DIXONTECHNOLOGIES Information Technology 30 Apr 2026

Dixon Technologies Ltd — 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.

neutral medium

Revenue ₹10,520 Cr

EBITDA ₹418 Cr

PAT ₹192 Cr

EBITDA Margin 3.97%

Duration 63 min

Read Time 1 min read

Financial stats pending filing verification

2-Minute Summary

✦ AI-Generated from Full Transcript

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.

Key Numbers

Smartphone volumes (FY26) 33M

Flat YoY

FY26 smartphone volumes were 33 million units, flat YoY due to memory price inflation and demand moderation.

Telecom revenue (FY26) ₹5,000 Cr

+39% YoY

Telecom segment grew from ₹3,600 crore to ₹5,000 crore in FY26, driven by network infrastructure investments.

Camera module capacity expansion 190M units

+138% YoY

Camera module capacity to expand from 70-80 million to 180-190 million annually over 15-18 months.

IT hardware revenue target (FY27) ₹4,000+ Cr

3x YoY

IT hardware revenue expected to exceed ₹4,000 crore in FY27, up from ~₹1,300 crore in FY26.

Management Guidance

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.

Management guidance revenue

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.

Management guidance revenue

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.

Management guidance revenue

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.

Management guidance revenue

Key Risks

Vivo JV approval delay

The Vivo joint venture approval is pending with the government, which could delay a significant volume and revenue opportunity.

high · analyst_question

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.

medium · management_commentary

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.

medium · management_commentary

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.

medium · data_observation

Notable Quotes

We feel that without the Vivo also the company will keep growing at almost 15 to 17%.

Atul Lal · Vice Chairman and Managing Director

I humbly admit where possibly we have missed out is on the high margin category of industrial EMS.

Atul Lal · Vice Chairman and Managing Director

We are deeply engaged with the government. We feel that we're very close to it.

Atul Lal · Vice Chairman and Managing Director

Frequently Asked Questions

What was Dixon Technologies's revenue in Q4 FY26?

Dixon Technologies reported revenue of ₹10,520 Cr in Q4 FY26, representing a — change compared to the same quarter last year.

What guidance did Dixon Technologies management give for FY27?

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.

What are the key risks for Dixon Technologies in FY27?

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..

Did Dixon Technologies meet its previous quarter's guidance?

Scorecard data is being built as historical quarters are processed.

Where can I read the full Dixon Technologies Q4 FY26 concall transcript?

The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.