Dixon Technologies (India) Ltd.

NSE: DIXON · Consumer Electronics

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52W Range₹9,600 – ₹15,775

Snapshot

Unlock Dixon Technologies (India) Ltd.'s vital signs

Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Dixon Technologies (India) Limited is a leading electronic manufacturing services provider specialising in consumer electronics, home appliances, lighting, mobile phones, and security systems. The company also offers comprehensive reverse logistics, including repair and refurbishment services.

Business Model

The company operates primarily as an original design manufacturer and electronic manufacturing services provider, generating revenue through the large-scale production of consumer goods for various brands. It leverages its manufacturing infrastructure to provide end-to-end solutions ranging from product design to final assembly and after-sales support.

  • Incorporation Year:1993

Growth Outlook

Growth is driven by the expansion of the domestic electronics manufacturing ecosystem and increasing demand for locally produced consumer appliances and mobile devices. The company continues to diversify its portfolio into high-growth segments such as medical electronics and IT hardware.

Key Risks

  • Supply Chain Dependency. The company relies heavily on the import of electronic components, making it vulnerable to global supply chain disruptions and geopolitical tensions.
  • Margin Pressure. As an EMS provider, the company operates on thin margins and faces intense price competition from both domestic and international manufacturers.
  • Technological Obsolescence. Rapid advancements in consumer electronics require constant investment in new manufacturing technologies to remain relevant to brand partners.
  • Regulatory Risk. Changes in government policies, such as import duties or production-linked incentive schemes, significantly impact the company's cost structure and competitive positioning.

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Key Metrics

REVENUE

₹58,523 Cr

TTM · consolidated

+20.8%YoY

NET PROFIT

₹1,747 Cr

TTM · consolidated

+2.4%YoY

EPS

₹287.72

TTM · consolidated

+1.4%YoY

RETURN ON EQUITY

35.1%

TTM · consolidated

-6.9 ppYoY

RETURN ON CAPITAL EMPLOYED

32.7%

TTM · consolidated

-5.3 ppYoY

P/E

42.8×

Q2 FY27 · consolidated

42.8 vs 227.6x5Y avg

EV/EBITDA

25.1x

Q2 FY27 · consolidated

25.1 vs 129.3x5Y avg

EBITDA MARGIN

4.6%

TTM · consolidated

-0.3 ppYoY

NET PROFIT MARGIN

1.9%

Q2 FY27 · consolidated

-3.1 ppYoY

DEBT TO EQUITY

0.1%

Q2 FY27 · consolidated

-0.1 ppYoY

Peers · Consumer Electronics

CompanyMkt CapP/E (TTM)EV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Dixon Technologies (India) Ltd.DIXON
₹67,288 Cr42.8×25.0720.8%4.6%35.1%32.7%-20.5%
Havells India Ltd.HAVELLS
₹63,622 Cr38.8×23.2916.5%10.7%18.0%22.2%-31.1%
PG Electroplast Ltd.PGEL
₹15,200 Cr70.2×32.9021.0%7.9%7.2%11.3%-6.6%
IKIO Technologies LimitedIKIO
₹1,244 Cr26.5×12.0534.5%16.3%8.6%12.0%-19.4%
Onida Electronics LimitedMIRCELECTR
₹929 Cr-19.2×-24.896.3%-5.7%-42.1%-27.7%-2.2%
CWD LimitedCWD
₹645 Cr———16.0%——-84.0%

As of Q2 FY27

Financials