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Swing Capital

Dixon Technologies (India) Ltd

NSE: DIXON BSE: 540699Telecom

Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations. Besides, it manufactures security surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered a JV with Imagine Marketing Private Limited for designing and manufacturing wireless audio solutions in India.[1]

₹10,791
52W: ₹9600 — ₹18472
PE 86.4 · Book ₹533 · +1925% vs book
Market Cap₹65,611 Cr
Stock P/E86.4Price to Earnings
ROCE31.5%Return on Capital
ROE28%Return on Equity
Div. Yield0.07%Face Value ₹2

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 38.0% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 20.1 times its book value
  • −The company has delivered a poor sales growth of -7.08% over past five years.
  • −Tax rate seems low
  • −Earnings include an other income of Rs.802 Cr.
  • −Promoter holding has decreased over last 3 years: -5.38%

Shareholding Pattern

Promoters28.69%
FIIs18.3%
DIIs28.14%
Public24.87%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters33.24%32.89%▼0.432.42%▼0.532.27%▼0.128.95%▼3.328.92%▼0.028.83%▼0.128.69%▼0.1
FIIs19.33%22.69%▲3.423.22%▲0.521.81%▼1.420.55%▼1.320.69%▲0.118.68%▼2.018.3%▼0.4
DIIs26.08%23.14%▼2.922.61%▼0.523.07%▲0.526.68%▲3.628.93%▲2.329.06%▲0.128.14%▼0.9
Public21.34%21.27%▼0.121.73%▲0.522.86%▲1.123.81%▲0.921.45%▼2.423.43%▲2.024.87%▲1.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,4411,3881,2991,9861,0301,0868911,386792861
Expenses1,3751,3161,2451,8951,0011,0148421,310737832
Operating Profit66725492307149765630
OPM %5%5%4%5%3%7%6%5%7%3%
Net Profit37432825722791647918778
EPS ₹6.197.264.6842.920.4246.242.6379.0830.8312.81

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,930Cr, down 27.2% YoY. OPM at 5%.

Debt Position

Borrowings at ₹257Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹367Cr (46% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 28.14% (+3.53pp change). FIIs: 18.3% (+3.30pp change). Promoters hold 28.69%.

Margin & Efficiency

ROCE improving from 13% (Mar 2015) to 32% (Mar 2026). Working capital days: 28.

Valuation

PE 86.4x with 31.5% ROCE. Price is 1925% above book value of ₹533. Dividend yield: 0.07%.

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