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Revenue
₹10,511 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹418 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Dixon Technologies reported Q4 FY26 revenue of ₹10,520 crore with EBITDA of ₹418 crore and PAT of ₹192 crore, excluding exceptional items. Full-year revenue grew 26% YoY to ₹48,893 crore, driven by telecom and IT hardware segments, while mobile volumes remained flat due to memory price inflation and softer demand. Management guided for 15-17% revenue growth in FY27 (excluding Vivo) to ~₹56,000 crore, with margin pressure from PLI expiry offset by backward integration (camera modules, displays). Key growth drivers include telecom (targeting ₹7,500-8,000 crore), IT hardware (3x to >₹4,000 crore), and lighting (2x to ₹1,700 crore). The display JV with HKC will commence commercial production in Q4 FY27. Risks include delayed Vivo JV approval and potential margin compression from PLI phase-out.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets ~₹56,000 crore revenue for FY27, implying 15-17% growth, assuming flat mobile volumes and excluding Vivo JV.
- IT hardware segment expected to grow 3x to over ₹4,000 crore in FY27, driven by strong order books and new customer wins.
- Telecom and networking segment targets ₹7,500-8,000 crore revenue in FY27, up from ₹5,000 crore in FY26.
- Lighting segment expects 2x revenue growth to ~₹1,700 crore in FY27, driven by JV with Signify and export orders.
Risks flagged
- The Vivo joint venture approval is pending with the government, which could delay a significant volume and revenue opportunity.
- The expiry of PLI schemes for mobile phones will pressure margins by 50-70 bps, partially offset by operational efficiency and backward integration.
- Rising memory chip prices have increased smartphone ASPs, leading to softer consumer demand and flat volumes in the mobile segment.
- ₹1,380 crore of PLI receivables are pending from the government, with a note in accounts highlighting potential risk if budget allocations are insufficient.
Key quotes
- We feel that without the Vivo also the company will keep growing at almost 15 to 17%.
- I humbly admit where possibly we have missed out is on the high margin category of industrial EMS.
- We are deeply engaged with the government. We feel that we're very close to it.
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