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View Claim Ledger →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.
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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.
Promises0 met · 3 missedRisks4 trackedTranscriptfull text
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0 delivered, 0 close, 3 missed.
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Risk Intelligence
Vivo JV approval delay
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Transcript
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Read Transcript →Quarter Snapshot
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.
What Changed vs Last Quarter
UPDATED
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.
UPDATED
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.
UPDATED
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.
UPDATED
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.
DROPPED
Mobile business margin 2.8-3.2%
Management expects mobile phone business margins to remain in the 2.8-3.2% range over the next 12 months, including PLI benefits.
DROPPED
Display JV mass production by Q2 FY27
HKC JV display module production to start trials in Q1 FY27 and mass production by Q2 FY27, with initial capacity of 24M units for smartphones.
DROPPED
Longcheer JV operational by Q2 FY27
Longcheer JV facility of 400,000 sq ft to be operational by Q2 FY27, with initial capacity of 18M units, expanding to IoT and smart glasses.
NEW RISK
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.
RISK GONE
Customer diversification risk
One anchor customer has started allocating volume to another EMS provider, though Dixon's absolute volumes from that customer still grew YoY.
Fast read
Guidance and risk preview
Management targets ~₹56,000 crore revenue for FY27, implying 15-17% growth, assuming flat mobile volumes and excluding Vivo JV.
The Vivo joint venture approval is pending with the government, which could delay a significant volume and revenue opportunity.
View Risks →