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
✓ 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.
83%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Mobile volume ramp-up, IT hardware growth, Vivo JV outlook
Asked by Pankashar, Ikida yat manager
Management gave directional volume but no firm numbers; Vivo JV status remains pending government approval.
no specific volume guidanceVivo timeline uncertaindeferred to government approval
Read the exchange
Question
On the mobile side, can you give us some color on how we are looking at the ramp up on volumes in FY27 and what are the other areas of growth this year we are targeting in terms of IT hardware? ... also the Vivo JV?
Management (likely Atul Lall, but not explicitly named)
We have closed at almost 32 million. In the current fiscal we feel that the overall volumes without Vivo is going to be almost similar. ... As far as D2O is concerned, we're deeply engaged with the government. ... if it comes, on an annualized basis 6-7% of what we were selling ... 20-22 million units can be added.
Answered
High priority
Impact of PLI scheme ending on mobile profitability
Asked by Adita Bhya, Investor
Management acknowledged margin pressure and explained compensation levers without evasion.
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Question
On the PLI scheme coming to an end on the mobile phone side, how the conversations with customers? Is it only the element that we were retaining which we'll start losing out in terms of profitability?
Management
Obviously there is a margin pressure because the PLI going away. A part of it is getting compensated through enhanced operational efficiency and the balance part of it is going to start kicking in with backward integration piece of camera modules and display.
Partial answer
High priority
Industrial EMS roadmap and opportunity size
Asked by Adita Bhya, Investor
Management gave size indication but no committed numbers or timeline for the current year.
no specific timelineno budgeted numbers for FY27
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Question
If you could give us some more details about what are the kind of opportunities within aerospace, defense, automotive... how large could these be?
Management
We have already taken a very senior resource at the level of president... five microverticals have been identified... the combined opportunities which come in are going to be at least scalable to the size of 3 to 4,000 crores with significantly higher operating margins.
Answered
Medium priority
Export roadmap for mobile phones beyond feature phones
Asked by Adita Bhya, Investor
Management clearly confirmed smartphone exports and named specific customers.
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Question
With iMesmart we are starting with feature phones, but is there a roadmap of moving that relationship to smartphone exports? Besides Motorola and iMesmart, which potential customers may get added?
Management
Starting with feature phones with iMesmart, the smartphone exports is also going to be initiated. The Motorola relationship for exports is going to get a flip after PLI2. At present these are the two relationships which are going to mature into exports.
Answered
Medium priority
Clarification on 12-15% growth: volume or value?
Asked by Sadha, Namura
Management directly clarified it is volume growth, with pricing growth additional.
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Question
When you said that the revenue for the current quarter you expect a 12 to 15% growth. Is it volume or are we talking about the value here?
Management
It's the volume growth you're talking about. Volume growth. And that both the pricing growth will also happen and the volume growth will also happen.
Answered
Medium priority
Export volume for FY26 and whether flat volume includes exports
Asked by Sadha, Namura
Management provided export revenue and confirmed exports are incremental to flat domestic volume.
Read the exchange
Question
How much was the exports in FY26? And when you say flat volume growth, that does not include exports right?
Management
In the last fiscal the export was approximately 5,375 crores. ... The export of 4 to 5 million will be over and on top of the number which we are planning for in the next year.
Partial answer
High priority
Smartphone volume growth potential post-Vivo and market share limits
Asked by Unnamed (from CLSA), CLSA
Management gave qualitative growth drivers but no concrete numbers for post-Vivo growth.
no specific volume targetsacknowledged slower growth but no quantification
Read the exchange
Question
Post Vivo you would have something around 55-57 million smartphones. That would imply more than 50% market share of the outsourced market in India. How do we see the smartphone volumes grow post that?
Management
There is a significant potential for exports. ... we need to work upon getting a larger share of market of existing brands. ... bringing in one more acquisition of a large customer. The kind of ramp-up growth that Dixon has had is not going to be the same level but growth will be there.
Answered
Medium priority
Confidence in flat volumes despite demand impact from memory price rise
Asked by Kandam, ICIC Prudential Life Insurance
Management explained confidence stems from wallet share gains and project wins.
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Question
In that backdrop, what is giving us confidence of flat volumes? Are we getting higher wallet share?
Management
In our case what we are pursuing is a larger share of the customer's wallet, how many new project wins we are having, and with those project wins we are fairly confident that they'll sustain the volumes.
Answered
High priority
Over-dependence on mobile and strategic diversification
Asked by Bharata, BCS Capital Ideas
Management candidly admitted over-dependence and acknowledged missed opportunity in industrial EMS.
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Question
Do you think that strategically we have allowed ourselves to depend way too much on mobile phone? ... Have we strategically kind of taken eyes off the ball?
Management
In EMS services sector the biggest opportunity pool was and is mobile. ... I humbly admit where possibly we have missed out is on the high margin category of industrial EMS. So yes possibly I should have tried it two years back.
Partial answer
High priority
Revenue and margin guidance for current year
Asked by Bharata, BCS Capital Ideas
Management gave revenue target but margin commentary was directional without precise numbers.
no formal guidancemargin direction given but not specific
Read the exchange
Question
What kind of turnover one should believe would be there for the current year? And with what kind of margin?
Management
Next year we're targeting almost 56,000 crores without the Vivo numbers and mobile volume being flat. ... The margin profile will be slightly under pressure this year because PLI has gone off. ... overall profit will rise compared to last year.
Answered
Medium priority
Clarification on 32 million volume: includes exports?
Asked by Achar, Noama Institution
Management clearly clarified that the 32-33 million is domestic only, exports are separate.
Read the exchange
Question
The 32 million included the exports of 5 and a half million right?
Management
No, no, no, no. This is not including exports. ... For FY26, 33 million smartphones and that includes exports? No, that is largely domestic.
Answered
High priority
PLI income gross and net for FY26, receivable outstanding
Asked by Achar, Noama Institution
Management provided specific numbers for gross PLI, pass-through, and receivables.
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Question
What is the PLI income we on a gross and net basis for FY26? And how much did we receive and how much is outstanding as of 31st March 2026?
Management
The total PLI income which has been booked across the four PLI schemes is around 360 odd crores. ... the overall receivable balance will be closer to 1380. ... 360 gross, 960 is the pass on, the difference is the net.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| IT hardware revenue target more than 4,000 crores in FY27 | ₹4,000 cr | ₹10,511 cr | Understated vs filing |
| Camera module revenue target 2,500 crores in FY27 | ₹2,500 cr | ₹10,511 cr | Understated vs filing |
| Telecom revenue grew from 3,600 cr to 5,000 cr in FY26 | ₹5,000 cr | ₹10,511 cr | Understated vs filing |
| Telecom revenue target 7,500-8,000 crores in FY27 | ₹8,000 cr | ₹10,511 cr | Understated vs filing |
| Lighting revenue target 1,700 crores in FY27 | ₹1,700 cr | ₹10,511 cr | Understated vs filing |
| Export revenue approximately 5,375 crores in FY26 | ₹5,375 cr | ₹10,511 cr | Understated vs filing |
| FY26 revenue closed at 48,800 crores | ₹48,800 cr | ₹10,511 cr | Overstated vs filing |
| FY27 revenue target 56,000 crores without Vivo | ₹56,000 cr | ₹10,511 cr | Overstated vs filing |
| Display business revenue potential 5,500-6,000 crores at 80-90% utilization | ₹6,000 cr | ₹10,511 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.