Dixon Technologies (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Other Electronics: 72.0% • Washing Machine: 12.0% • Mobiles: 11.3%
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 59.4% CAGR over last 5 years
- Company has a healthy return on capital (ROCE) of 52.0%
- Company has a good return on equity (ROE) track record: 3 Years ROE 41.1%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 156.3% YoY, showing strong momentum
- Company has delivered good sales growth of 49.9% CAGR over last 5 years
CONS
- A large part of profit comes from other income (34.4% of PBT)
- Promoter holding has decreased over last 2 years: -4.7pp
- Total debt has risen sharply - up 131.1% year on year
- Stock is trading at 12.9x its book value
- Though reporting repeated profits, the company pays out little dividend (4.2%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LGEINDIA | 1650.00 | 61.38 | 111997.44 | 0.00 | 6528.63 | 1172.01 | 72333.50 | 1054.95 | 34.39 | 12.50 |
| DIXON | 13405.00 | 43.68 | 81999.17 | 0.07 | 717.83 | 156.35 | 15547.66 | 21.13 | 52.92 | 3.03 |
| IFBIND | 1278.30 | 32.28 | 5179.52 | 0.00 | 43.05 | 64.56 | 1584.74 | 18.41 | 22.30 | 5.63 |
| ONIDA | 33.03 | 0.00 | 1220.55 | 0.00 | -141.80 | -1035.31 | 1824.10 | 1195.07 | -21.66 | -6.27 |
| WEL | 74.26 | 83.08 | 995.14 | 0.00 | 3.97 | 258.63 | 233.56 | 50.93 | 18.31 | 3.89 |
| ELIN | 92.70 | 0.00 | 460.80 | 0.00 | -21.41 | -328.00 | 362.80 | 25.64 | 6.56 | 1.10 |
| KHAITANLTD | 159.10 | 12.49 | 75.57 | 0.00 | 24.37 | 3077.31 | 414.53 | 2217.62 | 27.75 | 6.44 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3,272 | 4,943 | 4,818 | 4,658 | 6,580 | 11,534 | 10,454 | 10,293 | 12,836 | 14,855 | 10,672 | 10,511 | 15,548 | |
| 3,140 | 4,744 | 4,634 | 4,476 | 6,332 | 11,108 | 10,063 | 9,850 | 12,353 | 14,294 | 10,257 | 10,102 | 15,216 | |
| Operating Profit | 132 | 199 | 184 | 182 | 248 | 426 | 391 | 443 | 482 | 561 | 414 | 408 | 332 |
| OPM % | 4.03% | 4.02% | 3.83% | 3.92% | 3.77% | 3.70% | 3.74% | 4.30% | 3.76% | 3.78% | 3.88% | 3.89% | 2.14% |
| 3 | 1 | 2 | 17 | 8 | 204 | 6 | 262 | 2 | 496 | 131 | 84 | 528 | |
| Interest | 14 | 17 | 22 | 21 | 29 | 38 | 41 | 46 | 33 | 38 | 43 | 24 | 24 |
| Depreciation | 34 | 36 | 41 | 51 | 55 | 66 | 75 | 86 | 93 | 96 | 99 | 105 | 107 |
| Profit before Tax | 87 | 146 | 124 | 127 | 172 | 526 | 282 | 572 | 359 | 922 | 404 | 364 | 869 |
| Tax % | 26.26% | 24.08% | 23.16% | 25.42% | 23.23% | 22.27% | 24.47% | 19.41% | 23.83% | 19.28% | 22.56% | 19.72% | 17.39% |
| Net Profit | 0 | 0 | 0 | 0 | 140 | 412 | 216 | 465 | 280 | 746 | 321 | 298 | 718 |
| 11.28 | 19.04 | 16.29 | 16.31 | 23.35 | 68.82 | 36.12 | 77.59 | 46.47 | 123.60 | 53.06 | 49.22 | 118.00 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,457 | 2,842 | 2,984 | 4,400 | 6,448 | 10,697 | 12,192 | 17,691 | 38,860 | 48,873 | 51,585 | |
| 2,366 | 2,729 | 2,848 | 4,173 | 6,156 | 10,313 | 11,676 | 16,987 | 37,345 | 47,003 | 49,869 | |
