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Dixon Technologies (India)

DIXON NSE
₹12,290.00 +20.00 (+0.16%)
P/E
39.80
View as Markdown
MCP
Close 4 Nov 2026 ₹12,290.00 −2,789.00 −18.5% 1Y
Start ₹15,079.00

Key Fundamentals

MidcapConsumer DurablesConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
29.20%
Debt to Equity
0.21
EPS (TTM)
₹308.83
Book Value
₹961.03
Market Cap
—
P/E (TTM)
39.80
P/B
12.79
ROE
18.90%
Dividend Yield
0.08%
EBITDA
₹2,580 Cr
52W High
₹15,775.00
52W Low
₹9,600.00
Day Range
₹12,061.00 – ₹12,329.00
Volume
2,49,033

Peer Comparison

Consumer Discretionary › Consumer Goods › Electronics › Consumer Electronics

Dixon peer comparison
Dixon (this company)
₹12,290.0039.80₹74,402 Cr12.790.08%18.90%29.20%₹51,585 Cr₹2,083 Cr
Havells
₹1,070.0041.07₹65,994 Cr6.870.95%19.00%24.90%₹23,591 Cr₹1,631 Cr
PG Electroplast
₹536.8074.45₹15,569 Cr4.890.05%6.70%10.30%₹5,818 Cr₹206 Cr
IKIO Technologies
₹173.9428.89₹1,321 Cr2.230.60%7.13%9.49%₹644 Cr₹51 Cr
MIRC Electronics
₹26.57—₹957 Cr4.130.00%−33.60%−16.40%₹749 Cr−₹74 Cr
Cellecor Gadgets
₹27.70—₹655 Cr2.600.00%22.00%22.70%——
CWD
₹255.55—₹588 Cr5.280.00%13.20%18.20%₹6 Cr−₹3 Cr
Median 7 companies₹255.5540.44₹1,321 Cr4.890.05%13.20%18.20%₹3,283 Cr₹129 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

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

Overall score

52 Average

Data confidence 100/100

Category scores

Quality
58
Good
Returns, margins, earnings quality 22% weight
Valuation
46
Average
Cheap vs sector & own history 24% weight
Growth
44
Weak
Sales & profit trajectory 9% weight
Financial Health
48
Average
Solvency, leverage, coverage 9% weight
Momentum
52
Average
Trend strength, vol-adjusted 12% weight
Ownership
64
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

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 16.6 times its book value
  • Earnings include an other income of Rs.1,263 Cr.
  • Promoter holding has decreased over last 3 years: -5.25%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallNeutral757
OscillatorsNeutral252
Moving AveragesNeutral505

Key readings

RSI (14)
50.18
Neutral
MACD (12,26,9)
−341.83
Bullish
SMA (50)
13,082.66
Bearish
SMA (200)
12,073.91
Bullish

As of

Analyst Rating

Based on 28 analysts
BUY79%

22 of 28 analysts rate Buy, 2 Hold, 4 Sell.

As of

BUY
22
79%
HOLD
2
7%
SELL
4
14%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+42.77%
5Y+49.94%
3Y+58.85%
1Y+25.77%
TTM+14.34%

Net profit

Net profit growth by window
10Y+43.96%
5Y+59.35%
3Y+86.12%
1Y+33.33%
TTM+51.71%

Operating cash flow

Operating cash flow growth by window
10Y+45.47%
5Y+59.99%
3Y+34.89%
1Y+54.96%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+0.30 pp
5Y−0.70 pp
3Y−0.43 pp
1Y−0.07 pp
TTM−0.28 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,457 Cr
Mar 2018₹2,842 Cr
Mar 2019₹2,984 Cr
Mar 2020₹4,400 Cr
Mar 2021₹6,448 Cr
Mar 2022₹10,697 Cr
Mar 2023₹12,192 Cr
Mar 2024₹17,691 Cr
Mar 2025₹38,860 Cr
Mar 2026₹48,873 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹48.00 Cr
Mar 2018₹61.00 Cr
Mar 2019₹63.00 Cr
Mar 2020₹120 Cr
Mar 2021₹160 Cr
Mar 2022₹190 Cr
Mar 2023₹255 Cr
Mar 2024₹375 Cr
Mar 2025₹1,233 Cr
Mar 2026₹1,644 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹498 Cr −25.5% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Dixon Technologies trades at ₹12,319 per share as of 2026-11-02 with a market cap of ₹71,655 Cr. The company combines strong profitability metrics (ROE of 30.52%, ROCE of 34.16%) and a 5-year compounded profit growth of 35% with a relatively demanding valuation at a P/E of 39.89x and P/B of 16.11x. The stock sits roughly 22% below its 52-week high of ₹15,775 and about 28% above its 52-week low of ₹9,600.

