Dixon Technologies (India) Limited has announced its audited financial results for the quarter and financial year ended March 31, 2026. The board approved the results during a meeting held on May 12, 2026, alongside the recommendation of a final dividend for the fiscal year. In compliance with Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company subsequently published extracts of its audited standalone and consolidated financial results in Business Standard (English and Hindi editions) on May 13, 2026. The results were also filed with stock exchanges under Regulation 33, with the full format available on the company's website at dixoninfo.com and on the BSE and NSE websites. Following the results, leading brokerages have issued a mix of buy and hold ratings, reflecting both optimism about long-term growth drivers and near-term headwinds from high memory prices and pending regulatory approvals.

Consolidated Financial Performance

For the financial year ended March 31, 2026, the company reported a consolidated net profit of ₹1,644 crore, an increase of 33% compared to the corresponding period of the previous year. Revenue from operations rose 28% to ₹49,586 crore. Profit before tax (PBT) for the year increased by 32% to ₹2,071 crore, while EBITDA stood at ₹2,580 crore, a growth of 69%.

In the quarter ended March 31, 2026, the company reported a consolidated net profit of ₹298 crore, a decline of 36% from the same quarter in the previous year. Revenue for the quarter was ₹10,595 crore, up 3% year-on-year. EBITDA for the quarter increased by 9% to ₹493 crore, while EBITDA margin stood at 3.89% compared to 4.30% in the same quarter of the previous year. PBT decreased by 36% to ₹370 crore.

The table below summarises the key financial metrics for the quarter and full year:

Detailed Standalone and Consolidated Results

The published newspaper extract provides a granular breakdown of both standalone and consolidated financials (in Rupees in Lakhs) for the quarter and year ended March 31, 2026, as reviewed by the Audit Committee and approved by the Board. The table below presents the key line items:

The equity share capital carries a face value of ₹2 per share. On a standalone basis, total income from operations for the full year stood at ₹4,73,246 lakhs, while consolidated total income from operations reached ₹49,58,584 lakhs. Consolidated basic EPS for the full year was ₹271.59 and diluted EPS was ₹269.35, compared to standalone full-year basic EPS of ₹125.44 and diluted EPS of ₹124.41.

Dividend Declaration and ESOP Grant

The board of directors has recommended a final dividend of ₹10 per equity share for the financial year 2025-26, on equity shares with a face value of ₹2 each. This payout is subject to the approval of shareholders at the ensuing 33rd Annual General Meeting. If approved, the dividend will be credited or dispatched within 30 days from the date of the AGM. Separately, the Nomination and Remuneration Committee, which also met on May 12, 2026, approved the grant of 16,155 stock options to employees under the Dixon Technologies (India) Limited Employee Stock Option Plan-2023. The options will vest over a period of three years from the date of grant and can be exercised within one year from the date of last vesting.

Analyst Ratings and Target Prices

Following the quarterly results, brokerages have issued a range of ratings on the stock. The table below summarises the key brokerage views:

Brokerages with a positive stance highlighted Q4 performance coming in above estimates. MOSL maintained a Buy, noting that high memory prices hurt mobile volumes but pointing to recovery in smartphone demand, approval of the Vivo joint venture, rollout of PLI 2.0 for exports, commissioning of the display facility in 2HFY27, and improvement in export volumes as key focus areas. Kotak Institutional Equities also maintained a Buy with a target price of ₹15,200, citing Q4 earnings beating estimates by 22% driven by strong consumer electronics performance and higher mobile average selling prices (ASPs). Macquarie maintained an Outperform rating, noting a slight Q4 earnings beat and a positive FY27 outlook, with management expecting revenue growth supported by 12–15% higher realizations despite flattish smartphone volumes.

On the cautious side, Jefferies maintained a Hold, citing expensive valuations at 51x FY27E PE despite a 35% six-month correction, weak Q4 results with EBITDA down 8% year-on-year, and a pending Vivo joint venture approval. CLSA also maintained a Hold with a reduced target price of ₹10,400, flagging vulnerability of near-term earnings to rising global memory prices and weak medium-term growth visibility as smartphone market share peaks. HSBC maintained a Hold at ₹12,000, noting that FY27 EPS estimates were cut by around 4% mainly due to delays in the Vivo joint venture.

Business Outlook and Management Guidance

Management has outlined several growth drivers for the near and medium term. Dixon Technologies aims for nearly ₹56,000 crores in revenue in FY27 excluding Vivo, indicating approximately 15% to 17% growth, with profitability expected to increase. Mobile segment revenue growth is anticipated to be at least 12% to 15%, driven by volume and price increases. The company expects mobile volumes to remain around 32 million units this fiscal year, with a possible increase of 20–22 million units annually if the Vivo joint venture is approved, along with 4–5 million units from PLI-2 for global markets.

The display joint venture facility is complete with machinery installation underway; trials are set for Q3 FY27 and production is expected to start in Q4 FY27, targeting ₹5,500–6,000 crores in revenue at 80–90% capacity utilisation. The telecom network business projects ₹7,500–8,000 crores for FY27, up from ₹5,000 crores in the prior year. IT hardware revenue is expected to exceed ₹4,000 crores this fiscal, up 300% from the previous year, backed by increased capacity and strong orders. The lighting segment revenue is predicted to reach nearly ₹1,700 crores this fiscal year following the joint venture with Signify, while the industrial EMS sector is expected to grow to ₹3,000–4,000 crores with improved operating margins. FY27 capital expenditure is targeted at a level similar to FY26 at ₹1,058 crores, primarily directed towards display, IT expansion, and camera module capacity increases. Q Tech aims for ₹2,500 crores in revenue by boosting camera module production from 70–80 million to 190 million units per year.

Dixon Technologies (India) Limited has informed the stock exchanges about its scheduled institutional investor meetings and conferences. The intimation, filed on May 13, 2026, outlines engagements set to take place between May 19 and June 9, 2026. The disclosure was made pursuant to Regulations 30 and 46 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Scheduled Investor Meetings

The company has planned three key interactions with analysts, advisors, and institutional investors. These sessions will be held in Singapore and Mumbai, covering both group discussions and one-on-one meetings. The schedule is as follows:

Key Disclosures

Dixon Technologies explicitly stated that no unpublished price sensitive information is proposed to be shared during these meetings. Additionally, no presentation is planned for the sessions. The company noted that all scheduled meetings are subject to change due to exigencies on the part of investors, analysts, or management. The intimation was signed by Ashish Kumar, President – Chief Legal Counsel & Group Company Secretary.