Dixon Technologies

Dixon Technologies is a leading Indian electronics manufacturing company based in Noida, Uttar Pradesh. Founded in 1993, Dixon makes a wide range of products for well-known brands, including televisions, washing machines, smartphones, LED lights, and security cameras. The company operates as a contract manufacturer, which means it builds products for other companies like Samsung, Xiaomi, Panasonic, and Philips. Dixon has grown to have 17 manufacturing units across India and is known for providing design-focused solutions and repair services for electronic products.

Company Insights
The company has a market capitalization of 91,051 crores
The share price of the company is 15,055
The book value of the company is 500
The company's debt-to-equity ratio is 0.22
The company's annual dividend yield is 0.03%
The company's stock P/E is 118
The earnings per share are 182
The company's ROCE is 39.8%

Financial Report
The company's sales in the last 5 years
Sales in 2021 is 6,448 crores
Sales in 2022 is 10,697 crores
Sales in 2023 is 12,192 crores
Sales in 2024 is 17,691 crores
Sales in 2025 is 38,860 crores

The company's profit in the last 5 years
Profit in 2021 is 160 crores
Profit in 2022 is 190 crores
Profit in 2023 is 255 crores
Profit in 2024 is 375 crores
Profit in 2025 is 1,233 crores

Sales & Profit Growth
The company's sales growth in the last 5 years
Sales growth in the last 5 years is 54.6%
Sales growth in the last 3 years is 53.7%
Sales growth in the last 1 year is 120%

The company's profit growth in the last 5 years
Profit growth in the last 5 years is 45.0%
Profit growth in the last 3 years is 59.8%
Profit growth in the last 1 year is 110%

Holdings
Promoters are 32.27%
FIIs are 21.81%
DIIs are 23.07%
Public are 22.86%

Company News

• Dixon Technologies, a leading Indian electronics manufacturing services (EMS) company, is witnessing robust momentum in its business driven by a significant increase in export sales and expanding partnerships. According to recent reports, Dixon’s export sales have surged fourfold in the March-May 2025 period, primarily led by key clients Motorola and Transsion. This growth is attributed to Motorola’s strategic shift to increase production in India due to changing tariffs, benefiting local manufacturers like Dixon, which accounted for 75% of Motorola’s component imports into India during April-May 2025, despite some capacity constraints.

• Analysts at Nomura have maintained a bullish outlook on Dixon, projecting Motorola’s India production volumes to rise from 11 million units in FY25 to 18 million units by FY27. Overall, Dixon is expected to manufacture 45 million smartphones in FY26 and 64 million in FY27, excluding Vivo, supported by new capacity coming online and ongoing client additions. Dixon’s strong client base includes major brands such as Samsung, Xiaomi, Vivo, and Motorola, with the company holding an estimated 60% market share in India’s mobile EMS sector.

• Besides mobile phones, Dixon is expanding its footprint in consumer electronics, lighting, home appliances, and emerging sectors like telecom and IT hardware. The company is also scaling up production for brands like Nothing, Techno, and Intel through its subsidiary IsmartU, which is expected to add significant revenue and export volumes.

• Despite some stock price volatility and mixed analyst ratings—with Philip Capital lowering its price target due to increased competition—Dixon’s long-term growth prospects remain strong. Nomura continues to rate the stock as a ‘Buy’ with a target price of ₹21,409, citing Dixon’s leadership in the EMS industry, diversified client base, and increasing localization efforts as key strengths.

Technical Analysis

Company Chart

Moving Averages (MA)

• The stock price is near the 50-MA, which indicates that the stock can either move upward or downward.

• The stock price is near the 200-MA, which also indicates that there is no confirmation about stock direction.

Relative Strength Index (RSI)

Currently, the RSI of the company is 55, which indicates that the stock is neither in the overbought nor in the oversold zone.

My Analysis

Dixon Technologies has shown very strong growth in recent times. In the last quarter ending March 2025, the company’s profit after tax jumped by over 100% compared to the previous quarter, reaching about ₹465 crore. Its revenue also increased sharply, up 120% year-on-year to over ₹10,300 crore. For the full year, Dixon’s profit more than doubled compared to last year, and its revenue nearly doubled as well. The company’s return on equity is also much higher than its five-year average, showing it is using its money efficiently. Dixon is mainly growing because of high demand for its electronics manufacturing services, especially for mobile phones and consumer electronics. Overall, Dixon Technologies is performing very well financially, with rising sales, profits, and strong operational efficiency