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Dixon Technologies (India) Ltd.
NSE: DIXONTechnologyConsumer Electronics
- Last close
- ₹11,191.00
- Day change
- −₹403.00 (−3.48%)vs
- Market cap
- ₹77,948 crIndian rupees
- Research updated
- 2 reports
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About Dixon Technologies (India)
Dixon Technologies (India) Ltd. is a prominent electronic manufacturing services provider, primarily engaged in the development, production, and distribution of consumer electronics. The company's operations cover a wide array of product segments including LED televisions, washing machines, lighting products, mobile phones, and other home appliances. Dixon Technologies plays a critical role in the manufacturing ecosystem by offering complete solutions from design to delivery. This enables its clients, which include major consumer electronics brands, to bring their products to market efficiently and cost-effectively. The company is a key player in India's electronics sector, gaining significance due to the country's increasing demand for manufactured goods and the push for domestic production under initiatives like "Make in India." With a strong emphasis on technological innovation and quality, Dixon continues to expand its capabilities, making it a vital component of the modern electronics supply chain.
- Sector
- Technology
- Industry
- Consumer Electronics
- Listing
- NSE: DIXON
- Next results
- Employees
- 1,319
- Headquarters
- Noida, India
- ISIN
- INE935N01020
- Website
- dixoninfo.com
Public research · Report of
Business model & financial foundation
Dixon Technologies (NSE: DIXON), Electronics manufacturing services: revenue of ₹48,873 crore in FY26 (+25.8% on FY25), an EBITDA margin of 3.8%, net profit of ₹1,439 crore and net cash of ₹773.9 crore.
- Revenue, FY26 (₹ crore)
- 48,873
- consolidated
- Revenue growth, FY26
- +25.8%
- on FY25
- EBITDA margin, FY26
- 3.8%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,439
- to owners
- Return on equity, FY26
- 32.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -773.9
- Net debt excluding leases less cash/banks/current investments
- Market capitalisation (₹ crore)
- 76,975
- at the close of 14 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Dixon Technologies (India) Limited |
| Exchange and ticker | NSE: DIXON; BSE: 540699 |
| ISIN | INE935N01020 |
| CIN | L32101UP1993PLC066581 |
| Sector | Technology |
| Industry | Electronics manufacturing services |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.N. Dhawan & Co LLP |
| Market capitalisation | ₹76,975 crore (14 Oct 2026) |
| Shares outstanding | 6.08 crore shares (FY26) |
| Price | ₹12,740 (close, 14 Oct 2026) |
| 52-week range | ₹9,600 - ₹17,299 (to 14 Oct 2026) |
| Website | https://www.dixoninfo.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Padget Electronics | 100% | Mobile manufacturing |
| Dixon Electro Appliances | 51% | Telecom electronics |
| Ismartu India | 50.1% | Mobile manufacturing |
| Kunshan Q Tech Microelectronics India | 51% | Camera modules |
| Dixon IT Devices | 60% | IT hardware |
| Dixtel Infocom | 74% | Manufacturing partnership |
| Califonix Tech & Manufacturing | 50% | Controlled manufacturing partnership |
| Dixon Electroconnect | 100% | Connectivity manufacturing |
| Dixon Display Technologies | 100% | Display manufacturing |
FY26 audited consolidation scope. Commercial JV terminology does not imply equity accounting. Lightanium 50% and Rexxam 40% are equity-accounted JVs; September 2026 Adivistar subscription is not established commercial production.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 28.92% | 28.83% | 28.68% | 28.55% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 20.69% | 18.68% | 18.29% | 17.87% |
| Domestic institutions | 28.94% | 29.06% | 28.15% | 28.39% |
| of which mutual funds | 22.66% | 21.39% | 19.26% | 20.05% |
| Retail | 9.23% | 11.19% | 12.48% | 12.95% |
| Other | 12.22% | 12.24% | 12.39% | 12.24% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Dixon manufactures for brand owners and earns conversion profit on customer-funded/BOM-heavy sales. Mobile/other EMS contains telecom, IT and cameras; these are nested, not additive divisions. One statutory Electronics Goods segment is distinguished from management divisions. Controlled partnerships are consolidated despite commercial JV terminology; Lightanium and Rexxam are equity-accounted.
