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Revenue
₹10,293 Cr
verified against source
Revenue YoY
120%
reported change
EBITDA
₹454 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 Q4 FY25 with consolidated revenue of INR 10,304 crore (up 120% YoY) and EBITDA of INR 454 crore (up 128% YoY). PAT surged 322% to INR 401 crore, though this includes a fair value gain of INR 250 crore; adjusted PAT grew 95% to INR 185 crore. The mobile segment drove growth with revenue of INR 9,102 crore (up 194% YoY), supported by strong export orders to North America and Africa. Management guided for smartphone volumes of 43-44 million units in FY26 and 60-65 million in FY27, with the Vivo JV expected to contribute 18-20 million units from FY27. The TV business remains under pressure due to structural challenges and market share loss, but management is diversifying into new categories and operating systems. Key risks include PLI expiry in FY26 (0.6% margin impact) and potential competitive intensity in mobile EMS post-PLI.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for smartphone volumes of 43-44 million units in FY26, up from 28.3 million in FY25.
- Targeting 60-65 million smartphone units in FY27, including 18-20 million from Vivo JV.
- Expanding direct cool refrigerator capacity from 1.2 million to 2 million units per annum, with 50% revenue growth expected in FY26.
- Capital expenditure for FY26 expected to be in the range of INR 900-1,000 crore, similar to FY25.
Risks flagged
- PLI scheme ends in FY26; management estimates 0.6% margin contribution from PLI, which may be lost if not offset by efficiencies and backward integration.
- TV revenues have fallen sharply for four consecutive quarters due to market shift and market share loss; recovery depends on new product launches and partnerships.
- Vivo JV definitive agreements and PN3 waiver approvals are pending; any delay could push back expected volumes from FY27.
- Post-PLI, competitors may become aggressive on pricing; management relies on scale and backward integration to defend margins.
Key quotes
- We are paranoid about competition. We have to be on our toes.
- TV is under pressure. There is an overall decline. There is a structural issue with the category assets. Also, we have lost a bit of the market share. That business is under pressure. That I humbly accept.
- We feel that the initiatives that we are taking on automation, increasing our efficiency, our large scale, and also our 4A into the components and the ECMS, the benefits and gains for us are going to be much, much more.
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