# Dixon share price today (Dixon Technologies (India) Ltd, NSE: DIXON)

> Dixon share price today: ₹12,270.00 at the NSE close on 3 November 2026, down 20.8% in a year. Dixon Technologies (India) (NSE: DIXON) is worth ₹75,057 crore, trades at a P/E of 48.4 and has closed between ₹9,920.50 and ₹15,419.00 over the past 52 weeks. > Dixon Technologies (India) Ltd's P/E is near the low end of its own history, higher than only 24% of past readings, and its quarterly results are still getting worse. DIXON · Consumer Electronics - EMS · data as of 3 November 2026. Page: https://www.sectoralpha.in/stocks/dixon-technologies-indialtd

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## Key numbers

- Business trend: Slowing from a peak, from fewer quarters than usual
- Price: ₹12,270.00 (−20.8% in a year)
- P/E: 48.4× (lower than 76% of the last 9.1 years)
- Revenue (Sep 2026): ₹21,794 Cr (+46.7% on a year ago)
- Profit (Sep 2026): ₹411 Cr (−44.9% on a year ago)
- Operating margin: 2.7% (−1.1 points on a year ago)
- ROCE: 29%, FY26
- Profit that came in as cash: 108%, last 3 years

The main question: yearly earnings per share moved +30.1% while the share price moved −20.8%. ## What is the Dixon share price today? Dixon Technologies (India) Ltd's share price was ₹12,270.00 at the close on 3 November 2026. It has been rising for 14 weeks. That is 4.9% 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. 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 +2,207% 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. ## What changed at Dixon this quarter? 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. ## What are Dixon's latest quarterly results? 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

| Measure | July to September 2026 | July to September 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹21,794 crore | ₹14,855 crore | +46.7% |
| Profit | ₹411 crore | ₹746 crore | −44.9% |
| Earnings per share | ₹56.18 | ₹110.72 | −49.3% |
| Operating margin | 2.7% | 3.8% | −1.1 points |

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.)

## What is the Dixon share price history? Dixon closed at ₹12,270.00 on 3 November 2026, down 20.8% from ₹15,494.00 a year earlier (31 October 2025) and up 119.5% over five years. Its highest weekly close since September 2017 was ₹18,397.65 on 3 January 2025. ### Dixon share price: then and now

| When | Close | Change to 3 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 23 Oct 2026 | ₹11,191.00 | +9.6% |
| 1 month ago · 1 Oct 2026 | ₹12,700.00 | −3.4% |
| 6 months ago · 30 Apr 2026 | ₹11,166.50 | +9.9% |
| 1 year ago · 31 Oct 2025 | ₹15,494.00 | −20.8% |
| 3 years ago · 3 Nov 2023 | ₹5,274.20 | +132.6% |
| 5 years ago · 4 Nov 2021 | ₹5,590.50 | +119.5% |
| Earliest weekly close in our records · 22 Sep 2017 | ₹531.93 | +2,206.7% |
| Highest weekly close since September 2017 · 3 Jan 2025 | ₹18,397.65 | −33.3% |
| Lowest weekly close since September 2017 · 9 Aug 2019 | ₹388.16 | +3,061.1% |
| 52-week high (weekly close) · 14 Nov 2025 | ₹15,419.00 | −20.4% |
| 52-week low (weekly close) · 2 Apr 2026 | ₹9,920.50 | +23.7% |

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 3 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes. (483 weekly closes from 22 September 2017 to 3 November 2026.)

## What is the latest news on Dixon? 3 Nov 2026: Dixon closed at ₹12,270.00, up 9.6% on the week and down 3.4% 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.)

## What dividend does Dixon pay? Dixon paid ₹10 a share in regular dividends in the 12 months to 4 November 2026 (1 payment), a yield of 0.08% at the ₹12,270.00 close on 3 November 2026. The last was a dividend of ₹10 a share, ex-date 21 September 2026. ### Dixon dividends since 1 April 2021

| Ex-date | Dividend per share | Type | Record date |
| --- | --- | --- | --- |
| 21 Sep 2026 | ₹10 | Dividend | same day |
| 16 Sep 2025 | ₹8 | Dividend | same day |
| 17 Sep 2024 | ₹5 | Dividend | n/a |
| 22 Sep 2023 | ₹3 | Dividend | n/a |
| 11 Aug 2022 | ₹2 | Dividend | n/a |
| 20 Sep 2021 | ₹1 | Dividend | 21 Sep 2021 |

Amounts as the company declared them on the NSE. A dividend goes to whoever owns the shares before the ex-date. 5 of 5 Of the last 5 financial years, years with an NSE dividend record

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 4 November 2026.)

