Dixon share price today

Dixon Technologies (India) Ltd's share price was ₹12,290.00 at the close on 4 November 2026. It has been rising for 14 weeks. That is 4.7% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹9,921 and ₹15,419, and at that close it sat 43% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Dixon Technologies (India) Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 5 weeks running.

Over the last 9.1 years the share price moved +2,210% while the NIFTY 500 moved +157%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 1 October 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Three changes stood out: promoters cut their stake for 14 quarters in a row, revenue up on a year earlier for 12 quarters in a row (every quarter we can compare) and lowest operating margin in 16 quarters.

1. Promoters cut their stake for 14 quarters in a row

   From 34.1% to 28.5% of the company by the September 2026 quarter.

2. Revenue up on a year earlier for 12 quarters in a row (every quarter we can compare)

   In the September 2026 quarter revenue was ₹21,794 crore, +46.7% on a year earlier.

   Why: Revenue rose because memory prices jumped and pushed up phone prices. Mobile volumes held steady even as the market shrank.

   Next results: check mobile volumes in Q3 and Q4, and how much Vivo adds next year.

   From the earnings call on 30 Oct 2026.

3. Lowest operating margin in 16 quarters

   Operating margin was 2.7% in the September 2026 quarter, against 3.8% a year earlier.

   Why: Margins fell because a government incentive scheme ended, removing a benefit the company had been getting.

   Next results: check whether margins rebuild as cost pass through improves, helped by new washing machine launches.

   From the earnings call on 30 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Dixon reported revenue of ₹21,794 crore, up 46.7% from ₹14,855 crore a year earlier, and a profit of ₹411 crore, down 44.9% from ₹746 crore.

Dixon results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Dixon's management discussed these results on a call held on 30 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Dixon closed at ₹12,290.00 on 4 November 2026, down 17.2% from ₹14,849.00 a year earlier (7 November 2025) and up 119.8% over five years. Its highest weekly close since September 2017 was ₹18,397.65 on 3 January 2025.

Dixon share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

483 weekly closes from 22 September 2017 to 4 November 2026.

4 Nov 2026: Dixon closed at ₹12,290.00, up 11.7% on the week and down 3.2% on the month. 30 Oct 2026: Dixon held its results call for July to September 2026. Management guided: FY27 33-34m ex-Vivo with Q3 7-7.5m Q4 near 9.5m rising to 55-60m FY28 including 18-20m Vivo plus 6-8m new brand plus exports.

Earlier

• Results for July to September 2026: Revenue up 46.7% and profit down 44.9% on a year earlier.
• 21 Sep 2026: ex-date for a dividend of ₹10 a share.
• Our read, 22 Aug 2026: Dixon is scaling beyond smartphone assembly into higher-value subcomponents, aiming for 70% to 80% component integration by FY28 to offset the sunset of the initial production-linked incentive scheme. Capacity additions in IT hardware with Inventec, camera modules via Q-Tech, and display modules with HKC establish a diversified manufacturing base across telecom, computing, and consumer appliances.

Our read of the business

Dixon is scaling beyond smartphone assembly into higher-value subcomponents, aiming for 70% to 80% component integration by FY28 to offset the sunset of the initial production-linked incentive scheme. Capacity additions in IT hardware with Inventec, camera modules via Q-Tech, and display modules with HKC establish a diversified manufacturing base across telecom, computing, and consumer appliances.

April to June 2026: Revenue Expands on Cost Pass-Through While Component Delays Defer Margin Improvement to Next Fiscal.

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

Dixon paid ₹10 a share in regular dividends in the 12 months to 5 November 2026 (1 payment), a yield of 0.08% at the ₹12,290.00 close on 4 November 2026. The last was a dividend of ₹10 a share, ex-date 21 September 2026.

Dixon dividends since 1 April 2021

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date.

Yes. Dixon Technologies (India) Ltd paid out 4% of its profit as dividends in FY26, and it paid a dividend in each of its last 13 reported years.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 30 October 2026, Dixon's management guided: FY27 33-34m ex-Vivo with Q3 7-7.5m Q4 near 9.5m rising to 55-60m FY28 including 18-20m Vivo plus 6-8m new brand plus exports.

