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Dixon Technologies (India) Q2 FY27 Share Price & Earnings Call Analysis

₹11,000.00-4.25% today
Market cap
₹67,288 Cr
P/E
35.84
ROE
18.90%
PEG
0.87
Price to sales
1.31
Debt to equity
0.21
52W high / low
₹15,697 / ₹9,673
Sales growth (5Y)
49.94%
EBITDA margin
3.58%
Net profit margin
1.70%
Promoter holding
28.50%
Sales (last year)
₹51,585 Cr

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]

Guidance scorecard · Q2 FY27 call

What Dixon Technologies (India) Ltd's management guided
and where it ranks in Consumer Durables

#17of 88 in
Consumer Durables
Revenue20–40%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Telecom revenues expected to grow from INR5,000 crores to around INR6,700-7,000 crores in the current fiscal with decent growth next year.
  • IT hardware business showing strong growth with Q1 revenue (~INR1,300 crores) already matching last full year, expected to ramp up further.
  • Smartphone volumes expected around 32 million-33 million for the full year, maintaining last year's levels despite market contraction.
  • Q2 smartphone volumes expected to grow 20-25% quarter-over-quarter, indicating strong order visibility.
  • Future growth beyond mobile driven by scaling components business (display and camera modules), expanding IT hardware with new product lines (laptops, tablets, servers).

2 more points from Dixon Technologies (India) Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Dixon Technologies (India) Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Capex of INR335 crores in the recent quarter, mainly for strategic inventory buildup and capacity expansion.
  • New manufacturing facility in Tirupati expanding home appliance capacity by 0.3 million units per annum, including front-loading washing machines launching in Q3 fiscal.
  • Expansion of camera module capacity at Q Tech from 70 million to 180–190 million annually over 15–18 months.
  • Construction completed for display facility; machinery installation underway, with trial production from Q3 and mass production from Q4 fiscal.
  • New manufacturing facility addition in Chennai (60:40 JV with Inventec) expected operational from Q4 fiscal, focusing on IT hardware including notebooks and desktops.
  • SSD backward integration line installed, with manufacturing starting Q3 fiscal; exploring power supplies and mechanical components for higher value addition.

2 more points from Dixon Technologies (India) Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Dixon Technologies (India) Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • For smartphone manufacturing, the order book for Q2 is approximately 9 million to 9.2 million units.
  • First half order book totals around 16 million to 16.5 million units.
  • IT hardware order book is extremely strong, with Q1 IT hardware revenue (~INR1,300 crores) exceeding last year's full-year numbers, indicating significant ramp-up.
  • Telecom business revenues expected to grow modestly, with telecom revenue close to INR6,700-7,000 crores for the fiscal year.
  • Export potential from anchor customers expected to add 15-20 million additional units in the next couple of years, translating to INR18,000-20,000 crores incremental revenue.

2 more points from Dixon Technologies (India) Ltd's call on the order book

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Full Q1 FY27 analysis
Full Consumer Durables ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Consumer Durables
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Dixon Technologies (India) Ltd rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Consumer Durables companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹166 Cr20.3
240%+Up 2%+₹100 Cr12.7
340%+Up 0–2%₹3,249 Cr17.4
440%+Up 0–2%₹2,081 Cr18.8
540%+Flat₹2,429 Cr41.1
640%+Flat₹2,163 Cr25.6

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Financials of Dixon Technologies (India) Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Dixon Technologies (India) Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +33.63%33.44%33.24%32.89%32.42%32.27%28.95%28.92%28.83%28.69%28.55%28.50%
FIIs +17.41%17.85%19.33%22.69%23.22%21.81%20.55%20.69%18.68%18.30%17.87%18.96%
DIIs +26.39%27.01%26.08%23.14%22.61%23.07%26.68%28.93%29.06%28.14%28.38%28.72%
Public +22.58%21.71%21.34%21.27%21.73%22.86%23.81%21.45%23.43%24.87%25.20%23.83%
No. of Shareholders2,67,5362,52,8432,67,3142,85,3633,20,1933,75,6304,08,3693,41,1624,05,0754,70,3264,70,1894,23,375

