Dixon Technologies (India) Ltd logo

Dixon Technologies (India) Ltd

DIXON NSE

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]

AI Verdict: BUY Confidence: 6%

Dixon Technologies delivers exceptional growth with 55% profit CAGR over 5 years and 37% ROE, justifying a premium valuation. However, at 47x PE and 16.5x book value, much of the upside is priced in, making it suitable for investors with a 3-5 year horizon willing to tolerate volatility.

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹74,099 Cr
Volatility
Moderate
P/E Ratio
50.6
EBITDA
₹1,867 Cr
Return on Equity
19.86%
Debt to Equity
0.24
Book Value
₹765.6
EPS
₹72.3
52W High
₹18,471
52W Low
₹9,600

Technical Indicators

Key Insights

Strengths

3
  • Company has delivered good profit growth of 55.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.6%
  • Company's median sales growth is 45.8% of last 10 years

Weaknesses

3
  • Stock is trading at 15.7 times its book value
  • Earnings include an other income of Rs.734 Cr.
  • Promoter holding has decreased over last 3 years: -5.38%

Growth Rate

Revenue Growth
25.70% ↗
Net Income Growth
34.56% ↗
Cash Flow Change
96.77% ↗
ROE
63.21% ↗
ROCE
64.27% ↗
EBITDA Margin (Avg.)
-4.33% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
BUY
Risk high

Dixon Technologies delivers exceptional growth with 55% profit CAGR over 5 years and 37% ROE, justifying a premium valuation. However, at 47x PE and 16.5x book value, much of the upside is priced in, making it suitable for investors with a 3-5 year horizon willing to tolerate volatility.

Bull Case 8
  • Compounded profit growth of 77% CAGR over 3 years demonstrates rapidly scaling earnings power
  • ROE of 37% in the last year is exceptional for a manufacturing business and shows capital efficiency
  • Compounded sales growth of 59% over 3 years indicates strong demand and market share gains in EMS
  • 10-year median sales growth of 45.8% reflects a durable long-term structural growth trajectory
  • 63% of analysts (19 out of 30) rate the stock a Buy, reflecting broad institutional confidence
  • 3-year stock CAGR of 41% shows the market has consistently rewarded the business execution
  • TTM profit growth of 86% suggests current momentum is accelerating, not decelerating
  • 5-year ROE average of 31% indicates consistent high-quality compounding over a meaningful period
Bear Case 8
  • Stock trades at 16.5x price-to-book value, leaving very little margin of safety for new investors
  • PE ratio of 47x is expensive even for a high-growth company and prices in multi-year flawless execution
  • Promoter holding has decreased by 5.38% over last 3 years, signalling potential insider confidence concerns
  • Earnings include other income of Rs.734 Cr which inflates reported profits and may not be recurring
  • 1-year stock return of -11% indicates recent de-rating despite strong fundamentals, suggesting sentiment shift
  • Dividend yield of just 0.06% offers virtually no income cushion during drawdowns
  • 23.3% of analysts (7 out of 30) rate the stock a Sell, a notable bearish minority for a growth darling
  • At Rs.75,747 Cr market cap, the company needs to grow into a very large earnings base to justify current valuation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Mobile & laptop sales declining Jun 24

    Mobile phone volumes projected to fall 12-15% YoY in June 2026, with budget segment most affected. Rising RAM and component costs are squeezing entry-level and mid-range device pricing.

Positives 3
  • Gemtek optical transceiver JV Jun 9

    Dixon and Gemtek Technology signed a binding term sheet for a joint venture. Dixon Electroconnect will manufacture optical transceivers and BOSA modules, expanding into networking hardware.

  • ASUS laptop production partnership Jun 1

    ASUS partnered with Dixon Technologies for laptop production in India, adding another global computing brand to Dixon's manufacturing client roster.

  • Vivo JV approval expected soon Jun 4

    Dixon expressed optimism that government approval for its proposed Vivo joint venture will be received imminently. Approval is pending with relevant authorities.

Neutral 3
  • ₹20.65 Cr block trade on NSE Jun 17

    Approximately 16,125 shares traded in a block deal at ₹12,807 per share, totalling ₹20.65 crores. Counterparties were not disclosed.

  • Multiple institutional investor meetings Jun 24

    Dixon held meetings with IKIGAI Asset Manager, DAM Capital, Renaissance, SBI Funds, Motilal Oswal, and Principal Global between May 25 and June 24. No UPSI was shared.

  • IEPF dividend transfer deadline set Jun 3

    Dixon set August 14, 2026 as the deadline to claim FY19 unclaimed dividends. Unclaimed shares will transfer to IEPF Authority in September 2026.

