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Dixon Technologies (India) share price & results

Dixon Technologies (India) Limited· Consumer Durables· Consumer Discretionary

Results to
Sept 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Contract manufacturer (EMS/ODM) making mobiles, TVs, appliances, IT hardware & telecom gear for other brands.

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Guidance Hit Rate
20 targets · 33% hit rate 1 achieved · 17 active →
Segment Shift
4 segments tracked See revenue & margin mix below →
Reverse DCF
Reality Gap Ready Test priced-in growth in DCF tool →
Concall & Tone
Q1 FY27 analysed Read claims, qualifiers & Q&A →

Price & Snapshot

₹11,000 −4.25% · −₹488

Last close 30 Oct 2026 · NSE · INR · Source: Inve

Performance −29.1% 1Y

₹10k₹12k₹14k₹16kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q3 FY26 — 29 Jan 2026Q4 FY26 — 12 May 2026Q1 FY27 — 31 Jul 2026

1Y: ₹15,512 on 29 Oct 2025 → ₹11,000. High ₹15,697 (18 Nov 2025), low ₹9,673 (30 Mar 2026).

Previous close
₹11,488
Market cap
₹67.3k Cr
52-week range
₹9,673 – ₹15,697
One year
−29.69%
Price to earnings (TTM to Sept 2026)
43.33×
Return on equity (TTM to Sept 2026)
26.40%

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue21,794 ₹ crore+46.7% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin2.7 %−1.1 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit411 ₹ crore−44.9% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity26.40 %−6.5 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin1.48 %+0.8 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)20.82 %−93.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Business Mix

Where revenue comes from

4 operating segments · As of 30 Jun 2019

Other Electronics 75.8% · ₹904.16 Cr
Mobiles 12.1% · ₹144.03 Cr
Washing Machine 8.2% · ₹98.26 Cr
Moulding 3.8% · ₹45.69 Cr

Explore full multi-period segment shift & margins →

Guidance

What management said, and what became of it

1 of 3 judged targets kept · 17 open · verdicts reflect calls analysed to Q1 FY27.

Dixon Technologies (India) Limited management guidance track record on Inve: 20 targets tracked across analysed earnings calls (1 achieved, 2 missed, 17 open).

TargetOriginal wordingSaidLatest callVerdict
FY26 Total CAPEXINR 1,150 crores to INR 1,200 crores
Call transcript, Q1 FY26 · 22 Jul 2025		Q1 FY26Q1 FY27:FY26 promise, outcome is final. No new information.
Call transcript, Q1 FY27 · 31 Jul 2026		Achieved
FY26 Mobile Phone Volume42-43 million units
Call transcript, Q1 FY26 · 22 Jul 2025		Q1 FY26Q1 FY27:FY26 promise, outcome is final. No new information.
Call transcript, Q1 FY27 · 31 Jul 2026		Missed
FY27 Telecom & Networking RevenueINR 7,500 crores to INR 8,000 crores
Call transcript, Q4 FY26 · 12 May 2026		Q4 FY26Q1 FY27:Guidance revised down to 'somewhere between INR6,700 crores to INR7,000 crores in this fiscal.'
Call transcript, Q1 FY27 · 31 Jul 2026		Revised Down

Source: Inve Guidance Tracker for Dixon Technologies (India) Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Dixon Technologies (India) Limited's 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.

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Supply chain

Cross-company call evidence

Named counterparties and similar headwinds disclosed on earnings calls.

Counterparties named by Dixon Technologies (India) Limited

  • Dixon Technologies (India) Limited partners with Inventec Corporation JV.

    Q1 FY27 · announced · positive

    For manufacturing IT hardware products, including servers and data center servers.

    “Our new manufacturing facility addition to our current facility in Chennai for a 60-40 joint venture with Inventec Corporation, one of the largest top 5 ODMs in IT space is expected to get operational from Q4 of this fiscal.”

  • Dixon Technologies (India) Limited partners with Vivo JV.

