External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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.

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

Dixon Technologies India Ltd / Equity Bottom-Up

<ul><li>Dixon’s Q3 revenue grew 117% YoY to Rs104.5bn (down 9% QoQ, on seasonality), with margin stable QoQ at 3.7%; growth continued to be led by the Mobile &amp; EMS segment (84% of 9M sales), with segment margin up by ~20bps QoQ.</li><li>Backed by its strong order book, Dixon expects near-double smartphone volume at ~60mn units in FY27E vs ~30mn in FY25E which would thus address ~60-65% of the outsourced opportunity; ramp up from IT Hardware (targets ~Rs25-30bn sales next year vs near-zero now, despite 1Y imports extension) and Telecom products (~4x growth this year to Rs30bn, ~2x in FY26E) is also on track.</li><li>In addition to its display modules foray and attempts underway to foray into precision parts, camera modules and battery packs, Dixon is now evaluating display fabs (semiconductor parts) which, despite heavy capex, feature strong double-digit margin with return ratios at par with current level (after the expected capital subsidies, per the ISM 1.0 policy).</li></ul><p><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></p>

Dixon’s Q3 revenue grew 117% YoY to Rs104.5bn (down 9% QoQ, on seasonality), with margin stable QoQ at 3.7%; growth continued to be led by the Mobile &amp; EMS segment (84% of 9M sales), with segment margin up by ~20bps QoQ.Backed by its strong order book, Dixon expects near-double smartphone volume at ~60mn units in FY27E vs ~30mn in FY25E which would thus address ~60-65% of the outsourced opportunity; ramp up from IT Hardware (targets ~Rs25-30bn sales next year vs near-zero now, despite 1Y imports extension) and Telecom products (~4x growth this year to Rs30bn, ~2x in FY26E) is also on track.In addition to its display modules foray and attempts underway to foray into precision parts, camera modules and battery packs, Dixon is now evaluating display fabs (semiconductor parts) which, despite heavy capex, feature strong double-digit margin with return ratios at par with current level (after the expected capital subsidies, per the ISM 1.0 policy).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 - Growth Acceleration Guidance Stronger than Expected