Dixon Technologies (India) Limited — Q3 FY25
Dixon Technologies delivered a stellar Q3 FY25 with consolidated revenue surging 117% YoY to INR 10,461 crore, driven by a 176% YoY jump in mobile revenues to INR 8,089 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.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Smartphone volumes in Q3, split by iSmartu, Samsung, and non-Samsung.
Asked by Surya Bhatia, AM Unicorn Professional Pvt. Ltd.
Provided specific volume numbers for smartphones including iSmartu and Samsung.
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Question
Could you give a highlight? ... For smartphones feature, and if you can segregate between Ismartu, Samsung, and non-Samsung.
Saurabh Gupta, CFO
In Q3, we did a volume of almost 8.3 million. And in the first nine months, we have done a volume of almost 21-odd million, 20.5 million too. And Samsung is over and above this volume.
Evasive
Medium priority
Market size and players in camera modules, and Dixon's plans.
Asked by Surya Bhatia, AM Unicorn Professional Pvt. Ltd.
Acknowledged pursuit but gave no specifics on market size or players.
no market size givenno player namesvague timeline
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Question
So we were highlighting that we are getting into camera modules. So can you share the market size and currently who are the players...
Atul Lall, Managing Director and Vice Chairman
We are pursuing camera modules as a part of a component strategy. We are in discussions with the potential partners... It's still in the works.
Declined
High priority
PLI sharing with Vivo in the tie-up.
Asked by Vikram Srivastava, PhillipCapital
Refused to answer citing confidentiality.
commercially confidential
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Question
So firstly, on the Vivo tie-up with Dixon, so I mean, is there any PLI sharing happening with Dixon, with Vivo for this tie-up?
Atul Lall, Managing Director and Vice Chairman
So that's something commercially confidential. It's not really possible to share those contours at this point.
Partial answer
High priority
Competition post mobile PLI ending in FY26.
Asked by Vikram Srivastava, PhillipCapital
Did not address competition directly; instead highlighted own scale and investments.
no direct answer on competitionfocused on own growth
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Question
So how is Dixon seeing the competition shaping up post the mobile phone PLI ending?
Atul Lall, Managing Director and Vice Chairman
Our business has grown from INR 5 million crores to almost INR 28 million crores... The order book we have is that it should be enhancing to almost INR 40 million crores to 45 million crores...
Answered
High priority
Expected volumes from Oppo under long-term deal.
Asked by Vikram Srivastava, PhillipCapital
Provided a specific revenue range for Oppo volumes next fiscal.
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Question
So I mean, what kind of volumes do you expect to get? I mean, any targets you have to get from Oppo...
Saurabh Gupta, CFO
So we feel that in the next fiscal, we should be somewhere around INR 7 million crores to INR 8 million crores, something like that.
Answered
High priority
Opportunity size and rationale for KHY acquisition.
Asked by Aditya Bhartiya, Investec
Provided specific export volume and revenue targets.
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Question
In respect of that acquisition, you spoke about some export order. Could you just kind of explain how large is the opportunity?
Atul Lall, Managing Director and Vice Chairman
We are targeting to export almost 3 million phones. It is going to generate a revenue for us of almost INR 1,500 crores to INR 1,800 crores.
Partial answer
High priority
CapEx and customer offtake for display fab.
Asked by Aditya Bhartiya, Investec
Gave CapEx number but no customer offtake details; called it premature.
premature to shareno customer details
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Question
What kind of CapEx may be required for this facility, and do we get any kind of soft indications from customers...
Atul Lall, Managing Director and Vice Chairman
The CapEx is to the tune of around $3 million. ... It's slightly premature. I don't want to share more details as of now.
Evasive
High priority
Risk of brands diversifying away from Dixon to other vendors.
Asked by Madhav Marda, Fidelity
Did not address the risk of diversification; gave a generic statement about efficiency.
no direct answergeneric response
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Question
Wouldn't brands at some point think that they need to diversify their risk? ... Is that a risk that you think for our volumes two to three years out?
Atul Lall, Managing Director and Vice Chairman
It's for us in Dixon to be most efficient. It's for us to be in Dixon to be absolutely customer-obsessed and create value for him.
Answered
High priority
Smartphone volumes for the quarter and next year outlook including Vivo.
Asked by Siddhartha Bera, Nomura
Provided current and expected full-year volume numbers.
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Question
If you can just highlight how much smartphone volumes we did in the quarter, and as we go in the next few years, how much do you think the volume ramp-up can be?
Saurabh Gupta, CFO
We have done a volume of almost 20.5 million. ... we should be around 30-odd million by the end of this financial year.
Answered
Medium priority
TV volumes and revenue for the quarter.
Asked by Indrajit Agarwal, CLSA
Provided specific volume and revenue numbers for TV segment.
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Question
What kind of volumes or top line we did in this quarter, and was it significantly down? Why broadly?
Saurabh Gupta, CFO
TV volumes are definitely down. So we did a volume of 3.8 lakhs in this quarter. ... the TV revenues for quarter three was around 470-odd crores.
Answered
High priority
PLI incentives booked vs received, and total receivables.
Asked by Pulkit Patni, Goldman Sachs
Provided specific booked amount and receivables figure.
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Question
Since inception, how much is the total incentive that you have booked versus how much is the incentive that you have received thus far?
Saurabh Gupta, CFO
To the extent of almost INR 200-odd crores, yeah, if you include all the four PLIs, excluding IT hardware. ... Receivables number will be almost INR 1,000-odd crores.
Partial answer
High priority
Display fab revenue, margin, and return ratios.
Asked by Bhoomika Nair, DAM Capital
Gave revenue range and said double-digit margins but no precise figures.
no specific margin or ROCE numberspremature
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Question
Can you give some color on what kind of asset turns, margins, and return ratios that business could have, possibly?
Atul Lall, Managing Director and Vice Chairman
It can generate a revenue of almost $1.7 billion to $2 billion. It has a very decent operating margin. ... It will be double-digit margins.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Export target 3 million phones, revenue INR 1,500-1,800 crores | ₹1,500 cr | ₹10,461 cr | Understated vs filing |
| Oppo/Realme revenue next fiscal INR 7-8 million crores | ₹7 cr | ₹10,461 cr | Understated vs filing |
| TV revenues Q3 ~INR 470 crores (ex-refrigerator) | ₹470 cr | ₹10,461 cr | Understated vs filing |
| Refrigerator revenue 9 months ~INR 500 crores, margin 9-9.5% | ₹500 cr | ₹10,461 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.