“Dixon aims to be among the first Indian companies to establish capabilities in these segments through strategic acquisitions or partnerships.”Atul Lall, on the call for July to September 2026

What management guided

• FY27 IT ₹6,000-6,500 crore on 1.3-1.4m units at ₹50,000-55,000 each rising via 1.8-2m next year to 4m units for ₹20,000-22,000 crore.
• QTech ₹2,500-3,000 crore next year at 6-7% on 180-190m capacity and display ₹6,000-7,000 crore potential with 25-30% next year at teen margins.
• IT ₹250 crore to ₹500 crore display ₹1,000 crore with ₹300-350 crore this year ₹350-400 crore next year FY27 ₹1,200 crore FY28 ₹1,200-1,300 crore via accruals.
• Display auto notebook trials December commercial Q4 with mobile 20-25m by February 2027 trials March commercial next year plus Gemtek trials Q4 commercial next year.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 30 October 2026.

A failure of the HKC display module or Q-Tech camera module facilities to commence mass production by January to March 2027, combined with consolidated operating margins remaining below 3.0% without production-linked incentive compensation.

Each change stops working if

• : Export shipments stall or anchor brand customers reallocate volumes to competing domestic manufacturing partners.
• : Machinery installation or commercial yield ramp fails to achieve double-digit margins on display and camera lines.
• : Domestic 5G infrastructure capital expenditure slows or export certifications for microwave backhaul radios encounter regulatory hurdles.

The main risks

• : Sunset of initial mobile production-linked incentives creates an estimated 50 to 70 basis points margin headwind prior to full component ramp. ⚠ estimate
• : Pending government approval for the 51:49 Vivo partnership puts 20 to 22 million annualized smartphone units at risk. ⚠ estimate
• : Elevated dynamic random-access memory prices depress basic smartphone volumes and compress reported percentage margins. ⚠ estimate
• : Mobile and electronic manufacturing services vertical contributes over 85% of consolidated revenues, creating sensitivity to anchor client allocations. ⚠ estimate

Our read after the April to June 2026 results, written 22 August 2026. The July to September 2026 results are out since, so this part may be out of date until we update it.

When Dixon reports October to December 2026, these are the 2 checks that show whether the story is still on course. First: Q3 volumes at flagged Q1-like level with Q4 rebound Vivo start - per flagged volume framework.

Dixon is on 2 of our India lists: Small & mid cap stocks and Semiconductor stocks.

Dixon Technologies (India) Ltd earned ₹411 Cr of net profit in the Sep 2026 quarter, −44.9% on the same quarter a year earlier. Full-year FY26 profit was ₹1,644 Cr. Over 10 years profit has grown 44.0% a year on average. That is 1.9% of the quarter's revenue. The same quarter a year earlier earned ₹746 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹1,644 Cr (+33.3% on the year before).

Why profit moved: revenue changed +46.7% on a year earlier and the margin moved −1.1 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +31.1% and revenue +18.0%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

FY27-Q1. revenue ₹15,548 Cr and profit ₹718 Cr as reported.

FY27-Q2. revenue ₹21,794 Cr and profit ₹411 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Dixon Technologies (India) Ltd reported ₹21,794 Cr of revenue in the Sep 2026 quarter, +46.7% on the same quarter a year earlier. That is the 12th quarter in a row with growth on the year before. Over 10 years it has grown 42.8% a year on average. The last full year, FY26, came in at ₹48,873 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The 60:40 Inventec joint venture facility in Chennai is scheduled for operational commissioning in Q4 FY27, aiming for laptops, desktops, and enterprise computing hardware. Backward integration into solid-state drive manufacturing commencing in Q3 FY27 enhances domestic value addition and insulates margins against component inflation.

The last four reported quarters add to ₹58,525 Cr.

FY26 revenue was ₹48,873 Cr, +25.8% on the year before.

