Dixon Technologies (India) Ltd
Dixon Technologies (India) Ltd Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
FY27 mobile volumes expected to be flat at around 32-33 million units excluding Vivo; exports of approx. FY27 revenue target is approximately INR56,000 crores excluding Vivo volumes, indicating around 15% to 17% growth without Vivo.
From Dixon Technologies (India) Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- FY27 mobile volumes expected to be flat at around 32-33 million units excluding Vivo; exports of approx. 4-4.5 million are additional.
- Volume growth in mobile expected at high double-digit teens sequentially in the upcoming periods, with 12-15% pricing growth leading to revenue growth of 12-15%.
- By FY28, mobile display capacity planned to ramp up from 24 million to 50-55 million units, targeting INR5,500-6,000 crores revenue with double-digit margins.
- Expansion in IT hardware, camera modules, and industrial EMS expected to drive growth; IT hardware revenue targeted at over INR4,000 crores in FY27.
- Overall company revenue target for FY27 (excluding Vivo) is around INR56,000 crores, implying 15-17% growth.
- Potential addition of 20-22 million units annually if Vivo JV approval is secured, significantly boosting volumes.
- Lighting and telecom network businesses expected to see 2x growth and strong ramp-up respectively in FY27.
Profitability & Margins
See what Dixon Technologies (India) Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Capex for FY27 expected to be in a similar range as FY26 (~INR 1,000+ crores), focusing on:
- - Display capacity expansion
- - IT hardware business expansion
- - Camera module capacity expansion and deeper manufacturing integration
- Balance sheet and cash accruals are adequate to support expansions
- Display and camera module backward integration to drive margin expansion in FY27 and FY28
- Investments in industrial EMS verticals underway with senior leadership hired and strategy defined; inorganic opportunities are being considered, targeting scalable high-margin businesses (INR 3,000 to 4,000 crores opportunity)
- Increasing focus on growing exports, including mobile and lighting products, with potential upside post-Mobile PLI 2 scheme
- Overall, capex is aligned toward capacity expansions and new high-margin business areas to drive future growth
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Ranked on what management guided this quarter
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Fundraising & Capital Structure
See what Dixon Technologies (India) Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The transcript does not explicitly mention a current or expected order book or pending orders with specific values.
- However, it indicates ongoing discussions and mapping of server opportunities related to local manufacturing and data centers, but it's at an early stage with no specific order book disclosed.
- There are mentions of export orders: two orders from large retail chains in the U.S. and Europe for lighting products.
- In telecom, exports have begun with manufacturing radios and microwave radios.
- The company has received PLI (Production Linked Incentive) receivables totaling around INR1100 crores (net INR360 crores recognized).
- There are plans and inorganic opportunities identified in industrial EMS with potential deal sizes of INR3,000-4,000 crores, though not yet included in formal forecasts.
- Mobile and IT hardware divisions anticipate volumes of around 32-33 million smartphones (FY26) with export potential above this.
Dixon Technologies (India) Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹10.5K Cr, net profit ₹298 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Dixon Technolog.'s management said in earlier quarters
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Frequently Asked Questions
What were Dixon Technologies (India) Ltd Q4 FY26 results?
FY27 mobile volumes expected to be flat at around 32-33 million units excluding Vivo; exports of approx. FY27 revenue target is approximately INR56,000 crores excluding Vivo volumes, indicating around 15% to 17% growth without Vivo.
What is Dixon Technologies (India) Ltd share price analysis?
Dixon Technologies (India) Ltd currently shows a neutral. The stock trades at a P/E of 46.0 with a market cap of ₹86,394 Cr. Investors should review the full earnings analysis for detailed insights.
Is Dixon Technologies (India) Ltd planning capital expenditure?
Capex for FY27 expected to be in a similar range as FY26 (~INR 1,000+ crores), focusing on: - Display capacity expansion - IT hardware business expansion - Camera module capacity expansion and d
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.