Dixon Technologies (India) Ltd
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]
- Market Cap ₹ 1,06,220 Cr.
- Current Price ₹ 17,553
- High / Low ₹ 19,150 / 12,022
- Stock P/E 748
- Book Value ₹ 362
- Dividend Yield 0.03 %
- ROCE 11.8 %
- ROE 8.83 %
- Face Value ₹ 2.00
Pros
Cons
- Stock is trading at 48.4 times its book value
- Promoter holding has decreased over last quarter: -3.32%
- 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.550 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
Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics
Part of BSE 500 BSE Consumer Durables BSE 100 BSE 200 Nifty 500
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
1,062 | 1,115 | 1,252 | 1,645 | 2,210 | 2,526 | 3,672 | 5,675 | 7,484 | 6,997 | 6,411 | 5,401 | 4,993 | |
1,043 | 1,092 | 1,223 | 1,560 | 2,104 | 2,400 | 3,467 | 5,401 | 7,201 | 6,631 | 6,093 | 5,154 | 4,751 | |
Operating Profit | 18 | 23 | 29 | 85 | 107 | 126 | 204 | 274 | 284 | 367 | 319 | 247 | 242 |
OPM % | 2% | 2% | 2% | 5% | 5% | 5% | 6% | 5% | 4% | 5% | 5% | 5% | 5% |
8 | 1 | 26 | 0 | 3 | 4 | 9 | 2 | 3 | 15 | 36 | 556 | 550 | |
Interest | 8 | 6 | 7 | 15 | 13 | 26 | 39 | 31 | 35 | 39 | 44 | 53 | 57 |
Depreciation | 4 | 5 | 6 | 10 | 14 | 20 | 32 | 38 | 51 | 58 | 64 | 71 | 73 |
Profit before tax | 14 | 13 | 41 | 61 | 82 | 84 | 142 | 206 | 200 | 285 | 247 | 679 | 662 |
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 | 554 | |
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 | 92.21 |
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: | -19% |
Compounded Profit Growth | |
---|---|
10 Years: | 32% |
5 Years: | 7% |
3 Years: | 2% |
TTM: | -14% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | 59% |
3 Years: | 62% |
1 Year: | 35% |
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 | 12 | 10 | 12 | 14 | 9 | 13 | 9 | 8 | 7 | 1 |
ROCE % | 15% | 13% | 23% | 37% | 33% | 26% | 33% | 31% | 21% | 24% | 19% | 12% |
Documents
Announcements
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Announcement Under Regulation 30- Updates
8h - Record date 16 Sept 2025 for dividend payment and e-voting for 32nd AGM.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
9h - Read with Para A and Part A of schedule III of the said regulations, please find the details of scheduled Meeting between the officials of …
- Announcement under Regulation 30 (LODR)-Newspaper Publication 13h
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Corporate Action Record Date For AGM Is 16Th September 2025
1d - AGM on 23 Sep 2025; final dividend Rs.8/share; shareholder approval for large RPTs (DEAPL-Bharti Airtel up to INR4,000Cr).
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Business Responsibility and Sustainability Reporting (BRSR)
1d - Dixon files Business Responsibility and Sustainability Report for FY2024-25; available on company website; part of Annual Report.
Annual reports
Concalls
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Jul 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024TranscriptNotesPPT
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Jul 2024TranscriptNotesPPT
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May 2024Transcript PPT REC
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Oct 2023TranscriptPPT
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Nov 2018Transcript PPT
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May 2018Transcript PPT
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Feb 2018Transcript PPT
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Nov 2017Transcript PPT
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]