Dixon Technologies (India) Limited — Q1 FY25
Dixon Technologies delivered a stellar Q1 FY25 with consolidated revenue surging 101% YoY to INR 6,588 crore, driven by a 189% jump in the mobile & EMS segment to INR 5,192 crore.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
IT hardware revenue opportunity and capacity build-up for Chennai plant.
Asked by Sanidhya, Unicorn Assets
Management provided specific revenue targets, capacity, and CapEx numbers.
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Question
I heard in a TV interview you were around INR 4,000 crore we are expecting revenue from it in the, I think, next fiscal... what's the total opportunity size and how much of that are we willing to grab and how are we looking for the capacity size to build up?
Atul Lall, Managing Director and Vice Chairman
The addressable market for IT products is almost $10 billion... We aspire... almost INR 47,000 crore-INR 48,000 crore of revenue in six years... start with a touch around INR 3,500 crore-INR 4,000 crore... capacity is going to be almost 1.5 million units per year... CapEx... somewhere in the range of around INR 150 crore.
Answered
High priority
PLI incentive booked this quarter and last year same quarter.
Asked by Deepak Krishnan, Kotak Institutional Equities
Management gave specific PLI amounts for both quarters.
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Question
Just wanted to understand if there is any PLI incentive or any amount booked in the mobile segment this particular quarter, and if there was a similar amount last year as well.
Atul Lall, Managing Director and Vice Chairman
This quarter we have booked almost INR 40-odd crore as PLI incentive for mobile users... last year... it would be somewhere around INR 4 crore-INR 5 crore maybe last year.
Partial answer
High priority
Production numbers across brands in mobile segment and full-year guidance.
Asked by Deepak Krishnan, Kotak Institutional Equities
Provided total smartphone and feature phone volumes but not per-brand or full-year revision.
did not give brand-wise breakdowndid not confirm full-year guidance revision
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Question
I wanted to understand production numbers this particular quarter across brands in the mobile segment... and is there a potential that we will have to revise up our 25 million-30 million number that we have for the full year?
Atul Lall, Managing Director and Vice Chairman
Excluding Samsung, we did almost INR 41 lakhs, 4.1 million. And Samsung was around 11-odd lakhs, sorry, 1.1 million. Feature phones was around 6.6 million.
Answered
Medium priority
Home appliances margin flat despite strong revenue growth.
Asked by Natasha Jain, Nirmal Bang
Explained margin compression due to freight costs and timing of pass-through.
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Question
We've registered a strong top line of approximately 18%... What I don't understand is why are we flat at margin level? Is there a steep competition even here? Is there ASP compression happening?
Atul Lall, Managing Director and Vice Chairman
The reduction in margin is 0.4%. It has gone down from 11% last year to 10.6%... because the freight increases... the Red Sea crisis... time taken for passing on any increase to the customer.
Partial answer
Medium priority
When will lighting segment margin improve with premium products?
Asked by Natasha Jain, Nirmal Bang
Acknowledged improvements but gave no quantitative margin guidance or timeline.
no timeline givenno specific margin target
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Question
We've been on the commentary that we've been making premium lights... I'm just wondering, when is that expected to slow through in our margin for lighting?
Atul Lall, Managing Director and Vice Chairman
A lot of operational corrections and also expansion of product mix has already happened... Is it going to be hugely margin accretive? No, it's going to be accretion on a positive side.
Partial answer
High priority
Backward integration display module plant timeline and revenue expectations.
Asked by Bhoomika Nair, DAM Capital Advisors
Provided timeline and capacity but deferred revenue and margin details.
no first-year revenue guidanceno margin specifics
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Question
In terms of our backward integration on our display modules, we were looking to commission the plant by the year-end of 25 million capacity. Is that on track, and how do you expect for the first year of operation... what kind of revenues and margins?
Atul Lall, Managing Director and Vice Chairman
Sometime in end of this fiscal or Q1 of the next fiscal, we should start rolling out the production. In phase one, it's going to be 2 million units a month... first year revenue is slightly difficult to state... from year two, it's going to be good, extremely good margin accredited product.
Answered
High priority
TV revenue decline and refrigerator margin expectations.
