Dixon Technologies (India) Ltd

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Dixon Technologies (India) Ltd

₹ 11,103 -0.19%
14 May 4:12 p.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 ₹ 67,503 Cr.
  • Current Price ₹ 11,103
  • High / Low ₹ 18,472 / 9,600
  • Stock P/E 46.9
  • Book Value ₹ 769
  • Dividend Yield 0.07 %
  • ROCE 42.0 %
  • ROE 37.4 %
  • Face Value ₹ 2.00
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Pros

  • Company has delivered good profit growth of 55.2% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.6%
  • Company's median sales growth is 45.8% of last 10 years

Cons

  • Stock is trading at 14.4 times its book value
  • Earnings include an other income of Rs.734 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

Consolidated Figures in Rs. Crores / View Standalone

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
3,065 3,272 4,943 4,818 4,658 6,580 11,534 10,454 10,293 12,836 14,855 10,672 10,511
2,909 3,140 4,744 4,634 4,476 6,332 11,108 10,063 9,850 12,353 14,294 10,257 10,102
Operating Profit 156 132 199 184 182 248 426 391 443 482 561 414 408
OPM % 5% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
3 6 3 4 19 16 206 10 265 8 497 139 90
Interest 15 14 17 22 21 29 38 41 46 33 38 43 24
Depreciation 32 34 36 41 51 55 66 75 86 93 96 99 105
Profit before tax 112 90 149 126 130 180 529 285 576 366 924 412 370
Tax % 28% 25% 24% 23% 25% 22% 22% 24% 19% 23% 19% 22% 19%
81 67 113 97 97 140 412 216 465 280 746 321 298
EPS in Rs 13.54 11.55 18.02 16.12 15.91 22.34 65.15 28.50 66.54 37.20 110.72 47.34 42.17
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
1,201 1,389 2,457 2,842 2,984 4,400 6,448 10,697 12,192 17,691 38,860 48,873
1,169 1,340 2,365 2,729 2,848 4,172 6,156 10,313 11,673 16,986 37,345 47,006
Operating Profit 32 49 92 113 136 228 292 384 519 705 1,515 1,867
OPM % 3% 4% 4% 4% 5% 5% 5% 4% 4% 4% 4% 4%
2 23 1 4 6 5 1 4 4 32 497 734
Interest 10 13 16 13 26 39 33 49 64 81 162 137
Depreciation 7 8 11 15 22 37 44 84 115 162 281 393
Profit before tax 17 51 66 88 94 157 217 255 345 494 1,570 2,071
Tax % 24% 16% 28% 31% 32% 23% 26% 25% 26% 24% 21% 21%
13 43 48 61 63 120 160 190 255 375 1,233 1,644
EPS in Rs 7.65 27.46 8.66 10.76 11.19 20.81 27.28 32.05 42.90 61.47 181.87 236.61
Dividend Payout % 3% 9% 14% 4% 4% 4% 4% 6% 7% 8% 4% 4%
Compounded Sales Growth
10 Years: 43%
5 Years: 50%
3 Years: 59%
TTM: 26%
Compounded Profit Growth
10 Years: 45%
5 Years: 55%
3 Years: 77%
TTM: 86%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: 56%
1 Year: -31%
Return on Equity
10 Years: 30%
5 Years: 31%
3 Years: 34%
Last Year: 37%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 82 120 186 304 367 530 726 985 1,273 1,683 2,998 4,665
82 80 43 45 141 87 295 667 453 489 671 994
157 215 549 606 971 1,069 1,814 2,613 2,941 4,806 13,077 13,491
Total Liabilities 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,990 16,758 19,162
97 124 137 179 241 414 550 1,003 1,244 1,996 2,774 4,172
CWIP 0 0 2 16 19 10 72 22 120 68 257 571
Investments 6 0 0 11 8 0 95 141 44 20 536 1,007
221 294 650 759 1,224 1,273 2,128 3,111 3,272 4,905 13,191 13,412
Total Assets 324 417 789 966 1,491 1,697 2,846 4,277 4,679 6,990 16,758 19,162

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
44 42 53 68 -3 237 170 273 726 584 1,150 1,782
-22 -22 -43 -100 -64 -99 -265 -464 -356 -531 -1,093 -1,251
-22 -20 -8 42 69 -57 63 304 -330 -70 -27 -108
Net Cash Flow -0 1 1 10 2 81 -32 113 41 -17 30 424
Free Cash Flow 23 16 15 -5 -82 129 2 -145 276 16 254 724
CFO/OP 152% 103% 74% 78% 11% 123% 77% 85% 156% 100% 94% 118%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 17 23 42 38 63 43 62 46 51 48 65 49
Inventory Days 38 41 47 47 57 47 47 43 32 39 41 31
Days Payable 46 56 84 75 103 89 108 86 81 92 111 86
Cash Conversion Cycle 9 8 5 10 17 1 1 3 2 -6 -5 -7
Working Capital Days 16 8 7 8 12 9 9 3 -2 -2 2 -1
ROCE % 16% 29% 37% 34% 27% 34% 30% 23% 24% 29% 40% 42%

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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