Dixon Technologies (India) Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Dixon Technologies (India) Ltd trades at ₹14,049, in a downtrend and 34 weeks into that stage. That is +11.3% against its own 200-day average. It sits at 50% of a 52-week range of ₹9,921 to ₹18,177. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 17 straight weeks.

Today the stock is in a downtrend — week 34 of stage 4. At ₹14,049 it trades +11.3% versus its 200-day average and sits at 50% of its 52-week range (₹9,921–₹18,177).

Against the market, two honest reads. Cumulative: over the last 8.9 years the stock moved +2,541% while the NIFTY 500 moved +175% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 17 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Dixon Technologies (India) Ltd trades at 45.8× P/E, near the bottom of its own range — cheaper only 17% of the time. Its long-run median P/E is 99.8×, measured across 8.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 45.8× is near the bottom of its own range — cheaper only 17% of the time, against a long-run median of 99.8× measured over 8.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +30.1% against a −16.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +26.7%/yr price move, ~+59.2%/yr came from earnings growth and ~−32.5 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 21% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Dixon Technologies (India) Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: revenue growth has eased from +114.9% at its peak to +14.3% but is still expanding, ROCE lifting at 42.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

65.0/100 — rank 3 of 9 in Consumer Electronics - EMS · 82% evidence confidence

Dixon Technologies (India) Ltd scores 65.0 out of 100 against the 9 companies it is compared with in Consumer Electronics - EMS, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 22.8 + 17.6 + 14.3 + 10.3 = 65. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Dixon Technologies (India) Ltd reported ₹15,548 Cr of revenue in the Jun 26 quarter, +21.1% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 42.8% a year. The last full year, FY26, came in at ₹48,873 Cr. The last four reported quarters add to ₹51,586 Cr.

FY26 revenue came in at ₹48,873 Cr (+25.8% on the year), capping 10 years at 42.8% compound. The latest quarter (Jun 26) printed ₹15,548 Cr, +21.1% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +13.5% growth against the decade's 42.8% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.3% over the last 4 quarters against +56.7%/yr over the last 8 — rolling over; TTM profit +51.7% vs +115.9%/yr — rolling over.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Dixon Technologies (India) Ltd's operating margin is 3.0% in the Jun 26 quarter, −0.8 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.0% to 5.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 3.0%, −0.8 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 2.0%–5.0%.

🚨 Why the margin moved: operating margin went −0.8 pp year on year while gross margin went −1.7 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Dixon Technologies (India) Ltd earned ₹718 Cr of net profit in the Jun 26 quarter, +156.4% year on year. Full-year FY26 profit was ₹1,644 Cr. The 10-year compound rate is 44.0%. That is 4.6% of the quarter's revenue. The same quarter a year earlier earned ₹280 Cr.

Jun 26 profit was ₹718 Cr, +156.4% year on year. On the full year, FY26 printed ₹1,644 Cr (+33.3%), and the 10-year compound rate is 44.0%.

Why profit moved: revenue contributed +21.1% and the margin −0.8 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +62.5% vs revenue +13.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 108% of Dixon Technologies (India) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹1,782 Cr of operating cash against ₹1,644 Cr of profit. After ₹2,105 Cr of capital spending, ₹−323 Cr was left as free cash.

FY26: operating cash of ₹1,782 Cr against reported profit of ₹1,644 Cr, leaving free cash of ₹−323 Cr after ₹2,105 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 108% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 108%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 5.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Dixon Technologies (India) Ltd's cash conversion cycle runs −7 days in FY26, down from 1 days in FY21. Capital spending ran ₹4,215 Cr over the last 3 years. At FY26 sales of ₹48,873 Cr each day of that cycle holds about ₹134 Cr, so roughly ₹−937 Cr sits inside the business at any moment.

FY26: debtors at 49 days, inventory at 31 days — roughly 1.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −7 days, tighter than FY21's 1.

The full loop: cash goes out to suppliers and production on day 0; stock waits 31 days to sell; customers pay about 49 days after that; and suppliers themselves are paid at 86 days — netting out to the −7-day cycle.

In money terms: at FY26 sales of ₹48,873 Cr, each day of the cycle holds about ₹134 Cr — so the −7-day loop keeps roughly ₹−937 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,215 Cr over the last 3 fiscal years against ₹836 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹571 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Dixon Technologies (India) Ltd earns a ROCE of 42% in FY26. That is up from a trough of 16% in FY15. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 3.4% net margin on 2.55× asset turns.

FY26 ROCE is 42%, recovered from a FY15 trough of 16% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 3.4% net margin × 2.55× asset turns × 4.10× balance-sheet leverage ≈ 35.5% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 21% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Dixon Technologies (India) Ltd carries ₹994 Cr of borrowings against ₹4,677 Cr of equity in FY26, a debt-to-equity of 0.21. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹295 Cr to ₹994 Cr. Capital spending ran ₹4,215 Cr across the last 3 of those years.

FY26: borrowings of ₹994 Cr against equity of ₹4,677 Cr — a debt-to-equity of 0.21. Operating profit covers the interest bill 14×. Over 5 years borrowings went from ₹295 Cr to ₹994 Cr while capital spending ran ₹4,215 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 21% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 4.7 points of Dixon Technologies (India) Ltd over 8 quarters, the biggest move on the register. That takes promoters to 28.6% of the company. Domestic institutions moved +2.3 points over the same window, to 28.4%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −4.7 points over 8 quarters to 28.6%; Domestic institutions: +2.3 points over 8 quarters to 28.4%; Foreign institutions: −1.5 points over 8 quarters to 17.9%.

Why the register moved: rotation — foreign institutions −1.5 points against domestic institutions +2.3 points over 8 quarters, with promoters −4.7 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Dixon Technologies (India) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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