Dixon Technologies (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Other Electronics: 80.2% • Washing Machine: 14.3% • Moulding: 5.5%
AI Sector View
AI GENERATEDConsumer Durables
Urban discretionary demand is mixed but investable. Credit card transactions rose 27.0% YoY (2026-06), urban CMIE sentiment was 109.5 (2026-07), and consumer spending remained large at INR 44743 billion (Jun/26), even though formal consumer confidence fell to 88.3 points (Jul/26) and debit card transactions were -9.0% YoY (2026-06). Heavy sector inflows of INR 13175 crore over 3 months to 2026-08-31 indicate strong investor positioning behind the theme.
PROS
- Company has delivered good profit growth of 38.0% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 30.6%
- Company has a good return on equity (ROE) track record: 3 Years ROE 25.6%
- Latest quarter profit grew 3026.8% YoY, showing strong momentum
CONS
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (90.3% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Promoter holding has decreased over last 2 years: -4.7pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.27x)
- Company's sales have been declining over the last five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LGEINDIA | 1647.85 | 61.30 | 111851.51 | 0.00 | 6528.63 | 1172.01 | 72333.50 | 1054.95 | 34.39 | 12.50 |
| DIXON | 13820.30 | 45.04 | 84539.58 | 0.07 | 717.83 | 156.35 | 15547.66 | 21.13 | 52.92 | 3.03 |
| IFBIND | 1266.50 | 31.98 | 5131.71 | 0.00 | 43.05 | 64.56 | 1584.74 | 18.41 | 22.30 | 5.63 |
| ONIDA | 34.09 | 0.00 | 1259.72 | 0.00 | -141.80 | -1035.31 | 1824.10 | 1195.07 | -21.66 | -6.27 |
| WEL | 73.01 | 81.68 | 978.39 | 0.00 | 3.97 | 258.63 | 233.56 | 50.93 | 18.31 | 3.89 |
| ELIN | 96.25 | 0.00 | 478.45 | 0.00 | -21.41 | -328.00 | 362.80 | 25.64 | 6.56 | 1.10 |
| KHAITANLTD | 163.00 | 12.80 | 77.42 | 0.00 | 24.37 | 3077.31 | 414.53 | 2217.62 | 27.75 | 6.44 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,509 | 2,073 | 1,441 | 1,388 | 1,299 | 1,986 | 1,030 | 1,086 | 891 | 1,386 | 792 | 861 | 1,080 | |
| 1,426 | 1,979 | 1,375 | 1,316 | 1,245 | 1,895 | 1,001 | 1,014 | 842 | 1,310 | 737 | 832 | 1,036 | |
| Operating Profit | 83 | 94 | 66 | 72 | 54 | 92 | 30 | 71 | 49 | 76 | 56 | 30 | 44 |
| OPM % | 5.52% | 4.53% | 4.59% | 5.18% | 4.16% | 4.61% | 2.89% | 6.57% | 5.53% | 5.46% | 7.04% | 3.44% | 4.07% |
| 8 | 8 | 9 | 12 | 12 | 246 | 6 | 292 | 7 | 522 | 192 | 81 | 540 | |
| Interest | 10 | 9 | 12 | 10 | 11 | 12 | 15 | 15 | 15 | 13 | 19 | 7 | 8 |
| Depreciation | 16 | 15 | 16 | 17 | 17 | 17 | 17 | 20 | 19 | 18 | 16 | 17 | 17 |
| Profit before Tax | 65 | 78 | 47 | 57 | 39 | 309 | 4 | 328 | 22 | 566 | 213 | 87 | 584 |
| Tax % | 25.97% | 26.54% | 21.10% | 24.27% | 27.21% | 16.76% | 39.90% | 14.99% | 27.82% | 15.53% | 12.00% | 10.48% | 14.75% |
| Net Profit | 48 | 57 | 37 | 43 | 28 | 257 | 2 | 279 | 16 | 479 | 187 | 78 | 498 |
| 8.05 | 9.61 | 6.21 | 7.28 | 4.68 | 42.93 | 0.42 | 46.49 | 2.64 | 79.32 | 30.96 | 12.87 | 81.88 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,645 | 2,210 | 2,526 | 3,671 | 5,675 | 7,484 | 6,997 | 6,411 | 5,401 | 3,930 | 4,119 | |
| 1,560 | 2,104 | 2,400 | 3,468 | 5,401 | 7,201 | 6,634 | 6,094 | 5,153 | 3,719 | 3,914 | |
| Operating Profit | 85 | 106 | 126 | 204 | 273 | 284 | 364 | 317 | 248 | 211 | 205 |
| OPM % | 5.15% | 4.82% | 4.97% | 5.55% | 4.81% | 3.79% | 5.20% | 4.95% | 4.59% | 5.38% | 4.98% |
| 1 | 3 | 4 | 9 | 2 | 3 | 18 | 37 | 556 | 802 | 1,336 | |
| Interest | 15 | 13 | 26 | 39 | 31 | 35 | 39 | 44 | 55 | 55 | 47 |
| Depreciation | 10 | 14 | 20 | 32 | 38 | 51 | 58 | 64 | 71 | 70 | 68 |
