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

• Market Cap: ₹748.09B
• Dividend Yield: 0.06%
• Average Volume (3M): 8.87K
• Price to Earnings (P/E): 50.7
• Beta (1Y): 1.55
• Revenue Growth: 75.56%
• EPS Growth: 103.31%
• Country: IN
• Employees: 1,693
• Sector: Consumer Defensive
• Sector Strength: 42
• 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: ₹19,500.00
• Price Target Upside: 58.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: ₹12,715.00 ▲(3.15% Upside)

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

Revenue Growth

Consistent revenue growth indicates robust demand for Dixon's products and services, supporting long-term business expansion and market presence.

Balance Sheet Health

A strong balance sheet with low leverage enhances Dixon's financial stability, providing flexibility to invest in growth opportunities and weather economic downturns.

Cash Flow Generation

Strong cash flow generation supports Dixon's ability to fund operations, invest in new projects, and return capital to shareholders, ensuring long-term financial health.

Negative Factors

Cost Pressures

Rising costs could pressure margins, affecting profitability if Dixon cannot pass these costs to customers, potentially impacting long-term financial performance.

Free Cash Flow Conversion

Low free cash flow conversion may limit Dixon's ability to reinvest in growth initiatives or manage unexpected expenses, impacting long-term liquidity.

Asset Utilization

Inefficient asset utilization could hinder Dixon's ability to maximize returns on investments, affecting long-term profitability and operational efficiency.

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 performance with impressive revenue growth, improved profitability, and solid cash flow management. The company has effectively reduced leverage, enhancing financial stability. While the equity ratio could be further improved, the overall financial health is commendable.

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	176.91B	121.92B	106.97B	64.48B
Gross Profit	34.03B	30.05B	16.39B	11.64B	9.09B	6.71B
EBITDA	16.40B	14.47B	6.64B	4.95B	3.62B	2.79B
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: Negative
• Last Price: 12327.30
• 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 12327.3 is below the 20-day moving average (MA) of 13438.92, below the 50-day MA of 14644.83, and below the 200-day MA of 15478.06, indicating a bearish trend. The MACD of -598.20 indicates Positive momentum. The RSI at 28.42 is Positive, neither overbought nor oversold. The STOCH value of 18.04 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	72 Outperform	₹1.14T	46.23	―	0.46%	22.25%	36.99%
VGUARD	67 Neutral	₹143.43B	49.31	―	0.45%	6.34%	-2.25%
HAVELLS	66 Neutral	₹889.76B	60.79	―	0.70%	7.26%	3.66%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
BAJAJELEC	57 Neutral	₹55.71B	53.97	―	0.62%	0.80%	-4.31%
DIXON	56 Neutral	₹748.09B	50.73	―	0.06%	75.56%	103.31%
WHIRLPOOL	56 Neutral	₹115.28B	32.92	―	0.53%	4.14%	16.19%

Dixon Technologies (India) Ltd. Corporate Events

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.

Dixon Technologies Receives ESG Ratings from CRISIL

Dixon Technologies (India) Limited has been assigned a core ESG rating of ‘Crisil Core ESG 59’ and an ESG rating of ‘Crisil ESG 50’ by CRISIL ESG Ratings & Analytics Ltd. This rating was independently assigned based on publicly available data for the fiscal year 2025. The disclosure aligns with regulatory requirements and reflects Dixon’s commitment to transparency in its operations, potentially impacting its reputation and stakeholder confidence.

Dixon Technologies to Discuss Q2 FY26 Financial Results in Upcoming Investor Call

Dixon Technologies (India) Limited has scheduled a conference call with investors to discuss its unaudited financial results for the second quarter and half-year ending September 30, 2025. This call, set for October 17, 2025, will allow stakeholders to gain insights into the company’s financial performance and strategic direction, potentially impacting investor confidence and market positioning.

Dixon Technologies Concludes 32nd AGM with Key Resolutions Passed

Dixon Technologies (India) Limited held its 32nd Annual General Meeting on September 23, 2025, via video conferencing, where eight resolutions were passed. The meeting saw participation from both promoters and public shareholders, reflecting the company’s commitment to transparency and stakeholder engagement.

Dixon Technologies Appoints New Secretarial Auditor to Bolster Governance

Dixon Technologies (India) Limited has announced the appointment of M/s SBYN & Associates LLP as its Secretarial Auditor for a five-year term, following shareholder approval at the 32nd Annual General Meeting. This strategic move aligns with compliance requirements under the SEBI Listing Regulations and is expected to enhance Dixon’s corporate governance framework, thereby strengthening its industry position and stakeholder confidence.

Dixon Technologies Engages with Prospective Investor Wellington Management

Dixon Technologies (India) Ltd. recently held a one-on-one meeting with Wellington Management, a prospective institutional investor, on September 22, 2025. The meeting 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 Schedules Investor Meetings for September 2025

Dixon Technologies has announced a series of meetings with institutional investors and analysts, scheduled between September 23 and September 26, 2025. These meetings, which will be held both in-person and virtually, are intended to engage with investors and analysts, although no unpublished price-sensitive information will be shared.

Dixon Technologies Acquires Majority Stake in Kunshan Q Tech

Dixon Technologies (India) Limited has announced the acquisition of a 51% stake in Kunshan Q Tech Microelectronics (India) Private Limited through a share subscription and purchase agreement. This strategic move is expected to enhance Dixon’s market position by expanding its capabilities in the electronics manufacturing sector, potentially benefiting stakeholders through increased operational capacity and market reach.

Dixon Technologies Faces SEBI Compliance Query Over Financial Discrepancies

Dixon Technologies (India) Ltd. has been asked by the Exchange to provide clarification regarding discrepancies in its financial results for the quarter ending June 30, 2025, as per SEBI regulations. The company has not yet submitted segment details and there are discrepancies in the XBRL financial results, which could impact stakeholders’ trust and the company’s compliance standing.