Dixon Technologies (India) Ltd

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Dixon Technologies (India) Ltd

₹ 11,103 -0.19%
14 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 ₹ 67,503 Cr.
  • Current Price ₹ 11,103
  • High / Low ₹ 18,472 / 9,600
  • Stock P/E 88.9
  • Book Value ₹ 533
  • Dividend Yield 0.07 %
  • ROCE 31.5 %
  • ROE 28.0 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 38.0% CAGR over last 5 years

Cons

  • Stock is trading at 20.8 times its book value
  • The company has delivered a poor sales growth of -7.08% over past five years.
  • Tax rate seems low
  • Earnings include an other income of Rs.802 Cr.
  • Promoter holding has decreased over last 3 years: -5.38%

* 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 BSE Dollex 200

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1,667 1,509 2,073 1,441 1,388 1,299 1,986 1,030 1,086 891 1,386 792 861
1,553 1,426 1,979 1,375 1,316 1,245 1,895 1,001 1,014 842 1,310 737 832
Operating Profit 114 83 94 66 72 54 92 30 71 49 76 56 30
OPM % 7% 6% 5% 5% 5% 4% 5% 3% 7% 6% 5% 7% 3%
4 8 8 9 12 12 246 6 292 7 522 192 81
Interest 11 10 9 12 10 11 12 15 15 15 13 19 7
Depreciation 17 16 15 16 17 17 17 17 20 19 18 16 17
Profit before tax 90 65 78 47 57 39 309 4 328 22 566 213 87
Tax % 29% 26% 27% 21% 24% 27% 17% 40% 15% 28% 16% 12% 10%
64 48 57 37 43 28 257 2 279 16 479 187 78
EPS in Rs 10.79 8.05 9.61 6.19 7.26 4.68 42.92 0.42 46.24 2.63 79.08 30.83 12.81
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,115 1,252 1,645 2,210 2,526 3,672 5,675 7,484 6,997 6,411 5,401 3,930
1,092 1,223 1,560 2,104 2,400 3,467 5,401 7,201 6,631 6,093 5,153 3,720
Operating Profit 23 29 85 107 126 204 274 284 367 319 248 210
OPM % 2% 2% 5% 5% 5% 6% 5% 4% 5% 5% 5% 5%
1 26 0 3 4 9 2 3 15 36 556 802
Interest 6 7 15 13 26 39 31 35 39 44 55 54
Depreciation 5 6 10 14 20 32 38 51 58 64 71 70
Profit before tax 13 41 61 82 84 142 206 200 285 247 679 888
Tax % 24% 12% 28% 31% 33% 22% 26% 25% 26% 25% 17% 14%
10 36 44 57 56 111 152 151 211 186 566 759
EPS in Rs 6.33 23.48 7.97 10.07 9.96 19.10 25.95 25.44 35.45 31.04 93.95 124.90
Dividend Payout % 3% 11% 15% 4% 4% 4% 4% 8% 8% 16% 9% 8%
Compounded Sales Growth
10 Years: 12%
5 Years: -7%
3 Years: -17%
TTM: -27%
Compounded Profit Growth
10 Years: 40%
5 Years: 38%
3 Years: 53%
TTM: 387%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: 56%
1 Year: -31%
Return on Equity
10 Years: 20%
5 Years: 19%
3 Years: 19%
Last Year: 28%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 3 3 11 11 11 12 12 12 12 12 12 12
Reserves 78 110 179 292 349 503 691 910 1,154 1,382 2,171 3,227
65 70 43 45 139 76 223 373 243 239 303 257
136 145 265 320 605 831 1,494 1,431 1,323 1,200 995 812
Total Liabilities 283 328 498 668 1,103 1,421 2,419 2,726 2,732 2,834 3,480 4,309
76 85 129 168 207 350 381 608 741 824 842 796
CWIP 0 0 2 16 19 10 72 19 52 34 174 367
Investments 9 25 9 13 18 45 140 227 138 124 1,086 1,907
198 217 359 471 859 1,016 1,826 1,872 1,801 1,851 1,378 1,239
Total Assets 283 328 498 668 1,103 1,421 2,419 2,726 2,732 2,834 3,480 4,309

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
40 26 46 61 -12 238 158 214 404 239 279 -104
-11 -19 -39 -97 -54 -93 -266 -249 -283 -266 -382 -33
-29 -7 -7 42 67 -61 51 110 -189 2 121 130
Net Cash Flow 0 0 -0 7 1 84 -57 75 -67 -24 18 -6
Free Cash Flow 28 8 10 -9 -72 151 45 13 269 103 101 -405
CFO/OP 185% 112% 70% 74% 3% 136% 77% 93% 128% 97% 133% 16%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 15 20 30 21 63 43 65 41 49 52 41 52
Inventory Days 35 29 41 45 50 42 40 35 26 25 30 54
Days Payable 43 40 59 45 92 82 103 71 71 69 61 70
Cash Conversion Cycle 7 9 11 21 21 2 2 5 3 7 11 35
Working Capital Days 17 12 10 12 14 9 13 9 8 7 1 28
ROCE % 13% 23% 37% 33% 26% 33% 31% 21% 24% 19% 12% 32%

Insights

In beta
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Installed Production Capacity - LED TVs
Million units per annum

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Installed Production Capacity - Lighting (LED Bulbs/Lamps)
Million units per annum
Installed Production Capacity - Washing Machines
Million units per annum
Installed Production Capacity - Mobile Phones (Smartphone + Feature Phone)
Million units per annum
Return on Capital Employed (ROCE) - Adjusted
%
Net Working Capital Days
Days
Installed Production Capacity - Refrigerators
Million units per annum
Share of Outsourced LED TV Market in India
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
34.04% 33.80% 33.63% 33.44% 33.24% 32.89% 32.42% 32.27% 28.95% 28.92% 28.83% 28.69%
15.00% 15.66% 17.41% 17.85% 19.33% 22.69% 23.22% 21.81% 20.55% 20.69% 18.68% 18.30%
24.61% 27.44% 26.39% 27.01% 26.08% 23.14% 22.61% 23.07% 26.68% 28.93% 29.06% 28.14%
26.36% 23.11% 22.58% 21.71% 21.34% 21.27% 21.73% 22.86% 23.81% 21.45% 23.43% 24.87%
No. of Shareholders 3,15,6832,85,5662,67,5362,52,8432,67,3142,85,3633,20,1933,75,6304,08,3693,41,1624,05,0754,70,326

* 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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