Dixon Technologies (DIXON)

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Dixon Technologies (DIXON) · mywealthgrid

About

Dixon is a contract electronics manufacturer capitalizing on India's Make-in-India PLI scheme. Consolidated revenue reached ₹15.5k Cr in Jun 2026 with strong capital efficiency (ROE 37.43%) and minimal debt (D/E 0.1), supported by annual dividends since 2021. Its PE of 45.77 reflects elevated expectations relative to thin operating margins and negative 1y return of −15.2%.

Founded: 1993
Face value: ₹2

Market cap

₹77,216 Cr

P/E

41.1×

P/B

16.5×

Dividend yield

0.1%

ROE

37.4%

ROCE

41.1%

Debt / equity

0.1

OPM

3.8%

EPS (TTM)

₹308.7

Book value

₹769.2

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE of 45.77 creates valuation risk if revenue growth or profitability expectations do not meet market assumptions
Consolidated operating margins of 2.98–3.89% provide limited buffer for input cost inflation or customer pricing pressure
Gap between standalone OPM (6–7%) and consolidated OPM (3–4%) indicates material margin drag from subsidiaries/associates; verify source and remediation timeline
Electronics manufacturing is cyclical and PLI-dependent; policy changes or customer demand downturn would compress thin margins further

Generated analysis · source review pending

Growth drivers

Consolidated revenue of ₹15.5k Cr in Jun 2026 up from ₹10.5–14.8k Cr in prior quarters, with EPS of 118 showing operational scale
Standalone OPM of 6–7% versus consolidated 3–4% indicates 200+ bps margin upside potential if subsidiary/associate profitability converges upward
Make-in-India PLI scheme (noted in company description) positioned as structural growth catalyst; verify capacity allocation awarded and customer order flow timeline

Generated analysis · source review pending

2,229 historical price candles were omitted because the exchange source has not been verified.

₹12,700.0-4.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 36.2% (3-yr avg)
+High return on capital employed of 35.9%
+Profit CAGR of 55.2% over the last 5 years
+Revenue CAGR of 49.9% over the last 5 years
+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 15.9×

Cons

−Thin operating margin of 3.8%
−Trading at 16.5× book value
−Low dividend payout of 3.2% of profit
−Promoter holding fell 4.5 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

63/100

Business quality

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 50 NIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Titan CompanyTITANTITAN	₹4,01,897 Cr	₹4,13,275 Cr	₹92,417 Cr	₹9,415 Cr	9.5%	₹5,760 Cr	5.8%	45.4%	37.1%	127
Asian PaintsASIANPAINTASIANPAINT	₹2,31,072 Cr	₹2,33,365 Cr	₹37,187 Cr	₹7,240 Cr	18.8%	₹4,765 Cr	12.4%	26%	21.2%	80
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Dixon TechnologiesDIXONDIXON	₹77,216 Cr	₹77,684 Cr	₹51,585 Cr	₹1,847 Cr	3.8%	₹1,877 Cr	3.4%	41.1%	37.4%	-7
Havells IndiaHAVELLSHAVELLS	₹65,520 Cr	₹65,520 Cr	₹23,591 Cr	₹2,150 Cr	9.8%	₹1,633 Cr	7.5%	23.6%	19%	50
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Metro Brands LimitedMETROBRANDMETROBRAND	₹22,721 Cr	₹22,721 Cr	₹2,311 Cr	₹719 Cr	30.3%	₹339 Cr	14.5%	21.4%	22.2%	188
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,499	2,853	2,984	4,400	6,448	10,697	12,192	17,691	38,860	48,873
COGS	2,180	2,487	2,609	3,860	5,770	9,779	11,021	16,039	35,833	45,277
Gross profit	319	366	375	540	678	918	1,171	1,652	3,027	3,596
	227	254	240	317	392	539	657	944	1,502	1,708
	91	113	135	223	287	379	514	708	1,525	1,888
OPM %	3.7%	4%	4.5%	5.1%	4.4%	3.5%	4.2%	4%	3.9%	3.9%
Depreciation	11	15	22	37	44	84	115	162	281	393
Interest	16	13	25	35	27	44	61	75	154	137
	1	4	6	5	2	4	6	23	480	713
Profit before tax	66	88	94	157	217	255	345	494	1,570	2,071
Tax	19	27	30	36	57	64	90	119	337	426
Tax %	28.3%	31%	32.5%	23.1%	26.4%	25.3%	26%	24.1%	21.5%	20.6%
	48	61	63	121	160	190	255	375	1,233	1,644
PAT margin %	1.9%	2.1%	2.1%	2.7%	2.5%	1.8%	2.1%	2.1%	3.2%	3.4%
EPS (₹)	46.1	54.5	55.9	105.5	27.5	32.3	42.9	62.8	205.7	271.6
EPS adjusted (₹)	—	10.8	11.2	20.8	27.3	32	42.9	61.5	181.8	236.6
	0%	3.7%	3.6%	3.8%	3.6%	6.2%	7%	8%	3.9%	3.7%
Annual report	—	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	11	12	12	12	12	12	12	12
Reserves	304	367	530	726	985	1,273	1,683	2,998	4,665
Minority interest	—	—	—	—	1	—	28	459	710
	41	136	83	156	458	183	155	202	468
	610	978	1,073	1,952	2,822	3,212	5,114	13,095	13,307
Total equity & liabilities	966	1,492	1,697	2,846	4,277	4,679	6,991	16,767	19,162
	179	241	414	550	1,003	1,244	1,996	2,774	4,172
CWIP	13	19	10	72	22	120	64	256	571
Investments	11	8	0	95	141	44	20	536	1,007
	763	1,225	1,274	2,128	3,111	3,272	4,911	13,201	13,412
Total assets	966	1,492	1,697	2,846	4,277	4,679	6,991	16,767	19,162

