Dixon Technologies shareholders have approved all four special resolutions through postal ballot voting, with results declared on December 23, 2025. The voting results demonstrate strong shareholder support for key corporate governance decisions, including executive compensation adjustments and strategic appointments.

Postal Ballot Process and Regulatory Compliance

The postal ballot was conducted via remote e-voting platform provided by KFin Technologies Limited from 09:00 A.M. IST on November 23, 2025, to 05:00 P.M. IST on December 22, 2025. M/s Shirin Bhatt Associates, Practicing Company Secretaries, served as the scrutinizer for the voting process. The voting rights were determined based on the cut-off date of November 18, 2025.

The process was conducted in full compliance with Sections 108 and 110 of the Companies Act, 2013, along with relevant SEBI Listing Regulations and MCA Circulars. The company dispatched the postal ballot notice dated October 17, 2025, in electronic form only to all eligible members.

Executive Remuneration Approvals

Shareholders approved increased managerial remuneration for two key executives exceeding statutory limits under the Companies Act, 2013:

The promoter and promoter group category showed unanimous support (100.00%) for both resolutions, while public institutions and non-institutions demonstrated varying levels of approval across the two proposals.

Key Appointments Approved

Two significant directorial appointments received shareholder approval through special resolutions:

Director-Finance Appointment

Shareholders approved the appointment of Mr. Saurabh Gupta (DIN: 09685338) as Director-Finance for a five-year consecutive term along with his remuneration package. The resolution received 91.00% approval with 4,65,32,708 votes in favour and 46,02,012 votes against.

Independent Director Re-appointment

The re-appointment of Dr. Rakesh Mohan (DIN: 02790744) as Non-Executive Independent Director for a second five-year term was approved with 99.41% support. This resolution also included approval for his continuation in office beyond 75 years of age, receiving 5,06,32,849 votes in favour and only 3,01,291 votes against.

Voting Pattern Analysis

The voting results revealed distinct patterns across shareholder categories:

The promoter group maintained consistent 100% approval across all resolutions, while public institutions showed more varied voting patterns, particularly on executive compensation matters. The scrutinizer's report confirmed that all procedural requirements were met throughout the voting period.

The approved resolutions strengthen Dixon Technologies' leadership structure and provide necessary regulatory approvals for executive compensation arrangements, positioning the company for continued strategic execution under its current management team.

Morgan Stanley has maintained an underweight rating on Dixon Technologies , setting a target price of ₹11,563.00 per share for the consumer durables manufacturer.

Brokerage Rating Details

The global investment bank's assessment reflects a cautious stance on the electronics manufacturing services company. The underweight rating typically indicates that the brokerage expects the stock to underperform relative to the broader market or sector peers.

Company Profile

Dixon Technologies operates as a leading electronics manufacturing services provider in India's consumer durables sector. The company is classified as a large-cap stock, indicating its significant market presence and established position in the industry.

The brokerage's target price and rating provide investors with professional analysis of the company's prospects, though individual investment decisions should consider multiple factors and personal risk tolerance.