TL;DR: Dixon is actively diversifying its manufacturing portfolio with new JVs (Gemtek optical transceivers, pending Vivo approval) and partnerships (ASUS laptops), signalling strong client acquisition momentum. However, near-term revenue faces pressure from a 12-15% YoY decline in mobile volumes due to rising component costs hitting the budget segment. The trend is mixed — strategic growth initiatives are positive, but input cost headwinds could weigh on margins and volumes in the current quarter.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
3,065
3,272
4,943
4,818
4,658
6,580
11,534
10,454
10,293
12,836
14,855
10,672
10,511
Expenses
2,909
3,140
4,744
4,634
4,476
6,332
11,108
10,063
9,850
12,353
14,294
10,257
10,102
Operating Profit
156
132
199
184
182
248
426
391
443
482
561
414
408
OPM %
5%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
Other Income
3
6
3
4
19
16
206
10
265
8
497
139
90
Interest
15
14
17
22
21
29
38
41
46
33
38
43
24
Depreciation
32
34
36
41
51
55
66
75
86
93
96
99
105
PBT
112
90
149
126
130
180
529
285
576
366
924
412
370
Tax %
28%
25%
24%
23%
25%
22%
22%
24%
19%
23%
19%
22%
19%
Net Profit
81
67
113
97
97
140
412
216
465
280
746
321
298
EPS in Rs
13.54
11.55
18.02
16.12
15.91
22.34
65.15
28.5
66.54
37.2
111
47.34
42.17
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
Expenses
1,169
1,340
2,365
2,729
2,848
4,172
6,156
10,313
11,673
16,986
37,345
47,006
Operating Profit
32
49
92
113
136
228
292
384
519
705
1,515
1,867
OPM %
3%
4%
4%
4%
5%
5%
5%
4%
4%
4%
4%
4%
Other Income
2
23
1
4
6
5
1
4
4
32
497
734
Interest
10
13
16
13
26
39
33
49
64
81
162
137
Depreciation
7
8
11
15
22
37
44
84
115
162
281
393
PBT
17
51
66
88
94
157
217
255
345
494
1,570
2,071
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
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
Div. Payout %
3%
9%
14%
4%
4%
4%
4%
6%
7%
8%
4%
4%
Figures in ₹ Crores

Balance Sheet

  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
13,491
Total Liabilities
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,162
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
13,412
Total Assets
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,162
Figures in ₹ Crores

Cash Flow

  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
-1,251
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
424
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
118
Figures in ₹ Crores

Ratios

  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
-1
ROCE %
16%
29%
37%
34%
27%
34%
30%
23%
24%
29%
40%
42%

Shareholding Pattern

As of Mar 2026
Promoters 28.68%
DIIs 28.15%
FIIs 18.29%
Public 13.19%
Others 11.69%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
35.04%
35.03%
34.93%
34.52%
34.30%
34.30%
34.27%
34.06%
34.05%
34.04%
33.80%
33.63%
33.44%
33.24%
32.89%
32.42%
32.27%
28.95%
28.92%
28.83%
28.68%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
15.66%
0.00%
17.84%
19.33%
22.69%
23.22%
21.81%
20.55%
20.69%
18.68%
18.29%
DIIs
10.10%
8.89%
8.06%
6.92%
7.22%
7.25%
17.62%
18.91%
23.76%
24.47%
27.44%
26.26%
27.01%
26.08%
23.14%
22.62%
23.07%
26.69%
28.94%
29.06%
28.15%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
14.54%
15.86%
15.76%
16.47%
17.75%
17.78%
16.39%
16.02%
16.12%
12.76%
11.21%
10.77%
10.10%
9.85%
9.73%
10.43%
11.28%
12.24%
10.35%
11.89%
13.19%
Others
40.33%
40.22%
41.25%
42.09%
40.73%
40.67%
31.72%
31.00%
26.07%
28.74%
11.89%
29.34%
11.61%
11.50%
11.55%
11.31%
11.56%
11.56%
11.10%
11.54%
11.69%
No. of Shareholders
1,24,892
2,78,185
3,03,674
3,24,012
3,79,160
3,91,283
3,67,773
3,47,728
3,67,727
3,15,683
2,85,566
2,67,536
2,52,843
2,67,314
2,85,363
3,20,193
3,75,630
4,08,369
3,41,162
4,05,075
4,70,326

Documents

Frequently Asked Questions about Dixon Technologies (India) Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: DIXON and BSE: 540699. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Dixon Technologies (India) Ltd belong to?
Dixon Technologies (India) Ltd operates in the Consumer Discretionary sector within the Consumer Durables industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd has a market capitalisation of approximately ₹74099.27 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Dixon Technologies (India) Ltd?
The Price-to-Earnings (PE) ratio of Dixon Technologies (India) Ltd is 50.60. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Dixon Technologies (India) Ltd?
Over the past 52 weeks, Dixon Technologies (India) Ltd has traded between a low of ₹9,600 and a high of ₹18,471. This range helps investors understand the stock's price volatility and recent trading levels.
Does Dixon Technologies (India) Ltd pay dividends?
Yes, Dixon Technologies (India) Ltd has a dividend yield of 0.07%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd has a Return on Equity (ROE) of 19.86%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Dixon Technologies (India) Ltd on Tapetide?
On Tapetide, you can view Dixon Technologies (India) Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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