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.6%	12.3%	10.5%	8.6%	9.6%	9.3%	7.8%	7.4%
EBITDA margin %	4.5%	5.1%	4.4%	3.5%	4.2%	3.9%	3.9%	3.8%
EBIT margin %	3.8%	4.2%	3.8%	2.8%	3.3%	3%	3.2%	3%
PAT margin %	2.1%	2.7%	2.5%	1.8%	2.1%	2.1%	3.2%	3.4%
Working capital
Receivable days	63	43	62	46	51	48	65	49
Inventory days	57	47	47	43	32	39	41	31
Payable days	103	89	108	86	81	92	111	86
NWC days	17	1	1	3	2	-6	-5	-7
Leverage
Current ratio	1.15	1.21	1.17	1.15	1.07	1.02	1.04	1.06
Debt to EBITDA	1.01	0.37	0.54	1.21	0.36	0.22	0.13	0.25
Debt to equity	0.36	0.15	0.21	0.46	0.14	0.09	0.07	0.1
Interest coverage	4.7	5.5	8.9	6.8	6.7	7.5	8.1	15.9
Asset turnover	2	2.59	2.27	2.5	2.61	2.53	2.32	2.55
Return ratios
Return on assets %	4.2%	7.1%	5.6%	4.4%	5.5%	5.4%	7.4%	8.6%
Return on capital employed %	26.6%	31.3%	29.8%	23.8%	24.6%	27.9%	38.8%	41.1%
Return on equity %	16.8%	22.3%	21.7%	19.1%	19.9%	22.1%	40.9%	35.2%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	33.8%	33.63%	33.44%	32.41%	31.99%	32.87%	32.1%	33.02%	28.92%	28.83%	28.68%	28.55%
	15.66%	17.41%	17.84%	20.83%	20.56%	20.89%	21.04%	21.22%	20.69%	18.68%	18.29%	17.87%
	27.44%	26.4%	27.01%	14.01%	14.85%	15%	14.44%	13.94%	28.94%	29.06%	28.15%	28.39%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	23.1%	22.56%	21.71%	32.75%	32.59%	31.24%	32.42%	31.82%	21.45%	23.43%	24.88%	25.19%
No. of shareholders	—	—	—	—	—	—	—	—	3,41,162	4,05,075	4,70,326	4,70,189

Promoter holding down 5.25 percentage points since Sep 2023.

51 deals · 11 Aug 2021 – 13 May 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
13 May 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,05,260	₹10,698.29	₹326.58 Cr
13 May 2026	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,05,260	₹10,683.23	₹326.12 Cr
9 Oct 2025	GOLDMAN SACHS (SINGAPORE) PTE - ODI	Block	NSE	Sell	6,135	₹16,859.00	₹10.34 Cr
9 Oct 2025	GOLDMAN SACHS BANK EUROPE SE - ODI	Block	NSE	Buy	6,135	₹16,859.00	₹10.34 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVRNMNT PENSION INVSTMNT FUND MTBJ400045828	Block	NSE	Sell	7,292	₹15,786.00	₹11.51 Cr
14 Jul 2025	THE MTBJ LTD. AS TRST FOR GOVERNMENT PENSION INVESTMENT FUND MTBJ400045849	Block	NSE	Buy	7,292	₹15,786.00	₹11.51 Cr
23 Jun 2025	SUNIL VACHANI	Bulk	BSE	Sell	16,70,000	₹13,301.47	₹2,221.35 Cr
23 Jun 2025	MOTILAL OSWAL MUTUAL FUND	Bulk	BSE	Buy	9,48,003	₹13,307.96	₹1,261.60 Cr
23 Jun 2025	MOTILAL OSWAL MUTUAL FUND	Bulk	BSE	Buy	4,97,634	₹13,307.96	₹662.25 Cr
25 Oct 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	4,90,228	₹13,856.31	₹679.28 Cr

