Consumer Durables
Dixon Tech (India) is a prominent consumer electronics company, identified by its stock ticker DIXON.
With a market capitalization of Rs. 83,566.5 Crores, the company operates both domestically and internationally, specializing in electronic manufacturing services.
Dixon Technologies (India) Limited offers a diverse range of products and services, including:
In addition to manufacturing, the company provides reverse logistics solutions, which include repair and refurbishment services, particularly for LED TV panels, as well as support for information technology hardware.
Incorporated in 1993, Dixon Tech is headquartered in Noida, India. Over the last twelve months, the company has reported revenues of Rs. 33,251.2 Crores.
Dixon Tech (India) has a dividend yield of 0.06% per year, returning Rs. 8 dividend per share to its investors. However, it has also diluted shareholder holdings by 1.2% in the past three years. Notably, the company has achieved impressive revenue growth of 237.3% during the same period.
Growth: Awesome revenue growth! Revenue grew 106.5% over last year and 237.3% in last three years on TTM basis.
Momentum: Stock price has a strong positive momentum. Stock is up 22.3% in last 30 days.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Size: It is among the top 200 market size companies of india.
No major cons observed.
Comprehensive comparison against sector averages
DIXON metrics compared to Consumer
Category | DIXON | Consumer |
---|---|---|
PE | 112.64 | 88.68 |
PS | 2.93 | 3.69 |
Growth | 106.5 % | 44.5 % |
DIXON vs Consumer (2021 - 2025)
Summary of Dixon Tech (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated: Jan 25
Management Outlook and Key Highlights from Dixon Technologies' Q3 FY25 Earnings Call:
Outlook:
Management expressed strong confidence in sustained growth driven by robust order books, diversification across segments, and backward integration initiatives. They emphasized scaling mobile manufacturing (targeting 60M+ smartphones annually), expanding into components (displays, precision parts), and leveraging PLI schemes. The company aims to deepen partnerships with global brands, enhance automation, and capitalize on India's electronics manufacturing momentum. Margins are expected to improve with component localization and operational efficiency.
Major Points:
Mobile Segment Dominance:
Component Manufacturing:
Diversification & Growth Verticals:
Financial Strength:
Challenges:
The company remains bullish on India's electronics ecosystem, aiming to solidify its position as a leading EMS player through scale, innovation, and vertical integration.
Last updated: Jan 25
Question 1 (Sanidhya from Unicorn Assets):
"So, my first question would be on the smartphone side. So, we did see some ramp up in Q2, but I think Q2 and Q3 volumes are same. Could you give highlights? [...] Could you share the market size and any [...] players [...] in the segment? And what are we aiming here?"
Answer: Q3 smartphone volumes were 8.3 million (including Ismartu's 1.7"“1.8 million), while feature phones totaled 9.3 million. Camera module manufacturing is part of Dixon's component strategy, targeting partnerships with global suppliers under the upcoming component PLI scheme.
Question 2 (Vipraw Srivastava from PhillipCapital):
"On the Vivo tie-up [...] is there any PLI sharing [...]? [...] How is Dixon seeing competition post mobile PLI ending in FY26?"
Answer: PLI-sharing terms with Vivo are confidential. Post-PLI, Dixon aims to maintain dominance via automation, component integration (displays, mechanicals), and scale (targeting 60M+ smartphone capacity).
Question 3 (Aditya Bhartia from Investec):
"On the KHY acquisition [...] export opportunity? [...] On display fab capex [...] what's the funding plan?"
Answer: KHY acquisition supports 3M export orders (INR1,500"“1,800 crore revenue). The $3B display fab (pending ISM 2.0 policy) will prioritize captive consumption and global competitiveness, with capex partly subsidized by government.
Question 4 (Madhav from Fidelity):
"Could brands diversify suppliers [...] risking Dixon's dominance? [...] Display fab capex details?"
Answer: Dixon's efficiency, customer-centricity, and component integration aim to retain market share. The display fab ($3B capex) targets 8.6-gen tech for TVs, mobiles, and laptops, with ROCE aligned to core business metrics.
Question 5 (Siddhartha Bera from Nomura):
"Ismartu's Q3 volumes? [...] Next-year smartphone volume outlook?"
Answer: Ismartu contributed ~1.7M of 8.3M Q3 smartphone volumes. FY26 targets exclude Vivo JV (pending approvals) but anticipate growth via Motorola, Xiaomi, and Oppo partnerships.
Question 6 (Indrajit Agarwal from CLSA):
"Laptop revenue recognition [...] delay in import restrictions?"
Answer: Laptop revenue started minimally in Q3; trials for HP/Asus begin Feb '25. Import delays haven't altered 5-year targets, with a JV planned with a global ODM for servers/notebooks.
Question 7 (Pulkit Patni from Goldman Sachs):
"PLI incentive receivables? [...] Other expenses decline?"
Answer: PLI receivables stand at ~INR1,000 crore (Dixon's share: ~INR200 crore). Lower Q3 expenses reflect reduced wages/power costs and forex gains vs. Q2's exchange loss.
