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EMS / Box Build

Dixon Technologies

DIXONNSELarge Cap
Live₹11,075syncing…

India's largest listed EMS player with mobile, consumer electronics, lighting, and emerging display module exposure.

Market Cap
₹67.3k cr
Price
11075
1Y 38%
Direct exposure
70/100
0–100 directness
Hold / Watchlist
Fundamental
51/ 100
C

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)
80/ 100
A

Trend, momentum, volume and relative strength composite

Valuation
22/ 100

Higher = cheaper vs peers and own history

Final composite
58/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded
✓ Real / verified
  • · Live price, day change, market cap — NSE direct
  • · 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
  • · Sector P/E — NSE direct
  • · Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
  • · Earnings call AI summaries — Trendlyne (where available)
  • · Technical (TQ-100) score — computed from real OHLCV
  • · Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)
⚠ Analyst-set (qualitative)
  • · Segment classification + semicon directness score — analyst seed
  • · Bull/bear case + monitorables (curated thesis) — analyst seed
  • · Governance risk score (seed) — being replaced by AI-agent assessment
  • · Synthesized 5Y forecast removed entirely (was inaccurate)
Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.
Dixon Technologies · DIXON
₹11,075-9.76% over 6M
Price50 DMA200 DMA
RSI (14)
Momentum oscillator · 6M view
Volume (60D)
Fundamental score (SageOne 100)
51/ 100C

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 55
Red flags -4
Growth quality/ 20
0.0
Rev 1Y -15.2% · 3Y CAGR -9.9%
Margin & profitability/ 15
5.0
EBITDA 6.4% · PAT 10.4%
Return on capital/ 20
16.0
ROCE 28% · ROE 24%
Cash flow quality/ 15
7.9
OCF/EBITDA 68% · FCF yield -0.0%
Leverage discipline/ 10
8.7
Net Debt/EBITDA 0.40x
Reinvestment runway/ 8
7.3
ROCE × retention proxy
Accounting quality/ 7
5.9
OCF conversion proxy
Governance/ 5
4.1
Pledge 0.0% · Risk 18/100
Red flags (1)
  • − Declining revenueRev 1Y -15.2%-4
✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).
Technical score (TQ-100)
80/ 100A

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 88
Red flags -8
Trend structure/ 20
16.8
Above 200DMA · -40% from 52W high
Momentum velocity/ 15
15.0
RSI(14) 64 · 1M 5.0%
Volume dynamics/ 15
12.0
Bucket: Large Cap
Relative strength/ 15
13.0
RS vs Nifty 22%
MA cluster/ 10
10.0
200DMA + 1Y trend confirmation
Mean-reversion runway/ 10
7.0
RSI(14) 64; ideal 50-60
Volatility profile/ 8
6.8
Bucket: Large Cap
Pattern integrity/ 7
7.0
Trend continuation proxy
Red flags (1)
  • − Deep drawdown-40% from 52W high-8

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier
Maps to value-chain segments + computes 0-100 directness
Seed: EMS / Box Build · 70/100
Governance assessor
Forensic-accounting flags + 0-100 risk score
Seed: 18/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Best-in-class EMS scale story with maximum policy tailwind, but wafer-thin margins and stretched valuations cap upside.

Bull case
  • +Mobile PLI #1 beneficiary
  • +Display module entry
  • +Largest EMS scale in India
Bear case
  • −Sub-5% EBITDA margin
  • −Highest valuation among peers
  • −Customer concentration in mobile
Key monitorables
Mobile mix shiftDisplay module rampEBITDA margin defense

Semiconductor exposure

How direct, how visible

Primary segment
EMS / Box Build
All segments
EMS / Box Build, PCB / PCBA, Electronics End Markets
Exposure type
Indirect / pull-through
Policy beneficiary
Yes
Import substitution
High
Governance risk score
18/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)
-15.2%
Rev CAGR (3Y)
-9.9%
EBITDA margin
6.4%
PAT margin
10.4%
ROCE
28%
ROE
24%
OCF / EBITDA
68%
Net Debt / EBITDA
0.4x
Promoter holding
32.6%
Promoter pledge
0.0%
Valuation
P/E (TTM)
38.3
Forward P/E
80.0
EV/EBITDA
191.1
EV/Sales
12.3
P/B
22.0
FCF Yield
-0.0%
Dividend Yield
0.10%
Hist. percentile
75%
Peer percentile
90%
Technicals
RSI(14)
64
1M return
5.0%
1Y return
38%
From 52W high
-40%
RS vs Nifty
22%
>200 DMA
Yes
Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real
LineTTMFY25FY24FY23FY22FY21FY20
Revenue₹4.9k cr₹5.5k cr₹6.4k cr₹7.0k cr₹7.5k cr₹5.7k cr₹3.7k cr
↳ YoY growth-10.1%-15.2%-8.1%-6.3%+31.9%+54.2%—
EBITDA₹313 cr₹352 cr₹379 cr₹281 cr₹271 cr₹209 cr₹129 cr
↳ EBITDA margin6.4%6.4%5.9%4.0%3.6%3.7%3.5%
PAT₹960 cr₹566 cr₹186 cr₹211 cr₹151 cr₹152 cr₹111 cr
↳ PAT margin19.5%10.4%2.9%3.0%2.0%2.7%3.0%
OCF₹279 cr₹239 cr₹405 cr₹214 cr₹158 cr₹238 cr₹-12 cr
↳ OCF / EBITDA89.0%67.9%106.7%76.2%58.4%113.8%-9.2%
FCF (= OCF − capex)₹-103 cr₹-27 cr₹122 cr₹-35 cr₹-108 cr₹145 cr₹-66 cr
Total Equity———————
Total Assets₹3.5k cr₹2.8k cr₹2.7k cr₹2.7k cr₹2.4k cr₹1.4k cr₹1.1k cr
↳ ROE———————
↳ ROA27.6%20.0%6.8%7.7%6.2%10.7%10.0%
Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.
Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%
Promoter
28.7%
Mutual Funds
19.3%
FII
18.3%
Public
24.9%
Promoter holding trend
33.4
Mar
33.2
Jun
32.9
Sep
32.4
Dec
32.3
Mar
29.0
Jun
28.9
Sep
28.8
Dec
28.7
Mar
Δ:-4.7% over 9 quartersWatch — meaningful dilution
Commentary
  • ·Promoter holding has steadily declined from 33.4% to 28.7% (5pp dilution)
  • ·FII holdings rose meaningfully on the dilution
  • ·No promoter pledge
Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation
Sustained high return on capital indicates disciplined reinvestment.
ROCE 28%, div yield 0.1%
Promoter holding
Moderate promoter holding.
32.6%
Promoter pledge
No pledging — cleanest signal.
0.0%
Debt discipline
Comfortable leverage band.
Net Debt/EBITDA 0.40x
Cash conversion
Acceptable conversion; track working capital cycles.
OCF/EBITDA 68%
Governance composite
Clean governance signals across pledging, RPTs, auditor, KMP pay.
18/100 risk
Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Continued execution and policy tailwinds. The market has rewarded Dixon Technologies for delivery and is paying a premium for what comes next.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers
  • ×Working capital blowout disclosed in next quarterly result
  • ×Project execution slip beyond stated commissioning date
  • ×Multiple compression on a single weak earnings print

References

Wire to live data sources in production

NSE filingsScreenerBSE corporate filingsAnnual report (latest)Concall transcript (latest)Investor presentation