    Q1 FY27 · announced · positive

    To service global market and expand manufacturing base for mobile phones.

    “We received the PN3 approval for our JV with Vivo in July '26, and we are now working towards the consummation of the transaction. We expect the JV to commence operations and start reflecting in our revenues from Q3 of the current fiscal.”

  • Dixon Technologies (India) Limited acquires or invests in Specialty EMS inorganic opportunities.

    Q4 FY26 · announced · positive

    To build scaled specialty high-margin EMS business, including M&A opportunities focused on aerospace, defense, automotive, medical and industrial verticals.

    “Already on the table, there are a couple of serious inorganic opportunities across the verticals that I had mentioned in my opening remarks. So we have not budgeted any numbers out of these opportunities as of now in '26, '27, but we feel that something substantive, at least a couple of them is going to happen in the current fiscal.”

  • Dixon Technologies (India) Limited partners with Inventec Corporation of Taiwan.

    Q2 FY26 · announced · positive

    Manufacture notebook PC products, servers, desktop PC, and components like SSDs, memory, mechanicals.

    “We have finalized our manufacturing location for a 60:40 joint venture with Inventec Corporation of Taiwan. It is one of the world's top five IT products, ODM, for manufacture of notebook PC products, servers, desktop PC, including its components like SSDs, memory and mechanicals in India, and is expected to be operational by Q1 of next fiscal, which will have a positive impact on the margins. The backward integration play along with capitalizing on ECMS and IT hardware PLI scheme will lead to significant margin expansions.”

  • Dixon Technologies (India) Limited partners with Lightanium Technologies (Signify JV).

    Q2 FY26 · closed · positive

    To manufacture premium indoor and professional lighting products.

    “Operations in Lightanium Technologies, that is a 50:50 JV between Dixon and Signify, started in August '25. The order book looks robust with new categories of premium indoor and professional lighting products, and we are working to realize all the potential synergies in the business in the upcoming quarters with a new partner.”

  • Dixon Technologies (India) Limited partners with Vivo.

    Q2 FY26 · announced · positive

    Joint_venture of Vivo

    “PN3 appraisal process for 51:49 JV with Vivo and 74:26 JV with HKC is progressing well, and we expect the approvals in the coming weeks.”

  • Dixon Technologies (India) Limited partners with Longcheer.

    Q2 FY26 · announced · positive

    To manufacture mobile phones with a new 400,000 sq ft facility.

    “We have received the PN3 approval for 74:26 joint venture with Longcheer and have finalized a new 400,000 square feet facility for the JV, which is expected to be operational by April '26”

  • Dixon Technologies (India) Limited acquires or invests in Q Tech India.

    Q2 FY26 · closed · positive

    Manufacturing and supply of camera and fingerprint modules for smartphones, IoT and automotive applications, deepening level of manufacturing.

    “We acquired 51% stake in Q Tech India for manufacturing and supply of camera and fingerprint modules for smartphones, IoT and automotive applications, and have started consolidating the financials from 26 September '25. In the next 6 to 9 months, investments would be made to expand the capacities and deepen the level of manufacturing. And we feel confident that the volume of smartphone camera modules can increase from 40 million units and revenues by INR 2,000 crores in large financial years to 190 to 200 million units per annum with the revenue closer to INR 6,000 crores to INR 7,000 crores and sub-10% EBITDA margins in the next two to three years.”

  • Dixon Technologies (India) Limited partners with HKC.

    Q2 FY26 · announced · positive

    Creating capacity for display modules (24M smartphones, 2M notebooks) for 76% captive consumption, with future expansion to 60M smartphones and foray into LED TV/automotive displays.

    “In the first phase of a 74:26 JV with HKC for display modules, we are creating a capacity of 24 million per annum for smartphones and 2 million units per annum for notebooks, which would be for 76% of captive consumption. In the second phase, we will enhance this capacity to 60 million units per annum for smartphones, which will account for almost 80% of the captive consumption. And we will also foray into display for LED TVs and automotive with a capacity of 2 million and 1 million units per annum, respectively. The margins in this segment will be in higher double digits.”

