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

• Market Cap: ₹651.32B
• Dividend Yield: 0.06%
• Average Volume (3M): 8.87K
• Price to Earnings (P/E): 44.2
• Beta (1Y): 1.54
• Revenue Growth: 75.56%
• EPS Growth: 103.31%
• Country: IN
• Employees: 1,693
• Sector: Technology
• Sector Strength: 88
• Industry: Consumer Electronics
• EPS (TTM): 122.73
• Shares Outstanding: 60,685,740
• 10 Day Avg. Volume: 9,942
• 30 Day Avg. Volume: 8,867
• PEG Ratio: 0.37
• Price to Book (P/B): 26.12
• Price to Sales (P/S): 2.02
• P/FCF Ratio: 373.74
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹11,434.00 ▼(-2.86% Downside)

Dixon Technologies' strong financial performance is offset by bearish technical indicators and high valuation concerns. The stock's overvaluation and negative market momentum are significant risks, despite its solid financial foundation.

Positive Factors

Business model & diversification

Dixon’s EMS model delivers durable B2B revenue from multiple product segments and end-to-end services (assembly, testing, packaging, supply-chain). Diversified product exposure and value-added services reduce single-product cyclicality and support stable contract margins over time.

Strong revenue momentum

Very strong top-line growth reported in fundamentals indicates expanding customer programs and successful scaling of production. Sustained revenue expansion supports fixed-cost absorption, investments in capacity, and stronger negotiating leverage with suppliers, reinforcing durable operational scale.

Healthy balance sheet and cash generation

Low leverage and improving cash conversion provide financial flexibility for capex, working capital and customer program ramp-ups. A strong operating cash flow ratio and rapid free cash flow growth support reinvestment and resilience to demand cycles without relying heavily on external financing.

Negative Factors

Thin margins and cost pressure

Reported gross and net margins are thin for a manufacturing services business, leaving limited buffer against input cost inflation or pricing pressure from large OEM customers. Persistent margin compression could materially reduce ability to fund investments and maintain returns in tougher cycles.

Low free cash flow conversion

Despite strong operating cash, low FCF conversion indicates substantial working-capital absorption or capex needs tied to growth. This constrains available cash for debt reduction, dividends, or strategic M&A and makes the company more sensitive to inventory and receivables swings over time.

Customer concentration risk

Heavy reliance on a few large OEM/brand programs exposes the company to program loss, pricing renegotiation, or demand shifts. Losing or downsizing a major partner could cause abrupt volume and margin declines; diversification of major customers will be required to reduce structural revenue volatility.

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

Company Description

Dixon Technologies (India) Limited provides electronic manufacturing services in India. The company offers consumer electronics, including LED TVs, and AC PCB; home appliances, such as washing machines; lighting products comprising LED bulbs, battens, and down lighters, etc.; mobile phones and EMS which include smart phones, medical electronics, set top boxes, IT products, and telecom products; and security systems that consist of CCTV camera and digital video recorders. It also provides solutions in reverse logistics, such as repair and refurbishment services. Dixon Technologies (India) Limited was incorporated in 1993 and is headquartered in Noida, India.

How the Company Makes Money

Dixon Technologies generates revenue primarily through its electronics manufacturing services, which include contract manufacturing for major brands in the consumer electronics sector. The company earns money by producing a variety of products such as LED televisions, mobile phones, and lighting solutions, often under private labels for its clients. Key revenue streams include direct sales of manufactured goods to OEMs (Original Equipment Manufacturers) and ODMs (Original Design Manufacturers), as well as partnerships with leading brands that outsource their production to Dixon. Additionally, the company benefits from government initiatives to promote local manufacturing, which enhances its competitiveness and market presence.

Dixon Technologies (India) Ltd. Financial Statement Overview

Summary

Dixon Technologies exhibits strong financial health with robust revenue growth and profitability. The balance sheet is solid with low leverage, and cash flow generation is improving. Minor concerns include cost pressures and free cash flow conversion.

Income Statement

Dixon Technologies has demonstrated strong revenue growth with a 7.36% increase in the TTM period. The company maintains healthy profitability with a gross profit margin of 7.54% and a net profit margin of 2.63% in the TTM. EBIT and EBITDA margins are stable, indicating efficient operations. However, the slight decline in gross profit margin from the previous year suggests potential cost pressures.

Balance Sheet

The balance sheet is robust with a low debt-to-equity ratio of 0.26 in the TTM, indicating low leverage and financial stability. Return on equity is impressive at 42.33%, showcasing strong profitability relative to shareholder equity. The equity ratio of 20.68% suggests a solid capital structure, though there is room for improvement in asset utilization.

Cash Flow

Cash flow performance is strong with a significant free cash flow growth rate of 61.65% in the TTM. The operating cash flow to net income ratio is 1.05, indicating good cash generation relative to earnings. However, the free cash flow to net income ratio of 0.21 suggests that a smaller portion of earnings is being converted into free cash flow, which could be a concern for liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	484.37B	388.60B	176.91B	121.92B	106.97B	64.48B
Gross Profit	32.90B	30.05B	16.39B	11.64B	9.09B	6.71B
EBITDA	22.77B	14.47B	6.64B	4.95B	3.62B	2.79B
Net Income	14.67B	10.96B	3.68B	2.56B	1.90B	1.60B
Balance Sheet
Total Assets	196.51B	167.67B	69.91B	46.79B	42.77B	28.46B
Cash, Cash Equivalents and Short-Term Investments	6.43B	2.64B	2.09B	3.49B	3.11B	1.59B
Total Debt	13.89B	6.71B	4.89B	4.53B	6.67B	2.95B
Total Liabilities	149.67B	132.98B	52.69B	33.95B	32.80B	21.08B
Stockholders Equity	40.64B	30.10B	16.95B	12.85B	9.97B	7.37B
Cash Flow
Free Cash Flow	4.47B	2.10B	-1.20M	2.65B	-1.48B	19.39M
Operating Cash Flow	15.46B	11.50B	5.84B	7.26B	2.73B	1.70B
Investing Cash Flow	-15.86B	-12.29B	-5.31B	-3.56B	-4.64B	-2.65B
Financing Cash Flow	3.29B	-265.70M	-699.70M	-3.30B	3.04B	634.81M

