PLI expiry may pressure margins in early FY27
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.
DIXON / Q2-FY26 / risks
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Dixon Technologies (India) · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
Material risks this quarter
high
GST rate cut disruption in consumer electronics
The reduction in GST rates in mid-August led to significant purchase deferrals, impacting Q2 revenue for LED TVs, refrigerators, and washing machines.
Execution risk in new JVs and capacity expansion
Multiple JVs (HKC, Longcheer, Vivo, Inventec) and capacity expansions require timely execution; delays could impact growth targets.
Dependence on a few large customers
Revenue concentration on anchor customers like Motorola and Vivo poses risk if any relationship sours or volumes decline.