  • Dixon Technologies (India) Limited partners with Inventec Corporation of Taiwan (JV).

    Q1 FY26 · announced · positive

    Manufacture notebook PC products, servers, desktop PC, and components.

    “We have finalized our manufacturing location for a 60:40 joint venture with Inventec Corporation of Taiwan... expected to be operational by Q1 of next fiscal (Atul Lall, page 7)”

Similar headwinds reported by sector peers

  • demand conditions · Q2 FY27

    1 other company · demand end market

    Crompton Greaves Consumer Electricals Limited (CROMPTON) reported: The industry is currently facing commodity cost pressures and unpredictable geopolitical developments, which the company is addressing through price increases and cost optimization.

  • weather or labor disruption · Q2 FY27

    1 other company · labor execution

    Metro Brands Limited (METROBRAND) reported: Continued investment in talent and brand building, higher frontline staff costs due to minimum wage revisions, and modest occupancy costs are impacting profitability.

  • freight and shipping · Q2 FY27

    2 other companies · logistics supply chain

    VARMORA (VARMORA) reported: Export revenue fell 18% and export volume fell to 2.03 MSM from 3.42 MSM. FY27 guidance depends on exports reviving. Management says freight is easing (US rates down to about 5,500 from 7,000-7,500)

    SONAM LIMITED (SONAMLTD) reported: Freight costs accounted for 30% to 40% of H1 other expenses (₹7.5 cr), suppressing export competitiveness and prompting a pivot toward domestic markets.

  • supply chain disruption · Q2 FY27

    3 other companies · logistics supply chain

    Metro Brands Limited (METROBRAND) reported: BIS issues for Foot Locker and MetroActiv are constraining supply readiness and expansion pace; FILA's supply chain is erratic due to factory license renewals.

    Kajaria Ceramics Limited (KAJARIACER) reported: Morbi tile exports are expected to drop to ~INR 12,000 crores for FY27 owing to elevated shipping container rates and vessel availability issues.

    Orient Electric Limited (ORIENTELEC) reported: Affects supply chain visibility and business planning.

  • raw material costs · Q2 FY27

    4 other companies · raw material cost

    Havells India Limited (HAVELLS) reported: Macroeconomic uncertainties persist and commodity prices remain elevated, impacting margins in some segments.

    Orient Electric Limited (ORIENTELEC) reported: Continued inflation in copper, aluminum, and crude-linked movements impacts gross margins, requiring ongoing price increases.

    VARMORA (VARMORA) reported: Propane rose from ₹80.53 (Q2 average) to ₹92 now. Input costs are up 14-15% against a 17% price hike, leaving about 3% headroom. Management will raise prices if a large increase lasts 1-1.5 months

    SONAM LIMITED (SONAMLTD) reported: War environment and raw material inflation raised manufacturing costs, which management plans to counter via premium product launches.

Mentions over time

Recorded disclosures by calendar reporting quarter
PeriodOther callsOwn calls
Q2 202602
Q1 202601
Q3 202506
Q2 202505
Q1 202506

Counts reflect the calls covered here. No mention in a period does not establish that a relationship ended.

From available earnings-call summaries. Disclosures are management statements, not independently verified transactions.

Live Summary

DIXON ₹11,000 −4.25%
Guidance Verdict (20 tracked) 1 kept · 17 open· 2 missed
AI Call Brief · Q1 FY27

Dixon Technologies (India) Limited Q1 FY27

Overview

Symbol
NSE:DIXON
Industry
Consumer Discretionary
Exchange
NSE
Currency
INR

What Dixon Technologies (India) Limited does

Based on the company's own presentations, annual report and earnings calls.

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
Founded 1993Headquarters Noida, Uttar Pradesh, India Company website

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

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.

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