Dixon Technologies (India) Limited — Q1 FY26
Dixon Technologies delivered a stellar Q1FY26 with consolidated revenue surging 95% YoY to INR 12,838 crore, driven by a 125% YoY jump in mobile phone revenue to INR 11,663 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.
92%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Ramp-up, volumes, customers for camera module JV with QTech.
Asked by Siddharth Khandelwal, Norma Capital
Management provided specific customer names and market context.
Read the exchange
Question
Sir, first question is all about camera module JV. Can you share some more thoughts about how should we think about the ramp-up here in terms of volume markets that we have? Who are the key customers?
Atul Lall, Vice Chairman and Managing Director
QTech is one of the five largest camera module manufacturers globally. They have a running factory in India. Already in India, they're supplying to all the major Android brands. That is Vivo, Oppo, Xiaomi, Motorola.
Partial answer
High priority
Investment amounts for QTech and Chongqing JVs.
Asked by Siddharth Khandelwal, Norma Capital
Provided QTech investment details but said Chongqing JV numbers are still being worked out.
Chongqing JV numbers not yet finalized
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Question
How do you see the investments here on, both the initial investment of the 51% stake and subsequent investments going ahead? Similar for the Chongqing JV, any numbers there?
Atul Lall, Vice Chairman and Managing Director
There is some investment going into the purchase of shares from present owners. This is almost around INR 400 crore. Balance INR 150 crore is going to go for the CapEx use into the company.
Answered
High priority
Total CapEx and investment spend for the year.
Asked by Siddharth Khandelwal, Norma Capital
Provided specific CapEx numbers for Q1 and full year guidance.
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Question
So given these investments now for the year, how do you see the total CapEx and investment spend for the company?
Atul Lall, Vice Chairman and Managing Director
In first quarter, we made a CapEx of around INR 287 crore. I feel another INR 800 crore-INR 900 crore is going to go into this. By end of this year, we should be closing at a number of closer to anywhere between INR 1,150 crore-INR 1,200 crore.
Answered
High priority
Outlook for consumer electronics segment after sharp fall.
Asked by Siddharth Khandelwal, Norma Capital
Acknowledged the miss and provided Q2 revenue guidance.
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Question
Lastly, on the consumer electronics, we have seen a very sharp fall in the volumes or the revenues consistently. What is the outlook there? When do things start turning around?
Atul Lall, Vice Chairman and Managing Director
Undoubtedly, in the first quarter, we've had a significant miss on the television business, although the refrigerator business has been exceedingly well. In Q2, the order book looks good. We should be back to almost INR 800,000 crore in Q2 of this business.
Answered
Medium priority
Plans for security surveillance business and government targets.
Asked by Darshil Pandya, Finterest Capital
Clarified that Dixon is no longer running the CCTV business, only a minority investor.
Read the exchange
Question
I just wanted to understand the security surveillance system business, and how are we planning to cope with the government's new targets of just installing in the trains and now the CVSE boards?
Atul Lall, Vice Chairman and Managing Director
We only have a minority stake of 6.5% in Adalta Input AI. Please appreciate our CCTV business has been merged into Adalta Input AI, in which we have a 6.5% stake. That is our limited interest in that business.
Answered
High priority
Rationale for Longcheer JV and status of government approvals for JVs.
Asked by Aditya Bhartia, Investec
Provided rationale and status of PM3 approval for multiple JVs.
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Question
My first question is on the Longcheer JV. Earlier, we were having just a contract with Longcheer. Now we are going the JV route. Just wanted to understand the rationale for that and how volumes are likely to be shaping up versus what our initial expectations were.
Atul Lall, Vice Chairman and Managing Director
In Longcheer, it's one of the largest ODMs globally in the space of mobile and certain other IoT products. We are having a 74:26 JV. Our information is that we'll be getting the PM3 approved very shortly.
Answered
High priority
Valuation basis for QTech acquisition.
Asked by Madhav Marda, Fidelity
Provided EBITDA margin, PAT, and valuation multiples.
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Question
Just wanted to understand how the valuation was arrived at for the QTech acquisition. So if the revenue is about INR 2,000 crore, I'm assuming 5%-6% EBITDA margin. And if it's growing to like INR 5,000 crore in four years' time, just if you could help us understand how the valuation was arrived at at about INR 1,000 crore for this entity.
