PLI expiry impact on mobile margins
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.
DIXON / Q4-FY25 / 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
medium
TV business structural decline
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 approval delays
Vivo JV definitive agreements and PN3 waiver approvals are pending; any delay could push back expected volumes from FY27.
Competitive intensity in mobile EMS post-PLI
Post-PLI, competitors may become aggressive on pricing; management relies on scale and backward integration to defend margins.