Dixon Technologies (India) Limited held a virtual meeting with Principal Global Asset Management on June 1, 2026. The interaction was a one-on-one session conducted via video conference at 6:15 P.M. IST. The company confirmed that no unpublished price sensitive information was shared during the meeting and no presentation was made.

The meeting was held pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure was submitted to the BSE Limited and the National Stock Exchange of India Limited.

Ashish Kumar, President- Chief Legal Counsel & Group Company Secretary, signed the intimation on June 2, 2026. The meeting details were formally recorded and communicated to the stock exchanges.

Meeting Details

Macquarie has reaffirmed its Outperform rating on Dixon Technologies with a target price of ₹15,000, pointing to a confluence of structural policy tailwinds and improving domestic manufacturing metrics as key drivers of its conviction.

PLI 2.0 and Domestic Value Addition

At the heart of Macquarie's thesis is the emerging benefit from PLI 2.0 for mobile phones, which is expected to meaningfully reshape the manufacturing landscape for Dixon Technologies. A central highlight is the targeted jump in domestic value addition to 55%+, up significantly from the current range of 15–20%. This substantial increase in local content is seen as a pivotal shift that could structurally enhance the company's operational profile over the long term.

ECMS Scheme Linkage and Tiered Incentives

The brokerage also draws attention to Dixon Technologies' linkage with the ₹40,000 crore ECMS (Electronics Components Manufacturing Scheme), which provides an additional layer of policy support. Complementing this is the introduction of tiered incentives for local sourcing, designed to reward deeper integration of domestically produced components into the manufacturing value chain. The following table summarizes the key parameters highlighted in Macquarie's assessment:

Long-Term Margin Outlook

Macquarie's maintained rating also reflects improved confidence in long-term margin expansion for Dixon Technologies. The combination of higher domestic value addition, policy-linked incentives, and the structural support of the ECMS scheme collectively underpins the brokerage's positive outlook on the company's earnings trajectory.