Dixon Technologies (India) Ltd

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

The Nifty May 2026 futures closed at 23,481, a premium of 68.4 points compared with the Nifty's closing at 23,412.60 in the cash market. In the cash market, the Nifty 50 index added 33.05 points or 0.14% to 23,412.60. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 0.75% to 19.43. Dixon Technologies (India), Cipla and HDFC Bank were the top-traded individual stock futures contracts in the F&O segment of the NSE. The May 2026 F&O contracts will expire on 26 May 2026.Powered by Capital Market - Live

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.' On Tuesday, 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. Profit before tax (PBT) tanked 35.81% YoY to Rs 369.76 crore during the quarter. EBITDA rose 9% to Rs 493 crore in Q4 FY26, compared with Rs 454 crore in Q4 FY25. EBITDA margin improved to 4.7% in Q4 FY26 as against 4.4% in 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 was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) stood at Rs 956 crore (up 1.16% YoY). Dixon Tech's board has also approved a final dividend of Rs 10 per share for the financial year 2026. The payout will be subject to shareholder approval at the upcoming Annual General Meeting of the company, the date for which is yet to be declared. Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India.Powered by Capital Market - Live

The key domestic benchmarks traded with decent gains in early afternoon trade amid value buying in beaten-down stocks. The Nifty, which opened at 23,362.45, briefly entered negative territory amid profit booking, but later rebounded to trade above the 23,450 mark. Investors will monitor upcoming Q4 earnings. Consumer durables shares jumped for second consecutive trading session. At 12:25 IST, the barometer index, the S&P BSE Sensex advanced 330.81 points or 0.44% to 74,890.05. The Nifty 50 index added 105.25 points or 0.46% to 23,485.80. The broader market outperformed the frontline indices. The BSE 150 MidCap Index climbed 1.18% and the BSE 250 SmallCap Index jumped 0.87%. The market breadth was strong. On the BSE, 2,477 shares rose and 1,496 shares fell. A total of 199 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.11% to 19.50. The Nifty 26 May 2026 futures were trading at 23,529, at a premium of 43.2 points as compared with the spot at 23,485.80, The Nifty option chain for the 26 May 2026 expiry showed a maximum call OI of 60.9 lakh contracts at the 24,000 strike price. A maximum put OI of 46.1 lakh contracts was seen at the 23,000 strike price. Buzzing Index: The Nifty Consumer Durables index advanced 2.07% to 35,351.85. The index had declined 5.26% in the last two sessions. Dixon Technologies (India) (up 5.22%), Voltas (up 2.41%), Blue Star (up 1.77%), LG Electronics India (up 1.73%), Amber Enterprises India (up 1.71%), PG Electroplast (up 1.39%), Kajaria Ceramics (up 0.98%), Bata India (up 0.66%), Havells India (up 0.49%) and Titan Company (up 0.42%) surged. Stocks in Spotlight: Puravankara rose 0.73%. The company said that it has received an order from Innmar Tourism and Hotels for execution of civil, structural, waterproofing and allied works for the Westin Hotel project. The contract is an item-rate agreement with an estimated value of Rs 57.80 crore, excluding applicable taxes, duties and levies. The project is scheduled to be executed over a period of 20 months. Sai Silks (Kalamandir) surged 9.13% after the company reported strong profit growth for the quarter ended 31 March 2026. Consolidated profit after tax stood at Rs 32.65 crore in Q4 FY26, up 141.67% from Rs 13.51 crore in Q4 FY25. However, profit declined 14.39% sequentially from Rs 38.14 crore in Q3 FY26. Revenue from operations increased 5.07% YoY to Rs 419.06 crore in Q4 FY26 from Rs 398.84 crore in the corresponding quarter last year. Revenue rose 1.90% sequentially from Rs 411.25 crore in Q3 FY26.Powered by Capital Market - Live

Profit before tax (PBT) tanked 35.81% YoY to Rs 369.76 crore during the quarter. EBITDA rose 9% to Rs 493 crore in Q4 FY26, compared with Rs 454 crore in Q4 FY25. EBITDA margin improved to 4.7% in Q4 FY26 as against 4.4% in 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 was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) stood at Rs 956 crore (up 1.16% YoY). Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India. Dixon Tech's board has also approved a final dividend of Rs 10 per share for the financial year 2026. The payout will be subject to shareholder approval at the upcoming Annual General Meeting of the company, the date for which is yet to be declared. The counter fell 5.87% to settle at Rs 10,138.50 on the BSE.Powered by Capital Market - Live

Net profit of Dixon Technologies (India) declined 36.03% to Rs 256.41 crore in the quarter ended March 2026 as against Rs 400.82 crore during the previous quarter ended March 2025. Sales rose 2.12% to Rs 10510.51 crore in the quarter ended March 2026 as against Rs 10292.54 crore during the previous quarter ended March 2025. For the full year,net profit rose 31.32% to Rs 1438.64 crore in the year ended March 2026 as against Rs 1095.54 crore during the previous year ended March 2025. Sales rose 25.77% to Rs 48872.80 crore in the year ended March 2026 as against Rs 38860.10 crore during the previous year ended March 2025. ParticularsQuarter EndedYear EndedMar. 2026Mar. 2025% Var.Mar. 2026Mar. 2025% Var. Sales10510.5110292.54 2 48872.8038860.10 26 OPM %3.894.30 -3.823.88 - PBDT474.73411.57 15 2463.541390.84 77 PBT369.76325.66 14 2070.561109.82 87 NP256.41400.82 -36 1438.641095.54 31 Powered by Capital Market - Live