Announcement
Announcement Under Regulation 30 Of SEBI LODR- ESG Rating By Crisil ESG Ratings & Analytics Ltd 14 Oct - CRISIL assigned Dixon ESG Rating 61 and Core ESG 67 for FY2026.
Source: Bse
Dixon Technologies (India) Limited (DIXON)
Mid CapIndustrials stocks · Mid cap · NSE
Dixon Technologies (India) Limited is an electronics manufacturing services (EMS) provider, positioning itself as 'The brand behind brands' by manufacturing products across various categories for leading brands.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result31 Jul, 09:15 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
38BearishSMA20 -8.7% / mo · RSI oversold · MACD −
Stock trend: 33
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
DIXOND candles · FIT view+3.9%Latest close ₹11689.00 on 2026-10-21
Bar
-4.0%
RSI
26
MACD hist
-76.12
52W pos
31%
2026-10-21O ₹12175.00H ₹12179.00L ₹11581.00C ₹11689.00Vol 5.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
DIXONNifty India ManufacturingNifty 500
- DIXON
- -17.2%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -10.7 pp
Chart stats
21 Oct 2026- From 52W high
- -33.0%
- 52W range position
- 27%
- ATR (14)
- 3.2%
- Volume vs 20D
- 1.95x
- Avg traded value
- ₹349 Cr
- 20D price channel
- ₹11,581 - ₹13,766
₹17,440
₹9,600 - ₹17,440
₹377.9
Latest completed session
20-session average
28.0% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE50
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent77
Revenue +21.1% · PAT +156.4% YoY
Technical
Bearish38
Price trend and sector-relative-strength timing.
Valuation
Legacy model+3.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence81
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 77/100Rev +21% YoY · PAT +156% YoY · +48% QoQ · operating leverage · margin compression
Filed 31 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15,548 Cr | +21.1% | +47.9% |
| EBITDA | ₹463 Cr | -3.9% | +13.5% |
| Operating margin | 3.0% | -80 bps | -90 bps |
| PAT | ₹718 Cr | +156.4% | +140.9% |
| PAT margin | 4.6% | +244 bps | +178 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 41.30
- P/B
- 16.47
- EV/EBITDA
- 34.81
- Market Cap
- 77479.00Cr
Profitability
- ROE
- 18.90%
- ROCE
- 29.20%
- ROA
- 8.58%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 35.00%
- Revenue 3Y
- 59.00%
- EPS 3Y
- 41.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 14.32×
- Altman Z
- 6.65
- Book Value
- 769.00
Cash Flow
- FCF Yield
- 0.83%
- FCF Positive Y
- 8/5
- OCF
- 1782.00 Cr
- EPS TTM
- 308.83
Shareholding
- Promoter Hold
- 28.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 41%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 15.5k+47.9% vs prev
Net Profit
₹ CrLatest: 718+140.9% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 26.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.5% over last month) — short-term momentum negative.
- RSI(14) at 26 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 28% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
39
RS percentile
Stage 1 Base / Transition
1M return
-12.4%
3M return
-17.2%
6M return
+7.6%
1Y return
-24.6%
RS 1D
-1
RS 20D
-9
Sector rank
#6
Industry rank
-
Stage evidence
- Price is within 6.2% of the 30-week proxy.
- The 30-week proxy changed +2.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 72.98-2.50%
RS vs Nifty 50073
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation2/30
Growth16/25
Quality14/20
Balance Sheet7/15
Cash Flow6/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
50
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
50/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 14/20 to the score.
- Growth contributes 16/25 to the score.
Main drags
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
- Cash flow is weaker at 6/10; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
41.3
PB
16.5
EV/EBITDA
34.8
ROE
18.9%
ROCE
29.2%
FCF Yield
0.8%
Debt/Equity
0.2
MoS
+3.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
50
Previous: 50
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
+3.7%
Previous: +0.3%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
48
48
48
48
48
48
48
48
48
48
50
50
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹2,311.61
-405.7% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹12,137.02
+3.7% MoS
PEG
1.10
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
AVALON
Micro
Avalon Technologies Limited
Electronics Manufacturing Services
match 79
43
99.4
16.5%
-157%
WATCHLIST
AIMTRON
SME
Aimtron Electronics Ltd.
Electronics Manufacturing Services
match 74
47
81.2
23.6%
-94%
FAIR VALUE
CYIENTDLM
Small
Cyient DLM Limited
Electronics Manufacturing Services
match 74
34
85.1
7.5%
-80%
WATCHLIST
VINYAS
SME
Vinyas Innovative Technologies Ltd.
Electronics Manufacturing Services
match 72
28
56.7
12.9%
-69%
OVERVALUED
SAHASRA
SME
Sahasra Electronic Solutions Ltd.