## What did Dixon management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/5754-30-Oct-2026.pdf). (From the call for July to September 2026, 30 October 2026.)

## What could change the Dixon story? What are the risks? 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.)

## What to watch in Dixon's next results? 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. - What to check (from the call)
- Q3 volumes at flagged Q1-like level with Q4 rebound Vivo start - per flagged volume framework. - Display auto notebook trial commercial conversion then mobile trials - per flagged trial schedule. ## Which stock lists is Dixon on? Dixon is on 2 of our India lists: Small & mid cap stocks and Semiconductor stocks. - [Small & mid cap stocks Size rank in India: 146](https://www.sectoralpha.in/small-cap-stocks-india)
- [Semiconductor stocks Group on the list: Electronics made for other brands (EMS)](https://www.sectoralpha.in/semiconductor-stocks-india)

## Is Dixon profitable? 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. 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. ## How much revenue does Dixon make, and is it growing? 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. 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. ## How much of every ₹100 of sales does Dixon keep? 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. 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. ## Is Dixon's profit turning into cash? 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. 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. ## Where does Dixon's cash go? 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. 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. ## What is Dixon's P/E ratio, and how does it compare with its own history? Dixon Technologies (India) Ltd's P/E is 48.4×, 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. Why the multiple is where it is: over the past year earnings per share moved +30.1% while the price moved −20.8%. 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 +17.0% a year; about +51.4% a year came from earnings growth and about −34.4 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. ## What growth does the Dixon share price assume? 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 48.4×, lower than 76% of its own last 9.1 years. 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 3 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. ## Is the Dixon business getting better or worse? Dixon Technologies (India) Ltd's business is slowing from a peak. Profit and EPS growth have slowed sharply (profit growth from +207.2% at its peak to +2.4% now), while ROCE is still 29.0%. This is based on 9 quarters of 4 measures, with some gaps. Why it matters: slowing from a peak is where good stories often end quietly. The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone. This reading has some gaps: at least one line is short, or the return line is not the quarterly series, so treat it with a little more caution. ## What is the Dixon story, and has it been checked? Dixon Technologies (India) Ltd's story is not scored yet against the checks our research set on 22 August 2026. Where it sits in its own cycle: CYCLE BOTTOM. Our read, 22 August 2026. From the numbers. From the price. Price stage 2, week 14, below its 200-day line, relative strength falling. From the research. India's anchor electronics manufacturing services platform is transitioning from low-margin box assembly to higher-margin backward integration across display, camera modules, and IT hardware, trading at the 26th…

