Consumer Durables
Valuation | |
|---|---|
| Market Cap | 69.8 kCr |
| Price/Earnings (Trailing) | 38.25 |
| Price/Sales (Trailing) | 1.42 |
| EV/EBITDA | 25.09 |
| Price/Free Cashflow | 483.19 |
| MarketCap/EBT | 30.92 |
| Enterprise Value | 70.04 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | 10.1% |
| Price Change 1M | -2.3% |
| Price Change 6M | -27.5% |
| Price Change 1Y | -21.5% |
| 3Y Cumulative Return | 62% |
| 5Y Cumulative Return | 28.7% |
| 7Y Cumulative Return | 59.6% |
Cash Flow & Liquidity |
|---|
| Revenue (TTM) |
| 49.29 kCr |
| Rev. Growth (Yr) | 3.3% |
| Earnings (TTM) | 1.81 kCr |
| Earnings Growth (Yr) | 48.2% |
Profitability | |
|---|---|
| Operating Margin | 4% |
| EBT Margin | 5% |
| Return on Equity | 38.68% |
| Return on Assets | 9.22% |
| Free Cashflow Yield | 0.21% |
| Cash Flow from Investing (TTM) | -1.23 kCr |
| Cash Flow from Operations (TTM) | 1.15 kCr |
| Cash Flow from Financing (TTM) | -26.57 Cr |
| Cash & Equivalents | 611.59 Cr |
| Free Cash Flow (TTM) | 210.4 Cr |
| Free Cash Flow/Share (TTM) | 34.79 |
Balance Sheet | |
|---|---|
| Total Assets | 19.65 kCr |
| Total Liabilities | 14.97 kCr |
| Shareholder Equity | 4.68 kCr |
| Current Assets | 13.75 kCr |
| Current Liabilities | 13.62 kCr |
| Net PPE | 2.61 kCr |
| Inventory | 3.87 kCr |
| Goodwill | 580 Cr |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.04 |
| Debt/Equity | 0.18 |
| Interest Coverage | 13.1 |
| Interest/Cashflow Ops | 8.29 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 8 |
| Dividend Yield | 0.07% |
| Shares Dilution (1Y) | 1% |
| Shares Dilution (3Y) | 1.9% |
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Growth: Awesome revenue growth! Revenue grew 48.3% over last year and 307.9% in last three years on TTM basis.
Size: It is among the top 200 market size companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 62% return compared to 13.2% by NIFTY 50.
No major cons observed.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Technicals: Bullish SharesGuru indicator.
Growth: Awesome revenue growth! Revenue grew 48.3% over last year and 307.9% in last three years on TTM basis.
Size: It is among the top 200 market size companies of india.
Past Returns: Outperforming stock! In past three years, the stock has provided 62% return compared to 13.2% by NIFTY 50.
No major cons observed.
Investor Care | |
|---|---|
| Dividend Yield | 0.07% |
| Dividend/Share (TTM) | 8 |
| Shares Dilution (1Y) | 1% |
| Earnings/Share (TTM) | 300.72 |
Financial Health | |
|---|---|
| Current Ratio | 1.01 |
| Debt/Equity | 0.18 |
Technical Indicators | |
|---|---|
| RSI (14d) | 61.78 |
| RSI (5d) | 78.17 |
| RSI (21d) | 47.17 |
| MACD Signal | Buy |
| Stochastic Oscillator Signal | Hold |
| SharesGuru Signal | Buy |
| RSI Signal | Hold |
| RSI5 Signal | Sell |
| RSI21 Signal | Hold |
| SMA 5 Signal | Buy |
| SMA 10 Signal |
Updated May 4, 2025
Despite the positive news, Dixon's shares experienced a slight decline of about 1% recently.
The partnership with Inventec has not led to immediate significant stock price appreciation, indicating market skepticism or volatility.
Cellecor's recent expansion does not seem to have a strong impact on Dixon's overall market position as its stock performance remains mixed.
