Dixon Technologies (India) Limited Earnings Summary — Q4 FY2026
Dixon Technologies Posts Robust FY2026 Finish Amid Revenue Normalization and High Return Ratios
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 47.9% sequentially in Q1 FY2027.
- Revenue of ₹15,548 Cr is 21.1% higher year-on-year.
- Revenue has compounded at 70.9% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹663 Cr is 194.9% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 137.0% annualised across the period.
- Operating margin stands at 3.0% in Q1 FY2027.
- Operating margin compressed by 78 bps year-on-year.
- Over the last two years operating margin has contracted by 79 bps.
- PBT margin is 5.6%.
- Expenses grew 22.1% against revenue growth of 21.1%.
- Operating profit of ₹463 Cr is 4.0% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 66/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 15,548 | 10,511 | 10,672 | 14,855 | 12,836 | 10,293 | 10,454 | 11,534 | 6,580 | 4,658 |
| Expenses | Improving | 15,085 | 10,102 | 10,257 | 14,294 | 12,353 | 9,850 | 10,063 | 11,108 | 6,332 | 4,476 |
| Operating Profit | Improving | 463 | 408 | 414 | 561 | 482 | 443 | 391 | 426 | 248 | 182 |
| Operating Margin | Stable | 3.0% | 3.9% | 3.9% | 3.8% | 3.8% | 4.3% | 3.7% | 3.7% | 3.8% | 3.9% |
| Other Income | Improving | 537 | 90 | 139 | 497 | 8 | 265 | 10 | 206 | 16 | 19 |
| Interest | Improving | 24 | 24 | 43 | 38 | 33 | 46 | 41 | 38 | 29 | 21 |
| Depreciation | Improving | 107 | 105 | 99 | 96 | 93 | 86 | 75 | 66 | 55 | 51 |
| Profit Before Tax | Improving | 869 | 370 | 412 | 924 | 366 | 576 | 285 | 529 | 180 | 130 |
| Tax | Improving | 151 | 72 | 91 | 178 | 86 | 111 | 69 | 117 | 40 | 32 |
| Net Profit | Improving | 663 | 256 | 287 | 670 | 225 | 401 | 171 | 390 | 134 | 95 |
| Net Margin | Volatile | 4.3% | 2.4% | 2.7% | 4.5% | 1.8% | 3.9% | 1.6% | 3.4% | 2.0% | 2.0% |
Key Takeaways
- 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 Guidance
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.
Sentiment Shift
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.
Outlook
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.
From the Annual Report (Key Quotes)
“Transformative growth trajectory fueled by domestic manufacturing tailwinds.”
“Strategic movement up the value chain from pure assembly to design-led ODM work.”
“Management team capable of handling complex logistics and rapid scaling.”
Official Quarterly Documents
This summary is AI-generated from Dixon Technologies (India) Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.