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DIXON
Dixon Technologies (India) Ltd
Latest annual (Mar 2025)
Revenue: ₹38,860 Cr
Net Profit: ₹1,233 Cr
ROE
—Mar 2025ROCE
40.0%Mar 2025OPM
4.0%Operating marginRevenue YoY
+119.7%Annual growthRevenue CAGR (3Y)
53.7%EPS CAGR (3Y)
78.4%Net Profit YoY
+228.8%Annual growthEPS
₹181.87Mar 2025Recent Quarterly Results
| Quarter | Revenue (₹Cr) | Net Profit (₹Cr) | OPM % | EPS (₹) | Rev YoY | PAT YoY |
|---|---|---|---|---|---|---|
| Dec 2025 | 10,672 | 321 | 4.0% | ₹47.34 | +2.1% | +48.6% |
| Sep 2025 | 14,855 | 746 | 4.0% | ₹110.72 | +28.8% | +81.1% |
| Jun 2025 | 12,836 | 280 | 4.0% | ₹37.20 | +95.1% | +100.0% |
| Mar 2025 | 10,293 | 465 | 4.0% | ₹66.54 | +121.0% | +379.4% |
| Dec 2024 | 10,454 | 216 | 4.0% | ₹28.50 | +117.0% | +122.7% |
| Sep 2024 | 11,534 | 412 | 4.0% | ₹65.15 | +133.3% | +264.6% |
| Jun 2024 | 6,580 | 140 | 4.0% | ₹22.34 | +101.1% | +109.0% |
| Mar 2024 | 4,658 | 97 | 4.0% | ₹15.91 | +52.0% | +19.8% |
Annual Financials
| Year | Revenue | Net Profit | OPM % | EPS | ROE % | CFO | Rev YoY |
|---|---|---|---|---|---|---|---|
| Mar 2025 | 38,860 | 1,233 | 4.0% | ₹181.87 | — | 1,150 | +119.7% |
| Mar 2024 | 17,691 | 375 | 4.0% | ₹61.47 | — | 584 | +45.1% |
| Mar 2023 | 12,192 | 255 | 4.0% | ₹42.90 | — | 726 | +14.0% |
| Mar 2022 | 10,697 | 190 | 4.0% | ₹32.05 | — | 273 | +65.9% |
| Mar 2021 | 6,448 | 160 | 5.0% | ₹27.28 | — | 170 | +46.5% |
QGLP Analysis
QQuality — Very Good
Atul Lall-led management has consistently executed on the PLI-driven EMS opportunity. India's largest Electronics Manufacturing Services company. Growing from white goods to mobiles, IT hardware, and wearables.
GGrowth
Revenue CAGR (3Y)
41.8%EPS CAGR (3Y)
38.2%Revenue CAGR of 42% driven by new PLI categories and market share gains. Mobile phone segment grew 85% YoY in FY25. Revenue expected to sustain 30-35% CAGR for next 3 years.
LLongevity — Very High
India's PLI-driven EMS opportunity is a $100B+ addressable market. Key risks: customer concentration (top 3 clients = 60% revenue — moderate).
PPrice / Valuation
P/E
72.4PEG
1.89P/B
14.2DCF Value
₹17,200+8.9% upsideAt 72x P/E, looks expensive but PEG of 1.9 is acceptable for a 35-40% growth company. DCF yields ₹17,200 with ~9% upside.
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