NSE:DIXON · Risk Score Report

NSE:DIXONNSETechnology

Dixon Technologies (India) Limited

📊 Consumer Electronics

Day ₹11,360

₹11,575 Neutral

52W ₹9,600

₹18,471 Oversold

₹11,445.00

▲ ₹75.00 (+0.66%)

Vol: 411,481 · Avg: 763,751

As of April 29, 2026 · 06:29 IST

COMPOSITE RISK SCORE

VAL:10/25 · FIN:15/25 · GRO:16/25 · TECH:14/25

📈 P/E RATIO

41.8x

Trailing

📖 P/B RATIO

15.3x

Price to Book

💰 EPS

₹274.02

TTM

🏛 MARKET CAP

₹69,455Cr

Large Cap

📊 ROE

36.4%

Return on Equity

📈 REV GROWTH

2.1%

YoY

🏢 Company Analysis · Dixon Technologies (India) Limited

💼 BUSINESS MODEL

Dixon Technologies (India) Limited, together with its subsidiaries, manufactures and sells electronic goods in India and internationally..
The company offers consumer electronics, such as LED and smart TVs, interactive flat panels, monitors, IFPD commercial displays, digital signages, PCB and LCM panel assemblies, LED bars, and injection moulding; and lightning solutions, including LED and special lamps, battens, bulbs, synthetic down lighters, 2X2s, panels, strip and rope lighting, CoB luminaries, wall washers, fancy and desk lights, magnetic track lights, and smart lights, as well as professional lighting products comprising street, flood, and industry lights..
It also provides home appliances comprising semi-automatic washing machine and fully automatic top load; refrigerators; 4G and 5G smart, foldable, and feature mobile phones; wireless wearables and hearables; computing devices, such as laptops, desktops, and notebooks; and telecommunication and networking products, which include 5G fixed wireless access devices, optical network terminals, and IPTV set-top boxes..
In addition, the company is involved in the provision of electronic manufacturing services; trading; reverse logistics, such as repair and refurbishment of LED TV panels; repair of mobile phones; research and development; design and prototyping; manufacturing and assembly; and quality and performance..
Operates in Consumer Electronics within the Technology sector.
Workforce of 1,567 employees.

🏰 MOAT & COMPETITION

Large-cap (₹69,455 Cr) — established player with meaningful market presence.
Key competitors: Havells India, Dixon Technolog., Veto Switchgears, Pro FX.

🚀 CATALYSTS

Company has delivered good profit growth of 45.0% CAGR over last 5 years
Company's median sales growth is 45.8% of last 10 years
India approves over $750 million in projects for electronic component manufacturing (Reuters)
Earnings growth of 48% signals execution on profitability.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹8,157 — ₹16,600 (mean ₹12,303, 28 analysts).
Moderate asymmetry — upside +45% vs downside -29% (1.6x).
P/E of 41.8x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (28 analysts).
Latest quarter earnings grew 68% YoY — positive trajectory.

✅ PROS

Company is expected to give good quarter
Company has delivered good profit growth of 45.0% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 28.1%
Company's median sales growth is 45.8% of last 10 years

❌ CONS

Stock is trading at 17.1 times its book value
Earnings include an other income of Rs.910 Cr.
Promoter holding has decreased over last 3 years: -5.38%

VALUATION

10/25

25% WEIGHT

P/E at 42x
P/B at 15.3x
Analyst target: ₹12303 (+7.5%)
1Y return: -31.1%

FINANCIAL HEALTH

15/25

25% WEIGHT

ROE: 36.4%
Profit margin: 3.3%
Revenue growth: 2.1%
Debt/Equity: 30%

GROWTH

16/25

25% WEIGHT

Revenue growth: 2.1%
Earnings growth: 47.6%
Beta: -0.25
Sector: Technology

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

41.8x

Trailing twelve months

P/B RATIO

15.3x

Price to Book value

ROE

36.4%

Return on Equity

PROFIT MARGIN

3.3%

Net profit margin

OPM

3.0%

Operating profit margin

ANALYST TARGET

₹12,303

Range: ₹8,157 - ₹16,600

Yahoo Finance ↗

PEG RATIO

0.82

Price/Earnings to Growth

EV/EBITDA

34.6x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.07%

Annual yield

ROA

9.2%

Return on Assets

GROSS MARGIN

7.4%

Gross profit margin

INDUSTRY AVERAGES — CONSUMER ELECTRONICS

P/E 22.7x (above avg)

P/B 8.0x (sector fair)

