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 ₹ 90,577 Cr.
- Current Price ₹ 14,983
- High / Low ₹ 19,150 / 10,613
- Stock P/E 117
- Book Value ₹ 500
- Dividend Yield 0.03 %
- ROCE 39.8 %
- ROE 32.9 %
- Face Value ₹ 2.00
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 30.0 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
Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics
Part of BSE 500 BSE Consumer Durables BSE 100 BSE 200 Nifty 500
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
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: | 66% |
3 Years: | 61% |
1 Year: | 25% |
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% |
Documents
Announcements
- Closure of Trading Window 23m
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
27 Jun - Dixon held a virtual one-on-one meeting with Balyasny Asset Management on June 26, 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
25 Jun - Read with Para A and Part A of schedule III of the said regulations, please find the details of scheduled Meeting(s) between the officials of …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
25 Jun - Dixon Technologies held routine investor meeting with Kotak Securities on 25 June 2025.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
25 Jun - Dixon Technologies held routine investor meeting with Nomura on 24 June 2025, no sensitive info shared.
Annual reports
Concalls
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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]