1. Opening Hook

If “Make in India” had a poster child, it’d be Dixon — and it just hit puberty with semiconductors, displays, and 49% ROCE. The quarter’s script reads like a Bollywood tech thriller: GST cut chaos, Koreans in Noida, U.S. telecom orders, and Vivo ready to move in as the new anchor customer.
While most manufacturers are still wiring up routers, Dixon’s building them for America. Sit tight — there’s more in this call than just solder and circuits. 🔌

2. At a Glance

• Revenue ₹14,858 Cr (+29%) – Sales grew even as TVs went on a “GST detox.”
• EBITDA ₹564 Cr (+34%) – Margins refuse to chill despite postponed fridges.
• PAT ₹323 Cr (+27%) – Profits survived the GST hangover like a champ.
• ROCE 49.1%, ROE 34.3% – Engineering degrees finally paying off.
• Net Debt ₹203 Cr – Pocket change for a ₹15,000 Cr empire.
• Working Capital –6 Days – They get paid before the solder cools.
• Capex H1 ₹550 Cr – Reactors, robots, and more Noida square footage.

3. Management’s Key Commentary

Atul Lall (MD): “Revenue grew 29%, EBITDA 34%. Despite GST disruptions, demand normalized quickly.”
(Translation: GST gave us a migraine, but we still hit the gym.)

On HKC JV: “Phase 1 will add 24M display modules; Phase 2 expands to 60M with double-digit margins.”
(Translation: From assembling screens to owning the pixels.)

On Q Tech India: “Expanding capacity from 40M to 200M camera modules in 2–3 years.”
(Translation: Every selfie you take may soon say ‘Assembled by Dixon.’) 📸

On Telecom: “We secured a U.S. order for backhaul microwave radios.”
(Translation: Dixon just entered the network chat.)

On IT Hardware: “Revenues grew 5x; new JV with Inventec for servers and PCs operational by Q1FY27.”
(Translation: They’re now building what your laptop runs on.)

On Lighting JV with Signify: “Pilot orders from U.S. and Germany already shipped.”
(Translation: The lights are on — globally.) 💡

CFO Saurabh Gupta: “Booked ₹290 Cr PLI income; ₹1,400 Cr receivables pending.”
(Translation: Waiting for Delhi to clear the cashback.)

Atul Lall: “We’re confident of ₹1 lakh crore sales in 3–4 years.”
(Translation: Auditors are sweating already.)

4. Numbers Decoded

(Summary: Dixon’s scaling new verticals faster than startups burn cash.)

5. Analyst Questions (and Translations)

Q: “Who’s the new mobile ODM partner?”
A: “Can’t say yet; 0.5M phones/month starting FY26-end.”
(Translation: NDA > CNBC.)

Q: “Telecom could rival mobiles?”