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Dixon Technologies (India) Ltd (DIXON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540699 NSE: DIXON Consumer Durables - Electronics | Mid Cap | Dixon Tech. (India) Share Price

₹13,498 93.00 (0.69%)

As on 11-Sep'26 16:59

Dixon Technologies (India) Ltd (DIXON)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 540699 NSE: DIXON Consumer Durables - Electronics | Mid Cap | Dixon Tech. (India) Share Price

₹13,498 93.00 (0.69%)

As on 11-Sep'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹82,568 Cr.
Current Price
₹13,498
52-Week Low / High
₹9,605 / 18,472
TTM EPS
₹306.9
TTM Sales
₹51,585 Cr.
Book Value per Share
₹858.2
P/E Ratio
43.99
Lower than its 5-year historical median
Industry PE
61.8
Price to Book (P/B)
15.73
Lower than its 5-year historical median
Price to Sales (P/S)
1.60
Lower than its 5-year historical median
EV/EBITDA
26.59
Lower than its 5-year historical median
Dividend Yield
0.07%
Profitability Efficiency
Return on Equity (ROE)
44.17%
Outperforms industry median
Return on Capital Employed (ROCE)
52.92%
Outperforms industry median
Return on Assets (ROA)
9.16%
Operating Profit Margin
3.8%
Net Profit Margin
3.36%
Gross Profit Margin
5%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-27.23%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
23.44%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
33.4%
Asset Quality
Promoter Holding
28.55%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹5,237 Cr.
Equity
₹12.2 Cr.
Face Value
₹2
All Time Low / High
₹366.18 / 19149.80

Dixon Technologies (India) stock performance

Key Ratios
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Check Before You Invest

Valuation

Overvalued

Price Trend

Semi Strong
Q.1 Is Dixon Technologies (India) Ltd a good quality company?
Dixon Technologies (India) Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Dixon Technologies (India) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Dixon Technologies (India) Ltd vs industry peers?
Dixon Technologies (India) Ltd revenue CAGR is -7.08%, compared to the industry median CAGR of 1.6%, indicating slower growth and losing its market share.
Q.1 Promoter shareholding and pledge status of Dixon Technologies (India) Ltd?
Promoters hold 28.55% of the Dixon Technologies (India) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Dixon Technologies (India) Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 25.63% based on the current price.

10 Year X-Ray :

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

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 36.6%32.7%25.9%33.3%33.3%23.6%26.9%21.2%38%32.7%-
Value Creation
Index
2.31.30.91.42.01.11.00.92.41.9-

Growth Parameters

Sales 1,6452,2102,5263,6725,6757,4846,9976,4115,4013,9304,119
Sales YoY Gr.-34.4%14.3%45.4%54.6%31.9%-6.5%-8.4%-15.8%-27.2%-
Adj EPS 8.1109.819.326.125.436.231.236.845.5203
YoY Gr.-22.8%-2.1%97.9%35%-2.7%42.7%-13.8%17.8%23.7%-
BVPS (₹) 34.653.763.188.1118.5153.6193230.1344.9510.3588.7
Adj Net
Profit
44.656.555.31121531502161872212761,241
Cash Flow from Ops. 46.161.4-11.8238158214404239279-104-
Debt/CF from Ops. 10.7-11.70.30.81.20.20.40.6-1.7-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.2%-7.1%-17.5%-27.2%
Adj EPS 21.1%11.8%7.9%23.7%
BVPS34.9%33.9%38.3%48%
Share Price - 25.6% 38.8% -25.4%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
29.922.916.725.625.118.520.714.612.410.236.9
Op. Profit
Mgn %
5.24.855.64.83.85.354.65.45.6
Net Profit
Mgn %
2.72.62.232.723.12.94.1730.1
Debt to
Equity
0.30.20.40.20.20.30.10.10.10.1-
Working Cap
Days
6165928787869110210711951
Cash Conv.
Cycle
8131910455812261

Valuation of Dixon Tech. (India) - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

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Analyst's Notes

data not found
No data found!