Saurabh Gupta, CFO
The revenues are INR 2,000 crore. They have an EBITDA margin of broadly 7%-7.5%. So broadly at INR 150 crore of EBITDA and INR 70-75-72 crore kind of a PAT. That's 15x of PAT, or in terms of EV/EBITDA, it will be closer to 9x-10x.
Answered
Medium priority
Plans to enter bare PCB manufacturing.
Asked by Piyush Khandelwal, Motilal Oswal
Clearly stated no current plans and explained reasoning.
Read the exchange
Question
I just wanted to ask, do we have any plans to get into the bare PCB manufacturing as well? Because that might help us in getting more of macro integration as well.
Atul Lall, Vice Chairman and Managing Director
As of now, we are not pursuing it. We were working on these strategic acquisitions because, to be candid, we were working on a very tight timeline so that we can file the applications for PCMS and leverage the government policy framework.
Answered
High priority
Drivers of cell phone volume growth and FY26 guidance.
Asked by Ankur, HDFC Life
Provided Q1 volumes, Q2 guidance, and reaffirmed annual target.
Read the exchange
Question
If you could just help us, what's driving that growth? Is it also scaling up of exports for one of your anchor clients in the U.S.? Is it more domestic volume, new customers? If I remember right, you said about 42 million-43 million annual numbers for the cell phone business. Are we broadly sticking to that?
Atul Lall, Vice Chairman and Managing Director
Our order book, until it's looking good for the smartphone. We did around 9.5 odd million and 6 odd million in Q1. The order book is, I think we should be somewhere at around 11 million-12 million in Q2. We are confident that our final numbers of 42 million-43 million, we're going to hit.
Partial answer
Medium priority
Revenue expectation for camera module business given volume guidance.
Asked by Bhoomika Nair, Philip Capital
Clarified addressable market vs budget but did not give exact revenue-volume linkage.
did not reconcile volume and revenue numbers directly
Read the exchange
Question
Currently QTech is doing INR 2,000 crore revenue for INR 45 crore camera modules. Correct me if I heard it right, but I heard you said INR 20 crore camera modules expected. If I just multiply it proportionately, revenue should be INR 8,000 crore, right? Or is it INR 5,000 crore?
Atul Lall, Vice Chairman and Managing Director
You see, what I was talking about, everything was in the addressable market. The revenue that we have taken in our budget is a certain percentage of the addressable market.
Answered
Medium priority
Management bandwidth to handle multiple new projects.
Asked by Naushad Chaudhary, Aditya Birla Mutual Fund
Listed specific senior hires and acknowledged ongoing efforts.
Read the exchange
Question
Just wanted to understand from a management bandwidth point of view, if you can help us understand how are we positioned, what are the key headings you have done in the last one year, and what are the gaps?
Atul Lall, Vice Chairman and Managing Director
Undoubtedly, we are on a significantly aggressive growth path. Talent acquisition is an ongoing process. We have recently hired a Vice President of Strategy and Digital Transformation, a Vice President for our component business, an expat from Taiwan to head display manufacturing, etc.
Answered
High priority
Margin trend for mobile segment with backward integration and PLI ending.
Asked by Abhishek Ghosh, DSP Mutual Fund
Provided specific margin expansion guidance in basis points.
Read the exchange
Question
With the backward integration you are doing with the JV partnership and other things there, you're moving from a 15%-17% of bill of material to almost something like in excess of 35%-40%. PLI going away in some way, how should one broadly look at the margin trend as far as the mobile is concerned?
Saurabh Gupta, CFO
In 2026-2027, we think we can expand the margin. Even after taking into account the PLI margin going away, we can expand the margin to almost 120-130 basis points in 2026-2027. This should even be higher in 2027-2028 once it is completely ramped up.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| QTech revenue INR 1,977 crore last year | ₹1,977 cr | ₹12,838 cr | Understated vs filing |
| QTech PAT INR 70-75 crore | ₹72 cr | ₹280 cr | Understated vs filing |
| QTech revenue target INR 5,000 crore in 4-5 years | ₹5,000 cr | ₹12,838 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.