Dixon Technologies (India) Ltd Stock Analysis

BSE: 540699 | NSE: DIXON | Consumer Durables - Electronics | Large Cap

BSE Share Price 02-Dec-2022 18:01
4378.55 -4.95 (-0.11%)

DeciZen - Make an Informed Decision on Dixon Technologies

Overall Rating

1. Quality

2. Valuation

Fair

3. Price Trend

Semi Strong

Dixon Technologies Price Chart

P/E Ratio (SA) :
154.79
Market Cap :
26,069.7 Cr.
52-wk low :
3,185.1
52-wk high :
5,858.9
Bole Toh?

1. Is Dixon Technologies (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Dixon Technologies (India) Ltd is a good quality company.

2. Is Dixon Technologies (India) Ltd undervalued or overvalued?

The key valuation ratios of Dixon Technologies (India) Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Dixon Technologies (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Dixon Technologies (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Dixon Technologies:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Dixon Technologies (India) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % 5.2%8.4%8.3%17.2%26.7%22.5%17.3%25.5%24.5%17.5%-
Value Creation Index -0.5-0.3-0.30.51.40.60.20.81.20.6-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7251,0621,1151,2521,6452,2102,5263,6725,6757,4847,557
YoY Gr. Rt. %-46.5%5%12.3%31.4%34.4%14.3%45.4%54.6%31.9%-
Adj EPS 2.14.25.915.28.1109.819.326.125.428.3
YoY Gr. Rt. %-100.5%42%156.3%-46.5%22.8%-2.1%97.9%35%-2.7%-
BVPS (₹) 47.853.859.370.134.653.763.188.1118.5153.6170
Adj Net Profit 3.26.59.223.544.656.555.3112153150168
Cash Flow from Ops. 43.16.841.126.646.161.4-11.8238158214-
Debt/CF from Ops. 212.81.52.610.7-11.70.30.81.2-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 29.6%35.4%43.6%31.9%
Adj EPS 32%25.6%37.5%-2.7%
BVPS 13.834.834.529.6
Share Price - 45.1% 88.2% -15.5%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % 4.48.210.523.429.922.916.725.625.118.517.5
Op. Profit Mgn % 2.41.623.35.24.855.64.83.84.1
Net Profit Mgn % 0.40.60.81.92.72.62.232.722.2
Debt to Equity 1.210.70.60.30.20.40.20.20.30.2
Working Cap Days 8859605761659287878692
Cash Conv. Cycle 6,5731313881319104517

Recent Performance Summary

Sales growth is growing at healthy rate in last 3 years 43.63%

Net Profit is growing at healthy rate in last 3 years 37.48%

Return on Equity has declined versus last 3 years average to 17.50%

Sales growth is not so good in last 4 quarters at 0.92%

Latest Financials - Dixon Technologies (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 28.3 39
TTM Sales (₹ Cr.) 7,557 12,748
BVPS (₹.) 170 186.7
Reserves (₹ Cr.) 1,000 1,100
P/BV 25.75 23.40
PE 154.79 111.96
From the Market
52 Week Low / High (₹) 3185.05 / 5858.85
All Time Low / High (₹) 366.18 / 6240.00
Market Cap (₹ Cr.) 26,070
Equity (₹ Cr.) 11.9
Face Value (₹) 2
Industry PE 114.4

Management X-Ray of Dixon Technologies :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

Login/Register to view analysis.

Analyst's Notes

Key Ratios of Dixon Technologies

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)

News

Dixon Technologies (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Dixon Technologies on 02-Dec-2022 18:01 is : 4,378.6.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 02-Dec-2022 18:01 the market cap of Dixon Technologies stood at ₹ 26,069.7.
The latest PE ratio of Dixon Technologies as of 02-Dec-2022 18:01 is 154.8.
The latest PB ratio of Dixon Technologies as of 02-Dec-2022 18:01 is 25.75
The 52-week high of Dixon Technologies is ₹ 5,858.9 and the 52-week low is ₹ 3,185.1.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Dixon Technologies is ₹ 7,557 ( Cr.) .

About Dixon Technologies (India) Ltd

Dixon Technologies (India) was incorporated in 1993 and, in 1994, it commenced manufacturing of consumer electronics such as colour televisions. In 2007, the company commenced manufacturing of LCD TVs and subsequently progressed into manufacturing of LED TVs in 2010. It entered the lighting products segment in 2008 with the manufacturing of CFL products and gradually increased its product portfolio to LED products in 2016. In 2010, the company started manufacturing semi-automatic washing machines. It also started providing reverse logistics services in 2008. The most recent segment that it has entered into is the manufacturing of mobile phones through a JV. The company has continuously diversified its product portfolio to keep pace with changing consumer trends and development in technology.

The company is the largest home-grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India. Its diversified product portfolio includes (i) consumer electronics like LED TVs; (ii) home appliances like washing machines; (iii) lighting products like LED bulbs and tubelights, downlighters and CFL bulbs; and (iv) mobile phones. It also provides solutions in reverse logistics i.e. repair and refurbishment services of set top boxes, mobile phones and LED TV panels. The company’s key customers include Panasonic India Private, Philips Lighting India, Haier Appliance (I), Gionee, Surya Roshni, Reliance Retail, Intex Technologies (I) Ltd., Mitashi Edutainment, Dish Infra Services.