| Operating Profit | 91 | 113 | 136 | 228 | 292 | 384 | 516 | 704 | 1,515 | 1,870 | 1,716 |
| OPM % | 3.71% | 3.97% | 4.56% | 5.17% | 4.53% | 3.59% | 4.23% | 3.98% | 3.90% | 3.83% | 3.33% |
| 1 | 4 | 6 | 5 | 2 | 4 | 6 | 23 | 480 | 713 | 1,240 | |
| Interest | 16 | 13 | 26 | 39 | 33 | 49 | 64 | 81 | 162 | 141 | 129 |
| Depreciation | 11 | 15 | 22 | 37 | 44 | 84 | 115 | 162 | 281 | 393 | 407 |
| Profit before Tax | 66 | 88 | 94 | 157 | 217 | 255 | 345 | 494 | 1,570 | 2,071 | 2,559 |
| Tax % | 28.34% | 30.98% | 32.46% | 23.13% | 26.36% | 25.28% | 26.02% | 24.08% | 21.48% | 20.59% | 19.22% |
| Net Profit | 48 | 61 | 63 | 121 | 160 | 190 | 255 | 375 | 1,233 | 1,644 | 2,067 |
| EPS | 43.64 | 0.00 | 55.14 | 20.54 | 26.87 | 32.00 | 42.62 | 61.50 | 181.83 | 236.62 | — |
| Dividend Payout % | 13.86% | 3.72% | 3.57% | 3.84% | 3.66% | 6.24% | 6.99% | 8.13% | 4.40% | 4.23% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 43%
- 5 Years:
- 50%
- 3 Years:
- 59%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 49%
- 5 Years:
- 55%
- 3 Years:
- 78%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 39%
- 1 Year:
- -26%
RETURN ON EQUITY
- 10 Years:
- 29%
- 5 Years:
- 34%
- 3 Years:
- 41%
- Last Year:
- 44%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 1 | -0 | 28 | 459 | 710 |
| 186 | 304 | 364 | 525 | 717 | 974 | 1,256 | 1,664 | 2,893 | 4,528 | |
| 43 | 41 | 300 | 176 | 287 | 670 | 452 | 494 | 576 | 1,050 | |
| Trade Payables | 503 | 515 | 740 | 939 | 1,710 | 2,314 | 2,452 | 4,060 | 10,884 | 10,722 |
| 45 | 95 | 76 | 45 | 121 | 307 | 508 | 732 | 1,933 | 2,130 | |
| Total Liabilities | 788 | 966 | 1,491 | 1,697 | 2,846 | 4,277 | 4,679 | 6,990 | 16,758 | 19,152 |
| 137 | 179 | 241 | 414 | 550 | 1,003 | 1,244 | 1,996 | 2,774 | 4,172 | |
| Capital Work in Progress | 2 | 13 | 19 | 10 | 72 | 22 | 120 | 64 | 256 | 571 |
| 0 | 11 | 8 | 0 | 95 | 141 | 44 | 20 | 536 | 1,007 | |
| 282 | 322 | 408 | 498 | 743 | 1,156 | 958 | 1,695 | 3,992 | 3,837 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,318 | 6,965 | 6,530 | |
| Cash & Bank | 15 | 44 | 37 | 100 | 69 | 182 | 229 | 209 | 264 | 941 |
| 352 | 396 | 778 | 675 | 1,316 | 1,773 | 2,085 | 687 | 1,971 | 2,095 | |
| Total Assets | 788 | 966 | 1,491 | 1,697 | 2,846 | 4,277 | 4,679 | 6,990 | 16,758 | 19,152 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 68 | 88 | 15 | 280 | 225 | 327 | 808 | 584 | 1,150 | 1,782 | |
| Cash from Investing | -43 | -100 | -64 | -99 | -265 | -464 | -356 | -531 | -1,229 | -1,251 |
| Cash from Financing | -8 | 42 | 69 | -57 | 63 | 304 | -330 | -70 | -27 | -108 |
| 1 | 10 | 2 | 81 | -32 | 113 | 41 | -17 | -106 | 424 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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
2026-09-11 - Dixon Technologies (India) Limited has informed the Exchange about Outcome of Analyst/ Institutional Investors Meet
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
News
Recent coverage and analyst commentary for DIXON
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