Dixon Technologies (India) Ltd (DIXON)

Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations. Besides, it manufactures security surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered a JV with Imagine Marketing Private Limited for designing and manufacturing wireless audio solutions in India.[1]

Key Ratios

• Current Price: INR 14455.0
• Price Change: -0.33%
• Market Capitalization: 87420.92 Cr
• P/E Ratio: 60.76
• Book Value: INR 533.0
• Dividend Yield: None%
• ROCE: 41.97%
• ROE: 28.0%
• Face Value: INR 2.0

About Business

Dixon Technologies (India) Limited, incorporated in 1993 , is a Electronic Manufacturing Services (EMS) company with operations in the electronic products vertical such as consumer electronics, lighting, home appliance, closed-circuit television cameras (CCTVs), and mobile phones. It also undertakes reverse logistics operations. Besides, it manufactures security surveillance equipment, wearables & audibles, AC-PCBs. Recently, it has entered a JV with Imagine Marketing Private Limited for designing and manufacturing wireless audio solutions in India.[1]

Key Points

Business Segments:[1] a) Mobile & EMS Division (90% in FY26 vs 85% in FY25):[2][3][4] The company has emerged as the fastest-growing EMS company by revenue and market capitalisation. It manufactures feature phones, smartphones, IT hardware, Telecom, hearables & wearables. Its key client in this segment includes Samsung. b) Consumer Electronics & Appliances (6% in FY26 vs 9% in FY25):[5][5][4] The company offers LED TVs (32-98 inches), Smart TVs, Monitors, IFPD Commercial displays, Digital signage PCB & LCM panel assembly, and LED Bar Injection moulding. It is the largest Original Design Manufacturing (OEM & ODM) company in India, and has a 37% share in outsourced manufacturing. Its clients include Xiaomi, Samsung, Hisense, Panasonic, Acer, Toshiba, BPL, Lloyd, VU, Motorola, etc. c) Home Appliances (3% in FY26 vs 4% in FY25):[6] [4] The company is an ODM/OEM in India, manufacturing Semi-Automatic Washing Machines (SAWM) and Fully Automatic Top Load (FATL) models for both domestic and global markets, holding about 35% market share in SAWM and around 15% in the FATL segment. It offers a product range of 175+ SAWM models and 20+ FATL models. Its clientele includes Bosch, Godrej, Voltas -Beko, BPL, Sharp, Onida, Reliance, Flipkart, Croma, and Lloyd, etc. d) Lighting Products (1% in FY26 vs 2% in FY25): The company offers a range of LED products, including lamps, battens, panels, strip and rope lights, downlighters, street and flood lights, and smart lighting solutions, with 2,000+ variants across consumer and professional lighting categories. It is also among the largest ODM players in this space, holding around 25% market share in consumer lighting manufacturing. Its Clients include Signify, Wipro, RR Kabel, Crompton, Havells, Orient, Bajaj and Eveready.