📌 At a glance:
Dixon Technologies just posted ₹10,292 crore in revenue and ₹221 crore in other income for FY25. The stock is trading at a nosebleed-inducing ₹15,612 per share. Is this India’s contract manufacturing king still a rocket — or is it overheating like a cheap Chinese charger?
🧭 About the Company:
Dixon is basically the Foxconn of India — a mega contract manufacturer assembling electronics for the likes of Samsung, Xiaomi, boAt, and even OnePlus.
From LED TVs and smartphones to washing machines and wearables, Dixon does it all — except brag. It lets its scale do the talking.
They’re the invisible hands behind a whole bunch of Made-in-India gadgets you thought were “imported”.
👔 Key Managerial Personnel (KMP):
- Sunil Vachani – Executive Chairman, visionary, and Dixon’s original ‘jugaadu’ CEO.
- Atul Lall – Vice Chairman & MD, the execution engine behind Dixon’s precision game.
These two have built what’s arguably India’s most successful homegrown EMS (electronics manufacturing services) empire.
📊 Financials (FY25):
| Metric | Value |
|---|---|
| 📈 Revenue from Ops | ₹10,292 crore |
| 💼 Other Income | ₹112.8 crore |
| 🏦 Total Income | ₹10,405 crore |
| 🧾 PAT (Estimated) | ₹282 crore |
| 🧮 EPS (Approx) | ₹47–48/share |
| 🏗️ Market Cap (CMP ₹15,612) | ~₹92,000 crore |
(PAT estimated using past year’s margin of ~2.7% on revenue — conservative guess since XBRL doesn’t show net profit directly)
🔮 Forward-Looking Fair Value (FV) Estimate:
Assumptions:
- FY26E PAT: ₹370 crore (30% growth — aggressive but realistic)
- Industry P/E: 75× (reflecting Dixon’s growth + margin profile)
- Shares Outstanding: ~5.88 crore
- CMP: ₹15,612
FV Calculation:
FV = (₹370 Cr × 75) / 5.88 Cr = ₹4,718 per shareWait… but the CMP is ₹15,612.
Oh.
So either we’re using the wrong valuation…
Or this is already a fully priced, Apple-level blue chip in disguise.
🛑 Verdict: Overheated!
Unless earnings triple in FY26 (₹800–₹1,000 Cr PAT range), the current price is running on hopeium.
🚀 Growth Triggers & Moats:
✅ PLI Schemes: Dixon is a beneficiary of nearly every PLI (Production Linked Incentive) scheme out there — mobile, LED, wearables, even laptops.
✅ Strategic Partnerships: New JV with Motorola, ramp-up with boAt, and consistent growth with Samsung.
✅ New Verticals: Moving into high-margin products like telecom gear, laptops, and high-end components.
✅ Capex Machine: Investing aggressively in backward integration — PCBs, plastic molding, battery packs.
🧠 EduInvesting Take:
Dixon is a beast.
It’s the iPhone assembler of India.
It runs a tight, efficient, asset-light model with just enough capex swagger.
BUT…
At ₹15,612 per share, you’re paying a premium for dreams. And unless FY26 profits go iPhone 16 Pro Max on us, you’re holding a very expensive battery.
If you’re already in — great, enjoy the ride.
If you’re looking to enter — maybe wait for a pullback to ₹10K–₹11K levels.
Or at least wait till the next quarterly result lets out a better charge.
⚠️ Risks & Red Flags:
- Hyper Valuation: 250× trailing P/E? That’s some serious cult worship.
- Margin Pressure: Ultra-thin net margins (2–3%) mean one delay = one disaster.
- Customer Concentration: A few big clients = high vulnerability.
- Execution Risk: Scaling is hard, but scaling profitably in electronics? That’s Kung Fu Panda-level tough.
🧾 CMP: ₹15,612
📉 FV Estimate: ₹4,718
💬 Verdict:
India’s Apple supplier — priced like Apple too. Only enter if you’ve got a charging plan.
Want a visual Instagram reel/post for this next? I can make one with battery + rocket emojis 🔋🚀 and enough finance fire to burn through the EPS.
