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Dixon Technologies (India) Ltd

₹ 11,726-2.70%
06 Jan – close price
🔗dixoninfo.com•BSE: 540699•NSE: DIXON
Market Cap₹ 71,160 Cr.
Current Price₹ 11,726
High / Low₹ 18,472
Stock P/E126
Book Value₹ 470
Dividend Yield0.07 %
ROCE11.7 %
ROE8.71 %
Face Value₹ 2.00
Sales₹ 4,393 Cr.
OPM5.14 %
Mar Cap₹ 71,160 Cr.

ABOUT

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]

KEY POINTS

Business Segments1) Mobile & EMS Division (84% in 9M FY25 vs 43% in FY23):[1][2]The company has emerged asone of the fastest-growing mobile phone manufacturers in India. It also manufactures IT hardware, telecom products, hearables, and wearables. Its clientele includes Motorola, Xiaomi, Oppo, etc. The segment revenue grew by 221% YoY in 9M FY25, driven by volume growth.[3][4][5]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor PerformanceRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.Havells India1501.7064.3994195.160.67318.2818.934779.335.2925.3221667.229.871462.85319.0010.8611.290.03
2.Dixon Technolog.11726.00126.4771160.100.07478.53728.341385.80-30.2311.744392.795.14562.67478.5324.984.940.28
3.PG Electroplast626.6070.2517878.070.042.76-85.72655.37-2.3719.365036.778.90254.512.766.137.750.20
4.IKIO Tech178.1877.841376.990.0010.89-22.79164.2231.338.22518.179.7917.6910.032.394.850.10
5.MIRC Electronics34.88–1288.440.00-1.78-1754.81163.317.895.35671.69-4.10-41.15-22.346.24-0.420.31
6.CWD382.5098.65840.540.004.19328.9641.15490.399.5167.4923.088.524.197.993.810.59
7.Cellecor Gadgets28.5017.56628.930.0019.5333.58641.4950.6924.211241.725.0735.8119.533.4111.850.80
–Median: 19 Co.120.327.39260.40.03.482.7152.3416.7911.74129.389.418.773.482.556.890.16

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
1,5331,4411,0301,5091,2998911,6671,3881,0862,2932,0731,9861,386
Expenses
1,4541,3751,0011,4261,2458421,5531,3161,0142,1961,9791,8951,310
Operating Profit
796630835449114727198949276
Other Income
1096812741229238246522
Profit before tax
6647465392290573287778309566
Tax %
26%21%40%26%27%28%29%24%15%24%27%17%16%
Net Profit
4937248281664432795957257479
EPS in Rs
8.196.190.428.054.682.6310.797.2646.249.919.6142.9279.08

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,0621,1151,2521,6452,2102,5263,6725,6757,4846,9976,4115,4014,393
Expenses
1,0431,0921,2231,5602,1042,4003,4675,4017,2016,6316,0935,1534,167
Operating Profit
18232985107126204274284367319248226
Other Income
81260349231536556826
Interest
86715132639313539445558
Depreciation
45610142032385158647173
Profit before tax
141341618284142206200285247679920
Net Profit
111036445756111152151211186566776
EPS in Rs
7.086.3323.487.9710.079.9619.1025.9525.4435.4531.0493.95128.37
Dividend Payout %
3%3%11%15%4%4%4%4%8%8%16%9%–

