Whalesbook
Toh bhai, yeh jo profit gira na, uska main reason hai company ke margins ka tight hona. Yeh sab badhti hui memory prices aur supply chain ki gadbadon ki wajah se hua hai. Company ka operating margin 3.89% par aa gaya, jo pehle 4.30% tha. Upper se employee expenses bhi 21.39% badh gaye. Yahi wajah hai ki mobile aur EMS waale business mein revenue 4% badhne ke baad bhi profit 3% kam ho gaya.
Lekin Dixon haar nahi maan raha! Yeh log naye sectors mein paisa laga rahe hain. Jaise display modules mein, jiska JV HKC Overseas ke saath hai. Umeed hai Q3 FY27 tak trial production shuru ho jayega aur Q4 FY27 mein commercial launch. Iss se saal ka ₹5,500-₹6,000 crore ka revenue aur double-digit profit margins milne ki baat hai. Phir industrial EMS mein bhi entry kar rahe hain, jahan ₹3,000-₹4,000 crore ka business aur accha profit expect kar rahe hain. SSD manufacturing bhi Q2 FY27 se start hoga aur camera modules se FY27 mein ₹2,500 crore tak ka revenue target hai.
Dekho, India ka electronics manufacturing scene toh bohot grow kar raha hai, government schemes jaise PLI ki wajah se. Har saal 27% tak badhne ka estimate hai FY29 tak. Dixon toh sabse bada player hai, toh fayda toh milega. Par bhai, competition bhi badh raha hai. Syrma SGS Technology aur Amber Enterprises India jaise players bhi full form mein aa rahe hain.
Global level par bhi semiconductor market mein AI ki demand se DRAM aur NAND prices bohot upar hain. Isse sab electronics makers ka cost badh raha hai aur consumers ki demand bhi slow ho sakti hai. Dixon ke naye ventures mein bhi execution risk hai, matlab cheezein plan ke mutabik hui toh theek, warna mushkil ho sakti hai. Goldman Sachs ne toh 'Sell' rating de rakhi hai, woh mobile business aur margins ko lekar pareshan hain.
Analyst log bhi divide hain. Nomura ne 'Buy' bola hai aur target ₹14,678 diya hai. Jefferies 'Hold' par hai, target ₹10,280. Goldman Sachs ka 'Sell' rating aur target ₹9,790 hai. Management ka kehna hai ki FY27 mein revenue ₹56,000 crore tak jaa sakta hai. Ab investors dekhenge ki Vivo JV approve hota hai ya nahi, aur display modules aur industrial EMS kitne successful hote hain.