Dixon Technologies (India) Ltd. (DIXON) AI Stock Analysis

• Market Cap: ₹1.08T
• Dividend Yield: 0.03%
• Average Volume (3M): 16.10K
• Price to Earnings (P/E): 90.5
• Beta (1Y): 1.51
• Revenue Growth: 114.85%
• EPS Growth: 172.65%
• Country: IN
• Employees: 1,693
• Sector: Consumer Defensive
• Sector Strength: 45
• Industry: Consumer Electronics
• EPS (TTM): 46.30
• Shares Outstanding: 60,513,664
• 10 Day Avg. Volume: 15,759
• 30 Day Avg. Volume: 16,103
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹16,099.67
• Price Target Upside: -9.83% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 9

• Rating: 70 Outperform
• Price Target: ₹18,520.00 ▲(3.73% Upside)

Dixon Technologies' strong financial performance is the primary driver of its score, demonstrating robust growth and financial stability. However, the technical analysis indicates potential overbought conditions, and the high P/E ratio suggests the stock may be overvalued. These factors balance out to a moderate overall score, with financial performance being the standout strength.

Dixon Technologies (India) Ltd. Business Overview & Revenue Model

Company Description

Dixon Technologies (India) Ltd. is a leading Indian electronics manufacturing services (EMS) company. It operates in multiple sectors, including consumer electronics, home appliances, lighting, mobile phones, and security devices. The company is recognized for its comprehensive product portfolio, which encompasses LED TVs, washing machines, LED bulbs, tube lights, downlighters, and smartphones. Leveraging its state-of-the-art manufacturing facilities and robust R&D capabilities, Dixon Technologies serves both domestic and international markets, providing end-to-end solutions from product design to manufacturing and after-sales services.

How the Company Makes Money

Dixon Technologies makes money primarily through its manufacturing services, where it partners with various brands to produce electronic products under original equipment manufacturing (OEM) and original design manufacturing (ODM) models. The company generates revenue from the sale of these manufactured goods to its clients, which include prominent consumer electronics and home appliance companies. Key revenue streams include consumer electronics, lighting solutions, and home appliances. Additionally, Dixon Technologies benefits from strategic partnerships and collaborations with global and domestic brands, which enable it to expand its product offerings and market reach. The company's focus on efficiency and innovation in manufacturing processes also contributes to its profitability.

Dixon Technologies (India) Ltd. Financial Statement Overview

Summary

Dixon Technologies exhibits a strong financial performance with robust growth in revenue and profitability, improved balance sheet metrics, and solid cash flow generation. The company has effectively reduced its leverage, enhancing financial stability. While the equity ratio could be further improved, the overall financial health is commendable, positioning Dixon Technologies well for future growth in the consumer electronics industry.

Income Statement

Dixon Technologies has shown impressive revenue growth with a substantial increase from 2024 to 2025. The gross profit margin is strong at 7.11% in TTM, indicating effective cost management. The net profit margin improved to 2.63% in TTM, showing enhanced profitability. EBIT and EBITDA margins are also healthy, reflecting operational efficiency. Overall, the income statement reveals strong growth and profitability trends, making it a key strength for the company.

Balance Sheet

The company's debt-to-equity ratio has significantly improved, indicating reduced leverage and enhanced financial stability. The return on equity is robust at 34.88% in TTM, showcasing efficient use of equity. The equity ratio stands at 19.05%, reflecting a solid equity base. The balance sheet highlights a strong financial position with reduced debt burden, although further improvement in equity ratio would be beneficial.

Cash Flow

Dixon Technologies demonstrates solid cash flow management with positive free cash flow growth in the TTM period. The operating cash flow to net income ratio is healthy, indicating effective cash conversion. The free cash flow to net income ratio is positive, reflecting the company's ability to generate cash from operations. Overall, cash flow metrics are strong, supporting the company’s growth and operational needs.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	451.16B	388.60B	176.14B	121.92B	106.70B	64.48B
Gross Profit	32.11B	30.27B	15.62B	11.71B	8.66B	6.69B
EBITDA	17.50B	15.08B	7.26B	5.22B	3.88B	2.93B
Net Income	11.87B	10.96B	3.68B	2.56B	1.90B	1.60B
Balance Sheet
Total Assets	178.58B	167.67B	69.91B	46.79B	42.77B	28.46B
Cash, Cash Equivalents and Short-Term Investments	2.23B	2.64B	2.09B	3.49B	3.11B	1.59B
Total Debt	90.00M	6.71B	4.89B	4.53B	6.67B	2.95B
Total Liabilities	139.42B	132.98B	52.69B	33.95B	32.80B	21.08B
Stockholders Equity	34.02B	30.10B	16.95B	12.85B	9.97B	7.37B
Cash Flow
Free Cash Flow	2.77B	2.10B	-1.20M	2.65B	-1.48B	19.39M
Operating Cash Flow	13.02B	11.50B	5.84B	7.26B	2.73B	1.70B
Investing Cash Flow	-12.96B	-12.29B	-5.31B	-3.56B	-4.64B	-2.65B
Financing Cash Flow	-136.50M	-265.70M	-699.70M	-3.30B	3.04B	634.81M

