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Dixon

DIXON NSE

Key Fundamentals

MidcapElectronicsConsumer Goods
Market Cap
₹80,340 Cr
Volatility
Moderate
P/E Ratio
43.47
EBITDA
₹2,580 Cr
Return on Equity
30.52%
Debt to Equity
0.21
Book Value
₹764.54
EPS
₹72.3
52W High
₹18,471
52W Low
₹9,600

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has delivered good profit growth of 35.4% CAGR over last 5 years
  • Company's median sales growth is 45.8% of last 10 years

Weaknesses

3
  • Stock is trading at 17.4 times its book value
  • Earnings include an other income of Rs.1,263 Cr.
  • Promoter holding has decreased over last 3 years: -5.49%

Growth Rate

Revenue Growth
27.53% lower than 3Y
Net Income Growth
33.4% lower than 3Y
Cash Flow Change
55.02% lower than 3Y
ROE
-14.1% lower than 3Y
ROCE
-17.35% lower than 3Y
EBITDA Margin (Avg.)
32.32% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Dixon Technologies commands a market cap of ₹80,340 Cr at a PE of 39.4x and PB of 17.53x. The company has delivered 50% compounded sales CAGR over 5 years and 35% profit CAGR over the same period, though ROE has moderated to 19% in the last year from a 5-year average of 22%, and the stock has declined 25% over the past 1 year.

Bull Case 7
  • Exceptional 5-year compounded sales CAGR of 50%, reflecting strong and sustained top-line momentum in the EMS space
  • Robust 5-year compounded profit CAGR of 35%, demonstrating ability to scale earnings alongside revenue
  • TTM profit growth of 119% indicates a sharp acceleration in earnings in the most recent period
  • Median sales growth of 45.8% over the last 10 years points to a long, consistent track record of revenue expansion
  • 10-year compounded sales CAGR of 43% underscores a durable secular growth trajectory rather than a short-term spike
  • 3-year stock CAGR of 39% reflects meaningful long-term wealth creation for shareholders despite recent correction
  • Consistent ROE averaging 22% over 3, 5, and 10-year periods suggests disciplined capital allocation and structural profitability
Bear Case 8
  • Stock trades at 17.53x book value, a steep premium that leaves limited margin of safety if growth slows
  • Earnings include an other income component of ₹1,263 Cr, raising questions about the quality and sustainability of reported profits
  • Promoter holding has declined by 5.49% over the last 3 years, which may signal reduced insider conviction
  • PE ratio of 39.4x demands consistently high earnings delivery; any miss could trigger sharp de-rating
  • ROE has moderated from a 22% long-term average to 19% in the last year, suggesting potential dilution of return efficiency at scale
  • Stock has declined 25% over the past 1 year, indicating the market has already repriced growth expectations lower
  • Dividend yield of just 0.07% offers virtually no income cushion, making returns entirely dependent on capital appreciation
  • TTM sales growth has decelerated to 14% versus the 5-year CAGR of 50%, raising concerns about whether the high-growth phase is tapering

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 3
  • ₹62,500cr mobile scheme lineup Aug 25

    Dixon Technologies is among companies lined up for a ₹62,500 crore mobile phone production scheme, signaling significant revenue potential from government-backed manufacturing programs.

  • Design-led EMS platform shift Sep 4

    Dixon is transitioning from pure assembly to an integrated, component-driven, design-led EMS platform, targeting higher-margin industrial and component verticals across the value chain.

  • 10% renewable energy adoption Sep 3

    Dixon's FY26 BRSR report highlights a shift to 10% renewable energy usage alongside improved waste management and ESG compliance metrics.

Neutral 3
  • Heavy institutional investor engagement Sep 11

    Dixon held multiple one-on-one meetings between Aug 19 and Sep 11 with marquee investors including Bajaj Life, Baillie Gifford, SBI MF, Invesco MF, Nippon MF, Citigroup, Avendus Spark, and Malabar Investments. No UPSI was shared in any session.

  • Morgan Stanley seminar participation Sep 9

    Dixon will attend the MS Virtual India Industrials & Energy Seminar on September 16, 2026, in a virtual group session at 11:00 am.

  • AGM scheduled September 28 Aug 31

    Dixon's 33rd AGM is set for September 28, 2026 via video conferencing, with e-voting starting September 25.