Question 8 (Renu Pugalia from IIFL Securities):
"Growth drivers post-mobile PLI? Talent strategy?"
Answer: Focus on components (displays, mechanicals), IT hardware JV, and telecom (INR3,000 crore FY25 revenue, doubling in FY26). Hiring expats/senior talent for component verticals.
Question 9 (Keyur Pandya from ICICI Prudential):
"Mobile margins post-PLI sunset?"
Answer: Backward integration (100"“120 bps margin improvement in 24"“36 months) and automation to offset PLI expiry. Display module revenue to scale from FY26"“27.
Question 10 (Nirransh Jain from BNP Paribas):
"Vivo JV's outsourcing share [...] volumes?"
Answer: Vivo JV to produce 67% of Vivo's India sales post-regulatory approvals (6"“7 months). Samsung's Q3 volumes were 1.7M; washing machines: 3.6L semi-auto, 0.8L fully auto.
Investor Care | |
---|---|
Dividend Yield | 0.06% |
Dividend/Share (TTM) | 8 |
Shares Dilution (1Y) | 0.43% |
Diluted EPS (TTM) | 143.19 |
Financial Health | |
---|---|
Current Ratio | 1.03 |
Debt/Equity | 0.14 |
Debt/Cashflow | 1.61 |
Understand Dixon Tech (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Shareholder Name | Holding % |
---|---|
PSV FAMILY TRUST UNDER THE TRUSTEES MR. SUNIL VACHANI AND MRS. GAYATRI VACHANI | 15.69% |
GAYATRI VACHANI | 6.45% |
KAMLA VACHANI | 6.42% |
SUNIL VACHANI | 5.34% |
KSV FAMILY TRUST UNDER THE TRUSTEES MR. SUNIL VACHANI AND MRS. GAYATRI VACHANI | 3.92% |
ATUL BEHARI LALL | 3.27% |
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA ETF | 2.3% |
MOTILAL OSWAL NIFTY MIDCAP 100 ETF | 2.24% |
UTI-FLEXI CAP FUND | 1.55% |
AXIS ELSS TAX SAVER FUND | 1.32% |
HSBC MIDCAP FUND | 1.25% |
LIFE INSURANCE CORPORATION OF INDIA | 1.17% |
CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO EMERGI | 1.14% |
HDFC LARGE AND MID CAP FUND | 1.08% |
INVESCO INDIA ELSS TAX SAVER FUND | 1.01% |
HDFC LIFE INSURANCE COMPANY LIMITED | 1.01% |
SURESH VASWANI | 0.85% |
VACHANI KAMAL VACHANI SUNDER | 0.01% |
RAVI VACHANI | 0.01% |
Distribution across major stakeholders
Distribution across major institutional holders
Valuation | |
---|---|
Market Cap | 97.43 kCr |
Price/Earnings (Trailing) | 112.64 |
Price/Sales (Trailing) | 2.93 |
EV/EBITDA | 65.72 |
Price/Free Cashflow | -7.34 L |
MarketCap/EBT | 88.02 |
Fundamentals | |
---|---|
Revenue (TTM) | 33.25 kCr |
Rev. Growth (Yr) | 116.99% |
Rev. Growth (Qtr) | -9.27% |
Earnings (TTM) | 864.93 Cr |
Earnings Growth (Yr) | 122.76% |
Earnings Growth (Qtr) | -47.48% |
Profitability | |
---|---|
Operating Margin | 2.7% |
EBT Margin | 3.33% |
Return on Equity | 33.59% |
Return on Assets | 5.37% |
Free Cashflow Yield | -0.00% |
Detailed comparison of Dixon Tech (India) against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
---|---|---|---|---|---|---|---|---|---|
HAVELLS | Havells IndiaConsumer Electronics | 1 LCr | 20.99 kCr | +7.15% | +2.51% | 71.64 | 4.78 | +15.14% | +18.43% |
KAYNES | KAYNES TECHNOLOGY INDIAIndustrial Products | 35.68 kCr | 2.49 kCr | +14.38% | +110.55% | 138.01 | 14.33 | +34.13% | +56.13% |
AMBER | Amber Enterprises IndiaHousehold Appliances | 21.63 kCr | 9.1 kCr | -6.75% | +68.52% | 93.32 | 2.38 | +30.29% | +56.02% |
VGUARD | V-Guard IndustriesHousehold Appliances | 15.52 kCr | 5.4 kCr | +0.96% | +3.95% | 51.94 | 2.87 | +15.32% | +27.60% |
SYRMA | Syrma SGS TechnologyIndustrial Products | 8.73 kCr | 4.06 kCr | +4.22% | +3.24% | 55.15 | 2.15 | +46.86% | +29.59% |
AVALON | Avalon TechOther Electrical Equipment | 5.54 kCr | 993.28 Cr | +6.79% | +58.48% | 119.75 | 5.57 | +5.90% | +5.94% |