DIXON
Dixon Technologies (India) share price & financials
- Price
- ₹12,517
- Market cap
- ₹86.8k Cr
- Sector
- Consumer Durables
- Calls analysed
- 6
Dixon Technologies (India) Limited Q1 FY27
What went well
- Revenue of ₹15,557 crores achieved despite a complex macroeconomic environment and temporary volume friction.
- Strategic pivot towards component backward integration and participation in Mobile PLI 2 and ECMS positions for future profit growth.
- Strong execution, disciplined cost management, and sustained customer demand across key businesses.
What to watch
- Operating margin compression due to expiry of Mobile PLI 1 and increased selling prices driven by elevated input costs.
- Temporary margin pressures in washing machine and refrigerator business due to polymer price volatility and adverse forex movements.
What Dixon Technologies (India) Limited does
Dixon Technologies is an electronics manufacturing services (EMS) and original design manufacturing (ODM) company — it makes finished electronics products on behalf of other brands rather than selling under its own name ("the brand behind brands"). It manufactures mobile phones and IT hardware such as laptops through its wholly-owned subsidiary Padget Electronics, assembles mobile phones/tablets through IsmartU India (a JV with IsmartU Singapore), and produces telecom & networking equipment — GPONs, ONTs, modems, routers, set-top boxes, 5G Fixed Wireless Access units, access points — through Dixon Electro Appliances (DEAPL), a JV majority-owned by Dixon alongside Beetel Teletech of the Bharti Airtel group. It also manufactures consumer electronics (LED TVs, refrigerators) and home appliances (washing machines) largely on an ODM basis for client brands.
Segments
- Mobile & Other EMS Division
- Consumer Electronics & Appliances
- Home Appliances
- Telecom & Networking (via DEAPL JV)
- IT Hardware (via Padget Electronics)
- Camera module manufacturing capacity
- 70 million units per annum
- Telecom & Networking JV (DEAPL) ownership
- 51% Dixon / 49% Beetel Teletech (Bharti Airtel group)
- Mobile phone manufacturing subsidiary
- Padget Electronics Private Limited — 100% owned
- Mobile/tablet assembly JV (IsmartU India)
- 50.10% Dixon-owned, remainder held by IsmartU Singapore Pte Ltd
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 1 delivered 2 missed 17 open- FY26 Total CAPEX delivered said Q1 FY26 Promised: INR 1,150 crores to INR 1,200 crores Q1 FY27: FY26 promise, outcome is final. No new information.
- FY26 Mobile Phone Volume missed said Q1 FY26 Promised: 42-43 million units Q1 FY27: FY26 promise, outcome is final. No new information.
- FY27 Telecom & Networking Revenue revised down said Q4 FY26 Promised: INR 7,500 crores to INR 8,000 crores Q1 FY27: Guidance revised down to 'somewhere between INR6,700 crores to INR7,000 crores in this fiscal.'
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.1%, net profit up 156.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11,534 | 10,454 | 10,293 | 12,836 | 14,855 +29% | 10,672 +2% | 10,511 +2% | 15,548 +21% |
| EBITDA | 426 | 391 | 443 | 482 | 561 +32% | 414 +6% | 408 −8% | 463 −4% |
| Net profit | 412 | 216 | 465 | 280 | 746 +81% | 321 +49% | 298 −36% | 718 +156% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −25.0% 1Y
1Y: ₹17,897 on 10 Sept 2025 → ₹13,425. High ₹18,331 (18 Sept 2025), low ₹9,673 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.0%
- 31 Jul
- Q4 FY26
- −6.9%
- 12 May
- Q3 FY26
- +0.6%
- 29 Jan
- Q2 FY26
- −0.9%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 58.9% a year over 3 years, FY23 to FY26. Operating margin held at 3.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.2k Cr | ₹17.7k Cr | ₹38.9k Cr | ₹48.9k Cr |
| Operating profit | ₹512 Cr | ₹697 Cr | ₹1.5k Cr | ₹1.9k Cr |
| Operating margin | 4.2% | 3.9% | 3.9% | 3.8% |
| Interest | ₹60 Cr | ₹74 Cr | ₹154 Cr | ₹138 Cr |
| Depreciation | ₹114 Cr | ₹162 Cr | ₹282 Cr | ₹393 Cr |
| Net profit | ₹255 Cr | ₹374 Cr | ₹1.2k Cr | ₹1.6k Cr |
| Net margin | 2.1% | 2.1% | 3.2% | 3.4% |
| ROCE | 24.0% | 29.0% | 40.0% | 42.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr | ₹12 Cr |
| Reserves | ₹726 Cr | ₹985 Cr | ₹1.3k Cr | ₹1.7k Cr | ₹4.1k Cr | ₹4.7k Cr |
| Borrowings | ₹295 Cr | ₹667 Cr | ₹453 Cr | ₹489 Cr | ₹1.4k Cr | ₹994 Cr |
| Other liabilities | ₹1.8k Cr | ₹2.6k Cr | ₹2.9k Cr | ₹4.8k Cr | ₹14.2k Cr | ₹13.5k Cr |
| Total liabilities | ₹2.8k Cr | ₹4.3k Cr | ₹4.7k Cr | ₹7.0k Cr | ₹19.7k Cr | ₹19.2k Cr |
| Fixed assets | ₹550 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹2.0k Cr | ₹4.0k Cr | ₹4.2k Cr |
| Capital work in progress | ₹72 Cr | ₹22 Cr | ₹120 Cr | ₹68 Cr | ₹331 Cr | ₹571 Cr |
| Investments | ₹95 Cr | ₹141 Cr | ₹44 Cr | ₹20 Cr | ₹1.2k Cr | ₹1.0k Cr |
| Other assets | ₹2.1k Cr | ₹3.1k Cr | ₹3.3k Cr | ₹4.9k Cr | ₹14.1k Cr | ₹13.4k Cr |
| Total assets | ₹2.8k Cr | ₹4.3k Cr | ₹4.7k Cr | ₹7.0k Cr | ₹19.7k Cr | ₹19.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.68 pp while DIIs added +1.70 pp. The shareholder count grew 15% to 4,70,189.