ROCE 23.7% (above avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield 0.79%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹11,534 Cr	—	₹390 Cr	—	N/A	5.5%
Q3 FY25	₹10,454 Cr	-9.4%	₹171 Cr	-56.1%	N/A	3.8%
Q4 FY25	₹10,026 Cr	-4.1%	₹401 Cr	+134.1%	N/A	7.0%
Q1 FY26	₹12,836 Cr	+28.0%	₹225 Cr	-43.9%	N/A	3.8%
Q3 FY26	₹10,672 Cr	-16.9%	₹287 Cr	+27.7%	₹208 Cr	5.2%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹10,670 Cr	—	₹190 Cr	—	₹273 Cr	—
FY23	₹12,173 Cr	+14.1%	₹256 Cr	+34.4%	₹726 Cr	+166.1%
FY24	₹17,614 Cr	+44.7%	₹368 Cr	+43.9%	₹584 Cr	-19.5%
FY25	₹38,593 Cr	+119.1%	₹1,096 Cr	+197.9%	₹1,150 Cr	+96.8%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Dixon Technologies (India) Limited Makes Its Money

🏦 Snapshot of Dixon Technologies (India) Limited's Balance Sheet

💸 Looking into Dixon Technologies (India) Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	3,272	4,943	4,818	4,658	6,580	11,534	10,454	10,293	12,836	14,855	10,672
YOY Sales Growth %	14.59%	27.84%	100.37%	51.95%	101.12%	133.33%	116.96%	120.97%	95.08%	28.79%	2.08%
Expenses +	3,140	4,744	4,634	4,476	6,332	11,108	10,063	9,850	12,353	14,294	10,257
Material Cost %	90%	90%	91%	91%	91%	92%	93%	92%	93%	93%	93%
Employee Cost %	2%	2%	2%	2%	2%	1%	1%	1%	1%	1%	2%
Operating Profit	132	199	184	182	248	426	391	443	482	561	414
OPM %	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%	4%
Other Income +	6	3	4	19	16	206	10	265	8	497	139
Exceptional items	0	0	0	0	0	210	0	250	0	0	0
Other income normal	6	3	4	19	16	-3	10	15	8	497	139
Interest	14	17	22	21	29	38	41	46	33	38	43
Depreciation	34	36	41	51	55	66	75	86	93	96	99
Profit before tax	90	149	126	130	180	529	285	576	366	924	412
Tax %	25%	24%	23%	25%	22%	22%	24%	19%	23%	19%	22%
Net Profit +	67	113	97	97	140	412	216	465	280	746	321
Minority share	2	-6	-1	-2	-6	-22	-45	-64	-55	-76	-33
Exceptional items AT	0	0	0	0	0	163	0	202	0	0	0
Profit excl Excep	67	113	97	97	140	249	216	263	280	746	321
Profit for PE	69	107	96	95	134	235	171	227	225	670	287
Profit for EPS	69	107	96	95	134	390	171	401	225	670	287
YOY Profit Growth %	51%	39%	86%	18%	94%	119%	78%	138%	68%	185%	68%
EPS in Rs	11.55	18.02	16.12	15.91	22.34	65.15	28.50	66.54	37.20	110.72	47.34
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	2,842	2,984	4,400	6,448	10,697	12,192	17,691	38,860	48,655
Sales Growth %	16%	5%	47%	47%	66%	14%	45%	120%
Expenses +	2,729	2,848	4,172	6,156	10,313	11,673	16,986	37,345	46,754
Manufacturing Cost %	4%	4%	3%	3%	2%	2%	3%	2%
Employee Cost %	3%	3%	3%	2%	2%	2%	2%	1%
Other Cost %	1%	2%	1%	1%	1%	1%	1%	1%
Operating Profit	113	136	228	292	384	519	705	1,515	1,901
OPM %	4%	5%	5%	5%	4%	4%	4%	4%	4%
Other Income +	4	6	5	1	4	4	32	497	910
Exceptional items	-0	0	-0	0	1	-2	-1	463
Other income normal	4	5	5	1	3	6	32	35
Interest	13	26	39	33	49	64	81	162	160
Depreciation	15	22	37	44	84	115	162	281	374
Profit before tax	88	94	157	217	255	345	494	1,570	2,277
Tax %	31%	32%	23%	26%	25%	26%	24%	21%
Net Profit +	61	63	120	160	190	255	375	1,233	1,811
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	0	0	0	0	-0	0	-7	-137
Exceptional items AT	-0	0	-0	0	0	-2	-1	363
Profit excl Excep	61	63	121	160	190	257	376	870
Profit for PE	61	63	121	160	190	257	368	773
Profit for EPS	61	63	120	160	190	256	368	1,096
Profit Growth %	27%	3%	91%	32%	19%	36%	43%	110%
EPS in Rs	10.76	11.19	20.81	27.28	32.05	42.90	61.47	181.87	261.80
Dividend Payout %	4%	4%	4%	4%	6%	7%	8%	4%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	11	11	12	12	12	12	12	12	12
Reserves	304	367	530	726	985	1,273	1,683	2,998	4,052
Borrowings +	45	141	87	295	667	453	489	671	1,389
Long term Borrowings	8	6	11	80	297	145	113	81	346
Short term Borrowings	33	130	72	76	161	37	42	121	500
Lease Liabilities	0	0	0	138	209	270	334	469	543
Preference Capital	0	0	0	0	0	9	9	9	0
Other Borrowings	4	5	4	0	0	-9	-9	-9
Other Liabilities +	606	971	1,069	1,814	2,613	2,941	4,806	13,077	14,197
Non controlling int	0	0	0	0	1	-0	28	459	619
Trade Payables	515	740	939	1,710	2,314	2,452	4,060	10,884	11,317
Advance from Customers	56	5	0	5	13	77	39	55
Other liability items	35	227	129	100	287	413	680	1,679	2,261
Total Liabilities	966	1,491	1,697	2,846	4,277	4,679	6,990	16,758	19,651
Fixed Assets +	179	241	414	550	1,003	1,244	1,996	2,774	4,019
Land	10	10	12	12	66	132	156	160
Building	48	54	178	225	321	413	637	847
Plant Machinery	99	155	203	355	657	824	1,431	2,232
Equipments	20	26	33	13	19	22	34	48
Computers	4	6	8	12	22	30	59	88
Furniture n fittings	18	27	40	26	34	35	43	48
Vehicles	5	6	8	10	11	13	16	19
Intangible Assets	0	0	8	8	30	30	30	57	620
Other fixed assets	0	6	6	7	23	31	45	63
Gross Block	205	288	497	667	1,185	1,531	2,451	3,563
Accumulated Depreciation	26	47	82	117	182	287	455	789
CWIP	16	19	10	72	22	120	68	257	331
Investments	11	8	0	95	141	44	20	536	1,151
Other Assets +	759	1,224	1,273	2,128	3,111	3,272	4,905	13,191	14,149
Inventories	322	408	498	743	1,156	958	1,695	3,992	3,870
Trade receivables	298	517	515	1,089	1,356	1,715	2,318	6,965	7,231
Cash Equivalents	44	37	100	69	182	229	209	264	643
Loans n Advances	13	31	17	59	38	72	105	83	367
Other asset items	82	230	143	167	378	298	578	1,887	2,038
Total Assets	966	1,491	1,697	2,846	4,277	4,679	6,990	16,758	19,651

