Executive Summary

Dixon Technologies (India) Ltd, a leader in the Electronics Manufacturing Services (EMS) industry, continues to demonstrate robust growth through product diversification, strategic capacity expansions, and operational efficiencies. The company’s strong Q3 FY24-25 results highlight its ability to capitalize on India’s expanding manufacturing ecosystem.

Key Financial Metrics

Recent Performance Highlights

Future Growth Drivers

• Product Diversification: Entry into telecom equipment, wearables, and IT devices
• Capacity Expansions: Ongoing investments in manufacturing facilities
• Global Partnerships: Strategic alliances with multinational brands
• Policy Support: Benefits from India’s PLI schemes

Capital Expenditures

Dixon has allocated ₹622 crore for CapEx in the first nine months of FY24-25, focusing on capacity expansion and automation in high-margin EMS categories.

Competitive Landscape

Dixon maintains a competitive edge through strong partnerships, diversified portfolio, and operational excellence, enabling consistent margins despite industry pressures.

Valuation Estimate

Current P/E ratio: 166x
Forward P/E: 140x
Target Price: ₹18,500–₹19,000 (12-month horizon)

Investment Thesis

Dixon Technologies represents a cornerstone of India’s EMS growth story, with robust financials, strategic investments, and strong alignment with government policies making it attractive for long-term growth-oriented investors.