Dixon Technologies (India) Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 17854.65
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DIXON, the sentiment is Positive. The current price of 17854.65 is above the 20-day moving average (MA) of 16816.69, above the 50-day MA of 16301.35, and above the 200-day MA of 15648.11, indicating a bullish trend. The MACD of 398.66 indicates Negative momentum. The RSI at 69.71 is Neutral, neither overbought nor oversold. The STOCH value of 90.76 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:DIXON.

Dixon Technologies (India) Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
POLYCAB	77 Outperform	₹1.09T	49.06		0.48%	25.40%	24.25%
HAVELLS	74 Outperform	₹992.46B	70.25		0.63%	9.53%	1.43%
DIXON	70 Outperform	₹1.08T	90.46		0.03%	114.85%	172.65%
VGUARD	66 Neutral	₹161.65B	55.96		0.40%	8.75%	-1.44%
BAJAJELEC	65 Neutral	₹65.71B	61.85		0.53%	1.15%	-13.12%
Sector *	63 Neutral	$20.52B	14.80	-2.68%	3.09%	1.95%	-4.76%
WHIRLPOOL	60 Neutral	₹172.22B	47.72		0.37%	7.78%	26.20%

Dixon Technologies (India) Ltd. Corporate Events

Dixon Technologies Engages with Institutional Investor Point 72

Dixon Technologies (India) Ltd. recently held an in-person meeting with Point 72 Asset Management on August 1, 2025. The meeting was conducted on a one-on-one basis, and no unpublished price-sensitive information was disclosed, nor was any presentation made. This engagement reflects Dixon’s ongoing efforts to maintain transparency and foster relationships with institutional investors, potentially impacting its market perception and investor confidence.

Dixon Technologies Schedules Investor Meetings to Enhance Stakeholder Engagement

Dixon Technologies (India) Limited has announced a series of scheduled meetings with institutional investors, analysts, and advisors on July 31st and August 1st, 2025. These meetings, which will be held in-person, aim to engage with key stakeholders without sharing any unpublished price-sensitive information or making formal presentations. This initiative is part of Dixon’s ongoing efforts to maintain transparency and strengthen relationships with its investors and analysts.

Dixon Technologies Forms Joint Venture with Signify Innovations

Dixon Technologies (India) Ltd. has announced a strategic move to form a joint venture with Signify Innovations India Ltd., resulting in the creation of Lightanium Technologies Private Limited. This joint venture aims to consolidate the lighting operations of both companies, with Dixon transferring its lighting business and stake in Dixon Technologies Solutions Private Limited, while Signify contributes its LED lighting manufacturing operations. This collaboration is expected to enhance Dixon’s market positioning in the lighting sector, allowing both companies to hold equal shares in the new entity, potentially leading to increased operational efficiencies and market reach.

Dixon Technologies Forms Joint Venture with Signify Innovations to Enhance Lighting Business

Dixon Technologies (India) Limited has announced a strategic move to diversify its operations by forming a joint venture with Signify Innovations India Limited, named Lightanium Technologies Private Limited. This joint venture involves the transfer of Dixon’s lighting business and its entire stake in Dixon Technologies Solutions Private Limited, along with Signify’s LED lighting manufacturing operations. The transactions are structured to exchange shares in the JV Company, positioning both companies to hold equal stakes in the new entity. This move is expected to enhance Dixon’s market positioning in the lighting sector and streamline its operations, potentially impacting stakeholders by aligning with industry trends towards consolidation and specialization.

Dixon Technologies Announces Trading Window Closure

Dixon Technologies (India) Limited announced the closure of its trading window in compliance with SEBI regulations. This closure is effective from July 1, 2025, and will remain until 48 hours after the declaration of the company’s financial results for the quarter ending June 30, 2025. This measure is part of the company’s ongoing commitment to adhere to insider trading policies, ensuring transparency and compliance with regulatory standards.