1–10 of 51

1 / 6

Mr. SUNIL VACHANIExecutive Director-Chairperson
Mr. ATUL B. LALLExecutive Director-MD
Abhijit KotnisChief Operating Officer
Mr. MANOJ MAHESHWARINon-Executive - Non Independent Director
Mr. KENG TSUNG KUONon-Executive - Independent Director
Mr. RAKESH MOHANNon-Executive - Independent Director
Mr. ARUN SETHNon-Executive - Independent Director
Mrs. GEETA MATHURNon-Executive - Independent Director
Mr. SAURABH GUPTAExecutive Director
Ashish KumarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹13,100.3 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹13,127.0	-167	-1.3%	₹13,127.0	50,519	+407	4,325	50
23 Nov 2026	₹12,974.0	-183	-1.4%	₹12,974.0	2,153	+299	511	50
29 Dec 2026	₹12,930.0	-517	-3.8%	₹13,307.0	44	+44	51	50

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

162

across 18 fund houses

Held by these funds

12.42%

of the company's equity

All mutual funds

20.05%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

162 schemes · 18 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	10.15 L	1,506.9	2.11%	1.669%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	9.93 L	1,474.21	3.44%	1.633%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	4.2 L	623.7	1.19%	0.691%	—
LARGE CAP FUND	Nippon India Mutual Fund	4.14 L	614.72	1.14%	0.681%	-0
Multi Cap FundNEW	Nippon India Mutual Fund	3.8 L	564.3	1%	0.625%	—
SMALL CAP FUND	Nippon India Mutual Fund	3.71 L	550.41	0.67%	0.61%	-0
Midcap Fund	Axis Mutual Fund	3.64 L	539.83	1.52%	0.598%	+98,107
Mid Cap Fund	DSP Mutual Fund	2.77 L	411.22	1.96%	0.455%	-0

1–8 of 162

1 / 21

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

26 announcementsExport CSV

1 Oct 2026, 3:57 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.6%	12.3%	10.5%	8.6%	9.6%	9.3%	7.8%	7.4%
EBITDA margin %	4.5%	5.1%	4.4%	3.5%	4.2%	3.9%	3.9%	3.8%
EBIT margin %	3.8%	4.2%	3.8%	2.8%	3.3%	3%	3.2%	3%
PAT margin %	2.1%	2.7%	2.5%	1.8%	2.1%	2.1%	3.2%	3.4%
Working capital
Receivable days	63	43	62	46	51	48	65	49
Inventory days	57	47	47	43	32	39	41	31
Payable days	103	89	108	86	81	92	111	86
NWC days	17	1	1	3	2	-6	-5	-7
Leverage
Current ratio	1.15	1.21	1.17	1.15	1.07	1.02	1.04	1.06
Debt to EBITDA	1.01	0.37	0.54	1.21	0.36	0.22	0.13	0.25
Debt to equity	0.36	0.15	0.21	0.46	0.14	0.09	0.07	0.1
Interest coverage	4.7	5.5	8.9	6.8	6.7	7.5	8.1	15.9
Asset turnover	2	2.59	2.27	2.5	2.61	2.53	2.32	2.55
Return ratios
Return on assets %	4.2%	7.1%	5.6%	4.4%	5.5%	5.4%	7.4%	8.6%
Return on capital employed %	26.6%	31.3%	29.8%	23.8%	24.6%	27.9%	38.8%	41.1%
Return on equity %	16.8%	22.3%	21.7%	19.1%	19.9%	22.1%	40.9%	35.2%

22

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
1	0	0	₹2,200.0	11,000	₹28.7	533	-71	452
58	0	0	₹1,861.9	11,500	₹51.7	502	-16	371
0	0	0	₹0.0	11,750	₹73.6	337	+35	374
522	+3	9	₹1,211.0	12,000	₹105.6	2,596	-183	2,039
9	+4	5	₹1,030.0	12,250	₹148.7	2,344	+1,237	1,454
104	+17	30	₹829.9	12,500	₹212.6	2,603	+576	1,489
169	+24	57	₹690.4	12,750	₹297.1	593	-25	245
2,707	+17	965	₹536.1	13,000	₹403.5	2,824	-109	2,629

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
1 Oct 2026, 3:57 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
30 Sept 2026, 2:43 pm	Company Update General	Announcement Under Regulation 30 Of SEBI LODR- Execution Of Intellectual Property License Agreement	PDF
29 Sept 2026, 6:33 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
29 Sept 2026, 6:12 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
29 Sept 2026, 5:39 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 7:26 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
22 Sept 2026, 10:53 am	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome	PDF
21 Sept 2026, 6:38 pm	Company Update Acquisition	Announcement under Regulation 30 (LODR)-Acquisition	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	53	68	-3	237	170	273	726	584	1,150	1,782
	-43	-100	-64	-99	-265	-464	-356	-531	-1,229	-1,251
	-8	42	69	-57	63	304	-330	-70	-27	-108
Net cash flow	1	10	2	81	-32	113	41	-17	-106	424
Free cash flow	—	—	-84	128	2	-148	265	-0	210	715
CFO / Operating profit %	58%	60.2%	-2.3%	106.4%	59.4%	72%	141.5%	83.8%	76.3%	95.5%

Dixon Technologies

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Credit ratings

Investor Presentation and earnings call

9

1

1

22

Compounded sales growth

Compounded profit growth

Return on equity

Dixon Technologies

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends9

Board meetings1

Stock splits1

Option chain22

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

3

3

9

1

1

22