| Profit before Tax | 61 | 82 | 84 | 142 | 206 | 200 | 285 | 247 | 679 | 888 | 1,450 |
| Tax % | 27.84% | 30.76% | 32.98% | 22.33% | 26.29% | 24.66% | 25.98% | 24.83% | 16.64% | 14.49% | 14.39% |
| Net Profit | 44 | 57 | 56 | 111 | 152 | 151 | 211 | 186 | 566 | 759 | 1,242 |
| EPS | 40.12 | 0.00 | 49.06 | 18.85 | 25.56 | 25.38 | 35.27 | 31.05 | 93.93 | 124.91 | — |
| Dividend Payout % | 15.07% | 3.97% | 4.02% | 4.18% | 3.85% | 7.86% | 8.46% | 16.10% | 8.52% | 8.01% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 12%
- 5 Years:
- -7%
- 3 Years:
- -17%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 43%
- 5 Years:
- 38%
- 3 Years:
- 53%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 26%
- 3 Years:
- 38%
- 1 Year:
- -25%
RETURN ON EQUITY
- 10 Years:
- 24%
- 5 Years:
- 23%
- 3 Years:
- 26%
- Last Year:
- 29%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| 179 | 292 | 346 | 498 | 682 | 899 | 1,138 | 1,364 | 2,066 | 3,091 | |
| 43 | 41 | 139 | 157 | 216 | 379 | 245 | 229 | 290 | 277 | |
| Trade Payables | 227 | 236 | 548 | 714 | 1,424 | 1,323 | 1,205 | 1,076 | 768 | 625 |
| 38 | 88 | 60 | 40 | 86 | 112 | 133 | 152 | 344 | 304 | |
| Total Liabilities | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 2,834 | 3,480 | 4,309 |
| 129 | 168 | 207 | 350 | 381 | 608 | 741 | 824 | 842 | 796 | |
| Capital Work in Progress | 2 | 13 | 19 | 10 | 72 | 19 | 52 | 34 | 174 | 367 |
| 9 | 13 | 18 | 45 | 140 | 227 | 138 | 124 | 1,086 | 1,907 | |
| 157 | 232 | 297 | 364 | 555 | 656 | 433 | 390 | 384 | 476 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 907 | 608 | 555 | |
| Cash & Bank | 6 | 36 | 28 | 98 | 41 | 116 | 49 | 22 | 39 | 22 |
| 196 | 207 | 535 | 555 | 1,230 | 1,100 | 1,319 | 532 | 347 | 186 | |
| Total Assets | 498 | 668 | 1,103 | 1,421 | 2,419 | 2,726 | 2,732 | 2,834 | 3,480 | 4,309 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 59 | 79 | 4 | 277 | 210 | 263 | 469 | 239 | 279 | -104 | |
| Cash from Investing | -39 | -97 | -54 | -93 | -266 | -249 | -283 | -266 | -382 | -33 |
| Cash from Financing | -7 | 42 | 67 | -61 | 51 | 110 | -189 | 2 | 121 | 130 |
| -0 | 7 | 1 | 84 | -57 | 75 | -67 | -24 | 18 | -6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Dixon Technologies (India) Limited has informed the Exchange about Schedule of meet
2026-09-09 - Dixon Technologies (India) Limited has informed the Exchange about Outcome of Analyst/ Institutional Investors Meet
2026-09-04 - Dixon Technologies (India) Limited has informed the Exchange about Copy of Newspaper Publication of Notice to the Members of the 33rd Annual General Meeting of the Company and Remote E-voting Information
2026-09-03 - Business Responsibility and Sustainability Report - FY 2025-26
2026-09-03 - Dixon Technologies (India) Limited has informed the Exchange that Record date for the purpose of Dividend is 21-Sep-2026.
2026-09-03 - Shareholder Meeting- 33rd Annual General Meeting of Dixon Technologies (India) Limited on 28th September, 2026
2026-09-02 - Dixon Technologies (India) Limited has informed the Exchange regarding Allotment of 28455 Shares.
2026-09-02 - Dixon Technologies (India) Limited has informed the Exchange about Outcome of Analyst or Institutional Investor Meet
2026-09-01 - Dixon Technologies (India) Limited has informed the Exchange about submission of copies of newspaper publication titled Notice on Information to the Shareholdersregarding the 33rd Annual General Meeting of Dixon Technologies (India) Limited to be held through Video Conference/ Other Audio Visual Means
News
Recent coverage and analyst commentary for DIXON
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