TL;DR: Dixon Technologies shows no visible headwinds in recent news flow. The company is actively positioning for growth through a strategic pivot to higher-margin design-led EMS and a potential role in the ₹62,500 crore mobile production scheme. Sustained institutional investor engagement from top-tier funds signals strong market interest. The trend is constructive, with catalysts ahead from the mobile scheme finalization and the upcoming AGM on September 28.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,272
4,943
4,818
4,658
6,580
11,534
10,454
10,293
12,836
14,855
10,672
10,511
15,548
Expenses
3,140
4,744
4,634
4,476
6,332
11,108
10,063
9,850
12,353
14,294
10,257
10,102
15,085
Operating Profit
132
199
184
182
248
426
391
443
482
561
414
408
463
OPM %
4%
4%
3.8%
3.9%
3.8%
3.7%
3.7%
4.3%
3.8%
3.8%
3.9%
3.9%
3%
Other Income
6
3
4
19
16
206
10
265
8
497
139
90
537
Interest
14
17
22
21
29
38
41
46
33
38
43
24
24
Depreciation
34
36
41
51
55
66
75
86
93
96
99
105
107
PBT
90
149
126
130
180
529
285
576
366
924
412
370
869
Tax %
25%
24%
23%
25%
22%
22%
24%
19%
23%
19%
22%
19%
17%
Net Profit
67
113
97
97
140
412
216
465
280
746
321
298
718
EPS in Rs
11.55
18.02
16.12
15.91
22.34
65.15
28.5
66.54
37.2
111
47.34
42.17
109
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,201
1,389
2,457
2,842
2,984
4,400
6,448
10,697
12,192
17,691
38,860
48,873
51,585
Expenses
1,169
1,340
2,365
2,729
2,848
4,172
6,156
10,313
11,673
16,986
37,345
47,000
49,738
Operating Profit
32
49
92
113
136
228
292
384
519
705
1,515
1,873
1,847
OPM %
2.7%
3.5%
3.7%
4%
4.6%
5%
4.5%
3.6%
4.3%
4%
3.9%
3.8%
3.6%
Other Income
2
23
1
4
6
5
1
4
4
32
497
731
1,263
Interest
10
13
16
13
26
39
33
49
64
81
162
141
129
Depreciation
7
8
11
15
22
37
44
84
115
162
281
393
407
PBT
17
51
66
88
94
157
217
255
345
494
1,570
2,071
2,574
Tax %
24%
16%
28%
31%
32%
23%
26%
25%
26%
24%
21%
21%
—
Net Profit
13
43
48
61
63
120
160
190
255
375
1,233
1,644
2,082
EPS in Rs
7.65
27.46
8.66
10.76
11.19
20.81
27.28
32.05
42.9
61.47
182
237
309
Div. Payout %
3%
9%
14%
4%
4%
4%
4%
6%
7%
8%
4%
4%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
3
3
11
11
11
12
12
12
12
12
12
12
Reserves
82
120
186
304
367
530
726
985
1,273
1,683
2,998
4,665
Borrowings
82
80
43
45
141
87
295
667
453
489
671
994
Other Liabilities
157
215
549
606
971
1,069
1,814
2,613
2,941
4,806
13,077
13,481
Total Liabilities
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,152
Fixed Assets
97
124
137
179
241
414
550
1,003
1,244
1,996
2,774
4,172
CWIP
0
0
2
16
19
10
72
22
120
68
257
571
Investments
6
0
0
11
8
0
95
141
44
20
536
1,007
Other Assets
221
294
650
759
1,224
1,273
2,128
3,111
3,272
4,905
13,191
13,403
Total Assets
324
417
789
966
1,491
1,697
2,846
4,277
4,679
6,990
16,758
19,152
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
44
42
53
68
-3
237
170
273
726
584
1,150
1,782
Investing
-22
-22
-43
-100
-64
-99
-265
-464
-356
-531
-1,093
-1,138
Financing
-22
-20
-8
42
69
-57
63
304
-330
-70
-27
-108
Net Cash Flow
0
1
1
10
2
81
-32
113
41
-17
30
537
Free Cash Flow
23
16
15
-5
-82
129
2
-145
276
16
254
724
CFO/OP
152
103
74
78
11
123
77
85
156
100
94
117
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
23
42
38
63
43
62
46
51
48
65
49
Inventory Days
38
41
47
47
57
47
47
43
32
39
41
31
Days Payable
46
56
84
75
103
89
108
86
81
92
111
86
Cash Conversion Cycle
9
8
5
10
17
1
1
3
2
-6
-5
-7
Working Capital Days
16
8
7
8
12
9
9
3
-2
-2
2
-3
ROCE %
16%
29%
37%
34%
27%
34%
30%
23%
24%
29%
40%
29%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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63 extracted metrics + investor summaries across FY15–FY27.

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Shareholding Pattern

Promot.28.55%DIIs28.39%Others11.69%Public13.49%FIIs17.87%As ofJun 2026

Documents

Frequently Asked Questions about Dixon

What does Dixon Technologies (India) Ltd do?
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...
Where is Dixon Technologies (India) Ltd (DIXON) listed?
Dixon Technologies (India) Ltd trades as DIXON on the NSE and under code 540699 on the BSE.
Which sector does Dixon Technologies (India) Ltd belong to?
Dixon Technologies (India) Ltd is classified under the Consumer Goods sector, in the Electronics industry.
What is the market capitalisation of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd has a market capitalisation of ₹80,340 Cr, which places it in the Large Cap band.
What is the PE ratio of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd trades at a PE ratio of 43.47, on earnings per share of ₹72.3, against a book value of ₹764.54 per share.
What is the 52-week high and low of Dixon Technologies (India) Ltd?
Over the last 52 weeks Dixon Technologies (India) Ltd has traded between ₹9,600 and ₹18,471.
Does Dixon Technologies (India) Ltd pay dividends?
Dixon Technologies (India) Ltd has a dividend yield of 0.07%.
What is the Return on Equity (ROE) of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd reported a return on equity of 30.52%. Its debt-to-equity ratio is 0.21.

Company Information

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]

Website dixoninfo.com
CEO Mr. Sunil Vachani
Employees 1,567
Listed 2017-09-18
Face Value ₹ 2
Issued Size 6,06,85,743

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