Where they disagree. What is proven. What is not proven yet. A failure of the HKC display module or Q-Tech camera module facilities to commence mass production by Q4 FY27, combined with consolidated operating margins remaining below 3.0% without production-linked incentive compensation. What would change our mind. A failure of the HKC display module or Q-Tech camera module facilities to commence mass production by Q4 FY27, combined with consolidated operating margins remaining below 3.0% without production-linked incentive compensation. The test written in advance. A failure of the HKC display module or Q-Tech camera module facilities to commence mass production by Q4 FY27, combined with consolidated operating margins remaining below 3.0% without production-linked incentive compensation. Measured by: the thesis as written as stated by the next result. The test written in advance. Production-Linked Incentive Scheme Expiry Margin Dilution. Measured by: Production-Linked Incentive Scheme Expiry Margin Dilution Quarterly consolidated operating profit margin falling below 2.8% in Q2 or Q3 FY27. by the next result. The test written in advance. Vivo Joint Venture Regulatory Approval Delay. Measured by: Vivo Joint Venture Regulatory Approval Delay Absence of Press Note 3 clearance by the end of Q3 FY27. by the next result. What the company does. 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. What the surface reading misses. The surface reading is: Operating margin compressed to 3.0% indicating profitability degradation. The research reads it further: Percentage margin compressed because higher component bill-of-materials was passed through into realised prices while conversion fee remained fixed, combined with the initial production-linked incentive sunset. What the surface reading misses. The surface reading is: Mobile manufacturing represents over 90% of consolidated quarterly revenues. The research reads it further: High mobile revenue share concentrates company exposure to smartphone demand and tier-1 brand allocations while non-mobile verticals scale. Sources: our stock research file (22 August 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes. ## Did Dixon management deliver what it promised? What Dixon Technologies (India) Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met. Mobile Volume Outlook Reset Lower · 30 October 2026. In May 2026, management said feature-phone exports through Ismartu would take mobile volumes to almost 50 million units. The latest call now indicates approximately 34 million units for the current fiscal year and shifts Transsion feature-phone exports to the next fiscal year, without reconciling the missing export ramp beyond citing market shrinkage. Vivo JV Start Moved From Q3 to Q4 · 30 October 2026. The May and July 2026 calls both indicated that the Vivo JV would begin contributing in Q3 of the current fiscal year. The latest call moved commencement to Q4 without explaining the one-quarter delay, changing the timing of a material mobile-volume contributor. Display Module Mass Production Pushed Into Next Fiscal Year · 30 October 2026. The May and July 2026 calls planned display mass production by the end of Q3 or beginning of Q4 in the current fiscal year. The latest call now goals mass production in the next fiscal year, with no explanation for the delay to a key backward-integration and margin-expansion milestone. Noida Anchor-Customer Facility Slips From Q2 to Q3 · 30 October 2026. In May 2026, management expected the 1 million square feet Noida facility to commence operations by Q2 of the current fiscal year. The latest call still goals Q3, a one-quarter delay to a higher-capacity facility intended to support anchor-customer volumes, without explaining the change. Every quote above is taken word for word from the company’s own earnings calls. ## How much does Dixon earn on its capital? Dixon Technologies (India) Ltd earned a ROCE of 29% in FY26. That is up from a low of 16% in FY15. