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India's largest contract manufacturer of TVs, phones, appliances and lighting for other brands.
India's largest contract manufacturer of TVs, phones, appliances and lighting for other brands.
Earns a manufacturing margin by assembling products for brands that own the design and the customer, so revenue depends on a few large clients' orders; India's production-linked incentive scheme supports phone earnings. It is moving into making parts, such as displays and camera modules, through joint ventures with Asian partners.
In one line: India's Foxconn or Jabil for consumer electronics.
Moat: narrow (scale, customer qualification, installed base). Largest India EMS scale and long OEM relationships, but EMS margins stay thin and switchable.
Headquarters: Noida, India · Founded: 1993 · Employees: 4,394
Size Dixon Technologies (India) (DIXON.NS) is an India Industrials company (Electronic Production Equipment) with a market value of $8.16B, the 143rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹12,625 on 6 Nov 2026.
Performance Over six months the shares gained 14.3%, against -4.7% for the median peer and 0.0% for the India market (cap-weighted) — 5th highest of 11 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +39.8%); the operating margin is 2.5% (peer median 10.9%).
Valuation It trades at 76.9× forward earnings against a peer median of 60.2× (2nd most expensive of 10).
Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +50%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (15.3% WACC).
Next results Next results expected around 3 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹585B | ₹485B | ₹386B | ₹176B | ₹122B |
| Revenue growth | — | +26% | +119% | +45% | — |
| Gross profit | ₹24.3B | ₹14.1B | ₹12.1B | ₹6.05B | ₹4.97B |
| EBITDA | ₹18.8B | ₹15.6B | ₹12.9B | ₹6.34B | ₹5.07B |
| Net income | ₹15.5B | ₹14.4B | ₹11.0B | ₹3.68B | ₹2.56B |
| Free cash flow | n/a | ₹6.21B | ₹966M | -₹484M | ₹1.92B |
| Capital expenditure | n/a | ₹10.7B | ₹9.39B | ₹5.84B | ₹4.61B |
| Total debt | ₹12.4B | ₹9.94B | ₹6.71B | ₹4.89B | ₹4.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dixon Technologies (India) DIXON.NS | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% |
| Amber Enterprises India AMBER.NS | $2.39B | -28% | +15% | 5% | 59.6× | n/a |
| Syrma SGS Technology SYRMA.NS | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% |
| Hon Hai Precision Industry 2317.TW | $95.6B | -3% | +25% | 4% | 10.5× | n/a |
| Kaynes Technology India KAYNES.NS | $2.30B | -26% | +35% | 12% | 55.5× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DIXON.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.1% | -21.9% | 3rd highest of 12 |
| 6-month return | +14.3% | -4.7% | 5th highest of 11 |
| Distance from 52-week high | -20.0% | -27.7% | 4th highest of 12 |
| Revenue growth (TTM) | +20.8% | +39.8% | 2nd lowest of 11 |
| Operating margin | 2.5% | 10.9% | lowest of 11 |
| Forward P/E | 76.9× | 60.2× | 2nd most expensive of 10 |
| Growth the price implies (Req g, 7 yrs) | 48.0% | 46.1% | 3rd least demanding of 5 |
| Growth delivered (Del g) | +49.7% | +25.7% | 2nd highest of 5 |
| Hurdle (Req g minus delivered) | -1.7 pp | +17.5 pp | 2nd least demanding of 5 |
| ROIC minus cost of capital | -1.5 pp | -2.1 pp | 6th highest of 11 |
| Net debt / EBITDA | 0.3× | 0.3× | 5th least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dixon Technologies (India) DIXON.NS | India | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% | +49.7% |
| Syrma SGS Technology SYRMA.NS | India | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% | +61.8% |
| Kaynes Technology India KAYNES.NS | India | $2.30B | -26% | +35% | 12% | 55.5× | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | India | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% | +32.8% |
| L&F 066970.KS | South Korea | $2.15B | -62% | +81% | 8% | n/a | n/a | n/a |
| PG Electroplast PGEL.NS | India | $1.65B | +2% | +21% | 6% | 49.3× | n/a | n/a |
| Apollo Micro Systems APOLLO.NS | India | $1.63B | +32% | +77% | 21% | 92.7× | n/a | n/a |
| Avalon Technologies AVALON.NS | India | $1.34B | +51% | +44% | 10% | 69.4× | n/a | n/a |
| Bloom Energy BE | United States | $51.2B | -21% | +111% | 15% | 36.5× | n/a | n/a |
| Vertiv VRT | United States | $70.4B | -46% | +35% | 21% | 20.0× | 25.4% | +18.5% |
| Cyient DLM CYIENTDLM.NS | India | $649M | +82% | -2% | 7% | 73.3× | 58.4% | +15.0% |
| Coreintelligence 3718.TWO | Taiwan | $518M | n/a | n/a | n/a | n/a | n/a | n/a |