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Revenue
₹10,511 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹418 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dixon's Q4 FY26 revenue came in at INR 10,520 crores with EBITDA of INR 418 crores and PAT of INR 192 crores, reflecting a flat quarter due to geopolitical headwinds, softer consumer demand, and memory price inflation impacting the mobile and IT hardware segments. Full-year revenue grew 26% YoY to INR 48,893 crores, driven by telecom and lighting JV strength. Management expects mobile volumes to remain flat ex-Vivo, but a 12-15% ASP uplift from memory pass-through should support revenue growth. Key growth drivers include IT hardware (targeting INR 4,000+ crores in FY27), telecom (targeting INR 7,500-8,000 crores), and backward integration via camera module and display JVs. Margins face near-term pressure from PLI expiry, but component forays should add 40-50 bps over time. Risk: Vivo JV approval remains delayed, capping a major volume catalyst.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets ~15-17% revenue growth to INR 56,000 crores in FY27, excluding any Vivo contribution.
- IT hardware segment expected to grow 3x to over INR 4,000 crores, driven by laptop/tablet/desktop orders and Inventec JV.
- Telecom segment to grow from INR 5,000 crores to INR 7,500-8,000 crores, led by microwave radio exports and design-led partnerships.
- EBITDA margins expected to expand by 40-50 bps from FY26 levels once camera module and display backward integration fully ramps up in FY27-28.
Risks flagged
- Government approval for the Vivo JV remains pending, capping a major volume catalyst of 20-22 million units annually.
- PLI scheme ended in FY26, causing 30-50 bps margin headwind; backward integration benefits will take time to offset.
- Rising memory chip prices have increased smartphone ASPs, dampening consumer demand, especially in sub-$200 segment.
- INR 730 crores of PLI overflow receivables are pending government approval, with a note in accounts highlighting collection risk.
Key quotes
- We feel that the overall volumes without Vivo is going to be almost similar.
- I humbly admit where possibly we have missed out is on the high margin category of industrial EMS.
- The margin profile will be slightly under pressure this year because the PLI has gone off, and there is a lag in the margin accretion happening due to component foray.
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