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	53	68	-3	237	170	273	726	584	1,150
Profit from operations	92	115	143	238	299	391	531	715	1,607
Receivables	-191	-22	-367	374	-574	-266	-359	-603	-3,049
Inventory	-146	-40	-86	-67	-245	-419	198	-737	-1,899
Payables	319	12	383	-211	771	610	139	1,627	5,408
Loans Advances	0	0	0	0	0	0	0	0	0
Other WC items	-6	22	-58	-54	-25	12	299	-295	-641
Working capital changes	-24	-27	-128	42	-74	-64	276	-9	-182
Direct taxes	-15	-20	-18	-43	-55	-54	-82	-122	-276
Cash from Investing Activity +	-43	-100	-64	-99	-265	-464	-356	-531	-1,093
Fixed assets purchased	-39	-76	-81	-110	-168	-421	-461	-584	-939
Fixed assets sold	1	3	2	2	0	3	11	16	44
Investments purchased	0	-11	-8	-27	-95	-45	-37	0	0
Investments sold	0	0	11	15	0	0	136	35	0
Investment income	0	0	0	0	0	1	0	0	0
Interest received	1	3	2	3	0	1	1	1	8
Dividends received	0	0	0	0	0	0	0	0	0
Invest in subsidiaries	0	0	0	0	0	0	0	0	-321
Investment in group cos	0	0	0	0	0	0	0	0	-249
Redemp n Canc of Shares	0	0	0	0	0	0	0	0	249
Other investing items	-7	-19	9	18	-3	-3	-6	2	115
Cash from Financing Activity +	-8	42	69	-57	63	304	-330	-70	-27
Proceeds from shares	6	57	0	46	27	64	34	47	140
Proceeds from borrowings	8	0	97	1	71	311	33	4	252
Repayment of borrowings	-2	-3	-1	-58	-2	-8	-311	-32	-194
Interest paid fin	-15	-13	-25	-38	-32	-57	-43	-49	-122
Dividends paid	-8	0	-2	-7	0	-6	-12	-18	-33
Financial liabilities	0	0	0	0	0	0	-31	-43	-70
Other financing items	3	0	-0	-1	0	0	0	21	0
Net Cash Flow	1	10	2	81	-32	113	41	-17	30
Free Cash Flow	15	-5	-82	129	2	-145	276	16	254
CFO/OP	74%	78%	11%	123%	77%	85%	156%	100%	94%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	42	38	63	43	62	46	51	48	65
Inventory Days	47	47	57	47	47	43	32	39	41
Days Payable	84	75	103	89	108	86	81	92	111
Cash Conversion Cycle	5	10	17	1	1	3	2	-6	-5
Working Capital Days	7	8	12	9	9	3	-2	-2	2
ROCE %	37%	34%	27%	34%	30%	23%	24%	29%	40%

