Sharekhan's research report on Dixon Technologies India
Addressable new clients onboarding like Google (Pixel phones) recently, HP, and Asus in the last quarter has set Dixon on a strong footing for the Mobile and IT hardware segments, propelling its topline growth. We expect the IT hardware segment to see strong growth from FY2026. The mobile segment is also poised to grow and would significantly contribute to topline growth. Dixon has continued to drive backward integration in TV, lightning, and appliances segments, which is expected to provide cushion to operating margins.
Outlook
We retain our BUY rating with a revised PT of Rs. 18,800, factoring in a strong revenue/PAT CAGR of 53%/69% over FY2024-FY2027E. The stock currently trades at 82x/62x its FY2026E/FY2027E earnings, respectively.
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