Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹11,528 Cr
verified against source
Revenue YoY
133%
reported change
EBITDA
₹420 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dixon Technologies delivered a stellar Q2 FY25 with consolidated revenue surging 133% YoY to INR 11,528 crore, driven by a 235% YoY jump in mobile & EMS revenue to INR 9,444 crore. Smartphone volumes exploded to 8.13 million (vs 1.43 million last year), aided by the iSmartU acquisition and strong traction with Motorola, Xiaomi, and Oppo. EBITDA grew 110% to INR 420 crore, though margins compressed due to mix shift toward lower-margin mobile business. PAT of INR 412 crore included a INR 210 crore fair value gain from Aditya Infotech stake; adjusted PAT grew 109% to INR 236 crore. Management guided for continued momentum with IT hardware ramp-up (HP, ASUS, Lenovo) and backward integration via HKC display JV, targeting 27% BOM capture. Risk: LED TV volumes declined 10% YoY amid industry weakness, and margin expansion hinges on component ecosystem which is 15-18 months away.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects IT hardware (laptops/tablets) to generate INR 4,500-5,000 Cr annual revenue within 2-3 years, driven by partnerships with HP, ASUS, Acer, and Lenovo.
- Telecom segment is targeting ~INR 2,400 Cr revenue this fiscal, up from ~INR 700 Cr last year, with next year's order book at INR 6,000-7,000 Cr.
- Management expects margin expansion to start reflecting in 15-18 months as the component ecosystem (HKC display, camera modules, mechanicals) stabilizes, targeting 27% BOM capture.
- Total CapEx for FY25 is expected to be INR 550-580 Cr, with INR 360 Cr already spent in H1. HKC display JV alone will require ~INR 375 Cr.
Risks flagged
- LED TV volumes fell 10% YoY to 9.7 million units, reflecting broader industry weakness. Management noted the industry is declining, not just Dixon.
- Gross margins declined ~200 bps due to higher contribution from lower-margin mobile business. Management expects sub-4% EBITDA margins until component ecosystem ramps up.
- Analyst questioned whether IT hardware business is self-sustaining without PLI. Management acknowledged government support is critical for global competitiveness, though domestic demand may sustain.
- Other income turned negative due to FX losses on Japanese yen payments for machinery. The yen appreciated sharply in Q2, impacting reported profits.
Key quotes
- We are the largest manufacturer today, and practically all the brands in Android ecosystem are our customers.
- The whole idea is to bring in more efficiency in the value chain so that we are able to have this pole position even beyond PLI.
- We are targeting to do in-house around 27% of the BOM, and this is margin-accretive business.
Research modules