| Segment | revenue, FY26 (₹ crore) | Share | operating profit, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Mobile Phones and Other EMS | 44,257 | 91.1% | 1,553 | 83.8% | 1,803 | 61.2% |
| Consumer Electronics LED TV and Refrigerators | 2,892 | 6.0% | 143.0 | 7.7% | 685.0 | 23.3% |
| Home Appliances and Engineering | 1,426 | 2.9% | 158.0 | 8.5% | 458.0 | 15.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Syrma SGS Technology (SYRMA) | Diversified EMS and components |
| Kaynes Technology India (KAYNES) | Higher-mix design and PCB EMS |
| Avalon Technologies (AVALON) | Export industrial and telecom EMS |
| Cyient DLM (CYIENTDLM) | Complex electronics; adjacent rather than handset peer |
| PG Electroplast (PGEL) | Consumer and appliance EMS |
| Amber Enterprises India (AMBER) | Appliance ODM and component integration |
| DCX Systems (DCXINDIA) | Defence electronics adjacency |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,670 | 12,173 | 17,691 | 38,860 | 48,873 |
| Cost of revenue (vendor classification) * | 9,804 | 11,049 | 16,093 | 35,833 | 45,444 |
| Other operating costs (vendor classification) * | 131.6 | 154.2 | 225.5 | 1,009 | 400.3 |
| EBITDA (vendor classification) * | 380.1 | 516.5 | 720.8 | 1,545 | 1,893 |
| Operating EBIT excluding other income | 297.4 | 401.1 | 535.8 | 1,227 | 1,474 |
| Finance costs | 42.7 | 56.3 | 74.7 | 154.4 | 137.5 |
| Profit before tax including JV and exceptional | 254.7 | 344.8 | 493.8 | 1,570 | 2,071 |
| Total tax expense | 64.4 | 89.7 | 118.9 | 337.2 | 426.3 |
| Group PAT before NCI | 190.3 | 255.1 | 374.9 | 1,233 | 1,644 |
| Reported diluted EPS (₹) | 31.98 | 42.69 | 62.46 | 202.6 | 269.4 |
| Materials and inventory changes | 16,039 | 35,833 | 45,277 | ||
| Employee benefits expense | 332.7 | 567.4 | 711.2 | ||
| Other expenses | 621.7 | 952.3 | 1,018 | ||
| Operating EBITDA excluding other income | 697.6 | 1,508 | 1,867 | ||
| Other income signed | 22.6 | 20.2 | 713.0 | ||
| Depreciation and amortisation | 161.9 | 281.0 | 393.0 | ||
| Exceptional income/(expense) signed | 0.00 | 460.0 | 0.00 | ||
| PAT attributable to non-controlling interests | 7.17 | 137.0 | 205.6 | ||
| Share of profit/(loss) of joint ventures | 10.2 | 17.4 | 21.5 | ||
| PAT attributable to owners | 367.8 | 1,096 | 1,439 | ||
| Weighted average diluted shares | n.r. | n.r. | n.r. |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 997.3 | 1,285 | 1,722 | 3,469 | 5,387 |
| Borrowings * | 666.9 | 453.1 | 489.0 | 671.0 | 994.2 |
| Cash and cash equivalents | 176.2 | 214.6 | 200.5 | 230.9 | 767.4 |
| Trade receivables | 1,356 | 1,715 | 2,318 | 6,965 | 6,530 |
| Inventories | 1,156 | 957.9 | 1,695 | 3,992 | 3,837 |
| Trade payables (MSME plus other suppliers) | 2,314 | 2,452 | 4,060 | 10,884 | 10,722 |
| Net property, plant and equipment excluding ROU | 954.2 | 942.5 | 1,637 | 2,109 | 2,720 |
| Capital work in progress excluding other non-current assets | 85.0 | 247.5 | 90.8 | 256.1 | 570.8 |
| Total assets | 4,277 | 4,679 | 6,991 | 16,767 | 19,162 |
| Net debt excluding leases less cash/banks/current investments | n.r. | -61.3 | -773.9 | ||
| Equity attributable to owners of parent | 1,695 | 3,010 | 4,677 | ||
| Current plus non-current borrowings excluding leases | 155.0 | 202.3 | 467.5 | ||
| Current plus non-current lease liabilities | 333.9 | 468.7 | 526.7 | ||
| Bank balances other than cash equivalents | 8.17 | 32.7 | 173.6 | ||
| Cash, bank and current financial investments | 263.5 | 1,241 | |||
| Current financial investments (liquidity bucket) | 0.00 | 300.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income tax | -376.3 | 548.4 | 584.3 | 1,150 | 1,782 |
| Gross cash capital expenditure PPE/intangibles/CWIP (positive) | 3.25 | 11.0 | 584.4 | 939.4 | 1,068 |
| Free cash flow (vendor definition) * | -147.9 | 264.6 | -0.12 | 210.4 | 714.8 |
| Total dividend cash outflow (positive magnitude) | -5.86 | -11.9 | 17.9 | 32.9 | 117.8 |
| Cash purchase of investments in subsidiaries | 2.00 | 321.0 | 430.5 | ||
