Dixon Technologies (India) Ltd

Dixon Technologies (India) Limited announced that its Share Allotment Committee has allotted 28,455 equity shares of Rs 2 each under the Dixon Technologies (India) Limited - Employee Stock Option Plan, 2023, increasing the company’s paid-up share capital from Rs 12,22,84,262 to Rs 12,23,41,172.

Dixon Technologies (India) Limited announced it is in the process of incorporating a subsidiary, Adivistar Electronics India Private Limited, in which Dixon will acquire 51% equity, comprising 25,50,000 shares with a face value of INR 10 each, for a total cash consideration of INR 2,55,00,000. The new company will undertake original equipment manufacturing (OEM) of electronic devices, including smartphones, and has received approval from the Ministry of Electronics and Information Technology for the investment by vivo Mobile India Private Limited.

Dixon Technologies (India) Ltd share price ticked higher by 0.39% to Rs 14337.15 after the company's net profit surged by 140.91% to Rs 717.83 crore, while revenue from operations gained significantly 47.92% to Rs 15547.66 crore in Q2FY26 over Q1FY26. The market capitalization of Consumer Electronics industry group stocks on BSE stood at Rs 1.66 lakh crore, surging by 27.55%. It has marginally improved by 3.43% over last one week and advanced by 14.46% in last one month while the market capitalization of Dixon Technologies (India) Ltd has inched up 3.55% and 28.99% in the same period respectively. Profit before tax (PBT) of Dixon Technologies (India) Ltd stood at Rs 868.98 crore in Q2 FY26, jumping 137.74% year-on-year, and rallying 135.01% quarter-on-quarter. EBITDA came in at Rs 65 crore, plunging by 113.56% YoY and crashing by 120.11% sequentially. Total expenses soared by 48.83% to Rs 15191.49 crore in Q2FY26 over Q2FY25. During the quarter, cost of materials consumed stood at Rs 15064.4 crore, witnessing a sharp rise of 50.27% YoY, while employee benefits expense was at Rs 180.69 crore, inching up 3.85% YoY. For the TTM ended FY26, revenue from operations witnessed a strong growth of 119.66% to Rs 38860.1 crore, while net profit saw a strong growth of 228.76% to Rs 1232.58 crore, compared to previous TTM. EBITDA witnessed a strong improvement of 79321% to Rs 1487.35 crore, and PBT soared 217.88% to Rs 1569.8 crore compared to previous TTM. The company's consolidated net cash flow from operating activities stood at Rs 1149.75 crore in FY26, as against Rs 584.31 crore in FY25. Dixon Technologies (India) Ltd tumbled by 14.46% in last one year, underperforming the benchmark BSE Sensex which has slipped by 4.36% during the same period.

Net profit of Dixon Technologies (India) rose 194.89% to Rs 663.42 crore in the quarter ended June 2026 as against Rs 224.97 crore during the previous quarter ended June 2025. Sales rose 21.13% to Rs 15547.66 crore in the quarter ended June 2026 as against Rs 12835.66 crore during the previous quarter ended June 2025. ParticularsQuarter EndedJun. 2026Jun. 2025% Var. Sales15547.6612835.66 21 OPM %2.983.76 - PBDT975.93458.22 113 PBT868.98365.52 138 NP663.42224.97 195 Powered by Capital Market - Live

Dixon Technologies (India) will hold a meeting of the Board of Directors of the Company on 31 July 2026.

The price target implies a potential upside of about 22.6% from the current market price. The brokerage's positive stance follows the company's entry into the speciality electronics manufacturing services (EMS) business. It also raised its earnings per share (EPS) estimates for FY27 and FY28 by 6-8%, incorporating the management's guidance on mobile phone volumes. According to the brokerage, demand for smartphones is stabilising as consumers become more accepting of higher prices, while Chinese EMS players are gradually losing market share to Indian manufacturers. The brokerage also increased its revenue estimates for Dixon's telecom and IT hardware businesses. While it expects EBITDA to remain largely flat in the first half of FY27 due to the expiry of the Production Linked Incentive (PLI) scheme, it sees a strong acceleration in earnings growth from the second half of the financial year. The brokerage added that higher mobile phone exports and Dixon's speciality EMS acquisition could lead to further upgrades to its earnings estimates. Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India. Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25. In Q4 FY26, revenue from the Mobile & Other EMS division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances division was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) division stood at Rs 697 crore (up 1.16% YoY). Powered by Capital Market - Live

Dixon Technologies (India) has allotted 56,210 equity shares under ESOP on 03 July 2026. With this allotment, the paid up equity share capital has increased from Rs. 12,21,71,842 to Rs. 12,22,84,262.

