Whalesbook
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]
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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market 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 value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Havells India | 1433.50 | 61.50 | 89971.10 | 0.70 | 318.28 | 18.93 | 4779.33 | 5.29 | 25.32 | 21667.22 | 9.87 | 1462.85 | 319.00 | 10.37 | 11.29 | 0.03 |
| 2. | Dixon Technolog. | 13707.00 | 147.70 | 83105.73 | 0.06 | 478.53 | 728.34 | 1385.80 | -30.23 | 11.74 | 4392.79 | 5.14 | 562.67 | 478.53 | 29.19 | 4.94 | 0.28 |
| 3. | PG Electroplast | 579.05 | 64.76 | 16482.12 | 0.04 | 2.76 | -85.72 | 655.37 | -2.37 | 19.36 | 5036.77 | 8.90 | 254.51 | 2.76 | 5.67 | 7.75 | 0.20 |
| 4. | IKIO Tech | 183.63 | 80.17 | 1418.27 | 0.00 | 10.89 | -22.79 | 164.22 | 31.33 | 8.22 | 518.17 | 9.79 | 17.69 | 10.03 | 2.46 | 4.85 | 0.10 |
| 5. | MIRC Electronics | 24.00 | – | 894.52 | 0.00 | -1.78 | -1754.81 | 163.31 | 7.89 | 5.35 | 671.69 | -4.10 | -41.15 | -22.34 | 4.30 | -0.42 | 0.31 |
| 6. | CWD | 1899.35 | 97.98 | 834.75 | 0.00 | 4.19 | 328.96 | 41.15 | 490.39 | 9.51 | 67.49 | 23.08 | 8.52 | 4.19 | 7.92 | 3.81 | 0.59 |
| 7. | Cellecor Gadgets | 31.95 | 19.69 | 705.06 | 0.00 | 19.53 | 33.58 | 641.49 | 50.69 | 24.21 | 1241.72 | 5.07 | 35.81 | 19.53 | 3.82 | 11.85 | 0.80 |
| – | Median: 18 Co. | 108.39 | 25.28 | 282.54 | 0.0 | 3.48 | 2.71 | 52.34 | 16.79 | 11.43 | 151.31 | 9.18 | 9.65 | 3.48 | 2.7 | 6.86 | 0.2 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,533 | 1,441 | 1,030 | 1,509 | 1,299 | 891 | 1,667 | 1,388 | 1,086 | 2,293 | 2,073 | 1,986 | 1,386 |
Expenses | 1,454 | 1,375 | 1,001 | 1,426 | 1,245 | 842 | 1,553 | 1,316 | 1,014 | 2,196 | 1,979 | 1,895 | 1,310 |
Operating Profit | 79 | 66 | 30 | 83 | 54 | 49 | 114 | 72 | 71 | 98 | 94 | 92 | 76 |
Other Income | 10 | 9 | 6 | 8 | 12 | 7 | 4 | 12 | 292 | 3 | 8 | 246 | 522 |
Profit before tax | 66 | 47 | 4 | 65 | 39 | 22 | 90 | 57 | 328 | 77 | 78 | 309 | 566 |
Tax % | 26% | 21% | 40% | 26% | 27% | 28% | 29% | 24% | 15% | 24% | 27% | 17% | 16% |
Net Profit | 49 | 37 | 2 | 48 | 28 | 16 | 64 | 43 | 279 | 59 | 57 | 257 | 479 |
EPS in Rs | 8.19 | 6.19 | 0.42 | 8.05 | 4.68 | 2.63 | 10.79 | 7.26 | 46.24 | 9.91 | 9.61 | 42.92 | 79.08 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,062 | 1,115 | 1,252 | 1,645 | 2,210 | 2,526 | 3,672 | 5,675 | 7,484 | 6,997 | 6,411 | 5,401 | 4,393 |
Expenses | 1,043 | 1,092 | 1,223 | 1,560 | 2,104 | 2,400 | 3,467 | 5,401 | 7,201 | 6,631 | 6,093 | 5,153 | 4,167 |
Operating Profit | 18 | 23 | 29 | 85 | 107 | 126 | 204 | 274 | 284 | 367 | 319 | 248 | 226 |
Other Income | 8 | 1 | 26 | 0 | 3 | 4 | 9 | 2 | 3 | 15 | 36 | 556 | 826 |
Interest | 8 | 6 | 7 | 15 | 13 | 26 | 39 | 31 | 35 | 39 | 44 | 55 | 58 |
Depreciation | 4 | 5 | 6 | 10 | 14 | 20 | 32 | 38 | 51 | 58 | 64 | 71 | 73 |