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 3.4% net margin and 2.55× asset turnover (sales divided by assets). Why the return is what it is (FY26): a 3.4% net margin × 2.55× asset turnover × 4.09× leverage (assets divided by equity) ≈ 35.5% on equity. The margin does its share; borrowing is a big part of it. The quarterly return lines and the return-on-capital-used (ROIC) line, 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. ## Does Dixon have too much debt? Dixon Technologies (India) Ltd had ₹994 Cr of borrowings against ₹4,677 Cr of equity in FY26, so its debt is 0.21× its equity. Its operating profit is 13 times its interest bill. Over 5 years borrowings went from ₹295 Cr to ₹994 Cr. Over the last 3 of those years it spent ₹4,215 Cr on assets. Part of the spending on assets is being paid for with borrowed money. The total-debt and debt-to-equity series, 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. ## What is the Dixon shareholding pattern? Domestic institutions raised their stake in Dixon Technologies (India) Ltd by 5.6 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 28.7% of the company. Promoters moved −4.4 points over the same period, to 28.5%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings. Over the last two years: Domestic institutions: +5.6 points over 8 quarters, to 28.7%; Promoters: −4.4 points over 8 quarters, to 28.5%; Foreign institutions: −3.7 points over 8 quarters, to 19.0%. Why the owners changed: foreign institutions moved −3.7 points and domestic institutions +5.6 points over 8 quarters, while promoters moved −4.4 points. One group of institutions took over shares from the other; it is not a change of mind by the people running the company. ## How far is Dixon from balance-sheet trouble? For Dixon Technologies (India) Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date. ## How does Dixon rank in its industry? 45.4 out of 100, rank 6 of 10 in Consumer Electronics - EMS, with 82% of the evidence available. Dixon Technologies (India) Ltd scores 45.4 out of 100 against the 10 companies it is compared with in Consumer Electronics - EMS, ranking 6. The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. The four parts add up to the total exactly: 9.6 + 17.9 + 14.9 + 3 = 45.4. This is the same number shown on the industry page; it is worked out once for the whole group and read here. What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector. ## Which companies is Dixon compared with? Dixon ranks 6 of 10 Consumer Electronics - EMS companies on the 4-Factor Sector Score, with 45.4 out of 100. 1. [Syrma SGS Technology Ltd](https://www.sectoralpha.in/stocks/syrma-sgs-technology-ltd) SYRMA · leader · Most evidence points up · 82% evidence 72.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 29.8/35 · Revenue 62.4% · Profit 91.3% · Operating margin change 0 points · 95% evidence Capital efficiency 16.9/25 · ROCE 16.8% · Operating margin 10% · 76% evidence Valuation 6.8/20 · P/E 73.8× · PEG n/a · 50% evidence Relative strength 18.5/20 · Lead over its industry 32.3% · Lead over NIFTY 500 53.1% · 1 year 99.7% · 100% evidence · 12 of 12 weeks ahead Exact sum: 29.8 + 16.9 + 6.8 + 18.5 = 72 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 2. [Avalon Technologies Ltd](https://www.sectoralpha.in/stocks/avalon-technologies-ltd) AVALON · leader · Most evidence points up · 96% evidence 69.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.3/35 · Revenue 44.4% · Profit 69.6% · Operating margin change 3 points · 88% evidence Capital efficiency 17.4/25 · ROCE 19.3% · Operating margin 12% · 100% evidence Valuation 8.2/20 · P/E 103× · PEG 2.18 · 100% evidence Relative strength 14.0/20 · Lead over its industry 30.5% · Lead over NIFTY 500 49.8% · 1 year 72.2% · 100% evidence · 12 of 12 weeks ahead Exact sum: 30.3 + 17.4 + 8.2 + 14 = 69.9 · What this means: Earnings, capital efficiency and relative strength all agree. The open questions are about management, upcoming events and risks. 3. [Kaynes Technology India Ltd](https://www.sectoralpha.in/stocks/kaynes-technology-india-ltd) KAYNES · quiet · Evidence leans down · 74% evidence 49.5 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 16.9/35 · Revenue 34.9% · Profit 8.8% · Operating margin change -1 points · 88% evidence Capital efficiency 15.9/25 · ROCE 12.7% · Operating margin 16% · 100% evidence Valuation 8.5/20 · P/E 60.6× · PEG 3.18 · 65% evidence Relative strength 8.2/20 · Lead over its industry n/a · Lead over NIFTY 500 -13.9% · 1 year -53.3% · 25% evidence · 9 of 12 weeks ahead Exact sum: 16.9 + 15.9 + 8.5 + 8.2 = 49.5 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [PG Electroplast Ltd](https://www.sectoralpha.in/stocks/pg-electroplast-ltd) PGEL · quiet · Evidence leans down · 100% evidence 47.