Dixon Technologies Stock Price - ₹14,445.00 | Consumer Goods

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Company insights, generated from the most recent coverage.

Management targets integrating 70-80% of business into component manufacturing by FY28 to drive organic margin expansion independent of PLI incentives.
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MPMS incentives offer limited net margin benefit (0.14-0.22 bps EBITDA uplift) as smartphone brands capture most value through bargaining power, mirroring previous PLI experience where Dixon passed ~85% of incentives to customers.
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Dixon's joint venture with Chinese display maker HKC exposes it to geopolitical scrutiny and technology dependence risks, potentially limiting strategic flexibility compared to peers with indigenous capabilities.
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The Quarter story

The two most recent quarterly results, compared side-by-side.

Revenue and core profits rebound in Q1 FY27, but margin compression and working capital strain weigh on cash flow.

Consolidated revenue rebounds from ₹10,520 Cr in Q4 FY26 to ₹15,557 Cr in Q1 FY27, confirming strong sales recovery.

EBITDA margin slips from 4.0% in Q4 FY26 to 3.0% in Q1 FY27, warning of pricing or input cost pressure.

Mobile & Other EMS division sales jump from ₹9,485 Cr in Q4 FY26 to ₹14,179 Cr in Q1 FY27, driving the bulk of company growth.

Operating cash flow swings from a ₹1,782 Cr inflow in Q4 FY26 to a ₹341 Cr outflow in Q1 FY27, signaling working capital strain.

Finance costs drop from ₹4,287 Cr in Q3 FY26 to ₹24 Cr in Q1 FY27, reflecting successful debt reduction.

Inventory days stretch from 29 days in Q3 FY26 to 37 days in Q1 FY27, indicating slower stock turnover.

Debtors days improve from 52 days in Q3 FY26 to 46 days in Q1 FY27, showing faster cash collection from customers.

ROCE falls from 49.1% in Q1 FY26 to 34.1% in Q1 FY27, reflecting reduced capital efficiency amid expansion.

Net debt shifts from ₹246 Cr in Q3 FY26 to a negative ₹226 Cr in Q1 FY27, confirming a strong net cash position.

Current liabilities surge from ₹11,867 Cr in Q3 FY26 to ₹17,242 Cr in Q1 FY27, increasing near-term payment obligations.

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In the news

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