Profit before tax | 14 | 13 | 41 | 61 | 82 | 84 | 142 | 206 | 200 | 285 | 247 | 679 | 920 |
Net Profit | 11 | 10 | 36 | 44 | 57 | 56 | 111 | 152 | 151 | 211 | 186 | 566 | 776 |
EPS in Rs | 7.08 | 6.33 | 23.48 | 7.97 | 10.07 | 9.96 | 19.10 | 25.95 | 25.44 | 35.45 | 31.04 | 93.95 | 128.37 |
Dividend Payout % | 3% | 3% | 11% | 15% | 4% | 4% | 4% | 4% | 8% | 8% | 16% | 9% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 3 | 3 | 3 | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
Reserves | 69 | 78 | 110 | 179 | 292 | 349 | 503 | 691 | 910 | 1,154 | 1,382 | 2,171 | 2,829 |
Borrowings | 87 | 65 | 70 | 43 | 45 | 139 | 76 | 223 | 373 | 243 | 239 | 303 | 792 |
Other Liabilities | 108 | 136 | 145 | 265 | 320 | 605 | 831 | 1,494 | 1,431 | 1,323 | 1,200 | 995 | 1,141 |
Total Liabilities | 268 | 283 | 328 | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 2,834 | 3,480 | 4,774 |
Fixed Assets | 71 | 76 | 85 | 129 | 168 | 207 | 350 | 381 | 608 | 741 | 824 | 842 | 820 |
Gross Block | 100.72 | 108.36 | 122.30 | 138.58 | 192.83 | 251.57 | 428.84 | 484.10 | 758.06 | 929.84 | 1,074.29 | 1,127.73 | – |
Accumulated Depreciation | 29.81 | 31.96 | 36.89 | 9.96 | 24.53 | 44.29 | 78.40 | 102.92 | 150.32 | 188.95 | 250.55 | 285.59 | – |
CWIP | 0 | 0 | 0 | 2 | 16 | 19 | 10 | 72 | 19 | 52 | 34 | 174 | 248 |
Investments | 9 | 9 | 25 | 9 | 13 | 18 | 45 | 140 | 227 | 138 | 124 | 1,086 | 2,347 |
Other Assets | 188 | 198 | 217 | 359 | 471 | 859 | 1,016 | 1,826 | 1,872 | 1,801 | 1,851 | 1,378 | 1,359 |
Total Assets | 268 | 283 | 328 | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 2,834 | 3,480 | 4,774 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 6 | 40 | 26 | 46 | 61 | -12 | 238 | 158 | 214 | 404 | 239 | 279 |
Cash from Investing Activity | 2 | -11 | -19 | -39 | -97 | -54 | -93 | -266 | -249 | -283 | -266 | -382 |
Cash from Financing Activity | -9 | -29 | -7 | -7 | 42 | 67 | -61 | 51 | 110 | -189 | 2 | 121 |
Net Cash Flow | -1 | 0 | 0 | -0 | 7 | 1 | 84 | -57 | 75 | -67 | -24 | 18 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 13 | 15 | 20 | 30 | 21 | 63 | 43 | 65 | 41 | 49 | 52 | 41 |
Inventory Days | 32 | 35 | 29 | 41 | 45 | 50 | 42 | 40 | 35 | 26 | 25 | 30 |
Days Payable | 33 | 43 | 40 | 59 | 45 | 92 | 82 | 103 | 71 | 71 | 69 | 61 |
Cash Conversion Cycle | 12 | 7 | 9 | 11 | 21 | 21 | 2 | 2 | 5 | 3 | 7 | 11 |
Working Capital Days | 23 | 17 | 12 | 10 | 12 | 14 | 9 | 13 | 9 | 8 | 7 | 1 |
ROCE % | 15% | 13% | 23% | 37% | 33% | 26% | 33% | 31% | 21% | 24% | 19% | 12% |
Direct from BSE filings, auto-summarised
External media mentions & references
Editorial & research coverage
Oct 2025
Jul 2025
May 2025
Jan 2025
Oct 2024
Aug 2024
Jul 2024
Jul 2024
May 2024
May 2024
Feb 2024
Oct 2023
Jul 2023
May 2023
Jan 2023
Oct 2022
Aug 2022
Jun 2022
Jan 2022
Oct 2021
Jul 2021
May 2021
Feb 2021
Nov 2020
Oct 2020
Aug 2020
Jun 2020
Jan 2020
Aug 2019
May 2019
Jan 2019
Nov 2018
Aug 2018
May 2018
Feb 2018
Nov 2017