Financials of Dixon Technologies (India) Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +4,9434,8184,6586,58011,53410,45410,29312,83614,85510,67210,51115,54821,794
Expenses +4,7444,6344,4766,33211,10810,0639,85012,35314,29410,25710,10215,08521,197
Operating Profit199184182248426391443482561414408463597
OPM %4.0%3.8%3.9%3.8%3.7%3.7%4.3%3.8%3.8%3.9%3.9%3.0%2.7%
Other Income +3419162061026584971399053772
Interest17222129384146333843242426
Depreciation36415155667586939699105107110
Profit before tax149126130180529285576366924412370869532
Tax %24%23%25%22%22%24%19%23%19%22%19%17%23%
Net Profit +1139797140412216465280746321298718411
EPS in Rs18.0216.1215.9122.3465.1528.5066.5437.20110.7247.3442.17108.6056.18

Financials of Dixon Technologies (India) Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,2011,3892,4572,8422,9844,4006,44810,69712,19217,69138,86048,87358,523
Expenses +1,1691,3402,3652,7292,8484,1726,15610,31311,67316,98637,34547,00056,641
Operating Profit3249921131362282923845197051,5151,8731,883
OPM %2.7%3.5%3.7%4.0%4.6%5%4.5%3.6%4.3%4.0%3.9%3.8%3.2%
Other Income +223146514432497731838
Interest10131613263933496481162141117
Depreciation78111522374484115162281393421
Profit before tax17516688941572172553454941,5702,0712,183
Tax %24%16%28%31%32%23%26%25%26%24%21%21%
Net Profit +13434861631201601902553751,2331,6441,747
EPS in Rs3.2811.768.6610.7611.1920.8127.2832.0542.9061.47181.87236.61254.29
Dividend Payout %3%9%14%4%4%4%4%6%7%8%4%4%

Financials of Dixon Technologies (India) Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital331111111212121212121212
Reserves821201863043675307269851,2731,6832,9984,6655,866
Borrowings +82804345141872956674534896719941,236
Other Liabilities +1572155496069711,0691,8142,6132,9414,80613,07713,48122,063
Total Liabilities3244177899661,4911,6972,8464,2774,6796,99016,75819,15229,178
Fixed Assets +971241371792414145501,0031,2441,9962,7744,1724,271
CWIP002161910722212068257571885
Investments60011809514144205361,0071,389
Other Assets +2212946507591,2241,2732,1283,1113,2724,90513,19113,40322,633
Total Assets3244177899661,4911,6972,8464,2774,6796,99016,75819,15229,178

Financials of Dixon Technologies (India) Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +44425368-32371702737265841,1501,782
Cash from Investing Activity +-22-22-43-100-64-99-265-464-356-531-1,093-1,138
Cash from Financing Activity +-22-20-84269-5763304-330-70-27-108
Net Cash Flow-01110281-3211341-1730537
Free Cash Flow231615-5-821292-14527616254724
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit152%103%74%78%11%123%77%85%156%100%94%117%

Financials of Dixon Technologies (India) Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days172342386343624651486549
Inventory Days384147475747474332394131
Days Payable465684751038910886819211186
Cash Conversion Cycle98510171132-6-5-7
Working Capital Days1687812993-2-22-3
ROCE %16%29%37%34%27%34%30%23%24%29%40%29%

Guidance history

How Dixon Technologies (India) Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%FlatPlanned—Rising
Q3 FY26 call →20–40%FlatPlanned—Rising
Q2 FY26 call →20–40%FlatPlannedNone planned—

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

17out of 100

Momentum score · price trend

17 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−29.7%24%
Last 6 months−1.5%53%
Last 3 months−21.7%17%

The price is 40.2% below its all-time high of ₹18,397.65 (3 Jan 2025). Stocks more than 20% below their peak have their score halved, so 34 became 17.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Dixon Technologies (India) Ltd: 0.4 × 24 + 0.4 × 53 + 0.2 × 17 = 34, halved to 17 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Dixon Technologies (India) Ltd's management said in earlier quarters

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