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.2/35 · Revenue 21% · Profit -14.9% · Operating margin change 1.4 points · 100% evidence Capital efficiency 10.3/25 · ROCE 10.3% · Operating margin 6% · 100% evidence Valuation 11.1/20 · P/E 70.1× · PEG 2.3 · 100% evidence Relative strength 6.4/20 · Lead over its industry -16.2% · Lead over NIFTY 500 1.1% · 1 year -7.2% · 100% evidence · 5 of 12 weeks ahead Exact sum: 19.2 + 10.3 + 11.1 + 6.4 = 47 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 5. [Cyient DLM Ltd](https://www.sectoralpha.in/stocks/cyient-dlm-ltd) CYIENTDLM · leader · Evidence leans down · 100% evidence 47.0 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.4/35 · Revenue -1.5% · Profit 2.5% · Operating margin change -1 points · 100% evidence Capital efficiency 10.1/25 · ROCE 9.9% · Operating margin 9% · 100% evidence Valuation 6.8/20 · P/E 70.9× · PEG 3.35 · 100% evidence Relative strength 17.7/20 · Lead over its industry 32.4% · Lead over NIFTY 500 51.6% · 1 year 66% · 100% evidence · 12 of 12 weeks ahead Exact sum: 12.4 + 10.1 + 6.8 + 17.7 = 47 · What this means: Relative strength against the index is 51.6%, and revenue and profit growth are weak. 6. Dixon Technologies (India) Ltd this page DIXON · quiet · Evidence leans down · 82% evidence 45.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 9.6/35 · Revenue 20.8% · Profit 2.4% · Operating margin change -1.1 points · 95% evidence Capital efficiency 17.9/25 · ROCE 29.2% · Operating margin 2.7% · 76% evidence Valuation 14.9/20 · P/E 43.4× · PEG n/a · 50% evidence Relative strength 3.0/20 · Lead over its industry -21.3% · Lead over NIFTY 500 -6.1% · 1 year -29% · 100% evidence · 8 of 12 weeks ahead Exact sum: 9.6 + 17.9 + 14.9 + 3 = 45.4 · What this means: The valuation scores well, but earnings are not improving yet, so the business does not back up the low multiple so far. 7. [Virtuoso Optoelectronics Ltd](https://www.sectoralpha.in/stocks/virtuoso-optoelectronics-ltd) VOEPL · losing its lead · Evidence leans down · 81% evidence 43.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 17.5/35 · Revenue 36.2% · Profit 10.8% · Operating margin change -1.2 points · 88% evidence Capital efficiency 7.7/25 · ROCE 9.7% · Operating margin 8.5% · 100% evidence Valuation 6.9/20 · P/E 94× · PEG 9.05 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 14.4% · 1 year -8.1% · 25% evidence · 9 of 11 weeks ahead Exact sum: 17.5 + 7.7 + 6.9 + 11.1 = 43.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [Optiemus Infracom Ltd](https://www.sectoralpha.in/stocks/optiemus-infracom-ltd) OPTIEMUS · leader · Evidence leans down · 74% evidence 37.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 12.9/35 · Revenue 20.9% · Profit 9.1% · Operating margin change -2.6 points · 88% evidence Capital efficiency 8.1/25 · ROCE 10.9% · Operating margin 3.4% · 100% evidence Valuation 4.3/20 · P/E 98× · PEG 9.28 · 65% evidence Relative strength 12.5/20 · Lead over its industry n/a · Lead over NIFTY 500 62.4% · 1 year 35.3% · 25% evidence · 12 of 12 weeks ahead Exact sum: 12.9 + 8.1 + 4.3 + 12.5 = 37.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [Epack Durable Ltd](https://www.sectoralpha.in/stocks/epack-durable-ltd) EPACK · quiet · Too little evidence to rank firmly · 56% evidence 35.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 15.8/35 · Revenue 23.7% · Profit -80% · Operating margin change 1.4 points · 74% evidence Capital efficiency 2.6/25 · ROCE 4.5% · Operating margin 0.9% · 100% evidence Valuation 10.0/20 · P/E n/a · PEG n/a · 0% evidence Relative strength 7.5/20 · Lead over its industry n/a · Lead over NIFTY 500 -30% · 1 year -54.5% · 25% evidence · 0 of 12 weeks ahead Exact sum: 15.8 + 2.6 + 10 + 7.5 = 35.9 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 10. [Amber Enterprises India Ltd](https://www.sectoralpha.in/stocks/amber-enterprises-india-ltd) AMBER · quiet · Most evidence points down · 78% evidence 26.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 10.2/35 · Revenue 14.6% · Profit -56.3% · Operating margin change 0.8 points · 83% evidence Capital efficiency 8.8/25 · ROCE 10.3% · Operating margin 8% · 76% evidence Valuation 6.8/20 · P/E 100× · PEG n/a · 50% evidence Relative strength 0.4/20 · Lead over its industry -28.5% · Lead over NIFTY 500 -14% · 1 year -27% · 100% evidence · 0 of 12 weeks ahead Exact sum: 10.2 + 8.8 + 6.8 + 0.4 = 26.2 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Consumer Electronics - EMS](https://www.sectoralpha.in/sectors/consumer-electronics-ems), all 10 compared on one page. ## Which companies are close to Dixon in size? Dixon is the largest of 10 Consumer Electronics - EMS companies on Sector Alpha by market value (scores of 30 October 2026). It is the largest. Just below it: Syrma SGS Technology, Kaynes Technology India, Amber Enterprises India, PG Electroplast, Avalon Technologies and Optiemus Infracom. ### Consumer Electronics - EMS companies close in size

