Motilal Oswal's research report on Dixon Technologies
We assess Dixon’s growth and margin profile beyond PLI in light of market concerns over its long-term growth and margins. In this note, we try to highlight that 1) despite PLI ending in FY26, the mobile segment will continue to deliver healthy growth, driven by client additions, improved wallet share, and export opportunities; 2) margins will be supported by company’s initiatives for backward integration in the post-PLI period; and 3) scale-up in other segments will also support growth.
Outlook
We thus expect the company to continue to benefit from the scale-up in existing segments, the addition of new segments, backward integration, and ODM mix improvement. We maintain our estimates and TP of INR17,500. Reiterate BUY.
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