Bull Case 7
  • Exceptional capital efficiency with ROE at 30.52% and ROCE at 34.16% as of 2026-11-02, well above typical consumer goods peers
  • Compounded profit growth of 35% over 5 years and 41% over 3 years demonstrates sustained earnings expansion
  • TTM profit growth of 119% signals a sharp acceleration in earnings momentum
  • Compounded sales growth of 50% over 5 years and 59% over 3 years reflects rapid revenue scaling in the electronics manufacturing space
  • Conservative balance sheet with a debt-to-equity ratio of just 0.21, providing financial flexibility for future capacity expansion
  • Median sales growth of 45.8% over the last 10 years indicates a long and consistent track record of top-line compounding
  • 10-year compounded sales growth of 43% and profit growth of 35% demonstrate durability of the business model across market cycles
Bear Case 8
  • P/E of 39.89x as of 2026-11-02 prices in significant future growth, leaving limited room for execution missteps
  • Price-to-book of 16.11x is elevated — the stock trades at over 16 times its book value, implying stretched asset-based valuation
  • Earnings include other income of ₹1,263 Cr., raising questions about the quality and sustainability of reported profits
  • Promoter holding has declined by 5.25% over the last three years, which may signal reduced insider conviction
  • TTM sales growth has decelerated sharply to 14% compared to the 3-year compounded rate of 59%, suggesting a potential growth slowdown
  • Dividend yield of just 0.09% offers virtually no income cushion to shareholders during periods of price weakness
  • The stock has delivered a negative 1-year return of -26%, indicating significant recent price erosion despite strong underlying profit growth
  • Last year's ROE of 19% fell below the 10-year average ROE of 22%, hinting at possible near-term pressure on return ratios

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

AI News Digest

9h ago

TL;DR: Dixon Technologies faces a near-term demand concern with festive season mobile phone volumes estimated down 12% in the opening days, a notable soft patch for a company heavily levered to consumer electronics manufacturing. On the positive side, continued engagement with institutional investors signals sustained market interest. The key monitorable is whether festive demand recovers in the weeks ahead or signals a broader slowdown in discretionary electronics spending.

Headwinds 1
  • Festive mobile volumes down 12% Oct 12

    Mobile phone volumes for Dixon Technologies are estimated to have declined 12% during the first three days of the festive season, marking a weak start to a period that typically drives elevated consumer electronics demand.

Neutral 2
  • Virtual meeting with DSP MF Nov 03

    Dixon Technologies held a virtual one-on-one meeting with DSP Mutual Fund on November 2, 2026, confirming no unpublished price sensitive information was shared.

  • Investor meets with fund managers Oct 10

    Dixon Technologies held investor meetings with PL Capital and Balyasny Asset Management on October 9, 2026, with no price-sensitive information disclosed.

Quarterly Results

₹ Cr
DIXON quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 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
21,794
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
21,197
Operating Profit
132
199
184
182
248
426
391
443
482
561
414
408
463
597
OPM %
4%
4%
3.8%
3.9%
3.8%
3.7%
3.7%
4.3%
3.8%
3.8%
3.9%
3.9%
3%
2.7%
Other Income
6
3
4
19
16
206
10
265
8
496
139
90
537
72
Interest
14
17
22
21
29
38
41
46
33
38
43
24
24
26
Depreciation
34
36
41
51
55
66
75
86
93
96
99
105
107
110
PBT
90
149
126
130
180
526
285
576
366
922
412
370
869
532
Tax %
25%
24%
23%
25%
22%
22%
24%
19%
23%
19%
22%
19%
17%
23%
Net Profit
67
113
97
97
140
412
216
465
280
746
321
298
718
411
EPS (₹)
11.55
18.02
16.12
15.91
22.34
65.15
28.5
66.54
37.2
111
47.34
42.17
109
—

Sep 2026: from the results filed on 30 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
DIXON profit and loss, annual, ₹ crore
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 (₹)
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%
—

Balance Sheet

₹ Cr
DIXON balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
DIXON cash flow, annual, ₹ crore
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

Ratios

DIXON financial ratios, annual
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

Log in to view Dixon insights

63 extracted metrics across FY15–FY27.

Shareholding Pattern

As of Sep 2026

  • DIIs 28.71%
  • Promoters 28.50%
  • FIIs 18.96%
  • Others 12.05%
  • Public 11.79%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Dixon Technologies (India)

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.
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 PE ratio of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd trades at a PE ratio of 39.80 as of 4 Nov 2026, on earnings per share of ₹308.83, against a book value of ₹961.03 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 ₹15,775 as of 4 Nov 2026.
Does Dixon Technologies (India) Ltd pay dividends?
Dixon Technologies (India) Ltd has a dividend yield of 0.08%.
What is the Return on Equity (ROE) of Dixon Technologies (India) Ltd?
Dixon Technologies (India) Ltd reported a return on equity of 18.90%. 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.

Website dixoninfo.com
CEO Mr. Sunil Vachani
Employees 1,567
Listed 18 Sep 2017
Face Value ₹2

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