Dixon Technologies (India) Ltd Shares Expected to Surge with Growth in Focus
Dixon Technologies (India) Limited, established in 1993, is a prominent Electronic Manufacturing Services (EMS) provider specializing in various electronic product sectors, including consumer electronics, lighting, home appliances, closed-circuit television cameras (CCTVs), and mobile phones. The company also engages in reverse logistics operations. Additionally, Dixon manufactures security surveillance equipment, wearables, audibles, and AC-PCBs. Recently, it formed a joint venture with Imagine Marketing Private Limited to design and produce wireless audio solutions in India.
Positives:
- Strong Balance Sheet
- Strong Cashflow
- Strong Sales growth and Profit growth
- Strong Return of Equity
Negatives:
- Growth Focus stock, High Price to Book
Dixon Technologies (India) Ltd Share Price and Target:
Share Price: 14500. Target 18500, 22500 and 29000. 12 to 18 months. SL 12000.
Stock can be added on monthly basis as SIP.
We see the stock at 50,000-60,000 in 5 years.
We have added the stock to our screener list of stocks as long term investment.
More about Dixon Technologies (India) Ltd
Business Segments
- Mobile & EMS Division (84% of revenue in 9M FY25 vs. 43% in FY23): The company has rapidly established itself as one of India’s leading mobile phone manufacturers. In addition to mobile phones, it produces IT hardware, telecom products, hearables, and wearables, serving clients such as Motorola, Xiaomi, and Oppo. In 9M FY25, this segment experienced a remarkable 221% year-over-year revenue growth, primarily driven by increased sales volume.
- Consumer Electronics & Appliances (10% of revenue in 9M FY25 vs. 35% in FY23): The company manufactures LED TVs, air conditioning PCBs, and refrigerators. It ranks among the largest LED TV manufacturers in India and meets 10% of the country’s demand for refrigerators with capacities between 190 and 235 liters. Collaborating with global brands like Hisense and Acerpure, it provides original design manufacturing (ODM) solutions based on the Google TV Linux platform. However, this segment saw an 8% year-over-year revenue decline in 9M FY25 due to weak consumer demand in the LED TV market.
- Home Appliances (4% of revenue in 9M FY25 vs. 9% in FY23): With a diverse portfolio of over 250 washing machine models ranging from 6kg to 14kg, this segment achieved a 12% year-over-year revenue increase in 9M FY25.
- Lighting Products (2% of revenue in 9M FY25 vs. 9% in FY23): The company designs and manufactures a wide array of LED lighting solutions, including bulbs, battens, and downlighters, with power ratings from 0.5W to 100W. As one of India’s largest ODM players in lighting, it offers over 2,000 variants of LED bulbs. This segment’s revenue grew by 2% year-over-year in 9M FY25.
New Products
The company is planning to expand its product offerings to include precision components, mechanical assemblies, camera modules, and battery packs. Additionally, it is exploring partnerships to manufacture displays for industrial, institutional, and automotive applications. The product range will also be broadened to include deep freezers, visi coolers, wine chillers, and various types of refrigerators.
Manufacturing Facilities
The company operates 23 manufacturing facilities located in Noida, Dehradun, Ludhiana, and Andhra Pradesh.
Annual Production Capacities
- Smartphones: 60 million
- LED TVs: 6.5 million
- Refrigerators: 1.2 million
- Semi-Automatic Washing Machines: 2.4 million
- Fully Automatic Washing Machines: 0.6 million
- LED Lamps: 200 million
- LED Battens: 40 million
- Downlights: 20 million
Expansion
The company has finalized the location for a display manufacturing unit in partnership with HKC, with production expected to commence in Q1-Q2 FY26. This new facility will support its backward integration strategy, with a total capital expenditure requirement of $3 billion. Additionally, the company is expanding its refrigerator production capacity from 1.2 million to 1.5 million units per annum.
R&D
The company operates three R&D centers in India and China, focusing on electronics hardware, component engineering, and optics design. The Noida center specifically supports the development of TVs, IFPDs, and digital signage.
Joint Ventures and Partnerships
- In May 2025, the company signed a Contract Manufacturing Agreement with NxtCell India to produce smartphones for the renowned French tech brand Alcatel in India.
- In April 2025, it entered into a joint venture with Inventec Corporation to manufacture notebook PCs, desktop PCs, servers, and related components in India.
- In March 2025, the company established a 50:50 joint venture agreement with Signify Innovations for the production of lighting products and accessories in India.
- In December 2024, it signed a joint venture agreement with Vivo Mobile India to manufacture smartphones and electronic devices in India.