| Gross long-term borrowing repayment (positive outflow) | 30.2 | 193.7 | 532.1 | ||
| Lease principal cash repayment (positive magnitude) | 70.0 | 86.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Closing issued equity shares | 5.89 | 5.94 | 5.98 | 6.02 | 6.08 |
| Management capex (not audited cash-capex definition) | 1,058 | ||||
| ESOP2023 options outstanding (partial scheme coverage) (crore shares) | 0.04 | ||||
| Share-based payment expense (CFO noncash adjustment) | 85.1 | 60.8 | |||
| PLI overperformance incentive receivable pending PMA | 1,110 | ||||
| Customer PLI pass-through liability pending PMA | 726.3 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 11,534 | 10,454 | 10,293 | 12,836 | 14,855 | 10,672 | 10,511 | 15,548 |
| Cost of revenue (vendor classification) * | 10,661 | 9,680 | 9,475 | 11,875 | 9,886 | 9,715 | 14,641 | |
| Other operating costs (vendor classification) * | 298.9 | 227.3 | 231.1 | 309.1 | 200.3 | 213.1 | 262.8 | |
| EBITDA (vendor classification) * | 423.2 | 400.6 | 457.8 | 490.8 | 553.6 | 498.4 | 1,000 | |
| Operating EBIT excluding other income | 360.4 | 315.9 | 356.9 | 389.7 | 465.1 | 315.4 | 303.4 | 356.2 |
| Finance costs | 37.9 | 40.9 | 46.3 | 32.6 | 38.4 | 42.9 | 23.7 | 24.1 |
| Profit before tax including JV and exceptional | 528.9 | 285.1 | 576.0 | 365.5 | 923.6 | 411.7 | 369.8 | 869.0 |
| Total tax expense | 117.2 | 68.9 | 111.1 | 85.5 | 177.9 | 91.1 | 71.8 | 151.2 |
| Group PAT before NCI | 411.7 | 216.2 | 465.0 | 280.0 | 745.7 | 320.6 | 298.0 | 717.8 |
| Reported diluted EPS (₹) | 68.11 | 35.64 | 76.42 | 46.30 | 122.7 | 52.62 | 48.81 | 117.9 |
| Materials and inventory changes | 10,661 | 9,680 | 9,475 | 11,875 | 13,801 | 9,886 | 9,715 | 14,641 |
| Employee benefits expense | 148.3 | 155.8 | 143.3 | 169.2 | 196.9 | 171.1 | 174.0 | 180.7 |
| Other expenses | 298.9 | 227.3 | 231.1 | 309.1 | 295.5 | 200.3 | 213.1 | 262.8 |
| Operating EBITDA excluding other income | 426.4 | 390.5 | 442.8 | 482.4 | 561.3 | 414.5 | 408.4 | 463.1 |
| Other income signed | -5.73 | 6.50 | 11.3 | 1.68 | 495.7 | 131.3 | 84.3 | 528.3 |
| Depreciation and amortisation | 66.0 | 74.6 | 85.9 | 92.7 | 96.3 | 99.0 | 105.0 | 107.0 |
| Exceptional income/(expense) signed | 209.6 | 0.00 | 250.4 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 21.9 | 45.0 | 64.1 | 55.1 | 75.7 | 33.3 | 41.6 | 54.4 |
| Share of profit/(loss) of joint ventures | 2.60 | 3.58 | 3.76 | 6.76 | 1.15 | 7.82 | 5.72 | 8.64 |
| PAT attributable to owners | 389.9 | 171.2 | 400.8 | 225.0 | 670.0 | 287.3 | 256.4 | 663.4 |
| Weighted average diluted shares | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. | n.r. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 65.5% | 14.1% | 45.3% | 119.7% | 25.8% |
| EBITDA margin | 3.9% | 3.9% | 3.8% | ||
| Net margin | 2.1% | 2.8% | 2.9% | ||
| Return on equity | 24.5% | 42.2% | 32.5% | ||
| Return on capital employed | 22.1% | 23.6% | 27.1% | 38.6% | 28.0% |
| Return on assets | 6.3% | 9.2% | 8.0% | ||
| Net debt (₹ crore) | -61.3 | -773.9 | |||
| Net debt / EBITDA | -0.04x | -0.41x | |||
| Interest cover | 6.96x | 7.12x | 7.17x | 7.95x | 10.7x |
| Asset turnover | 3.00x | 2.72x | 3.03x | 3.27x | 2.72x |
| Receivable days | 46 | 51 | 48 | 65 | 49 |
| Inventory days (on revenue) | 40 | 29 | 35 | 37 | 29 |
| Payable days (on revenue) | 79 | 74 | 84 | 102 | 80 |
| Cash conversion | 1.59x | 1.05x | 1.24x | ||
| Capex intensity | 0.0% | 0.1% | 3.3% | 2.4% | 2.2% |
| Free cash flow (₹ crore) | -379.6 | 537.5 | -0.12 | 210.4 | 714.8 |
| Dividend payout | 4.9% | 3.0% | 8.2% | ||
| EPS, diluted (₹) | 31.98 | 42.69 | 62.46 | 202.6 | 269.4 |
| Book value per share (₹) | 169.3 | 216.2 | 287.9 | 575.9 | 885.9 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases less cash/banks/current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Dixon Technologies (India) includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Dixon Technologies (India)
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.