Dixon Technologies Q1 FY26: “iPhone nahi, Dixon phone banega!”

1. At a Glance

In Q1 FY26, Dixon Technologies flexed its EMS muscles like a bodybuilder on a Red Bull binge: ₹12,836 Cr in revenue (+95% YoY) and ₹280 Cr in PAT (+68%). Apple who?

2. Introduction with Hook

If Foxconn had a desi cousin with jugaad, scale, and a PE ratio high enough to induce vertigo—it would be Dixon.

From making TVs to powering India’s mobile manufacturing dream, this company is now sipping champagne with the likes of boAt, Xiaomi, and even Apple (indirectly).

• Q1 FY26 Revenue: ₹12,836 Cr
• Net Profit: ₹280 Cr
• YoY Growth: +95% revenue, +68% PAT
• ROE: 33%
• Bonus round: ₹8/share dividend & a JV with Signify

3. Business Model (WTF Do They Even Do?)

Dixon = EMS = India’s contract manufacturing god-tier player.

• Mobile & EMS (84% of revenue) → Smartphones, feature phones, IT hardware, telecom infra
• Lighting & Electrical (JV with Signify)
• Consumer Durables → Washing Machines, TVs, Set-top boxes
• Reverse Logistics
• Security & Surveillance
• Wearables, Hearables, IoT, PCBs

They don’t own brands, they build for brands. Think OEM with Indian jugaad scale.

4. Financials Overview