Dixon Technologies (India) Limited Earnings Summary — Q4 FY2026

• Revenue growth for the latest quarter was a modest 2.1% YoY, a significant deceleration from earlier fiscal hyper-growth periods.
• Net Profit surged 207% YoY to ₹298 Cr, though it declined sequentially from the December 2025 quarter.
• The company maintains a dominant market share in key segments including 35% in semi-automatic washing machines and 37% in outsourced TV manufacturing.
• Operational efficiency remains world-class with a Return on Equity (ROE) of 37% and ROCE exceeding 40%.
• Mobile & EMS division continues to be the primary engine of growth, contributing approximately 90% of total revenue.
• Other income of ₹90 Cr provided a significant boost to the quarterly bottom line, though lower than the abnormal spike in Sep 2025.
• Operating margins remain capped at 4%, reflecting the competitive, high-volume nature of the contract manufacturing industry.

Management is focusing on moving up the value chain from pure contract assembly to design-led ODM work to increase client stickiness and improve margins.

Stable

While annual growth remains exceptional, quarterly revenue has stabilized around the ₹10,500 Cr mark, suggesting a digestions phase after massive PLI-driven gains.

The company is well-positioned to benefit from continued PLI schemes in IT hardware and wearables, with an emphasis on high-growth verticals to diversify from consumer electronics.