- Promoters
- 28.6%
- FIIs
- 17.9%
- DIIs
- 28.4%
- Public
- 25.2%
Since Jun 2025
- FIIs −2.68 pp
- DIIs +1.70 pp
- Public +1.39 pp
How it drifted, 12 quarters
Over this window promoters fell from 33.8% to 28.6% — −5.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 33.8%, FIIs 15.7%, DIIs 27.4%, Public 23.1%.Dec '23: Promoters 33.6%, FIIs 17.4%, DIIs 26.4%, Public 22.6%.Mar '24: Promoters 33.4%, FIIs 17.9%, DIIs 27.0%, Public 21.7%.Jun '24: Promoters 33.2%, FIIs 19.3%, DIIs 26.1%, Public 21.3%.Sep '24: Promoters 32.9%, FIIs 22.7%, DIIs 23.1%, Public 21.3%.Dec '24: Promoters 32.4%, FIIs 23.2%, DIIs 22.6%, Public 21.7%.Mar '25: Promoters 32.3%, FIIs 21.8%, DIIs 23.1%, Public 22.9%.Jun '25: Promoters 28.9%, FIIs 20.6%, DIIs 26.7%, Public 23.8%.Sep '25: Promoters 28.9%, FIIs 20.7%, DIIs 28.9%, Public 21.4%.Dec '25: Promoters 28.8%, FIIs 18.7%, DIIs 29.1%, Public 23.4%.Mar '26: Promoters 28.7%, FIIs 18.3%, DIIs 28.1%, Public 24.9%.Jun '26: Promoters 28.6%, FIIs 17.9%, DIIs 28.4%, Public 25.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Kotak Focused Fund Mutual fund newly disclosed 2.85% held
- NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF newly disclosed 2.24% held
- Motilal Oswal Nifty Midcap 100 ETF Mutual fund newly disclosed 1.85% held
- HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund newly disclosed 1.72% held
- Nippon Life India Trustee Ltd-A/C Nippon India Con Mutual fund +0.34 pp 3.70% held
- Mirae Asset Large & Midcap Fund Mutual fund +0.13 pp 1.25% held
- Karishma Vachani newly disclosed 0.00% held
- Prithvi Vachani newly disclosed 0.00% held
The same filing shows 5 holders trimming and 5 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Dixon Technologies (India) Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Psv Family Trust Under The Trustees Mr. Sunil Vachani And Mrs. Gayatri Vachani | 15.47% | −0.07 pp |
| Gayatri Vachani | 6.36% | unchanged |
| Kamla Vachani | 6.19% | −0.06 pp |
| Ksv Family Trust Under The Trustees Mr. Sunil Vachani And Mrs. Gayatri Vachani | 3.87% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Con Mutual fund | 3.70% | +0.34 pp |
| Atul Behari Lall | 3.20% | −0.08 pp |
| Kotak Focused Fund Mutual fund | 2.85% | newly disclosed |
| NPS Trust A/C UTI Pension Fund Limited-Scheme Cent Pension / PF | 2.24% | newly disclosed |
| Sunil Vachani | 2.03% | unchanged |
| SBI Life Insurance Co. Ltd Insurer | 1.89% | −0.15 pp |
| Motilal Oswal Nifty Midcap 100 ETF Mutual fund | 1.85% | newly disclosed |
| HDFC Mutual Fund - HDFC Multi Cap Fund Mutual fund | 1.72% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in DIXON
Filings to Aug 2026
0 new, 8 added, 8 trimmed, 3 sold out — net −1.55 L shares (−5.4%).
- Held by funds
- ₹4.0k Cr
- 35 schemes
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹624 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹624 Cr | held | Nov '17 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹615 Cr | held | Feb '26 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹564 Cr | −0.53 L | Dec '25 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹550 Cr | held | Nov '18 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹374 Cr | held | Feb '26 |
| Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund | ₹297 Cr | held | Oct '21 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹204 Cr | held | Jan '26 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹142 Cr | held | Dec '22 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
8 added, 8 trimmed — net −1.55 L shares (−5.4%)
- Funds are sitting on
- +45%
- vs est. average cost
- Held by funds
- ₹4.0k Cr
- 35 schemes · ≈ 3.9% of the company
- Biggest holder
- Nippon India Growth Mid Cap Fund
- ₹624 Cr · 1.2% of that fund
Shares held by these funds −3%
Aug '23 28.51 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹13425, this stock must grow earnings at 44% every year for 7 years. Our analysis caps realistic growth at ~55%. At that growth it is worth ₹22067 — upside of 64%.
- Growth the price implies
- 43.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 55.0% a year
- net profit, FY23–FY26
- The gap
- -0.1 pp
- 64% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Dixon Technologies (India) Limited
Guides on how to read this kind of business and the numbers that matter.