DIXON
Mid CapDixon Technologies (India) Limited
Industrials
Dixon Technologies (India) Limited is a contract manufacturer ("the brand behind brands") providing manufacturing services across various segments including mobile, consumer electronics, and home appliances. It operates as an Electronic Manufacturing Services (EMS) provider.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100PAT -36% YoY · margin compression · Rev +2% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,511 Cr | +2.1% | -1.5% |
| EBITDA | ₹408 Cr | -7.9% | -1.4% |
| Operating margin | 4.0% | +0 bps | +0 bps |
| PAT | ₹298 Cr | -35.9% | -7.2% |
| PAT margin | 2.8% | -168 bps | -17 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 adjusted results show revenue growth of +2% YoY but EBITDA declined -8% YoY with margin contraction. FY26 adjusted revenue grew +26% YoY, but EBITDA margin remained flat, and ROCE/ROE declined.
While FY26 revenue growth was robust, driven by the Mobile & Other EMS segment, Q4 saw significant margin contraction on an adjusted basis. The decline in ROCE and ROE, despite strong revenue, suggests capital efficiency is under stress. Heavy reliance on one segment for growth is a concern.
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Mobile & Other EMS Division
FY26 Revenue grew +34% YoY to ₹44,257 crs, making it the largest and fastest-growing segment.
Capital Expenditure
Incurred capital expenditure of ₹1,058 crs in FY26.
Margin Contraction
Q4 FY26 Adjusted EBITDA margin declined by 40 bps YoY to 4.0%. FY26 Adjusted PBT margin declined by 10 bps YoY to 2.8%.
Declining Capital Efficiency
FY26 Adjusted ROCE decreased by 370 bps YoY to 44.8%, and ROE decreased by 440 bps YoY to 28.1%.
Consumer Electronics & Appliances Segment Decline
FY26 Revenue for this segment declined by 19% YoY to ₹2,892 crs.
Segment Concentration
Mobile & Other EMS Division accounts for over 90% of total revenue in FY26, indicating high reliance on a single segment.
Margin Pressure
Adjusted EBITDA and PBT margins showed contraction in Q4 FY26 and slight declines for the full FY26.
Capital Efficiency
ROCE and ROE declined significantly in FY26, suggesting potential challenges in generating returns on capital employed.
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.
Q4 YoY provides insight into recent operational trends and sequential momentum, while FY YoY offers a broader view of annual growth and overall operational efficiency, which is crucial for a manufacturing business.
Adjusted Revenue
Q4 FY26: ₹10,520 crs (+2% YoY); FY26: ₹48,893 crs (+26% YoY)
Adjusted EBITDA
Q4 FY26: ₹418 crs (-8% YoY); FY26: ₹1,887 crs (+23% YoY)
Adjusted EBITDA Margin
Q4 FY26: 4.0% (-40 bps YoY); FY26: 3.9% (flat YoY)
Adjusted PAT (After NCI)
Q4 FY26: ₹192 crs (+4% YoY); FY26: ₹845 crs (+20% YoY)
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Adjusted EBITDA Margin | 4.0% (Q4 FY26) | Stabilization or improvement in margins, especially in the context of revenue growth. |
| Net Working Capital Days | (8) days (FY26) | Continued efficiency in working capital management and maintenance of negative working capital days. |
| Mobile & Other EMS Revenue Growth | +34% YoY (FY26) | Sustained strong growth momentum in the largest revenue-contributing segment. |
| ROCE (Adjusted) | 44.8% (FY26) | Reversal of the declining trend in capital efficiency. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +6.5% / mo
Technical chart
DIXONdaily · 6M-6.0%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 rising (~2.5% over last month) — short-term momentum positive.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 16% off 52W high · 21% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Quality contributes 20/20 to the score.
- Growth contributes 22/25 to the score.
Main drags
- Fair-value margin of safety is negative at -9.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 7/15; verify the latest quarterly trend.
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.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 97th percentile within Industrials. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: 1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 97th pctile, median 68 · Mid: 88th pctile, median 76
123 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead 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.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.8%.
- ▸8 years of positive FCF.
- ▸ROCE is 42%.
Trust risks
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 48.40
- P/B
- 14.81
- EV/EBITDA
- 31.23
- Market Cap
- 69578.00Cr
Profitability
- ROE
- 37.40%
- ROCE
- 42.00%
- ROA
- 8.58%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 50.00%
- EPS 5Y
- 55.00%
- Revenue 3Y
- 59.00%
- EPS 3Y
- 77.00%
Balance Sheet
- Debt/Equity
- 0.21
- Interest Coverage
- 13.63×
- Altman Z
- 6.18
- Book Value
- 769.00
Cash Flow
- FCF Yield
- 0.76%
- FCF Positive Y
- 8/5
- OCF
- 1782.00 Cr
- EPS TTM
- 236.61
Shareholding
- Promoter Hold
- 28.69%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 20%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.