Dixon Technologies (India) Ltd. (IN:DIXON)
:DIXON
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Dixon Technologies (India) Ltd.
(DIXON)
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Rating:61Neutral
Price Target:
₹11,519.00
▼(-2.13% Downside)
Action:ReiteratedDate:03/11/26
The score is driven primarily by strong financial performance (growth, profitability, and low leverage). It is pulled down by an expensive valuation (high P/E and minimal yield) and weaker technical trend signals (below key moving averages with negative MACD), despite neutral RSI and somewhat oversold stochastics.
Positive Factors
Diversified EMS Business Model
Dixon’s end-to-end EMS across multiple product segments and value-added services (procurement, testing, packaging) strengthens customer stickiness and broadens addressable demand. Diversification across categories reduces reliance on any single product cycle and supports stable long-term contract flows.
Negative Factors
Thin and Pressured Margins
Relatively low gross and net margins limit earnings resilience to input-cost inflation or pricing pressure from large OEM customers. A small decline in gross margin suggests rising cost pressures or mix shifts; persistent margin compression would weaken free cash flow and ability to reinvest over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified EMS Business Model
Dixon’s end-to-end EMS across multiple product segments and value-added services (procurement, testing, packaging) strengthens customer stickiness and broadens addressable demand. Diversification across categories reduces reliance on any single product cycle and supports stable long-term contract flows.
Read all positive factors
Dixon Technologies (India) Ltd. (DIXON) vs. iShares MSCI India ETF (INDA)
Market Cap
₹608.49B
Dividend Yield0.06%
Average Volume (3M)8.87K
Price to Earnings (P/E)63.9
Beta (1Y)1.33
Revenue Growth75.56%
EPS Growth103.31%
CountryIN
Employees1,693
SectorTechnology
Sector Strength88
IndustryConsumer Electronics
Share Statistics
EPS (TTM)52.62
Shares Outstanding60,801,890
10 Day Avg. Volume9,942
30 Day Avg. Volume8,867
Financial Highlights & Ratios
PEG Ratio0.37
Price to Book (P/B)26.12
Price to Sales (P/S)2.02
P/FCF Ratio373.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹13,000.00Price Target Upside10.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)209.53
Revenue Forecast (FY)₹682.99B
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 as a contract manufacturer under the electronics manufacturing services (EMS) model. Its revenue is largely generated from B2B orders where brand owners (OEMs/brands) outsource manufacturing to Dixon; Dixon then earns a...
Dixon Technologies (India) Ltd. Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 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
Negative
11770.15
Price Trends
10659.25
Negative
12077.19
Negative
14217.61
Negative
Market Momentum
-222.80
Positive
44.27
Neutral
31.26
Neutral
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 above the 20-day moving average (MA) of 10250.50, above the 50-day MA of 10659.25, and below the 200-day MA of 14217.61, indicating a bearish trend. The MACD of -222.80 indicates Positive momentum. The RSI at 44.27 is Neutral, neither overbought nor oversold. The STOCH value of 31.26 is Neutral, 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹1.06T | 46.12 | ― | 0.46% | 22.25% | 36.99% | |
67 Neutral | ₹141.77B | 62.71 | ― | 0.45% | 6.34% | -2.25% | |
66 Neutral | ₹756.03B | 74.21 | ― | 0.70% | 7.26% | 3.66% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | ₹608.49B | 63.93 | ― | 0.06% | 75.56% | 103.31% | |
59 Neutral | ₹40.80B | -40.37 | ― | 0.62% | 0.80% | -4.31% | |
56 Neutral | ₹103.96B | 107.65 | ― | 0.53% | 4.14% | 16.19% |
* Technology Sector Average
IN:DIXON
Dixon Technologies (India) Ltd.
10,007.75
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-20.29%
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Dixon Technologies (India) Ltd. Corporate Events
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...
Dixon Technologies Publishes Q3 FY26 Earnings Call Audio Recording for Investors
Jan 29, 2026
Dixon Technologies (India) Ltd., a listed electronics manufacturing company, has notified the stock exchanges that it has made available the audio recording of its conference call discussing the unaudited standalone and consolidated financial resu...
Dixon Technologies Receives Independent ESG Score of 63.7 for FY 2024-25
Jan 2, 2026
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, ...
Dixon Technologies Updates Exchanges on Investor Meeting With IIFL Capital
Dec 27, 2025
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 clar...
Dixon Technologies Updates Bourses on Institutional Investor Meetings
Dec 24, 2025
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-sens...
Dixon Technologies Updates on One-on-One Meets With Institutional Investors
Dec 19, 2025
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 engagemen...
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.