Dixon Technologies (India) Ltd logo

Dixon Technologies (India) Ltd

DIXON NSE

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹86,956 Cr
Volatility
Moderate
P/E Ratio
45.82
EBITDA
₹1,867 Cr
Return on Equity
35.53%
Debt to Equity
0.21
Book Value
₹764.9
EPS
₹72.3
52W High
₹18,471
52W Low
₹9,600

Insights

Beta

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

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50 extracted metrics + investor summaries across FY15–FY26.

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Tapetide Score

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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 18.2 times its book value
  • Earnings include an other income of Rs.1,263 Cr.
  • Promoter holding has decreased over last 3 years: -5.49%

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 4d ago
AI opinion · based on fundamentals
Risk high

Dixon Technologies is India's largest electronics manufacturing services (EMS) player with a market cap of Rs.83,688 Cr, trading at a PE of 40.4x and PB of 17.99x. The company has delivered compounded profit growth of 55% CAGR over 5 years with ROE consistently above 30%, though recent stock performance shows a 1-year decline of 13% and earnings quality concerns exist due to Rs.1,263 Cr of other income.

Bull Case 7
  • Exceptional profit growth trajectory with 5-year compounded profit CAGR of 55% and TTM profit growth accelerating to 119%
  • Consistently high return on equity at 37% last year, with 3-year average of 34% and 5-year average of 31%, indicating superior capital efficiency
  • Strong revenue compounding with 5-year sales CAGR of 50% and 10-year sales CAGR of 43%, demonstrating sustained demand for EMS services
  • Median sales growth of 45.8% over the last 10 years reflects structural tailwinds from India's electronics manufacturing push and PLI schemes
  • 3-year stock CAGR of 44% demonstrates significant long-term wealth creation despite recent correction
  • TTM sales growth of 14% maintained even as base effects normalize from prior years of 59% 3-year CAGR, showing continued momentum
  • ROE improving from 30% (10-year) to 37% (last year) suggests operating leverage and margin expansion as scale builds
Bear Case 8
  • Stock trades at 17.99x book value, a demanding valuation that leaves limited margin of safety if growth slows
  • Earnings include other income of Rs.1,263 Cr, raising questions about core operating profit quality and sustainability
  • PE ratio of 40.4x is elevated for a manufacturing business, pricing in significant future growth that must be delivered
  • Promoter holding has decreased by 5.49% over the last 3 years, signaling potential dilution or reduced insider conviction
  • Stock has declined 13% over the past 1 year despite strong profit growth, indicating possible re-rating risk or market skepticism on sustainability
  • Dividend yield of just 0.06% offers negligible income return, making investors entirely dependent on capital appreciation
  • TTM sales growth decelerated to 14% from the 3-year CAGR of 59%, suggesting potential growth normalization ahead
  • EMS sector operates on thin margins and high competition; sustaining 55% profit CAGR over the next 5 years will be significantly harder at a Rs.83,688 Cr base

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

AI News Digest

Anthropic anthropic claude-opus-4.6 18h ago
Headwinds 1
  • China rules may delay Vivo JV Jul 22

    Dixon-Vivo joint venture could face delays due to China's new outbound investment regime. No revised timelines or financial impact disclosed.

Positives 5
  • Q1FY26 profit surges 156% YoY Jul 31

    Consolidated net profit jumped 156% YoY to ₹718 crore in Q1FY26, driven by strong revenue growth and margin expansion.

  • Vivo JV could add ₹30,000 Cr revenue Aug 3

    Dixon anticipates the Vivo joint venture could boost revenue by ₹30,000 crore with higher ASPs than current mobile range. Improved profit margins expected in coming quarters.

  • 51% stake in Adivistar for Vivo OEM Aug 12

    Dixon incorporating Adivistar Electronics India Pvt Ltd to undertake OEM business for smartphones. Dixon holds 51% stake with Vivo holding the remainder.

  • Camera modules scaling to 190M units Aug 3

    Camera module capacity scaling from 70 million to 180-190 million units over 15-18 months. Display facility trials set for Q3 FY27 with mass production from late Q3 to Q4 FY27.

  • FY27 mobile target 32-33M units Aug 3

    Full-year FY27 mobile sales targeted at 32-33 million units despite market decline. Q2 FY27 order volumes at 9-9.2 million units with 20-25% growth targeted.

Neutral 4
  • Multiple investor meetings held Aug 12

    Dixon held one-on-one meetings with Taurus MF, Birla Life, Helios MF, Alquity, RBC, ITUS Capital, Investec, and Tiger Pacific between Aug 3-12. No UPSI shared.

  • Investor conferences scheduled Mumbai Aug 11

    Dixon to participate in investor conferences on Aug 13 and Aug 17, 2026. No unpublished price-sensitive information to be shared.

  • Q1FY27 earnings call recording posted Aug 2

    Audio recording of Q1FY27 results conference call uploaded to company website per SEBI LODR Regulation 30 compliance.

  • Q1FY27 earnings call hosted Jul 31 Jul 24

    Conference call held July 31, 2026 at 16:30 IST to discuss un-audited standalone and consolidated financial results for quarter ended June 30, 2026.

TL;DR: Dixon Technologies is executing strongly with 156% profit growth in Q1FY26 and aggressive capacity expansion across camera modules, displays, and mobile manufacturing. The Vivo JV represents a transformative ₹30,000 crore revenue opportunity, though China's new outbound investment rules pose a timing risk. Active institutional investor engagement signals sustained market interest. The growth trend is firmly positive, with key catalysts from Q3 FY27 onward contingent on regulatory clarity for the Vivo partnership.

Quarterly Results

  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

  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
47,006
49,738
Operating Profit
32
49
92
113
136
228
292
384
519
705
1,515
1,867
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
734
1,263
Interest
10
13
16
13
26
39
33
49
64
81
162
137
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

  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 Jun 2026
Promoters 28.55%
DIIs 28.39%
FIIs 17.87%
Public 13.49%
Others 11.69%
Total 99.99%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
28.55%
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%
17.87%
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%
28.39%
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%
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%
13.49%
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%
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
4,70,189

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 Goods sector within the Electronics 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 ₹86955.81 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 45.82. 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 0.06%. 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 35.53%. 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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