Anand Rathi's research report on Dixon Technologies
Dixon’s strong mobiles-led growth continues, with 42–45m/60–62m volumes targets for FY26/FY27. The Longcheer relationship transitioning into a JV provides visibility on sustained volumes post-PLI, while a joint design facility under planning marks Dixon’s strategic pivot toward the ODM model. Backward integration levers are firmly in place—Phase-1 display module capacity goes live in Q1FY27, Q-Tech’s majority acquisition unlocks camera modules, and the 74:26 Chongqing JV enables precision mechanics—all supporting margin expansion.
Outlook
We project 42%/45%/46% CAGR in Revenue/EBITDA/Adj. PAT through FY28, driving RoCE from 25.5% to 45.8%. Retain Buy with a TP of Rs20,000 (60x Sept’27E EPS).
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