Asked by Aditya Bhartia, Investec
Explained TV decline and gave refrigerator margin guidance.
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Question
If we exclude the refrigerator revenues, it appears that TV revenues are falling by 18%-19% this quarter... what would that be on account of? And also a related question on margins in the refrigerator business.
Atul Lall, Managing Director and Vice Chairman
On the LED TV side, the market has been extremely slow. There is a decline in volume by almost 17%... As far as the refrigerator is concerned, it's only the ramp-up phase... operating margins are going to be in the range of around 8%-9%.
Answered
High priority
Mobile phone volume growth outlook and saturation risk.
Asked by Indrajit Agarwal, CLSA
Provided specific volume target and growth drivers.
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Question
You'll be doing somewhere close to 25 million-30 million handsets this year... Post that, where do you see this number evolving? And what are the growth opportunities we have? Do you see this business saturating for us?
Atul Lall, Managing Director and Vice Chairman
We should be, in the next couple of years, reaching around 45 million-50 million units... growth engine is going to come through participation in the component ecosystem and IT products.
Partial answer
High priority
Full-year revenue and EBITDA guidance for FY25.
Asked by Aniruddha Joshi, ICICI Securities
Declined revenue guidance but provided EBITDA margin range.
no revenue guidancegave only margin range
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Question
Will you indicate any guidance for FY 2025 in revenue as well as EBITDA?
Atul Lall, Managing Director and Vice Chairman
We have not been given guidance now for almost two years... we are resisting from giving any guidance... margin-wise... somewhere around 4% level. It's in the similar range. So 3.9%-4% kind of level.
Partial answer
High priority
Ismartu FY24 profit and FY25/FY26 growth expectations.
Asked by Arpit Shah, Stallion Asset
Provided historical numbers and current run-rate but no forward growth guidance.
no FY25/FY26 growth guidanceonly gave run-rate volumes
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Question
I just wanted to know what was the consolidated profit number for Ismartu in FY 2024? And what kind of growth are you all expecting from Ismartu in FY 2025 and FY 2026?
Atul Lall, Managing Director and Vice Chairman
Ismartu did almost INR 8,200 crore of revenues and INR 320 crore-INR 325 crore of EBITDA... PBT of INR 280-odd crore... They typically sell... around 1.2 million feature phones a month and 0.7 million-0.8 million kind of a 0.7 million kind of a smartphones per month.
Answered
High priority
Asset turns and EBITDA margins for mobile component business.
Asked by Girish Achhipalia, Morgan Stanley
Provided specific margin and asset turn ranges for components.
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Question
What could be the typical asset turns that you could have in that part... what is the range of EBITDA margins also here that is possible?
Saurabh Gupta, CFO
In display module... EBITDA margins are significantly higher, and they are in double digits, mid double digits... asset turns are higher. On the mechanical component side... asset turnovers are going to be somewhere in the range of 1:3 or 1:4. EBITDA margins are going to be closer to almost double digits.
Answered
Medium priority
Volumes for washing machine, lighting, and television this quarter.
Asked by Abhishek Ghosh, DSP Mutual Funds
Provided specific volume numbers for each category.
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Question
If you can help us with the volumes for washing machine, lighting, and the television part of it for the quarter?
Atul Lall, Managing Director and Vice Chairman
LG TV, we sold around INR 5.9 lakhs. Washing machine and semi-automatic was around INR 4.3 lakhs. Fully automatic was INR 0.5 lakhs. On the lighting side, we sold almost INR 3 crore LED bulbs and INR 60 lakhs battens and INR 29 lakhs downlighters.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Home appliances margin 10.6% this quarter vs 11% last year | 10.6% | 3.9% | Overstated vs filing |
| Refrigerator operating margins expected 8%-9% | 8.5% | 3.9% | Overstated vs filing |
| Ismartu FY24 revenue INR 8,200 crore, EBITDA INR 320-325 crore | ₹8,200 cr | ₹6,588 cr | Overstated vs filing |
| Ismartu FY24 PBT INR 280 crore, PAT INR 240 crore | ₹240 cr | ₹140 cr | Overstated vs filing |
| Inverter control board revenue INR 140 crore this quarter | ₹140 cr | ₹6,588 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.