Dixon Technologies (India) Ltd

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Dixon Technologies (India) Ltd

₹ 15,539 -6.20%
21 May 9:58 a.m.
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 ₹ 93,601 Cr.
  • Current Price ₹ 15,539
  • High / Low ₹ 19,150 / 8,440
  • Stock P/E 121
  • Book Value ₹ 500
  • Dividend Yield 0.03 %
  • ROCE 39.8 %
  • ROE 32.9 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 45.0% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 28.1%
  • Company's median sales growth is 45.1% of last 10 years

Cons

  • Stock is trading at 33.2 times its book value
  • Earnings include an other income of Rs.498 Cr.

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
2,953 2,855 3,867 2,405 3,065 3,272 4,943 4,818 4,658 6,580 11,534 10,454 10,293
2,835 2,755 3,722 2,294 2,909 3,140 4,744 4,634 4,476 6,332 11,108 10,063 9,850
Operating Profit 118 100 145 111 156 132 199 184 182 248 426 391 443
OPM % 4% 4% 4% 5% 5% 4% 4% 4% 4% 4% 4% 4% 4%
2 0 1 4 3 6 3 4 19 16 206 10 265
Interest 14 14 16 15 15 14 17 22 21 29 38 41 46
Depreciation 19 24 29 29 32 34 36 41 51 55 66 75 86
Profit before tax 87 62 100 70 112 90 149 126 130 180 529 285 576
Tax % 27% 27% 23% 26% 28% 25% 24% 23% 25% 22% 22% 24% 19%
63 45 77 52 81 67 113 97 97 140 412 216 465
EPS in Rs 10.61 7.70 13.02 8.72 13.54 11.55 18.02 16.12 15.91 22.34 65.15 28.50 66.54
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
1,094 1,201 1,389 2,457 2,842 2,984 4,400 6,448 10,697 12,192 17,691 38,860
1,067 1,169 1,340 2,365 2,729 2,848 4,172 6,156 10,313 11,673 16,986 37,353
Operating Profit 26 32 49 92 113 136 228 292 384 519 705 1,508
OPM % 2% 3% 4% 4% 4% 5% 5% 5% 4% 4% 4% 4%
8 2 23 1 4 6 5 1 4 4 32 498
Interest 11 10 13 16 13 26 39 33 49 64 81 154
Depreciation 5 7 8 11 15 22 37 44 84 115 162 281
Profit before tax 18 17 51 66 88 94 157 217 255 345 494 1,570
Tax % 19% 24% 16% 28% 31% 32% 23% 26% 25% 26% 24% 21%
14 13 43 48 61 63 120 160 190 255 375 1,233
EPS in Rs 8.72 7.65 27.46 8.66 10.76 11.19 20.81 27.28 32.05 42.90 61.47 181.87
Dividend Payout % 2% 3% 9% 14% 4% 4% 4% 4% 6% 7% 8% 4%
Compounded Sales Growth
10 Years: 42%
5 Years: 55%
3 Years: 54%
TTM: 120%
Compounded Profit Growth
10 Years: 52%
5 Years: 45%
3 Years: 60%
TTM: 110%
Stock Price CAGR
10 Years: %
5 Years: 80%
3 Years: 69%
1 Year: 82%
Return on Equity
10 Years: 27%
5 Years: 27%
3 Years: 28%
Last Year: 33%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 71 82 120 186 304 367 530 726 985 1,273 1,683 2,998
94 82 80 43 45 141 87 295 667 453 489 671
124 157 215 549 606 971 1,069 1,814 2,613 2,941 4,806 13,086
Total Liabilities 291 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,990 16,767
84 97 124 137 179 241 414 550 1,003 1,244 1,996 2,775
CWIP 0 0 0 2 16 19 10 72 22 120 68 256
Investments 6 6 0 0 11 8 0 95 141 44 20 536
201 221 294 650 759 1,224 1,273 2,128 3,111 3,272 4,905 13,201
Total Assets 291 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,990 16,767

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
10 44 42 53 68 -3 237 170 273 726 584 1,150
1 -22 -22 -43 -100 -64 -99 -265 -464 -356 -531 -1,229
-13 -22 -20 -8 42 69 -57 63 304 -330 -70 -27
Net Cash Flow -1 -0 1 1 10 2 81 -32 113 41 -17 -106

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 15 17 23 42 38 63 43 62 46 51 48 65
Inventory Days 34 38 41 47 47 57 47 47 43 32 39 41
Days Payable 36 46 56 84 75 103 89 108 86 81 92 111
Cash Conversion Cycle 13 9 8 5 10 17 1 1 3 2 -6 -5
Working Capital Days 22 16 15 11 12 28 15 14 9 -0 -1 4
ROCE % 18% 16% 29% 37% 34% 27% 34% 30% 23% 24% 29% 40%

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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