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Revenue
₹10,672 Cr
verified against source
Revenue YoY
2.07%
reported change
EBITDA
₹421 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Dixon Technologies reported Q3 FY26 consolidated revenue of INR 10,678 crore (+2% YoY) and EBITDA of INR 421 crore (+6% YoY), with PAT slightly down at INR 214 crore. Mobile & EMS revenue was INR 9,750 crore, with smartphone volumes of 6.9 million (27 million in 9M). Growth was tempered by memory price inflation and post-festive slowdown. Management highlighted pass-through economics protecting margins but acknowledged demand uncertainty in mid/low-end phones. Backward integration via Q Tech (camera modules) and HKC JV (displays) is on track, with mass production expected by Q2 FY27. The Vivo JV PN3 approval is awaited, with management confident of closure. Risks include further memory price hikes, PLI non-renewal (0.5% margin impact), and execution delays in component ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects mobile phone EBITDA margins to remain in the 2.8%-3.2% range, with PLI contributing ~0.5-0.6%.
- Q Tech to expand camera module capacity from 40 million to 190-200 million units per annum over the next couple of years.
- HKC JV display module trial production to start by Q2 FY27, with first phase capacity of 24 million units per annum for smartphones.
- IT hardware revenue expected to grow to INR 3,500-4,000 crore in FY27 from ~INR 1,500 crore in FY26, driven by strong order book.
Risks flagged
- Sharp increase in memory prices due to AI demand is squeezing smartphone BOMs, particularly for mid/low-end devices, potentially reducing volumes.
- The Vivo JV approval is pending; any further delay could push back volume ramp-up and margin benefits from the partnership.
- If the PLI 2.0 scheme is not extended, mobile margins could be impacted by ~0.5%, though backward integration is expected to offset this by FY28.
- Camera module and display capacity expansions may face 6-8 month delays, pushing margin expansion to FY28.
Key quotes
- For us, it's a passthrough. For us, there is no impact as far as the value chain and impact on the margins is concerned, on an absolute basis.
- We feel confident that with our backward integration play, we will be able to not only overcome that margins, there will be additional margins which will come on account of backward integration play, but that would largely play out in 2027, 2028.
- We are committed to an aggressive growth for Dixon. I think we feel confident about it. We feel committed to that.
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