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PLI expiry may pressure margins in early FY27
View Risks →Dixon Technologies (India) Limited — Q2 FY26
Dixon Technologies reported a solid Q2 FY26 with consolidated revenue of ₹14,858 crore (+29% YoY) and EBITDA of ₹564 crore (+34% YoY), though growth was tempered by a GST rate cut disruption in mid-August that deferred consumer purchases.
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Dixon Technologies reported a solid Q2 FY26 with consolidated revenue of ₹14,858 crore (+29% YoY) and EBITDA of ₹564 crore (+34% YoY), though growth was tempered by a GST rate cut disruption in mid-August that deferred consumer purchases. PAT grew 37% YoY to ₹323 crore. The mobile & EMS segment drove performance with ₹13,361 crore revenue (+41% YoY), while telecom and IT hardware surged 148% and 481% respectively. Management highlighted strong forward momentum: a new ODM smartphone customer expected to add ~0.5M units/month from Q4, a US telecom order for microwave radios (~$150M), and the HTC display JV targeting $800-900M revenue in 2-3 years. Backward integration into display and camera modules should expand margins. Key risk: potential margin pressure in early FY27 if PLI for mobile is not extended before display/camera benefits fully kick in.
डिक्सन टेक्नोलॉजीज ने दूसरी तिमाही में 14,858 करोड़ रुपये का कारोबार किया, जो पिछले साल से 29% ज्यादा है। मुनाफा 323 करोड़ रुपये रहा, जो 37% बढ़ा। मोबाइल और इलेक्ट्रॉनिक्स सेक्टर ने सबसे ज्यादा कमाई की। कंपनी को आगे अच्छी उम्मीदें हैं - एक नया ग्राहक हर महीने 5 लाख फोन बनवाएगा, अमेरिका से 150 करोड़ डॉलर का ऑर्डर मिला है, और डिस्प्ले बनाने का नया कारोबार 2-3 साल में 800-900 करोड़ डॉलर पहुंच सकता है। लेकिन सरकारी मदद (PLI) नहीं मिली तो अगले साल मुनाफा कम हो सकता है।
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Read Transcript →Quarter Snapshot
Mobile phone volumes (FY26E)
40-42M units
+~10% YoY
FY26 mobile volumes expected at 40-42 million units, similar to prior year, with next year target of 55-60 million.
Telecom revenue (FY26E)
~₹4,800 crore
+~148% YoY
Telecom segment revenue expected to reach ~₹4,800 crore this fiscal, driven by CPE products and new radio orders.
IT hardware revenue (FY26E)
₹1,200-1,300 crore
+~481% YoY
IT hardware revenue target for FY26 is ₹1,200-1,300 crore, up from ₹331 crore in H1, driven by HP and Lenovo production.
Camera module capacity (3-year target)
190-200M units/annum
+~400%
Camera module capacity to expand from 40M to 190-200M units per annum over 2-3 years, targeting ₹6,000-7,000 crore revenue.
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Guidance and risk preview
Management expects mobile phone volumes to reach 55-60 million units in FY27, up from 40-42 million in FY26, driven by new ODM customer and Longche...
If the mobile PLI scheme is not extended beyond March 2026, there could be margin pressure for a couple of quarters before display and camera modul...
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