Dixon Technologies (India) Limited, incorporated in 1993, is a leading Electronic Manufacturing Services (EMS) company based in India. The company provides manufacturing and design-focused solutions in consumer durables, home appliances, lighting, mobile phones, security devices, set top boxes, wearables and medical equipment to customers across the globe, along with repairing and refurbishment services of LED TV panels.
Dixon Technologies operates through multiple divisions including Consumer Electronics, Home Appliances, Lighting Solution, Mobile Phones, Security Surveillance System, Reverse Logistic, Medical Electronics, Set Top Box and IT Hardware. As an Electronic Manufacturing Services (EMS) company, Dixon's product offerings range from home appliances to lighting and from consumer electronics to Closed-Circuit Television Cameras (CCTVs), with an added sprinkling of mobile phones.
The company operates through two primary business models: Original Equipment Manufacturer (OEM) where Dixon executes the manufacturing and the client decides the look and feel of the product, with Dixon sourcing parts, components and materials to assemble the final product based on the client's specifications. The second model is Original Design Manufacturer (ODM) where Dixon handles the entire process from A to Z, giving the company flexibility to design products from scratch and choose raw materials and technical specifications.
Dixon Technologies has achieved a market capitalization of ₹91,938 crore as of recent data, with the stock trading at 30.4 times its book value. The company has demonstrated impressive growth with an approximate compounded sales growth of 43% and profit growth of 42% over the past 5 years.
The Mobile & EMS Division has emerged as the largest contributor, accounting for 84% of revenue in 9M FY25 compared to 43% in FY23. The company has established itself as one of the fastest-growing mobile phone manufacturers in India, also manufacturing IT hardware, telecom products, hearables, and wearables, with clients including Motorola, Xiaomi, and Oppo.
For the first quarter of FY25, Dixon reported remarkable financial results with a net profit of ₹139.7 crore, doubling from ₹67.2 crore in Q1 FY24, while revenue reached ₹6,579.8 crore, a significant increase from ₹3,271 crore in the same quarter last year. The company's EBITDA stood at ₹247.9 crore, up from ₹132 crore in Q1 FY24, with an EBITDA margin of 3.8% for Q1 FY25.
For the second quarter of FY25, Dixon's revenue from operations soared by 133% year-on-year to ₹11,528 crores in Q2 FY25. The company reported an EBITDA of ₹420 crores for the quarter, marking a 110% increase YoY, while Profit Before Tax surged by 255% YoY to ₹529 crores, and net profit witnessed a staggering 265% YoY increase to ₹412 crores.
Key financial highlights include:
- Annual Revenue: ₹38,860 crores
- Annual Profit: ₹1,233 crores
- Q1 FY25 consolidated profit: ₹464.95 crore on total income of ₹10,557.95 crore
- FY24 profit: ₹374.92 crore on total income of ₹17,690.90 crore
Dixon has set ambitious targets, expecting to sell 30 million phones in FY25 and expand to 60 million by 2027. To support this growth, the company aims to increase its capacity to 45 million by 2026, driven by rising orders from both existing and new customers. The company has secured new clients including Vivo, Nothing, Techno, and Intel, and has formed a joint venture with Vivo with plans to ramp up production once required government clearances are obtained.
Dixon's subsidiary, IsmartU, has invested ₹1.3 billion to scale production for brands like Nothing, Techno, and Intel and fulfill 3 million export orders to Africa. This subsidiary holds about 47% market share in the phone market in India and is expected to add ₹70-80 billion to Dixon's total revenue.
Major customers of Dixon Technologies include Panasonic, Philips Lighting, Haier, Gionee, and others. Dixon Technologies' major competitors include Amber Enterprises, Syrma SGS Technology, Havells India, CG Power & Industrial Solutions, Crompton Greaves Consumer, Whirlpool Of India, and V-Guard Industries, with the median market cap of its peers being ₹22,416 crores.
Promoter holding in Dixon Technologies has been at 32.27% as of March 2025, down from 33.24% as of June 2024. The company was founded by Sunil Vachani and Atul Bihari Lall on January 15, 1993, and is headquartered in Noida, India.
Dixon Technologies continues to strengthen its position as a leading player in India's electronic manufacturing sector, benefiting from the government's Make in India initiative and the growing demand for electronic products across various segments. The company's diversified product portfolio, strong customer relationships, and expanding manufacturing capabilities position it well for continued growth in the evolving electronics manufacturing landscape.
