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Dixon Technologies (India) Margin Trend — Quarter by Quarter

Dixon Technologies (India)'s EBITDA margin moved from 4.0% in Q1 FY24 to 4.0% in Q4 FY26 across 10 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY264.0%—
Q3 FY264.0%+14 bps
Q2 FY264.0%+15 bps
Q4 FY254.0%—
Q3 FY253.8%-10 bps
Q2 FY253.6%—
Q1 FY253.9%-40 bps
Q4 FY244.3%-50 bps
Q3 FY243.9%-84 bps
Q1 FY244.0%+60 bps

What management said about ebitda margin

G

Q4 FY26 · Margin expansion of 40-50 bps once component play is deployed

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.

G

Q3 FY26 · Mobile business margin guidance of 2.8%-3.2%

Management expects mobile phone EBITDA margins to remain in the 2.8%-3.2% range, with PLI contributing ~0.5-0.6%.

G

Q2 FY26 · EBITDA margin expansion of 70-80 bps over 3-4 years

With backward integration and operating leverage, EBITDA margins are expected to improve to 4-4.5% from current ~3.8%.

G

Q1 FY26 · Margin expansion of 120-130 bps in FY27 despite PLI expiry

Management expects EBITDA margin expansion of 120-130 bps in FY27, driven by backward integration and operating leverage, offsetting PLI benefits.

G

Q3 FY25 · Mobile segment margin expansion of 100-120 bps over 24-36 months

Backward integration into components like display modules, mechanicals, and camera modules will expand mobile EBITDA margins by 100-120 bps starting H2 FY26.

G

Q2 FY25 · Component backward integration to improve margins in 15-18 months

Management expects margin expansion to start reflecting in 15-18 months as the component ecosystem (HKC display, camera modules, mechanicals) stabilizes, targeting 27% BOM capture.

G

Q1 FY25 · EBITDA margin guidance of 3.9-4%

Management indicated that consolidated EBITDA margins will remain in the range of 3.9-4%, similar to current levels.

G

Q4 FY24 · EBITDA margin around 4% for FY25

CFO Saurabh Gupta indicated that consolidated EBITDA margin should be around 4% for FY25, similar to FY24 levels.

G

Q3 FY24 · Mobile operating margin to remain at ~3.2% with 10-20 bps improvement

Despite start-up costs, management expects mobile margins to sustain in the 3.2% range with potential slight improvement.