,774
4,172
CWIP
0
0
2
16
19
10
72
22
120
68
257
571
Investments
6
0
0
11
8
0
95
141
44
20
536
1,007
Other Assets
221
294
650
759
1,224
1,273
2,128
3,111
3,272
4,905
13,191
13,403
Total Assets
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,152
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
44
42
53
68
-3
237
170
273
726
584
1,150
1,782
Investing
-22
-22
-43
-100
-64
-99
-265
-464
-356
-531
-1,093
-1,138
Financing
-22
-20
-8
42
69
-57
63
304
-330
-70
-27
-108
Net Cash Flow
0
1
1
10
2
81
-32
113
41
-17
30
537
Free Cash Flow
23
16
15
-5
-82
129
2
-145
276
16
254
724
CFO/OP
152
103
74
78
11
123
77
85
156
100
94
117
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
23
42
38
63
43
62
46
51
48
65
49
Inventory Days
38
41
47
47
57
47
47
43
32
39
41
31
Days Payable
46
56
84
75
103
89
108
86
81
92
111
86
Cash Conversion Cycle
9
8
5
10
17
1
1
3
2
-6
-5
-7
Working Capital Days
16
8
7
8
12
9
9
3
-2
-2
2
-3
ROCE %
16%
29%
37%
34%
27%
34%
30%
23%
24%
29%
40%
29%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.28.55%DIIs28.39%Others11.69%Public13.49%FIIs17.87%As ofJun 2026

Documents

Frequently Asked Questions about Dixon

What does Dixon Technologies (India) Ltd do?
Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It...
Where is Dixon Technologies (India) Ltd (DIXON) listed?
Dixon Technologies (India) Ltd trades as DIXON on the NSE and under code 540699 on the BSE.
Which sector does Dixon Technologies (India) Ltd belong to?
Dixon Technologies (India) Ltd is classified under the Consumer Goods sector, in the Electronics industry.
What is the market capitalisation of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd has a market capitalisation of ₹81,020 Cr, which places it in the Large Cap band.
What is the PE ratio of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd trades at a PE ratio of 41.12, on earnings per share of ₹72.3, against a book value of ₹764.54 per share.
What is the 52-week high and low of Dixon Technologies (India) Ltd?
Over the last 52 weeks Dixon Technologies (India) Ltd has traded between ₹9,600 and ₹17,505.
Does Dixon Technologies (India) Ltd pay dividends?
Dixon Technologies (India) Ltd has a dividend yield of 0.08%.
What is the Return on Equity (ROE) of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd reported a return on equity of 30.52%. Its debt-to-equity ratio is 0.21.

Company Information

Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations. Besides, it manufactures security surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered a JV with Imagine Marketing Private Limited for designing and manufacturing wireless audio solutions in India.[1]

Website dixoninfo.com
CEO Mr. Sunil Vachani
Employees 1,567
Listed 2017-09-18
Face Value ₹ 2
Issued Size 6,06,85,743

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