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
₹4,675 Cr
verified against source
Revenue YoY
52%
reported change
EBITDA
₹199 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 strong Q4 FY24 with consolidated revenue of ₹4,675 crore (+52% YoY) and PAT of ₹97 crore (+20% YoY). The mobile & EMS segment was the primary growth driver, with revenue surging 119% YoY to ₹3,091 crore, driven by new customer wins including Xiaomi, Realme, and the upcoming Ismartu acquisition. Management guided for FY25 smartphone volumes of 28-30 million (excluding Samsung), up from 6.5 million in FY24, with monthly run-rate already at 1.5-1.6 million. EBITDA margin contracted ~50bps YoY to 4.3% due to ramp-up costs, but management expects margins to stabilize around 4% with operating leverage and backward integration. Key risks include potential delays in customer ramp-ups and the Ismartu CCI approval.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for FY25 smartphone volumes of 28-30 million units, excluding Samsung, up from 6.5 million in FY24.
- CFO Saurabh Gupta indicated that consolidated EBITDA margin should be around 4% for FY25, similar to FY24 levels.
- Management expects FY25 capital expenditure to be lower than the ₹570 crore spent in FY24, with major capacities already created.
- Planned investment of $30 million (₹250 crore) for a 25 million unit display module facility in Delhi NCR, with technology partner finalized.
Risks flagged
- New customer programs (Xiaomi, Realme, Compal) may face delays in volume ramp-up, impacting revenue and margin targets.
- CCI approval for the Ismartu deal is pending; any delay could postpone consolidation and volume contribution from Q2 FY25.
- As mobile & EMS (lower margin) becomes a larger share of revenue, blended margins could face headwinds despite operating leverage.
- Lighting revenue declined 27% YoY and consumer electronics fell 10.9% YoY in Q4; recovery may take longer than expected.
Key quotes
- We have now all the top six brands except for one large global brand as our partners.
- We are looking to manufacture display modules, and we have already finalized the technology partner.
- On the EBITDA margins, you can assume a similar level of some 4%, 4%, because a large part of our growth will come from mobiles, which is inherently a low margin business.
Research modules