Dixon Technologies (India) Ltd

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Dixon Technologies (India) Ltd

₹ 15,612 -5.76%
21 May - close price
dixoninfo.com BSE: 540699 NSE: DIXON
About

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]

Key Points

Business Segments
1) Mobile & EMS Division (84% in 9M FY25 vs 43% in FY23): [1] [2] The company has emerged as one of the fastest-growing mobile phone manufacturers in India. It also manufactures IT hardware, telecom products, hearables, and wearables. Its clientele includes Motorola, Xiaomi, Oppo, etc. The segment revenue grew by 221% YoY in 9M FY25, driven by volume growth. [3] [4] [5]

Website BSE NSE
  • Market Cap ₹ 94,036 Cr.
  • Current Price ₹ 15,612
  • High / Low ₹ 19,150 / 8,440
  • Stock P/E 596
  • Book Value ₹ 362
  • Dividend Yield 0.03 %
  • ROCE 11.8 %
  • ROE 8.83 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Stock is trading at 43.1 times its book value
  • The company has delivered a poor sales growth of 8.03% over past five years.
  • Company has a low return on equity of 13.6% over last 3 years.
  • Earnings include an other income of Rs.556 Cr.
  • Dividend payout has been low at 11.0% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Consumer Durables Industry: Electronics - Consumer

Part of BSE 500 BSE Consumer Durables BSE 200 Nifty 500 BSE MidCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
1,670 1,504 2,293 1,533 1,667 1,509 2,073 1,441 1,388 1,299 1,986 1,030 1,086
1,597 1,434 2,196 1,454 1,553 1,426 1,979 1,375 1,316 1,245 1,895 1,001 1,014
Operating Profit 73 70 98 79 114 83 94 66 72 54 92 30 71
OPM % 4% 5% 4% 5% 7% 6% 5% 5% 5% 4% 5% 3% 7%
0 2 3 10 4 8 8 9 12 12 246 6 292
Interest 10 7 9 9 11 10 9 12 10 11 12 15 15
Depreciation 15 12 14 14 17 16 15 16 17 17 17 17 20
Profit before tax 48 52 77 66 90 65 78 47 57 39 309 4 328
Tax % 28% 25% 24% 26% 29% 26% 27% 21% 24% 27% 17% 40% 15%
35 39 59 49 64 48 57 37 43 28 257 2 279
EPS in Rs 5.90 6.61 9.91 8.19 10.79 8.05 9.61 6.19 7.26 4.68 42.92 0.42 46.24
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
1,062 1,115 1,252 1,645 2,210 2,526 3,672 5,675 7,484 6,997 6,411 5,401
1,043 1,092 1,223 1,560 2,104 2,400 3,467 5,401 7,201 6,631 6,093 5,154
Operating Profit 18 23 29 85 107 126 204 274 284 367 319 247
OPM % 2% 2% 2% 5% 5% 5% 6% 5% 4% 5% 5% 5%
8 1 26 0 3 4 9 2 3 15 36 556
Interest 8 6 7 15 13 26 39 31 35 39 44 53
Depreciation 4 5 6 10 14 20 32 38 51 58 64 71
Profit before tax 14 13 41 61 82 84 142 206 200 285 247 679
Tax % 22% 24% 12% 28% 31% 33% 22% 26% 25% 26% 25% 17%
11 10 36 44 57 56 111 152 151 211 186 566
EPS in Rs 7.08 6.33 23.48 7.97 10.07 9.96 19.10 25.95 25.44 35.45 31.04 93.95
Dividend Payout % 3% 3% 11% 15% 4% 4% 4% 4% 8% 8% 16% 9%
Compounded Sales Growth
10 Years: 17%
5 Years: 8%
3 Years: -10%
TTM: -16%
Compounded Profit Growth
10 Years: 32%
5 Years: 7%
3 Years: 2%
TTM: -15%
Stock Price CAGR
10 Years: %
5 Years: 78%
3 Years: 66%
1 Year: 71%
Return on Equity
10 Years: 17%
5 Years: 16%
3 Years: 14%
Last Year: 9%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Equity Capital 3 3 3 11 11 11 12 12 12 12 12 12
Reserves 69 78 110 179 292 349 503 691 910 1,154 1,382 2,171
87 65 70 43 45 139 76 223 373 243 239 303
108 136 145 265 320 605 831 1,494 1,431 1,323 1,200 995
Total Liabilities 268 283 328 498 668 1,103 1,421 2,419 2,726 2,732 2,834 3,480
71 76 85 129 168 207 350 381 608 741 824 842
CWIP 0 0 0 2 16 19 10 72 19 52 34 174
Investments 9 9 25 9 13 18 45 140 227 138 124 1,086
188 198 217 359 471 859 1,016 1,826 1,872 1,801 1,851 1,378
Total Assets 268 283 328 498 668 1,103 1,421 2,419 2,726 2,732 2,834 3,480

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
6 40 26 46 61 -12 238 158 214 404 239 279
2 -11 -19 -39 -97 -54 -93 -266 -249 -283 -266 -382
-9 -29 -7 -7 42 67 -61 51 110 -189 2 121
Net Cash Flow -1 0 0 -0 7 1 84 -57 75 -67 -24 18

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 13 15 20 30 21 63 43 65 41 49 52 41
Inventory Days 32 35 29 41 45 50 42 40 35 26 25 30
Days Payable 33 43 40 59 45 92 82 103 71 71 69 61
Cash Conversion Cycle 12 7 9 11 21 21 2 2 5 3 7 11
Working Capital Days 23 17 17 17 17 33 16 18 13 10 11 12
ROCE % 15% 13% 23% 37% 33% 26% 33% 31% 21% 24% 19% 12%

Shareholding Pattern

Numbers in percentages

Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
34.30% 34.27% 34.06% 34.05% 34.04% 33.80% 33.63% 33.44% 33.24% 32.89% 32.42% 32.27%
15.08% 16.27% 16.66% 12.04% 15.00% 15.66% 17.41% 17.85% 19.33% 22.69% 23.22% 21.81%
8.07% 18.59% 18.92% 23.76% 24.61% 27.44% 26.39% 27.01% 26.08% 23.14% 22.61% 23.07%
42.56% 30.87% 30.35% 30.13% 26.36% 23.11% 22.58% 21.71% 21.34% 21.27% 21.73% 22.86%
No. of Shareholders 3,91,2833,67,7733,47,7283,67,7273,15,6832,85,5662,67,5362,52,8432,67,3142,85,3633,20,1933,75,630

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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