1. Dixon Technologies (India) Ltd ₹67,288 crore
2. [Syrma SGS Technology Ltd](https://www.sectoralpha.in/stocks/syrma-sgs-technology-ltd) ₹31,341 crore
3. [Kaynes Technology India Ltd](https://www.sectoralpha.in/stocks/kaynes-technology-india-ltd) ₹21,047 crore
4. [Amber Enterprises India Ltd](https://www.sectoralpha.in/stocks/amber-enterprises-india-ltd) ₹20,685 crore
5. [PG Electroplast Ltd](https://www.sectoralpha.in/stocks/pg-electroplast-ltd) ₹15,200 crore
6. [Avalon Technologies Ltd](https://www.sectoralpha.in/stocks/avalon-technologies-ltd) ₹13,713 crore
7. [Optiemus Infracom Ltd](https://www.sectoralpha.in/stocks/optiemus-infracom-ltd) ₹7,118 crore

[All 10 Consumer Electronics - EMS companies, largest first](https://www.sectoralpha.in/sectors/consumer-electronics-ems#all-companies)

### Companies close in size in other industries

1. [SRF Ltd](https://www.sectoralpha.in/stocks/srf-ltd) ₹69,230 crore · Chemicals - Flourine
2. [Mazagon Dock Shipbuilders Ltd](https://www.sectoralpha.in/stocks/mazagon-dock-shipbuilders-ltd) ₹68,788 crore · Ship - Docks/Breaking/Repairs
3. Dixon Technologies (India) Ltd ₹67,288 crore
4. [Steel Authority of India Ltd](https://www.sectoralpha.in/stocks/steel-authority-of-india-ltd) ₹66,501 crore · Steel
5. [Waaree Energies Ltd](https://www.sectoralpha.in/stocks/waaree-energies-ltd) ₹66,275 crore · Capital Goods - Solar

## What else do people ask about Dixon? ### What is Dixon's share price today? Dixon Technologies (India) Ltd's share price is ₹12,270.00, −20.8% over the past year. The whole company is worth ₹75,057 Cr on the market. In the last 52 weeks it traded between ₹9,921 to ₹15,419; today it is 43% of the way up from the low, 4.9% below its 200-day average (as of 3 November 2026). ### What were Dixon's latest quarterly results? Dixon Technologies (India) Ltd reported revenue of ₹21,794 Cr and net profit of ₹411 Cr for the Sep 2026 quarter. Revenue rose 46.7% and profit fell 44.9% compared with a year earlier. Earnings per share were ₹56.18. The operating margin was 2.7%, 1.1 percentage points lower than a year earlier (as of 3 November 2026). ### What is Dixon's market cap? Dixon Technologies (India) Ltd's market capitalisation is ₹75,057 Cr at a share price of ₹12,270.00. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 3 November 2026). ### How is Dixon performing? Dixon Technologies (India) Ltd's share price has been rising for 14 weeks. In its latest quarter, revenue rose 46.7% and profit fell 44.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 5 weeks running (as of 3 November 2026). ### Will Dixon's share price go up? This page does not forecast Dixon Technologies (India) Ltd's share price. What it shows instead: the share price is ₹12,270.00, and it has been rising for 14 weeks. Its P/E of 48.4× is higher than 24% of its own last 9 years (as of 3 November 2026). ### Who owns Dixon? Promoters own 28.5% of Dixon Technologies (India) Ltd, foreign institutions 19.0%, domestic institutions 28.7% and the public 23.8% (latest quarter). The biggest change over the last two years: Domestic institutions raised their stake by 5.6 percentage points over 8 quarters (as of 3 November 2026). ### Where is Dixon in its business cycle? Dixon Technologies (India) Ltd's FY26 operating margin was 3.8%, against a 13-year range of 2.0% to 5.0%: the middle of its own range, neither a peak nor a low. The latest quarter was 2.7%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 3 November 2026). ### What could break the Dixon story? The main question: yearly earnings per share moved +30.1% while the share price moved −20.8%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 3 November 2026). ### Is Dixon a stock worth studying right now? What the numbers show: Dixon Technologies (India) Ltd's P/E is near the low end of its own history, higher than only 24% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 3 November 2026). ### Is there a Dixon share price forecast for 2026? What management itself 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. What would change the story: 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. ## Lists

- Small & mid cap stocks: https://www.sectoralpha.in/small-cap-stocks-india
- Semiconductor stocks: https://www.sectoralpha.in/semiconductor-stocks-india

This is research, not advice. We’re not SEBI-registered.