Summary of Dixon Tech (India)'s latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Management's outlook for Dixon Technologies (India) Limited emphasizes a commitment to robust growth despite current market challenges. For Q3 FY '26, consolidated operating revenues increased to INR 10,678 crores compared to INR 10,461 crores year-on-year, while consolidated operating EBITDA reached INR 421 crores, up from INR 398 crores. However, the consolidated operating PAT was INR 214 crores, slightly down from INR 217 crores in the same quarter the previous year.
Management highlighted several forward-looking points:
The company aims to maintain its strong return ratios, with ROCE at 45.1% and ROE at 32%. Despite rising memory prices and commodity inflation, they plan to navigate these headwinds by enhancing operational efficiency and backward integration.
Significant growth in smartphone camera module production is anticipated, with an increase from 40 million units this fiscal to 190-200 million units annually.
New facilities are set to bolster capacity, including a 1 million square foot facility in Noida to be completed by Q1 FY '26-'27 and to expand smartphone manufacturing capabilities.
A confidence in obtaining approvals for new product lines, specifically display modules and enclosures, under the Electronics Component Manufacturing Scheme (ECMS).
The mobile business, while facing headwinds due to memory pricing, is expected to stabilize with an estimated volume of 6.9 million units in Q3 and 7-7.5 million in Q4. For FY '26-'27, they are cautiously optimistic about future volumes pending the results of ongoing negotiations with OEMs.
The management's long-term target remains ambitious, aiming for revenue surpassing INR 1 lakh crore in the next 3-4 years, driven by both existing and new product segments, despite current market volatility.
Understand Dixon Tech (India) ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| PSV FAMILY TRUST UNDER THE TRUSTEES MR. SUNIL VACHANI AND MRS. GAYATRI VACHANI | 15.57% |
| GAYATRI VACHANI | 6.41% |
| KAMLA VACHANI | 6.26% |
| MOTILAL OSWAL NIFTY MIDCAP 100 ETF | 3.95% |
| KSV FAMILY TRUST UNDER THE TRUSTEES MR. SUNIL VACHANI AND MRS. GAYATRI VACHANI | 3.89% |
| ATUL BEHARI LALL | 3.24% |
Detailed comparison of Dixon Tech (India) against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| HAVELLS | Havells India | 84.99 kCr | 22.63 kCr | -9.40% | -15.50% | 57.17 | 3.76 | - | - |
| KAYNES | KAYNES TECHNOLOGY INDIA | 24.8 kCr | 3.5 kCr |
Comprehensive comparison against sector averages
DIXON metrics compared to Consumer
| Category | DIXON | Consumer |
|---|---|---|
| PE | 38.25 | 47.98 |
| PS | 1.42 | 2.18 |
| Growth | 48.3 % | 31.2 % |
Dixon Tech (India) is a prominent Consumer Electronics company, trading under the stock ticker DIXON.
With a substantial market capitalization of Rs. 98,606.9 Crores, Dixon Technologies (India) Limited specializes in providing electronic manufacturing services both domestically and internationally.
The company offers a diverse range of products and services, including:
Additionally, Dixon Tech provides solutions in reverse logistics, offering repair and refurbishment services for LED TV panels, along with information technology hardware.
Incorporated in 1993 and headquartered in Noida, India, the company reported a trailing 12 months revenue of Rs. 33,251.2 Crores.
Dixon Tech also distributes dividends to its investors, featuring a dividend yield of 0.06% per year. In the last 12 months, the company returned Rs. 8 in dividends per share.
It's noteworthy that the company has diluted its share holdings by 1.2% over the past three years, while achieving an impressive revenue growth of 237.3% during the same period.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Buy |
| SMA 20 Signal | Buy |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
DIXON vs Consumer (2021 - 2026)
This information is AI-generated and may contain inaccuracies. Please verify from multiple sources.
Question: Can you help us with volumes for Q3? How do you see volumes for '26 and into '27?
Answer: Our Q3 smartphone volumes were around 6.9 million, and over nine months, we achieved about 27 million. For Q4, we're expecting volumes between 7 million to 7.5 million. As for '26-'27, we're still finalizing estimates due to the fluidity in the situation, notably with memory prices and pending government approval for Vivo.
Question: What's leading to the delay in the Vivo JV approval?
