Dixon Technologies (India) Ltd. (IN:DIXON)
:DIXON
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Dixon Technologies (India) Ltd.
(DIXON)
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Rating:65Neutral
Price Target:
₹11,959.00
▲(1.60% Upside)
Action:Reiterated
Date:05/14/26
The score is primarily supported by strong financial growth and an improving balance sheet, but capped by thin/pressured margins and uneven cash conversion. Technical signals are mixed with weaker longer-term trend, and valuation is demanding given the high P/E and very low dividend yield.
Positive Factors
Strong Revenue Growth
Sustained high revenue growth and a sharp FY2026 jump indicate robust demand and successful scaling of contract manufacturing. For an EMS/ODM, durable top-line traction supports fixed-cost absorption, capacity utilization and bargaining power with suppliers and customers over 2–6 months.
Negative Factors
Thin Profit Margins
Very slim operating and net margins make earnings highly sensitive to input-cost inflation, pricing pressure and mix shifts. In a low-margin EMS model, small adverse changes in volumes or component costs can materially compress profitability and long-term returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
Sustained high revenue growth and a sharp FY2026 jump indicate robust demand and successful scaling of contract manufacturing. For an EMS/ODM, durable top-line traction supports fixed-cost absorption, capacity utilization and bargaining power with suppliers and customers over 2–6 months.
Read all positive factors
Dixon Technologies (India) Ltd. (DIXON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹655.30B
Dividend Yield0.06%
Average Volume (3M)8.87K
Price to Earnings (P/E)35.6
Beta (1Y)1.28
Revenue Growth25.77%
EPS Growth33.94%
CountryIN
Employees1,693
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)270.92
Shares Outstanding60,801,890
10 Day Avg. Volume9,942
30 Day Avg. Volume8,867
Financial Highlights & Ratios
PEG Ratio0.73
Price to Book (P/B)10.96
Price to Sales (P/S)1.05
P/FCF Ratio82.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹10,280.00Price Target Upside-12.66% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)168.86
Revenue Forecast (FY)₹655.92B
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, batt...
How the Company Makes Money
Dixon primarily makes money by providing contract manufacturing and related services to consumer electronics and appliance brands. Its core revenue model is business-to-business (B2B): customers outsource manufacturing (and in some cases product d...
Dixon Technologies (India) Ltd. Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
78
Positive
Cash Flow
64
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 484.37B | 488.73B | 388.60B | 176.91B | 121.92B | 106.97B |
| Gross Profit | 32.90B | 24.91B | 30.05B | 16.39B | 11.64B | 9.09B |
| EBITDA | 22.77B | 18.67B | 14.47B | 6.64B | 4.95B | 3.62B |
| Net Income | 14.67B | 14.39B | 10.96B | 3.68B | 2.56B | 1.90B |
Balance Sheet | ||||||
| Total Assets | 196.51B | 191.62B | 167.67B | 69.91B | 46.79B | 42.77B |
| Cash, Cash Equivalents and Short-Term Investments | 6.43B | 12.41B | 2.64B | 2.09B | 3.49B | 3.11B |
| Total Debt | 13.89B | 9.94B | 6.71B | 4.89B | 4.53B | 6.67B |
| Total Liabilities | 149.67B | 137.75B | 132.98B | 52.69B | 33.95B | 32.80B |
| Stockholders Equity | 40.64B | 46.77B | 30.10B | 16.95B | 12.85B | 9.97B |
Cash Flow | ||||||
| Free Cash Flow | 4.47B | 6.19B | 2.10B | -1.20M | 2.65B | -1.48B |
| Operating Cash Flow | 15.46B | 16.87B | 11.50B | 5.84B | 7.26B | 2.73B |
| Investing Cash Flow | -15.86B | -12.42B | -12.29B | -5.31B | -3.56B | -4.64B |
| Financing Cash Flow | 3.29B | -214.80M | -265.70M | -699.70M | -3.30B | 3.04B |
Dixon Technologies (India) Ltd. Technical Analysis
Positive
11770.15
Price Trends
10671.95
Positive
11031.17
Positive
13591.69
Negative
Market Momentum
32.81
Positive
51.98
Neutral
60.36
Neutral
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 11770.15 is above the 20-day moving average (MA) of 11054.03, above the 50-day MA of 10671.95, and below the 200-day MA of 13591.69, indicating a neutral trend. The MACD of 32.81 indicates Positive momentum. The RSI at 51.98 is Neutral, neither overbought nor oversold. The STOCH value of 60.36 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ₹748.76B | 25.74 | ― | 0.70% | 3.44% | 14.78% | |
65 Neutral | ₹655.30B | 35.62 | ― | 0.06% | 25.77% | 33.94% | |
64 Neutral | ₹138.84B | 44.82 | ― | 0.45% | 6.96% | -2.06% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | ₹1.38T | 38.55 | ― | 0.46% | 29.08% | 32.16% | |
56 Neutral | ₹108.42B | 107.65 | ― | 0.53% | 2.74% | 4.84% | |
53 Neutral | ₹41.32B | -42.86 | ― | 0.62% | -7.59% | -168.03% |
* Technology Sector Average
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Dixon Technologies (India) Ltd. Corporate Events
Dixon Technologies Reports Compliance-Focused Investor Meeting Disclosure
Apr 7, 2026
Dixon Technologies (India) Ltd. informed the exchanges that its officials held an in-person, one-on-one institutional investor meeting on 6 April 2026 with Opportune Wealth. The company emphasized that no unpublished price-sensitive information wa...
Dixon Technologies Secures Government Nod for Display JV with HKC Overseas
Mar 9, 2026
Dixon Technologies (India) Ltd. has received approval from India’s Ministry of Electronics and Information Technology under Press Note 3 and the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019, for an investment by HKC Oversea...
Dixon Technologies Discloses Independently Assigned ESG Rating from NSE Unit
Feb 21, 2026
Dixon Technologies (India) Ltd. has disclosed that NSE Sustainability Ratings Analytics has independently assigned the company an ESG rating of 69, based on publicly available information for the 2024-25 fiscal year. The rating, which Dixon did n...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.