Business area of the company

The company is fully integrated end-to-end product and solution suite to original equipment manufacturers (OEMs) ranging from global sourcing, manufacturing, quality testing and packaging to logistics. It is also a leading Original Design Manufacturer (ODM) of lighting products, LED TVs and semi-automatic washing machines in India. As an ODM, it develops and designs products in-house at its R&D centre. It manufactures and supplies these products to well-known companies in India who in turn distribute these products under their own brands.

Awards and accreditations

  • 2007: ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of DVD, LCD/LED TV, FIM/LCM, Induction Cooker, CFL Lamp, LED Lamp, Ballast and Circuit Assembly at the Dehradun I Facility.
  • 2009: ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of PCB assembly for consumer and industrial electronics products and lighting products at the Noida I Facility.
  • 2009:  ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of CFL (Compact Fluorescent Lamp), STB (Set Top Box) and its Refurbishment at the Noida III Facility.
  • 2009 ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of CFL (Compact Fluorescent Lamp), STB (Set Top Box) and its Refurbishment at the Noida III Facility.
  • 2009: ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of DVD, LCD/LED TV, FIM/LCM, Induction Cooker, CFL Lamp, LED Lamp, Ballast and Circuit Assembly at the Dehradun I Facility.
  • 2010: ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of PCB assembly for consumer and industrial electronics products and lighting products at the Noida I Facility.
  • 2010: ISO 9001:2008 by United Registrar of Systems for compliance by DAPL with quality management system in the manufacture and supply of washing machines at the Dehradun II Facility.
  • 2011: ISO 9001:2008 by United Registrar of Systems for compliance by DBMPL with quality management system in the manufacture and supply of moulding items for washing machines, CTVs and DVDs at the Dehradun III Facility.
  • 2011: ‘Best OEM Award 2011’ awarded to the company by CEAMA.
  • 2016: ISO 9001:2008 by United Registrar of Systems for compliance by PEPL with quality management system in the manufacture of mobile phones at the Noida II Facility.
  • 2016: ISO 14001: 2004 by United Registrar of Systems for compliance by PEPL with environmental management system in the manufacture of mobile phones at the Noida II Facility.
  • 2016: Development Excellence Award (Semi-Automatic Washing Machine) awarded by Panasonic India Private Limited to DAPL.
  • 2017: ISO 14001:2015 by United Registrar of Systems for compliance with environmental management system in the manufacture and supply of washing machines at the Dehradun II Facility.
  • 2017: The Company got registered with Department of scientific & Industry Research (DSIR) on 14th August, 2017.
  • 2017: The trademark “Dixon” got registered with the Trade Mark registry on 6th October, 2017 under class 37.
  • 2018: The trademark “Dixon” got registered with the Trade Mark registry on 21st February, 2018 under class 9.
  • 2018: The Company received a certificate dated 28th February, 2018 from IESA VISION SUMMIT for the stellar success of IPO.
  • 2018: The Company received an award dated 11th April, 2018 from PHILIPS LIGHTING at Go for Growth Supplier Event India 2018. The award is for “Recognized for: Greater Together”.
  • 2019: Dixon given certificate of appreciation by Delhi Langar Seva Society for the year 2018-19.
  • 2020: Contract manufacturer of the year award - CNBC Awaaz CEO Award.

Key events, milestones and achievements

  • 1994: Commencement of manufacture of colour televisions.
  • 1996: Establishment of Noida I Facility.
  • 2008: Entered the lighting products vertical with manufacture of CFL products.
  • 2008: Private equity investment by IBEF and IBEF 1.
  • 2008: Commencement of reverse logistics operations.
  • 2010: Commencement of manufacturing of washing machines by its Subsidiary, DAPL.
  • 2009 and 2010: Commencement of commercial manufacturing in the metal sheet and moulding segments by its Subsidiary, DBMPL.
  • 2014: Achieved more than Rs 10,000 million of revenue from operations on a standalone basis.
  • 2015: Acquisition of remaining shareholding of its erstwhile subsidiaries DAPL and DBMPL, pursuant to which they became its wholly owned subsidiaries.
  • 2016: Commencement of manufacture of mobile phones through its joint venture, PEPL.
  • 2016: Granted approval by the GoAP for setting up a manufacturing facility in Tirupati.
  • 2017: Amalgamation of DAPL and DBMPL, its wholly owned subsidiaries, with and into the company.
  • 2017: Entering into a joint venture agreement with Aditya Infotech Limited for the manufacture of security systems including CCTVs and DVRs, through its joint venture company, ADTPL.
  • 2018: Commenced manufacturing of security systems including CCTV’s & Digital Video Recorders (DVR’s) from the company’s state of the art manufacturing facility at Tirupati through its Joint Venture AIL Dixon Technologies Private Limited.
  • 2018: Commenced production of Liquid Crystal module (LCM) line at Tirupati facility in line with company’s strategy of backward integration which will be India’s largest facility for LED TV panel manufacturing.
  • 2019: Padget Electronics Private Limited (PEPL) become a wholly owned subsidiary of Dixon Technologies (India) Limited w.e.f April 12, 2019.
Read More Read Less
You have 2 views remaining as a Guest User. To get DeciZen Rating of 3,500+ Stocks based on their Quality, Valuation and Price Trend Login | Register Now