External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<p>About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.</p><ul><li>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)</li><li>Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM)Strong RoE, RoCE at ~20%, ~24%, respectively (three year’s average)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies: Long Term Growth Outlook Remains Intact

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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Thematic (Sector/Industry)

<ul>
<li>India's original mobile PLI scheme expired March 31, 2026. A successor framework, PLI 2.0, is under active negotiation between MeitY and industry, with focus on export performance and domestic value-addition.</li>
<li>Smartphones are now India's single largest export category. Apple, Foxconn and Tata Electronics have staked billions on India. </li>
<li>Without continued stimulus, a 10-12% structural cost disadvantage versus China threatens to stall the momentum before supply chains deepen.</li>
</ul>


India's original mobile PLI scheme expired March 31, 2026. A successor framework, PLI 2.0, is under active negotiation between MeitY and industry, with focus on export performance and domestic value-addition.
Smartphones are now India's single largest export category. Apple, Foxconn and Tata Electronics have staked billions on India. 
Without continued stimulus, a 10-12% structural cost disadvantage versus China threatens to stall the momentum before supply chains deepen.


India's PLI 2.0: From Assembler to Ambition

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<p>Dixon is a leading player in the Indian electronics manufacturing services industry.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dixon is a leading player in the Indian electronics manufacturing services industry.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pick of the Week - Dixon Technologies (India) Limited

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.</p><p>Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

In Q1FY22, Dixon reported a Consolidated Revenues of Rs 1,867 Cr up 261% YoY/ down 11% QoQ, as the second wave of Covid-19 impacted growth in April and May’21 while the recovery was seen in Jun’21. While the Gross Margins were adversely impacted by 460 bps, the EBITDA margins, too, declined to 2.6% (Vs 3.3% in Q1FY21) due to change in product mix (higher share of LED TV’s having lower margins), negative operating leverage, and a sharp increase in RM costs. The PAT stood at Rs 18 Cr as against Rs 2 Cr in Q1FY21.Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies: Resilient Performance Amidst Challenging Times

<p>Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively (three year's average)...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively (three year's average)...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dixon Technologies:  Broadening Revenue Streams

India

Dixon Technologies (India) Ltd. is a major Indian electronics manufacturing services (EMS) provider. It specializes in manufacturing consumer electronics, home appliances, lighting products, and mobile phones, operating as both an Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM). The company is headquartered in Noida, Uttar Pradesh, India, and was founded in 1993.

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Dixon Technologies (DIXON IN)

Dixon Technologies: Long Term Growth Outlook Remains Intact

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.

ICICI Securities Limited

India's PLI 2.0: From Assembler to Ambition

India's new mobile PLI scheme, PLI 2.0, aims to boost exports and domestic value-addition in the smartphone industry, crucial for competing with...

Nimish Maheshwari

Pick of the Week - Dixon Technologies (India) Limited

Dixon is a leading player in the Indian electronics manufacturing services industry.

Edelweiss

Dixon Technologies: Resilient Performance Amidst Challenging Times

Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock. In Q1FY22, Dixon reported a...

Axis Direct

Dixon Technologies: Broadening Revenue Streams

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively...

ICICI Securities Limited

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Dixon Technologies: Long Term Growth Outlook Remains Intact

Dixon Technologies is India’s leading electronic manufacturing (EMS) provider and one of the largest beneficiaries of the government’s PLI scheme.

ICICI Securities Limited

India's PLI 2.0: From Assembler to Ambition

​India's new mobile PLI scheme, PLI 2.0, aims to boost exports and domestic value-addition in the smartphone industry, crucial for competing with...

Nimish Maheshwari

Pick of the Week - Dixon Technologies (India) Limited

Dixon is a leading player in the Indian electronics manufacturing services industry.

Edelweiss

Dixon Technologies: Resilient Performance Amidst Challenging Times

Given encouraging long-term potential but limited upside potential from CMP, we recommend a HOLD on the stock. In Q1FY22, Dixon reported a...

Axis Direct

Dixon Technologies: Broadening Revenue Streams

Dixon operates in both original equipment manufacturing (OEM) and original design manufacturing (ODM) Strong RoE, RoCE at ~20%, ~24%, respectively...

ICICI Securities Limited

India's new mobile PLI scheme, PLI 2.0, aims to boost exports and domestic value-addition in the smartphone industry, crucial for competing with...