Answer: We believe we're close to receiving the approval. The process has taken longer than anticipated, primarily due to procedural aspects with government agencies, but we feel confident it will finalize shortly.
Question: How do you see margins evolving with PLI benefits tapering off as we head into '27?
Answer: Mobile business margins are around 3.5% currently, benefitting from PLI. If that support diminishes, we could see an impact of about 0.5% on margins. However, our backward integration strategy should stabilize margins and potentially enhance them as we ramp up component manufacturing, which we expect to see significant developments in by '27-'28.
Question: How are the OEMs reacting to rising memory prices affecting unit economics and demand?
Answer: For us, the cost increases are pass-throughs with no direct impact on our margins. However, we do see vulnerability in demand for mid-range and lower segment devices. The higher-priced models may remain less affected, but there lies uncertainty about overall market demand.
Question: Can you provide an update on the Q Tech revenues and ramp-up plans?
Answer: In Q3, Q Tech generated around INR 400 crores, and we aim for a similar run rate of about INR 2,000 crores annually. We plan to significantly increase capacity from current levels to around 180-190 million units, capturing more value and margins via enhanced local manufacturing capabilities.
Question: What are the upcoming growth triggers beyond the Vivo partnership?
Answer: Our primary growth triggers include ramping up IT hardware manufacturing, expanding into components like camera and display modules, and increasing our telecom business, where we're already seeing strong demand. We're also enhancing our lighting and appliance segments as part of our growth strategy.
Question: What is the expected capex for FY '26 and FY '27?
Answer: For FY '26, we anticipate capex around INR 1,100 to INR 1,200 crores, with INR 720 crores already spent in the first nine months. Specific capex allocations for JV acquisitions remain confidential, but our balance sheet is strong enough to manage these investments.
Question: Can you clarify the significance of the EU FTA on your business, particularly in lighting?
Answer: The EU FTA could lower tariffs on lighting and LED TVs significantly, potentially to zero. This opens up opportunities for us in exporting high-quality products to the EU region, although mobile phones won't see as much benefit since they are generally exempt from tariffs.
Question: What are the expected mobile volumes for FY '27 now that there may be approval delays?
Answer: We project around 20 million units coming from Vivo for FY '27, but this is contingent on obtaining approval. If the approval is delayed, it could affect the timeline for scaling operations, but we remain optimistic about receiving it soon.
Question: How do you view the overall outlook for achieving INR 1 lakh crore in revenue in three to four years?
Answer: We're still optimistic about reaching that target. We have our strategic partnerships and growth categories in place, with strong commitments to achieve aggressive growth across sectors, including mobile, IT hardware, and telecom. Despite supply disruptions, our long-term plans remain intact.
| NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA MUL | 2.28% |
| SUNIL VACHANI | 2.12% |
| NPS TRUST- A/C HDFC PENSION FUND MANAGEMENT LIMITE | 1.83% |
| INVESCO INDIA AGGRESSIVE HYBRID FUND | 1.7% |
| HDFC MUTUAL FUND - HDFC BSE 500 ETF | 1.46% |
| AXIS MUTUAL FUND TRUSTEE LIMITED A/C AXIS MUTUAL F | 1.34% |
| CANARA ROBECO MUTUAL FUND A/C CANARA ROBECO LARGE | 1.18% |
| SURESH VASWANI | 0.81% |
| RAVI VACHANI | 0.02% |
| VACHANI KAMAL VACHANI SUNDER | 0.01% |
Distribution across major stakeholders
Distribution across major institutional holders
| -3.40% |
| -13.80% |
| 62.03 |
| 7.08 |
| - |
| - |
| AMBER | Amber Enterprises India | 23.34 kCr | 11.06 kCr | -0.10% | -4.50% | 100.24 | 2.11 | - | - |
| SYRMA | Syrma SGS Technology | 16.75 kCr | 4.32 kCr | +15.90% | +61.70% | 56.99 | 3.88 | - | - |
| VGUARD | V-Guard Industries | 14.63 kCr | 5.77 kCr | +2.20% | -15.10% | 51.12 | 2.54 | - | - |
| AVALON | Avalon Tech | 6.87 kCr | 1.49 kCr | +10.60% | +40.40% | 71.22 | 4.62 | - | - |
| ELIN | Elin Electronics | 798.57 Cr | 1.3 kCr | +2.00% | -0.60% | 19.19 | 0.62 | - | - |
| Profit Before exceptional items and Tax |
| -56.2% |
| 404 |
| 922 |
| 359 |
| 322 |
| 282 |
| 317 |
| Exceptional items before tax | - | 0 | 0 | 0 | 250 | 0 | 210 |
| Total profit before tax | -56.2% | 404 | 922 | 359 | 572 | 282 | 526 |
| Current tax | -33.6% | 72 | 108 | 85 | 63 | 68 | 81 |
| Deferred tax | -73.9% | 19 | 70 | 0.87 | 48 | 1.16 | 36 |
| Total tax | -49.2% | 91 | 178 | 86 | 111 | 69 | 117 |
| Total profit (loss) for period | -57% | 321 | 746 | 280 | 465 | 216 | 412 |
| Other comp. income net of taxes | -17.5% | -0.21 | -0.03 | 0.05 | -1.1 | 0.41 | 0.8 |
| Total Comprehensive Income | -57.2% | 320 | 746 | 280 | 464 | 217 | 412 |
| Earnings Per Share, Basic | -57.5% | 53.06 | 123.6 | 46.47 | 77.59 | 36.12 | 68.82 |
| Earnings Per Share, Diluted | -57.6% | 52.62 | 122.73 | 46.3 | 76.42 | 35.64 | 68.11 |
| Debt equity ratio | 0% | 02 | 021 | 0 | 007 | 0 | 0 |
| Debt service coverage ratio | -0.2% | 05 | 07 | 0.527 | 0.022 | 0 | 0 |
| Interest service coverage ratio | -19.6% | 0.104 | 0.251 | 0.122 | 0.08 | 0 | 0 |
| 30% |
| 53 |
| 41 |
| 36 |
| 30 |
| 26 |
| 35 |
| Depreciation and Amortization | 11.1% | 71 | 64 | 58 | 51 | 38 | 32 |
| Other expenses | 18.7% | 293 | 247 | 274 | 261 | 219 | 182 |
| Total Expenses | -14.9% | 5,278 | 6,202 | 6,731 | 7,287 | 5,471 | 3,538 |
| Profit Before exceptional items and Tax | -23.6% | 189 | 247 | 285 | 200 | 206 | 142 |
| Exceptional items before tax | - | 490 | 0 | 0 | 0 | 0 | 0 |
| Total profit before tax | 175.6% | 679 | 247 | 285 | 200 | 206 | 142 |
| Current tax | -35.5% | 41 | 63 | 70 | 52 | 52 | 37 |
| Deferred tax | 2873.4% | 72 | -1.56 | 3.69 | -2.14 | 1.99 | -5.23 |
| Total tax | 86.7% | 113 | 61 | 74 | 49 | 54 | 32 |
| Total profit (loss) for period | 205.4% | 566 | 186 | 211 | 151 | 152 | 111 |
| Other comp. income net of taxes | -14700% | -0.46 | 1.01 | -0.5 | -0.1 | -0.05 | -0.5 |
| Total Comprehensive Income | 203.2% | 565 | 187 | 211 | 151 | 152 | 110 |
| Earnings Per Share, Basic | 210.2% | 94.44 | 31.12 | 35.53 | 25.63 | 26.14 | 19.376 |