Compounded Profit Growth

10 Years:32%
5 Years:7%
3 Years:1%
TTM:238%

Compounded Sales Growth

10 Years:17%
5 Years:8%
3 Years:-10%
TTM:-28%

Return on Equity

10 Years:17%
5 Years:16%
3 Years:14%
Last Year:9%

Stock Price CAGR

10 Years:%
5 Years:31%
3 Years:45%
1 Year:-36%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
33311111112121212121212
Reserves
69781101792923495036919101,1541,3822,1712,829
Borrowings
876570434513976223373243239303792
Other Liabilities
1081361452653206058311,4941,4311,3231,2009951,141
Total Liabilities
2682833284986681,1031,4212,4192,7262,7322,8343,4804,774
Fixed Assets
717685129168207350381608741824842820
Gross Block
100.72108.36122.30138.58192.83251.57428.84484.10758.06929.841,074.291,127.73–
Accumulated Depreciation
29.8131.9636.899.9624.5344.2978.40102.92150.32188.95250.55285.59–
CWIP
000216191072195234174248
Investments
992591318451402271381241,0862,347
Other Assets
1881982173594718591,0161,8261,8721,8011,8511,3781,359
Total Assets
2682833284986681,1031,4212,4192,7262,7322,8343,4804,774

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
640264661-12238158214404239279
Cash from Investing Activity
2-11-19-39-97-54-93-266-249-283-266-382
Cash from Financing Activity
-9-29-7-74267-6151110-1892121
Net Cash Flow
-100-07184-5775-67-2418

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
131520302163436541495241
Inventory Days
323529414550424035262530
Days Payable
3343405945928210371716961
Cash Conversion Cycle
12791121212253711
Working Capital Days
2317121012149139871
ROCE %
15%13%23%37%33%26%33%31%21%24%19%12%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
34.06%34.05%34.04%33.80%33.63%33.44%33.24%32.89%32.42%32.27%28.95%28.92%
FIIs
16.66%12.04%15.00%15.66%17.41%17.85%19.33%22.69%23.22%21.81%20.55%20.69%
DIIs
18.92%23.76%24.61%27.44%26.39%27.01%26.08%23.14%22.61%23.07%26.68%28.93%
Public
30.35%30.13%26.36%23.11%22.58%21.71%21.34%21.27%21.73%22.86%23.81%21.45%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Dixon Technologies Submits SEBI Compliance Certificate for March 2026 Quarter

14th April 2026, 9:41 pm

Dixon Technologies Clarifies Media Reports on Noida Labour Protest, States No Material Impact

14th April 2026, 12:13 am

Dixon Technologies Holds Meeting with Investor Citadel, Confirms No Price-Sensitive Information Shared

9th April 2026, 4:08 pm

Dixon Technologies Holds Routine Meeting with Institutional Investor

7th April 2026, 3:55 pm

Dixon Technologies Schedules Investor Meetings for April 6th & 7th, 2026

3rd April 2026, 6:11 pm

Published by Other Websites

External media mentions & references

Dixon Technologies Set for PLI 2.0 Boost Amid Margin Risks

16th April 2026, 8:56 am

Bhagwati Products Eyes $2.14B IPO, Aims to Raise Over ₹3,000 Crore

15th April 2026, 7:00 pm

Noida Labour Unrest: Wage Hikes Hit Auto, Electronics Firms Hard

15th April 2026, 9:44 am

Noida Electronics Restart: Wage Protests Ease, Production Resumes April 15

14th April 2026, 4:20 pm

Mobile Prices Jump As Supply Squeeze, Costs Drive Indian Consumer Caution

13th April 2026, 11:53 pm

News Articles

Editorial & research coverage

India FTAs Unlocked: Dixon Eyes Global Reach Amidst Fierce Competition
India FTAs Unlocked: Dixon Eyes Global Reach Amidst Fierce Competition

10th February 2026, 9:30 pm

Dixon's February Surge: Betting on PLI Over Q3 Woes
Dixon's February Surge: Betting on PLI Over Q3 Woes

10th February 2026, 7:33 pm

BSE Earnings Shine Amid STT Hike; EMS, Textiles Sector Outlook Mixed
BSE Earnings Shine Amid STT Hike; EMS, Textiles Sector Outlook Mixed

10th February 2026, 10:43 am

Dixon Tech: Analyst Sticks to BUY Amid Smartphone Woes
Dixon Tech: Analyst Sticks to BUY Amid Smartphone Woes