Management X-Ray

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 (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales2,4572,8422,9844,4006,44810,69712,19217,69138,86048,873
Operating Expenses + 2,3662,7292,8484,1736,15610,31311,67616,98737,34547,003
Manufacturing Costs8290101142174244291464713763
Material Costs2,1802,5102,6093,8605,7709,77911,02116,03935,83345,277
Employee Cost 647384118137198252333567711
Other Costs 405654537592112151232252
Operating Profit 911131362282923845167041,5151,870
Operating Profit Margin (%) 3.7%4.0%4.6%5.2%4.5%3.6%4.2%4.0%3.9%3.8%
Other Income + 14652462320713
Exceptional Items 000000004600
Interest 1613263933496481162141
Depreciation 111522374484115162281393
Profit Before Tax 6688941572172553454941,5702,071
Tax 19273036576490119337426
Profit After Tax 4861631211601902553751,2331,644
PAT Margin (%) 1.9%2.1%2.1%2.7%2.5%1.8%2.1%2.1%3.2%3.4%
Adjusted EPS (₹)8.710.811.220.827.332.042.961.5181.8236.6
Dividend Payout Ratio (%)13.90%3.70%3.60%3.80%3.70%6.20%7%8.10%4.40%4.20%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 1973153765377299861,2681,6762,9054,540
Share Capital 11111112121212121212
Reserves 1863043645257179741,2561,6642,8934,528
Debt +43411368315141815111781468
Long Term Debt1086118029714511381360
Short Term Debt33331307271120540108
Minority Interest000001-028459710
Trade Payables5035157409391,7102,3142,4524,06010,88410,722
Others Liabilities 45952391382565598091,1092,4292,712
Total Liabilities 7889661,4911,6972,8464,2774,6796,99016,75819,152

Fixed Assets

Net Fixed Assets +1371802424175551,0081,2472,0002,7774,175
Gross Block1472052884976761,1851,5312,4513,5635,320
Accumulated Depreciation112547791211762844527861,145
CWIP 2161910722212068257571
Investments 011809514144205361,007
Inventories2823224084987431,1569581,6953,9923,837
Trade Receivables2802995175151,0891,3561,7152,3186,9656,530
Cash Equivalents 15443710069182229209264941
Others Assets 72942611572224113666801,9672,092
Total Assets 7889661,4911,6972,8464,2774,6796,99016,75819,152
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 5368-32371702737265841,1501,782
PBT 6688941572172553434841,5522,049
Adjustment 262749818213618823155-76
Changes in Working Capital -24-27-12842-74-64276-9-182223
Tax Paid -15-20-18-43-55-54-82-122-276-415
Cash Flow From Investing Activity + -43-100-64-99-265-464-356-531-1,229-1,251
Capex -38-72-79-108-168-417-450-569-896-1,058
Net Investments 0-114-12-95-5092350364
Others -6-161121-3333-334-557
Cash Flow From Financing Activity + -84269-5763304-330-70-27-108
Net Proceeds from Shares 65704627643447140263
Net Proceeds from Borrowing -2-2-1170217-163-2653-172
Interest Paid -15-13-25-38-32-57-43-49-122-103
Dividend Paid -80-2-70-6-12-18-33-118
Others 11-197-60-185-146-23-6422
Net Cash Flow 110281-3211341-17-106424
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)30.2423.7918.3526.4125.2522.222.6325.4753.844.17
ROCE (%)37.3733.727.3334.232.8325.927.9834.6568.452.92
Asset Turnover Ratio4.163.252.432.762.843.012.723.033.272.72
PAT to CFO Conversion(x)1.11.11-0.051.961.061.442.851.560.931.08
Working Capital Days
Receivable Days273749.9042.8045.3041.7045.9041.6043.6050.40
Inventory Days30.6038.7044.7037.6035.1032.4031.6027.3026.7029.20
Payable Days57.607487.7079.4083.8075.1078.9074.1076.1087.10

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Announcements

Dixon Technologies (India) Ltd FAQs

The current trading price of Dixon Tech. (India) on 11-Sep-2026 16:59 is ₹13,498.

