Sharekhan's research report on Dixon Technologies India
Overall revenue growth of 117% was led by strong performance in mobiles & EMS (190%) segments, which was offset by a 32% fall in consumer electronics. Operating profits were higher by 112% to Rs 391 crore, with OPM falling 9 bps. Subdued demand in Televisions led to degrowth in consumer electronics business. We expect mobile & EMS divisions to sustain high growth momentum in FY2026-27 led by strong orders from existing clients and client additions too. Electronics (Laptops and Notebooks) would cushion growth, led by mobiles and EMS division. Lighting remains affected by price erosion and market shrinkage.
Outlook
We retain a Buy with a revised PT of Rs. 19,440 factoring in strong revenue/PAT CAGR of 65%/82% over FY24-FY27E. Stock trades at 72x/51x its FY206E/FY2027E earnings, respectively.
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