🏭 Industry Peers — Consumer Electronics

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Havells India ★	₹1,270	46.2	₹79,630	24.9%	+39.6%	81
2	Dixon Technolog.	₹11,417	49.3	₹69,419	40.0%	+67.8%	79
3	Veto Switchgears	₹110	8.8	₹211	11.1%	+76.2%	70
4	Pro FX	₹75	10.7	₹131	51.0%	—	69
5	Kundan Edifice	₹83	9.7	₹85	22.9%	+25.3%	68
6	Arham Tech	₹146	30.2	₹318	23.7%	+123.5%	67
7	BPL	₹59	5.7	₹287	7.8%	-48.4%	66
8	Cellecor Gadgets	₹37	22.7	₹811	24.2%	+33.6%	66
9	VXL Instruments	₹4	26.7	₹5	-56.2%	+87.9%	65

★ Havells India ranks higher on combined P/E, ROCE, and growth metrics in Consumer Electronics

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	32.42%	32.27%	28.95%	28.92%	28.83%	28.69%
FIIs	23.22%	21.81%	20.55%	20.69%	18.68%	18.30%
DIIs	22.61%	23.07%	26.68%	28.93%	29.06%	28.14%
Public	21.73%	22.86%	23.81%	21.45%	23.43%	24.87%
No. of Shareholders	3,20,193	3,75,630	4,08,369	3,41,162	4,05,075	4,70,326

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 2.1% YoY.

💹High ROE (36.4%): Above sector norm of 25% — efficient capital use.

🔀Low Beta (-0.25): Less volatile than market — defensive play.

🇮Earnings Growth (48%): Above sector norm — strong profit expansion.

🔴 RISKS

📜Market Risk: Broader market correction or sentiment shift could impact stock.

💰Sector Risk: Regulatory or competitive changes in Technology space.

🔓Execution Risk: Growth may not meet elevated expectations.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +18.3%, 6M -26.2%, RSI 60, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +7.5%, Rec: buy

Value 3/10
P/E 41.8, P/B 15.3, PEG 0.82, EV/EBITDA 34.6

Quality 5/10
Margin 3.3%, D/E 30

Low Volatility 8/10
Beta -0.25, Ann. vol 37%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 7.5% analyst upside; strong 40% ROCE compounds	Fundamentals provide base support; P/E 42x vs sector median 23x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.38%)	Miss further upside if momentum continues; 1M return of +18.3% shows momentum
SELL	Lock in -31.1% 1Y return	Avoid further drawdown; P/E compression risk at 42x

REASONS TO BUY

Analyst upside of 7.5% with mean target of ₹12,303
ROCE at 40% indicates strong capital efficiency
ROE of 36.4% above sector norm of 25%

REASONS TO SELL / AVOID

P/E of 41.8x is 1.8x the sector median of 23x
FII stake falling (-0.38%) — institutional exit signal

📰 Latest News

India approves over $750 million in projects for electronic component manufacturing

Reuters · 2026-03-30T14:27

Dixon Technologies (India) Ltd (BOM:540699) Q3 2026 Earnings Call Highlights: Strong Revenue ...

GuruFocus.com · 2026-02-02T01:01

Dixon Technologies (India) Ltd (BOM:540699) Q2 2026 Earnings Call Highlights: Strong Revenue ...

GuruFocus.com · 2025-11-05T01:04

Stocks to watch this week: Tesla, Alphabet, Intel, Lloyds and JD Wetherspoon

Yahoo Finance UK · 2025-07-18T13:53

RECOMMENDATION

HOLD

COMPOSITE SCORE

55/100

Dixon Technologies (India) Limited trades at ₹11,445.00 with a composite risk score of 55/100. The stock scores 10/25 on valuation, 15/25 on financial health, 16/25 on growth, and 14/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 7.5% with a mean target of ₹12303. Revenue growth is at 2.1%.

Within Consumer Electronics, Havells India (P/E 46.2, ROCE 24.9%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Technology — wait for better entry or catalyst. The current recommendation is HOLD.

HIGH ROE