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 10-Sep-2026 the market cap of Dixon Tech. (India) stood at ₹82,568.1 Cr

The latest P/E ratio of Dixon Tech. (India) as of 10-Sep-2026 is 66.50.

The latest P/B ratio of Dixon Tech. (India) as of 10-Sep-2026 is 22.93.

The 52-week high of Dixon Tech. (India) is ₹18,471.5 and the 52-week low is ₹9,605.1.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Dixon Tech. (India) is ₹4,119 ( Cr.) .

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

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

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.

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. It 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 leading electronics manufacturing powerhouse, driving innovation in consumer electronics and telecommunications. Business verticals of company such as: (i) Consumer electronics like LED TVs; (ii) Home appliances like washing machines; (iii) Lighting products like LED bulbs and tubelights, downlighters; (iv) Mobile phones; (v) Wearables and Hearables (vi) Refrigerators and (vii) Telecom and IT hardware products. 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.
  • 2021-22: Golden peacock award for excellence in corporate governance in 2021.
  • 2021-22: North India Best Employer Brand Award 2022.
  • 2022-23: Dixon Technologies (India) Limited has been awarded as the NORTH INDIA BEST EMPLOYER BRAND AWARD 2022 at the 17th Employer Branding Awards.
  • 2022-23: CEAMA has conferred and awarded prestigious ‘MAN OF ELECTRONICS Award 2022’ to its Vice Chairman & Managing Director - Mr. Atul Lall for his exceptional leadership skills and his contribution to the transformation of the Indian Electronics and Appliances Industry.
  • 2023-24: Dixon Technologies (India) Limited has been awarded for its excellence in POSH Policy implementation at the POSH Enclave excellence awards.
  • 2023-24: Golden peacock award, 2024 for excellence in corporate governance. 
  • 2024-25: Dixon Technologies has been honoured with the ‘Corporate Excellence Award in Manufacturing and Innovation’ by Amity University at the 25th International Business Horizon.
  • 2024-25: Dixon Technologies (India) Limited awarded the prestigious “Golden Peacock Award on Excellence in Corporate Governance” at IOD’s Annual London Global Convention.
  • 2024-25: Dixon Technologies (India) Limited has received 2024 DET Hurun Champion of Make in India & Electronics Manufacturing Award at the India Manufacturing Excellence Awards, 2025 organised by run India in collaboration with Dubai Department of Economy and Tourism.

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.
  • 2020: Dixon Technologies’ JV enters into MoU with Molbio.
  • 2021: Dixon Technologies’ arm inks agreement with HMD India for manufacturing of Nokia smartphones. 
  • 2021: Dixon Technologies starts manufacturing of 5G millimetre waves smartphones. 
  • 2021: Dixon Technologies, Acer India partner for manufacturing of laptops.
  • 2022: Dixon Technologies’ arm gets nod for disbursement of PLI incentive from Government of India. 
  • 2022: Dixon Technologies enters into binding Term Sheet with Ibahn Illumination.
  • 2023: Dixon Technologies’ arm inaugurates smartphone manufacturing plant in Uttar Pradesh.
  • 2023: Dixon Technologies’ arm gets manufacturing contract from Lenovo. 
  • 2024: Dixon Technologies’ arm commences manufacturing of Refrigerators from Uttar Pradesh facility. 
  • 2024: Dixon Technologies launches new factory in Dehradun. 
  • 2024: Dixon Technologies completes acquisition of 50.10% stake in Ismartu India.
  • 2024: Dixon Technologies starts manufacturing fixed broadband devices in collaboration with Nokia. 
  • 2025: Dixon Technologies inks master services agreement with Tech Mahindra.
  • 2025: Dixon Technologies has executed a joint venture agreement with Signify to enable formation of a joint venture company in India to carry on the OEM business of lighting products and accessories.
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