Electronics Manufacturing Services
match 71
18
88.2
6.2%
-901%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-13T10:41:28.839Z
Management commentary snapshot
Q1 FY27 Adjusted Results: Revenue grew 21% YoY to ₹15,557 Cr, but EBITDA declined 2% YoY to ₹472 Cr, with margins contracting 80 bps to 3.0%. PAT (After NCI) also fell 3% YoY to ₹218 Cr, indicating significant margin pressure despite revenue growth.
Despite robust revenue growth, adjusted profitability metrics (EBITDA, PBT, PAT) declined YoY, and margins contracted significantly. This suggests operational challenges or pricing pressures are impacting the core business, raising concerns about sustainable profit generation.
Current business mix
Revenue Contribution by Segment (Q1 FY27)
Latest issuer-disclosed distribution across 3 reported categories.
Mobile & Other EMS Division91.0%
Consumer Electronics & Appliances6.0%
Home Appliances2.0%
Growth engines
Mobile & Other EMS Division Revenue Growth
Mobile & Other EMS Division revenue grew to ₹14,179 Cr in Q1 FY27 from ₹11,663 Cr in Q1 FY26, a 21.6% YoY increase.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The company explicitly presents its consolidated and adjusted financial performance with year-over-year comparisons for Q1 FY27 vs Q1 FY26, which is suitable for assessing performance trends over a full business cycle.
Sector KPIs management disclosed
Adjusted Revenue Growth
Revenue (Adjusted) grew 21% YoY to ₹15,557 Cr in Q1 FY27.
Adjusted EBITDA Margin
Adjusted EBITDA margin contracted by 80 bps YoY to 3.0% in Q1 FY27.
Adjusted PAT (After NCI) Growth
Adjusted PAT (After NCI) declined 3% YoY to ₹218 Cr in Q1 FY27.
ROCE (Adjusted)
ROCE (Trailing 12 Month, Adjusted) decreased by 1070 bps to 34.1% in Q1 FY27 from 44.8% in FY26.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Adjusted EBITDA Margin | 3.0% in Q1 FY27 | Improvement in operating efficiency and pricing power to reverse margin contraction. |
| Net Working Capital Days | (5) days in Q1 FY27 | Further deterioration in working capital cycle, particularly inventory and receivables management. |
| ROCE (Adjusted) | 34.1% in Q1 FY27 | Stabilization or improvement in capital efficiency after significant YoY decline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
81Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 93rd percentile of the scored universe and 92nd percentile within Industrials. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
120 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
93rd percentile
overall median 67 · Industrials: 92nd pctile, median 68 · Mid: 73rd pctile, median 76
Evidence depth
Financial-only
120 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
80
strong · capital discipline
Results
80
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸8 years of positive FCF.
- ▸ROCE is 29.2%.
Trust risks
- ▸ROCE trend is -3.5%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Dixon Technologies (India) Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 22 Sep - Dixon Technologies held one-on-one meetings with Marcellus Investment and Sohum Asset Managers on 21 September 2026.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome 23 Sep - Dixon held a one-on-one virtual meeting with Enam Asset Management on 22 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Sep - Announcement under Regulation 30 of SEBI LODR- Submission of copies of newspaper publication of Notice to the Members of the 33rd Annual General Meeting of …
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI LODR- Giving Of Guarantees Or Indemnity Or Becoming A Surety For Any Third Party 14 Aug - Dixon issued a continuing irrevocable corporate guarantee of USD 220 million for subsidiary Padget Electronics.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 12 Aug - Dixon to incorporate Adivistar Electronics India Pvt Ltd, holding 51%; initial subscription Rs 2.55 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 11 Aug - Dixon Technologies to attend Emkay Confluence 2026 on 13 Aug and Motilal Oswal Investor Conference on 17 Aug.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 9 Jul - Dixon executes JV and shareholders’ agreement with vivo; JV Co to be 51:49, subject to conditions.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements 9 Jul - Dixon signs JV and shareholder agreements with vivo for 51:49 OEM smartphone venture in India.
Source: Bse
Announcement
Announcement Under Regulation 30 Of SEBI LODR- Execution Of Binding Term Sheet In Relation To A Proposed Joint Venture Arrangement 9 Jun - Dixon, Gemtek sign binding term sheet for proposed 60:40 JV manufacturing optical transceivers and BOSA.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Jun - Announcement under Regulation 30 of SEBI LODR- Newspaper Advertisement regarding notice to shareholders for transfer of unclaimed dividend/ equity shares of the Company to IEPF …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 May - The details of scheduled Meeting between the officials of the Company and various Analyst(s)/advisor(s)/investor(s).
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.