| Earnings Per Share, Diluted | 207.4% | 93.01 | 30.93 | 35.27 | 25.38 | 25.56 | 18.852 |
| Debt equity ratio | - | 008 | 0 | 0 | 0 | - | - |
| Debt service coverage ratio | - | 0.014 | 0 | 0 | 0 | - | - |
| Interest service coverage ratio | - | 0.046 | 0 | 0 | 0 | - | - |
| 560 |
| 574 |
| 712 |
| 696 |
| 613 |
| 587 |
| Capital work-in-progress | 42.8% | 248 | 174 | 109 | 34 | 75 | 52 |
| Non-current investments | 116.2% | 2,347 | 1,086 | 835 | 124 | 124 | 108 |
| Loans, non-current | -48.5% | 125 | 242 | 150 | 452 | 367 | 246 |
| Total non-current financial assets | 84.5% | 2,492 | 1,351 | 1,009 | 598 | 513 | 376 |
| Total non-current assets | 50.9% | 3,586 | 2,376 | 1,955 | 1,466 | 1,360 | 1,178 |
| Total assets | 37.2% | 4,774 | 3,480 | 3,648 | 2,834 | 3,223 | 2,732 |
| Borrowings, non-current | -103.8% | 0 | 27 | 36 | 44 | 52 | 59 |
| Total non-current financial liabilities | -22.7% | 110 | 142 | 158 | 170 | 188 | 209 |
| Provisions, non-current | -62% | 2.47 | 4.87 | 14 | 12 | 11 | 11 |
| Total non-current liabilities | 20.2% | 299 | 249 | 229 | 211 | 228 | 249 |
| Borrowings, current | 349.7% | 671 | 150 | 155 | 60 | 85 | 23 |
| Total current financial liabilities | 56.9% | 1,537 | 980 | 1,647 | 1,162 | 1,649 | 1,246 |
| Provisions, current | -92.2% | 1.32 | 5.11 | 9.53 | 3.45 | 5.72 | 6.2 |
| Current tax liabilities | - | 0 | 0 | 10 | 2.67 | 15 | 9.34 |
| Total current liabilities | 55.7% | 1,633 | 1,049 | 1,732 | 1,228 | 1,735 | 1,316 |
| Total liabilities | 49% | 1,933 | 1,298 | 1,961 | 1,439 | 1,963 | 1,566 |
| Equity share capital | 0% | 12 | 12 | 12 | 12 | 12 | 12 |
| Total equity | 30.2% | 2,841 | 2,183 | 1,687 | 1,394 | 1,260 | 1,166 |
| Total equity and liabilities | 37.2% | 4,774 | 3,480 | 3,648 | 2,834 | 3,223 | 2,732 |
| 7.1% |
| 331 |
| 309 |
| 469 |
| 263 |
| - |
| - |
| Income taxes paid (refund) | -26.1% | 52 | 70 | 64 | 48 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | -0.13 | 0 | - | - |
| Net Cashflows From Operating Activities | 16.8% | 279 | 239 | 404 | 214 | - | - |
| Cashflows used in obtaining control of subsidiaries | 4400% | 721 | 17 | 16 | 47 | - | - |
| Proceeds from sales of PPE | -14.3% | 13 | 15 | 8.71 | 11 | - | - |
| Purchase of property, plant and equipment | 26% | 190 | 151 | 144 | 212 | - | - |
| Cash receipts from repayment of advances and loans made to other parties | - | 214 | 0 | 0 | 433 | - | - |
| Dividends received | - | 29 | 0 | 2.85 | 0 | - | - |
| Interest received | -29.4% | 25 | 35 | 14 | 1.9 | - | - |
| Other inflows (outflows) of cash | -101.4% | 0.54 | 33 | 105 | -39.94 | - | - |
| Net Cashflows From Investing Activities | -43.4% | -381.69 | -265.83 | -282.95 | -248.96 | - | - |
| Proceeds from issuing shares | 202.2% | 140 | 47 | 34 | 64 | - | - |
| Proceeds from borrowings | 155.9% | 88 | 35 | 0 | 148 | - | - |
| Repayments of borrowings | 25% | 16 | 13 | 167 | 32 | - | - |
| Payments of lease liabilities | 5.9% | 19 | 18 | 17 | 28 | - | - |
| Dividends paid | 70.6% | 30 | 18 | 12 | 5.86 | - | - |
| Interest paid | 40% | 43 | 31 | 27 | 37 | - | - |
| Net Cashflows from Financing Activities | 9060.3% | 121 | 2.31 | -188.93 | 110 | - | - |
| Net change in cash and cash eq. | 167.4% | 18 | -24.21 | -67.42 | 75 | - | - |