The brokerage said it no longer expects to cut its earnings estimates for Dixon, as the company's joint venture with Vivo is nearing regulatory approvals and is expected to start contributing to earnings in the coming quarters of FY27. According to the brokerage, Vivo sells around 35-37 million smartphones annually in India. It expects nearly two-thirds of these phones to be manufactured through the Dixon-Vivo joint venture, creating a significant growth opportunity for the company. During the company's Q4 earnings call, managing director and CEO Atul Lall said Dixon was deeply engaged with the government and remained very, very close to securing approvals for the proposed Vivo joint venture. He added that Vivo sold around 35 million smartphones in India last year and the partnership could add 20-22 million units annually over time. The brokerage also said higher average selling prices (ASPs) of smartphones are expected to support revenue growth even if shipment volumes remain soft. It added that Dixon's IT hardware, telecom equipment, servers and optical transceiver businesses are scaling up steadily. The company's backward integration into display and camera modules is also progressing as planned. The brokerage expects Dixon to remain on track to achieve its FY27 smartphone production guidance of around 33 million units, excluding Vivo volumes, while continued exports and benefits under the government's production-linked incentive (PLI) scheme are expected to support long-term growth. Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India. Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25. In Q4 FY26, revenue from the Mobile & Other EMS division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances division was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) division stood at Rs 697 crore (up 1.16% YoY). Powered by Capital Market - Live

According to media reports, an inter-ministerial panel has granted in-principle approval to the partnership, with the final clearance expected from the Ministry of Electronics and Information Technology (MeitY) after completion of the required process. The proposed venture is expected to focus on manufacturing smartphones and other electronic devices in India. Reports suggest Vivo's manufacturing facility in Noida could be brought under the joint venture structure, helping the company strengthen its local manufacturing presence. The facility is likely to handle a portion of Vivo's smartphone production requirements in India and may also undertake contract manufacturing for other electronics brands. The development could significantly enhance Dixon's position in the electronics manufacturing services (EMS) space. Vivo is among the country's largest smartphone brands, with estimated handset sales of around 3.5 crore units in 2025, while Dixon produced approximately 3.2 crore mobile phones during the period. During the company's Q4 earnings call, Dixon managing director and CEO, Atul Lall, said the company was deeply engaged with the government and remained very, very close to securing approvals for its proposed partnership with Vivo. He added that Vivo sold around 35 million units last year and the proposed JV could add around 20-22 million units annually over time. Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25. In Q4 FY26, revenue from the Mobile & Other EMS division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances division was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) division stood at Rs 697 crore (up 1.16% YoY). Powered by Capital Market - Live

Under the proposed structure, Dixon Technologies will hold 60% stake in Dixon Electroconnect, while Gemtek will own the remaining 40%, following completion of the transaction. Dixon Electroconnect, currently a wholly owned subsidiary of Dixon, will be converted into the joint venture entity. The JV will focus on manufacturing optical transceiver products such as SFP (Small Form-Factor Pluggable) modules, BOSA (Bidirectional Optical Subassembly) and other telecom components as mutually agreed by the partners. Dixon Electroconnect is also a beneficiary under the Electronics Components Manufacturing Scheme (ECMS), the company said. The completion of the transaction is subject to execution of definitive agreements, fulfilment of customary conditions precedent, and receipt of regulatory and statutory approvals. Atul B. Lall, Vice Chairman and Managing Director of Dixon Technologies (India), added that 'We are pleased to announce the strategic Joint Venture partnership between Dixon Technologies (India) and Gemtek Technology, marking Dixon's official entry into the rapidly growing Data centre, telecom & Optical connectivity ecosystem. Combining Dixon's large-scale manufacturing capabilities with Gemtek's global expertise in high speed optical modules, telecom infrastructure & networking technologies, the proposed joint venture will manufacture optical transceivers, BOSA modules and advanced networking equipment to address the growing demand driven by AI, cloud & Edge computing, hyperscale data centres, high speed networking and next gen optical communication solutions. This partnership reflects our shared vision of fostering innovation, strengthening indigenous electronics manufacturing and building globally competitive technology supply chains in line with the Government of India's 'Make In India' initiative. The Participation of Dixon Electroconnect as a beneficiary under ECMS further strengthens Dixon's position in the global electronics value chain.' Howard Chen, Chairman of Gemtek Technology, states We are pleased to establish this strategic joint venture partnership with Dixon, a manufacturing leader in India. This represents an important step in Gemtek's global footprint and reinforces our commitment to expanding our optical communication business. We aim to build a highly competitive supply chain to address the evolving demands for high-speed network and data center infrastructure driven by cloud and edge computing in the AI era. Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India. Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25. Powered by Capital Market - Live