Whalesbook
Toh bhaiyo, kya hua hai Dixon Technologies ke stock mein? Zaroor stocks bhaage hain, aur iske peeche sabse bada reason hai Vivo ke saath hone wali joint venture ki umeed. Halanki company ka consolidated net profit Q4 FY26 mein 36.03% saal-dar-saal gir kar ₹256.41 crore pahunch gaya (last year ₹400.82 crore tha). Par investors toh future mein laga rahe hain, aur woh future hai Vivo JV ka. CEO Atul Lall ne toh confirm kiya hai ki government approval bahut, bahut nazdeek hai. Agar yeh deal ho gayi toh Dixon ki annual manufacturing volume 20-22 million units tak badh sakti hai, jo company ke liye next level growth ka chance hai.
Dixon ab India ke bade electronics manufacturing services (EMS) sector ka hissa hai. Ye sector government ki schemes jaise PLI aur 'Make in India' ki wajah se explosive growth dekh raha hai, aur 2031 tak USD 62.07 billion ka ho sakta hai. Lekin Dixon ke khud ke results mein internal pressure dikh raha hai. Revenue thoda sa, matlab 2.12% badh kar ₹10,510.51 crore hua. Valuation ki baat karein toh Dixon ka P/E ratio 44.8x ke aas-paas hai. Yeh Amber Enterprises India (137-212x) ke saamne toh theek hai, par PG Electroplast (21x) ke comparison mein expensive lag raha hai.
Par bhai, sab kuch sirf umeedon par nahi chalega. Yahan bade risks bhi hain. Sabse pehle toh Vivo par Enforcement Directorate (ED) ki jaanch chal rahi hai, jisse JV approval mein uncertainty hai. Aur fir aaye hain brokerage reports. Motilal Oswal ne rating ko 'Reduce' kiya hai aur target price ₹10,560 diya hai. Unka kehna hai ki mobile industry mein slowdown, memory prices ka badhna, PLI incentives ka khatam hona, aur JV mein deri – ye sab cheezein pareshan kar sakti hain. Goldman Sachs ne bhi 'Sell' rating aur target ₹9,790 rakha hai. Unka bhi kehna hai ki DRAM prices badhne se smartphones mehange ho rahe hain, jisse demand gir sakti hai. Company ka stock apne 52-week low ₹9,600 ke aaspas hi chal raha hai.
Lekin sabhi analysts negative nahi hain. Kuch reports ke mutabik, leading EMS players ke liye target price ₹18,000 se ₹20,000 tak hai, matlab 15-30% ka upside potential. Dixon management bhi kaafi ambitious hai, agle saal ₹56,000 crore ka revenue target hai, Vivo JV ke bina hi. Agar Vivo JV approve ho gaya aur smoothly chala, toh ye company ke liye game changer saabit ho sakta hai. Ab dekhna yeh hai ki company regulatory hurdles kaise paar karti hai aur demand-supply ke issues ko kaise manage karti hai.