2nd February 2026, 6:40 pm

STT Hike Rattles India Markets; MOFS Picks Nifty Leaders
STT Hike Rattles India Markets; MOFS Picks Nifty Leaders

2nd February 2026, 2:59 pm

Documents

Announcements

Disclosure Under Regulation 30 Of SEBI LODR- ESG Rating

2 Jan - SES assigned Dixon an Adjusted ESG score of 63.7 for FY 2024-25; company didn’t engage SES.

Announcement Under Regulation 30 Of SEBI LODR- Approvals Received Under Electronics Component Manufacturing Scheme (ECMS)

2 Jan - MeitY approves ECMS for subsidiaries to manufacture camera module sub-assembly and Optical Transceiver-SFP (2 Jan 2026).

Closure of Trading Window
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

27 Dec - Virtual one-on-one meeting with IIFL Capital on 27-Dec-2025; no unpublished price-sensitive information shared.

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

26 Dec - One-on-one virtual meeting with JM Financial on 26-Dec-2025; no presentation or price-sensitive information shared.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

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Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Credit Ratings

Rating update

1d from icra

Rating update

28 Nov 2025 from icra

Rating update

9 Aug 2024 from icra

Rating update

18 Apr 2024 from icra

Rating update

29 Nov 2023 from icra

Rating update

30 Aug 2023 from icra

Concalls

Oct 2025

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Stock Analysis

Description

  1. Dixon Technologies (India) Limited, incorporated in 1993, is a leading Electronic Manufacturing Services (EMS) company operating across various electronic product verticals like consumer electronics, lighting, home appliances, CCTVs, and mobile phones. It also provides reverse logistics services and manufactures security surveillance equipment, wearables & audibles, and AC-PCBs.

Key Growth Triggers

  1. The company is a fast-growing mobile phone manufacturer in India and also produces IT hardware, telecom products, hearables, and wearables, serving major clients. Its Mobile & EMS division has seen significant YoY growth, positioning it well in the expanding electronics manufacturing sector.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Stock is trading at 25.0 times its book value.
  2. The company has delivered a poor sales growth of 8.03% over past five years.
  3. Company has a low return on equity of 13.5% over last 3 years.
  4. Earnings include an other income of Rs.826 Cr.
  5. Dividend payout has been low at 11.0% of profits over last 3 years
  6. Promoter holding has decreased over last 3 years: -5.35%

Key Dates To Watch

  1. January 9, 2026: Virtual investor meeting with Aditya Birla Sun Life AMC.
  2. January 13, 2026: Virtual investor meeting with UTI Pension.
  3. January 14, 2026: In-person investor meeting with 360 One Wealth.

Corporate Announcements

14th Apr 26
Impact Rating: 3
Dixon Technologies confirmed to stock exchanges that dematerialization/rematerialization details for the quarter ended March 31, 2026, have been furnished as per SEBI regulations.
13th Apr 26
Impact Rating: 4
Dixon Technologies issued a clarification regarding media reports of a labor protest in Noida, Uttar Pradesh. The company stated the event is industry-wide and confirmed its operations are fully compliant and unaffected.
9th Apr 26
Impact Rating: 5
Dixon Technologies (India) Limited informed stock exchanges about a virtual meeting with investor Citadel on April 8, 2026, clarifying that no unpublished price sensitive information was shared.
7th Apr 26
Impact Rating: 3
Dixon Technologies (India) Limited announced it held a one-on-one, in-person meeting with institutional investor Opportune Wealth on April 6, 2026. The company emphasized that no unpublished price-sensitive information was shared during this interaction.
3rd Apr 26
Impact Rating: 6
Dixon Technologies is set to conduct one-on-one in-person meetings with institutional investors Saturna Capital on April 6th, 2026, and Aurum Equity on April 7th, 2026. The company confirmed no unpublished price sensitive information will be shared.