Recent pace: the last four quarters grew +18.0% on average, against 42.8% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +20.8%, against +45.6% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +2.4%, against +53.1% a year (rolling over).

FY27-Q1. revenue ₹15,548 Cr and profit ₹718 Cr as reported.

FY27-Q2. revenue ₹21,794 Cr and profit ₹411 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Dixon Technologies (India) Ltd's operating margin was 2.7% in the Sep 2026 quarter, 1.1 percentage points lower than the same quarter a year ago. Across 13 years it has been between 2.0% and 5.0%. The latest quarter is within that range.

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

Why this happened. Dixon is implementing the Value Chain Climb framework by establishing domestic component depth. The 74:26 HKC display joint venture goals initial capacity of 24 million mobile displays and 2.4 million automotive/IT units, scaling to ₹5,500 to ₹6,000 Cr revenue at mid-teen operating margins. Concurrently, Q-Tech camera module capacity is expanding from 40 million units toward 180 to 190 million units annually.

Why the margin moved: operating margin changed −1.0 percentage points on the year while gross margin changed −2.0 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

FY27-Q1. revenue ₹15,548 Cr and profit ₹718 Cr as reported.

FY27-Q2. revenue ₹21,794 Cr and profit ₹411 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Over the last 3 years, 108% of Dixon Technologies (India) Ltd's reported profit came in as cash from its operations, so the profit is backed by cash. In FY26 it brought in ₹1,782 Cr of operating cash against ₹1,644 Cr of profit.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

After ₹2,105 Cr of spending on assets, free cash was −₹323 Cr: it spent more than its operations brought in.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 108% of profit came in as cash: the cash cycle stayed about the same between FY21 and FY26, so the cash follows profit, not the cycle.

What to look at next: the bigger use of cash is spending on new assets, at 5.0× depreciation over three years. The next section checks what that spending is building.

Dixon Technologies (India) Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was −7 days in FY26, down from 1 days in FY21. It spent ₹4,215 Cr on assets over the last 3 years. Customers take 49 days to pay, and stock sits for 31 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Why this happened. Mobile manufacturing generated ₹14,179 Cr revenue in Q1 FY27 with 7.5 million smartphone units shipped, including ₹1,100 Cr of exports. Management expects domestic volumes to remain flat at approximately 32 million units in FY27 due to memory price pass-through, while value expands through product mix and export shipments to African and developed markets via Ismartu and Motorola.

At FY26 sales of ₹48,873 Cr, each day of that cycle ties up about ₹134 Cr, so roughly −₹937 Cr is tied up in the business at any time.

FY26: customers took 49 days to pay and stock sat for 31 days, about 1.0 months of sales sitting as stock, for a full cycle of −7 days, shorter than FY21's 1.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 31 days. Customers pay about 49 days after that. Suppliers are paid at 86 days. Together that makes the −7-day cycle.

Spending on assets: ₹4,215 Cr over the last 3 years, against ₹836 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹571 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Dixon Technologies (India) Ltd's P/E is 48.5×, near the low end of its own history: it has been lower only 24% of the time. Its usual P/E (the middle reading) is 97.4×, over 9.1 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +30.1% while the price moved −17.2%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 5 years the price moved +17.1% a year; about +51.4% a year came from earnings growth and about −34.3 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 21% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Worked out from its price on 26 August 2026, Dixon Technologies (India) Ltd's share price assumed profit growth of about 23.5% a year. Over the past 10 years its profit actually grew 44.0% a year. Today its P/E is 48.5×, lower than 76% of its own last 9.1 years.

This works the share price backwards. It asks one question: what yearly profit growth does the price already assume? The answer is the growth rate at which eleven years of profit (six years of growth, then five years of slowing) add up to that day's market value, after each year is discounted at 11%.

This is a one-day reading, taken on 26 August 2026. Every other number on this page, the multiple included, uses the latest price as of 4 November 2026. A higher price assumes more growth and a lower price less, so it changes whenever the price changes, and this page does not update it between measurements.