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Revenue
₹14,855 Cr
verified against source
Revenue YoY
29%
reported change
EBITDA
₹564 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dixon Technologies reported a strong Q2 FY26 with consolidated revenue of INR 14,858 crore (+29% YoY), EBITDA of INR 564 crore (+34% YoY), and PAT of INR 323 crore (+37% YoY). Growth was driven by mobile and telecom segments, though consumer electronics faced GST-related demand deferrals. Management highlighted key strategic initiatives: a 74:26 JV with HKC for display modules, a 51% stake in Q-Tech for camera modules, and a new telecom order from a US customer for microwave radios. Mobile volumes are expected at 40-42 million units for FY26 and 55-60 million for FY27, including Vivo and a new ODM partnership. The company targets INR 1 lakh crore revenue in 3-4 years with EBITDA margins improving to 4-4.5%. Risks include PLI expiry in March 2026 causing temporary margin pressure and execution challenges in new JVs.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects mobile phone volumes to reach 55-60 million units in FY27, driven by Vivo JV ramp-up and new ODM partnership.
- IT hardware segment is expected to generate INR 1,200-1,300 crore revenue in FY26, with a JV with Inventec operational by Q1 FY27.
- Telecom segment, including new US radio order, is expected to grow to approximately $1 billion in revenue within two years.
- With backward integration and operating leverage, EBITDA margins are expected to improve to 4-4.5% from current ~3.8%.
Risks flagged
- If PLI for mobile phones expires on March 31, 2026, there could be margin pressure for a couple of quarters before backward integration benefits kick in.
- The reduction in GST rates in mid-August led to significant purchase deferrals, impacting Q2 revenue for LED TVs, refrigerators, and washing machines.
- Multiple JVs (HKC, Longcheer, Vivo, Inventec) and capacity expansions require timely execution; delays could impact growth targets.
- Revenue concentration on anchor customers like Motorola and Vivo poses risk if any relationship sours or volumes decline.
Key quotes
- We feel that this year numbers are going to be similar, 40 million, 42 million. Next year, we feel that we should be somewhere between 55 million - 60 million.
- The telecom segments present a robust and long-term growth trajectory and can potentially be the second largest driver for growth after a mobile business.
- With more backward integration, operating leverage, and some bit of ODM business largely in lighting, refrigerator, my sense is it should be very difficult to say, but the range can be somewhere around 4%, 4.5%.
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