Dixon Technologies (India) Ltd Share Price – NSE /  BSE

Consumer Durables, Small Cap

The brokerage said it no longer expects to cut its earnings estimates for Dixon, as the company's joint venture with Vivo is nearing regulatory approvals and is expected to start contributing to earnings in the coming quarters of FY27.

According to the brokerage, Vivo sells around 35-37 million smartphones annually in India. It expects nearly two-thirds of these phones to be manufactured through the Dixon-Vivo joint venture, creating a significant growth opportunity for the company.

During the company's Q4 earnings call, managing director and CEO Atul Lall said Dixon was deeply engaged with the government and remained very, very close to securing approvals for the proposed Vivo joint venture. He added that Vivo sold around 35 million smartphones in India last year and the partnership could add 20-22 million units annually over time.

The brokerage also said higher average selling prices (ASPs) of smartphones are expected to support revenue growth even if shipment volumes remain soft.

It added that Dixon's IT hardware, telecom equipment, servers and optical transceiver businesses are scaling up steadily. The company's backward integration into display and camera modules is also progressing as planned.

The brokerage expects Dixon to remain on track to achieve its FY27 smartphone production guidance of around 33 million units, excluding Vivo volumes, while continued exports and benefits under the government's production-linked incentive (PLI) scheme are expected to support long-term growth.

Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India.

Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25.

In Q4 FY26, revenue from the Mobile & Other EMS division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances division was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) division stood at Rs 697 crore (up 1.16% YoY).

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According to media reports, an inter-ministerial panel has granted in-principle approval to the partnership, with the final clearance expected from the Ministry of Electronics and Information Technology (MeitY) after completion of the required process.

The proposed venture is expected to focus on manufacturing smartphones and other electronic devices in India. Reports suggest Vivo's manufacturing facility in Noida could be brought under the joint venture structure, helping the company strengthen its local manufacturing presence.

The facility is likely to handle a portion of Vivo's smartphone production requirements in India and may also undertake contract manufacturing for other electronics brands.

The development could significantly enhance Dixon's position in the electronics manufacturing services (EMS) space. Vivo is among the country's largest smartphone brands, with estimated handset sales of around 3.5 crore units in 2025, while Dixon produced approximately 3.2 crore mobile phones during the period.

During the company?s Q4 earnings call, Dixon managing director and CEO, Atul Lall, said the company was deeply engaged with the government and remained very, very close to securing approvals for its proposed partnership with Vivo. He added that Vivo sold around 35 million units last year and the proposed JV could add around 20-22 million units annually over time.

Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25.

In Q4 FY26, revenue from the Mobile & Other EMS division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances division was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) division stood at Rs 697 crore (up 1.16% YoY).

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Under the proposed structure, Dixon Technologies will hold 60% stake in Dixon Electroconnect, while Gemtek will own the remaining 40%, following completion of the transaction. Dixon Electroconnect, currently a wholly owned subsidiary of Dixon, will be converted into the joint venture entity.

The JV will focus on manufacturing optical transceiver products such as SFP (Small Form-Factor Pluggable) modules, BOSA (Bidirectional Optical Subassembly) and other telecom components as mutually agreed by the partners.

Dixon Electroconnect is also a beneficiary under the Electronics Components Manufacturing Scheme (ECMS), the company said.

The completion of the transaction is subject to execution of definitive agreements, fulfilment of customary conditions precedent, and receipt of regulatory and statutory approvals.

Atul B. Lall, Vice Chairman and Managing Director of Dixon Technologies (India), added that ?We are pleased to announce the strategic Joint Venture partnership between Dixon Technologies (India) and Gemtek Technology, marking Dixon?s official entry into the rapidly growing Data centre, telecom & Optical connectivity ecosystem. Combining Dixon?s large-scale manufacturing capabilities with Gemtek?s global expertise in high speed optical modules, telecom infrastructure & networking technologies, the proposed joint venture will manufacture optical transceivers, BOSA modules and advanced networking equipment to address the growing demand driven by AI, cloud & Edge computing, hyperscale data centres, high speed networking and next gen optical communication solutions. This partnership reflects our shared vision of fostering innovation, strengthening indigenous electronics manufacturing and building globally competitive technology supply chains in line with the Government of India?s ?Make In India? initiative. The Participation of Dixon Electroconnect as a beneficiary under ECMS further strengthens Dixon?s position in the global electronics value chain.?

Howard Chen, Chairman of Gemtek Technology, states We are pleased to establish this strategic joint venture partnership with Dixon, a manufacturing leader in India. This represents an important step in Gemtek?s global footprint and reinforces our commitment to expanding our optical communication business. We aim to build a highly competitive supply chain to address the evolving demands for high-speed network and data center infrastructure driven by cloud and edge computing in the AI era.

Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India.

Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25.

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During the company?s Q4 earnings call, Dixon managing director and CEO, Atul Lall, said the company was ?deeply engaged with the government? and remained ?very, very close? to securing approvals for its proposed partnership with Vivo. He added that Vivo sold around 35 million units last year and the proposed JV could add around 20?22 million units annually over time.?

On Tuesday, Dixon Technologies (India) reported a 35.91% decline in consolidated net profit to Rs 297.97 crore on a 2.12% increase in revenue from operations to Rs 10,510.51 crore in Q4 FY26 over Q4 FY25. Profit before tax (PBT) tanked 35.81% YoY to Rs 369.76 crore during the quarter.

EBITDA rose 9% to Rs 493 crore in Q4 FY26, compared with Rs 454 crore in Q4 FY25. EBITDA margin improved to 4.7% in Q4 FY26 as against 4.4% in Q4 FY25.

In Q4 FY26, revenue from the Mobile & Other EMS Division stood at Rs 9,485 crore (up 4.21% YoY), while Home Appliances was at Rs 329 crore (up 8.94% YoY), and Consumer Electronics & Appliances (LED, TV & Refrigerator) stood at Rs 697 crore (up 1.16% YoY).

Dixon Technologies (India)'s board recommended a final dividend of Rs 10 per equity share of face value Rs 2 each for FY26. The dividend, if approved by shareholders at the ensuing 33rd AGM, will be credited/dispatched within 30 days from the date of the AGM.

Dixon Technologies (India) is a design-led solutions provider engaged in manufacturing products across consumer durables, lighting, and mobile phone segments in India.

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