Dixon Technologies (India) Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11770.15
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:DIXON, the sentiment is Negative. The current price of 11770.15 is below the 20-day moving average (MA) of 11968.43, below the 50-day MA of 13415.59, and below the 200-day MA of 15333.81, indicating a bearish trend. The MACD of -672.81 indicates Positive momentum. The RSI at 22.14 is Positive, neither overbought nor oversold. The STOCH value of 3.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	68 Neutral	₹1.07T	40.86	―	0.46%	22.25%	36.99%
VGUARD	67 Neutral	₹133.35B	45.85	―	0.45%	6.34%	-2.25%
HAVELLS	66 Neutral	₹893.78B	61.07	―	0.70%	7.26%	3.66%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BAJAJELEC	57 Neutral	₹50.12B	48.56	―	0.62%	0.80%	-4.31%
DIXON	56 Neutral	₹651.32B	44.17	―	0.06%	75.56%	103.31%
WHIRLPOOL	56 Neutral	₹101.78B	29.06	―	0.53%	4.14%	16.19%

Dixon Technologies (India) Ltd. Corporate Events

Dixon Technologies Receives Independent ESG Score of 63.7 for FY 2024-25

Dixon Technologies (India) Ltd. has disclosed that SES ESG Research Pvt. Ltd. has independently assigned the company an adjusted Environmental, Social and Governance (ESG) score of 63.7 based on publicly available data for FY 2024-25. The rating, prepared without any engagement from Dixon, underscores growing external scrutiny of the company’s sustainability performance and is being formally reported in line with SEBI’s disclosure regulations, highlighting the increasing importance of ESG benchmarks for listed Indian manufacturers and their investors.

Dixon Technologies Updates Exchanges on Investor Meeting With IIFL Capital

Dixon Technologies (India) Ltd. has informed the stock exchanges that its officials held a virtual one-on-one institutional investor meeting with IIFL Capital on 27 December 2025 as part of its ongoing investor relations activity. The company clarified that no unpublished price-sensitive information was shared and no formal presentation was made during the interaction, underscoring its adherence to SEBI disclosure norms and transparent communication practices with market participants.

Dixon Technologies Updates Bourses on Institutional Investor Meetings

Dixon Technologies (India) Ltd. informed the stock exchanges that its officials held virtual one-on-one institutional investor meetings on 24 December 2025 with Opportunity Wealth and White Oak. The company clarified that no unpublished price-sensitive information was shared and no presentations were made during these interactions, underscoring adherence to disclosure regulations and transparent engagement with the investment community.

Dixon Technologies Updates on One-on-One Meets With Institutional Investors

Dixon Technologies (India) Ltd. has disclosed that its officials held one-on-one virtual meetings on 18 December 2025 with representatives from Alliance Capital and Mirabilis Investment Trust as part of its ongoing institutional investor engagement. The company stated that no unpublished price-sensitive information was shared and no presentations were made during these discussions, underscoring its adherence to disclosure norms while maintaining active dialogue with key market participants.

Dixon Technologies Initiates Postal Ballot for Key Leadership Changes

Dixon Technologies (India) Ltd. has announced a postal ballot notice to seek shareholder approval on several key resolutions, including increases in managerial remuneration for its Executive Chairman and Vice Chairman & Managing Director, the appointment of a new Director-Finance, and the re-appointment of a Non-Executive and Independent Director. The company has implemented a remote e-voting facility for shareholders to cast their votes electronically, with results to be declared by December 23, 2025. This move is part of Dixon’s efforts to ensure transparent governance and align its leadership structure with strategic goals, potentially impacting its operational efficiency and stakeholder confidence.

Dixon Technologies Engages with Institutional Investors in Virtual Meetings

Dixon Technologies (India) Ltd. recently held virtual meetings with institutional investors, including Star Union Daichi Life Insurance and Point72 Asset Management, on October 28, 2025. These one-on-one meetings did not involve the sharing of any unpublished price-sensitive information or presentations, indicating a focus on maintaining transparency and compliance with regulatory requirements.

Dixon Technologies Releases Q2 FY 26 Earnings Call Transcript

Dixon Technologies (India) Limited has released the transcript of its Q2 FY 26 earnings conference call, which took place on October 17, 2025. The transcript, now available on the company’s website, provides insights into the company’s financial performance and strategic direction. This release is significant for stakeholders as it offers transparency into Dixon’s operations and future plans, potentially impacting investor confidence and market positioning.

Dixon Technologies Releases Q2 FY2026 Conference Call Recording

Dixon Technologies (India) Limited has announced the availability of the audio recording of its conference call discussing the un-audited financial results for the second quarter of the fiscal year 2026. This move is in compliance with regulatory requirements and aims to enhance transparency and accessibility for stakeholders, reflecting the company’s commitment to maintaining open communication with investors and the market.

Dixon Technologies Appoints New Director-Finance

Dixon Technologies (India) Limited announced the appointment of Mr. Saurabh Gupta as an Additional Director in the capacity of Director-Finance for a five-year term, subject to shareholder approval. Mr. Gupta brings over 22 years of experience in finance and strategy, having held significant roles in various sectors. His appointment is expected to strengthen Dixon’s financial strategies and enhance its industry positioning, potentially benefiting stakeholders by reinforcing the company’s leadership in financial management.