Dixon Technologies vs Netweb Technologies India Q4 FY26

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.

Guidance read

FY27 revenue target of ~₹56,000 crore (ex-Vivo): Management targets ~₹56,000 crore revenue for FY27, implying 15-17% growth, assuming flat mobile volumes and excluding Vivo JV. IT hardware revenue >₹4,000 crore in FY27: IT hardware segment expected to grow 3x to over ₹4,000 crore in FY27, driven by strong order books and new customer wins. Telecom revenue target of ₹7,500-8,000 crore in FY27: Telecom and networking segment targets ₹7,500-8,000 crore revenue in FY27, up from ₹5,000 crore in FY26. Lighting revenue to double to ~₹1,700 crore in FY27: Lighting segment expects 2x revenue growth to ~₹1,700 crore in FY27, driven by JV with Signify and export orders.

Risk read

Key risks include Vivo JV approval delay — The Vivo joint venture approval is pending with the government, which could delay a significant volume and revenue opportunity.; PLI expiry margin pressure — The expiry of PLI schemes for mobile phones will pressure margins by 50-70 bps, partially offset by operational efficiency and backward integration.; Memory price inflation impacting demand — Rising memory chip prices have increased smartphone ASPs, leading to softer consumer demand and flat volumes in the mobile segment.; PLI receivable uncertainty — ₹1,380 crore of PLI receivables are pending from the government, with a note in accounts highlighting potential risk if budget allocations are insufficient..

Promise ledger

Scorecard data is being built as historical quarters are processed.

Netweb Technologies delivered a stellar Q4 FY26 with revenue of ₹7,737 crore, up 86.6% YoY, driven by a 459.6% surge in AI systems which now constitute 43.4% of revenue. PAT grew 65.7% YoY to ₹76 crore, with margins stable at ~9%. The company enters FY27 with a robust order book of ₹2,400 crore (including L1), exceeding last year's total revenue. Management guided for 35-40% revenue growth and 13-14% EBITDA margins over the next couple of years, excluding strategic orders. Key risks include potential supply chain constraints for AI components and execution delays in large strategic orders.

Guidance read

Revenue growth 35-40% for next couple of years: Management guided for 35-40% revenue CAGR over the next 2 years, excluding strategic orders. EBITDA margin 13-14% for next couple of years: Operating EBITDA margin guided in the range of 13-14% for the next couple of years. No significant capex in FY27: Management indicated no major capex planned for FY27, only routine maintenance capex. Strategic order execution over next 3 quarters: The remaining strategic order book (₹1,600 Cr) is expected to be executed over the next three quarters.

Risk read

Key risks include Component supply chain pressure — Surging global AI demand is putting pressure on component prices and supply chains, which could impact margins if not passed through.; Execution delay in strategic orders — Analyst noted that no large order wins or L1 announcements were made in recent quarters, raising concerns about pipeline conversion.; Margin compression from product mix shift — Despite higher base business share, gross margins did not improve sequentially, indicating potential margin pressure from AI segment mix..

Promise ledger

Scorecard data is being built as historical quarters are processed.