Dixon Technologies (India) Limited – Investor Presentation Summary

Key Operational Highlights

  • Revenue from Operations (Consolidated) for Q2 FY27: ₹21,793.64 crores, up 47% YoY from ₹14,855.04 crores in Q2 FY26.
  • Revenue from Operations (Consolidated) for H1 FY27: ₹37,341.30 crores, up 35% YoY from ₹27,690.70 crores in H1 FY26.
  • Mobile and EMS Division revenue: ₹15,894 crores in H1 FY27, up 44% YoY.
  • Consumer Electronics (LED TV) revenue: ₹3,296 crores in H1 FY27, up 44% YoY.
  • Home Appliances (Washing Machine) revenue: ₹1,007 crores in H1 FY27, up 83% YoY.
  • Key drivers: Strategic partnerships with industry giants like Asus, HP, Jio, and Xiaomi; establishment of a state-of-the-art facility in Chennai; diversification into new product categories.

Segment-wise Performance

  • The Chief Operating Decision Maker (CODM) examines performance based on a single operating segment namely Electronics Goods; accordingly, segment disclosure is not required.

Financial Highlights

Consolidated Q2 FY27 (Reported):

  • Revenue from Operations: ₹21,793.64 crores
  • Other Income: ₹68.73 crores
  • Total Income: ₹21,862.37 crores
  • EBITDA: ₹666 crores (-37% YoY)
  • EBITDA Margin: 3.1% (-400 bps YoY)
  • PBT (Before Minority Interest): ₹532 crores (-42% YoY)
  • PAT (Pre-NCI): ₹411 crores (-45% YoY)
  • PAT (After NCI): ₹344 crores (-49% YoY)
  • EPS (Basic): ₹67.44
  • EPS (Diluted): ₹67.37

Consolidated Q2 FY27 (Adjusted - excluding fair value gains):

  • EBITDA: ₹609 crores (+8% YoY)
  • EBITDA Margin: 2.8% (-100 bps YoY)
  • PBT (After JV share): ₹475 crores (+10% YoY)
  • PAT (Pre-NCI): ₹360 crores (+11% YoY)
  • PAT (After NCI): ₹293 crores (+19% YoY)

Consolidated H1 FY27 (Reported):

  • Revenue from Operations: ₹37,341.30 crores
  • Other Income: ₹597.02 crores
  • Total Income: ₹37,938.32 crores
  • EBITDA: ₹1,657 crores (+8% YoY)
  • EBITDA Margin: 4.4% (-120 bps YoY)
  • PBT (Before Minority Interest): ₹1,401 crores (+9% YoY)
  • PAT (Pre-NCI): ₹1,129 crores (+10% YoY)
  • PAT (After NCI): ₹1,007 crores (+13% YoY)
  • EPS (Basic): ₹185.27
  • EPS (Diluted): ₹185.07

Standalone Q2 FY27:

  • Revenue from Operations: ₹1,593.15 crores
  • Other Income: ₹86.09 crores
  • Total Income: ₹1,679.24 crores
  • PAT: ₹123.44 crores
  • EPS (Basic): ₹20.26
  • EPS (Diluted): ₹20.24

Standalone H1 FY27:

  • Revenue from Operations: ₹2,672.77 crores
  • Other Income: ₹626.37 crores
  • Total Income: ₹3,299.14 crores
  • PAT: ₹621.54 crores
  • EPS (Basic): ₹102.02
  • EPS (Diluted): ₹101.91

Drivers of financial performance:

  • Higher revenue growth across all divisions
  • Lower finance costs (-32% YoY in Q2)
  • Operational efficiencies
  • Comparison to market estimates: Not Specified

Key Risks:

  • Raw material price fluctuations affecting cost of materials consumed (94.9% of operating revenues in Q2 FY27 vs 92.9% in Q2 FY26)
  • Regulatory risks related to PLI scheme incentives
  • Working capital management challenges

Geographical Revenue Split

  • Domestic vs Export/Regional Revenue: Not Specified
  • Regional Breakdown: Not Specified

Balance Sheet Snapshot

Consolidated as at 30 September 2026:

  • Total Assets: ₹29,177.91 crores
  • Net Fixed Assets: ₹4,297 crores
  • Right-of-use asset: ₹859 crores
  • Non-Current Assets: ₹1,561 crores
  • Current Assets: ₹22,461 crores (including Cash, Bank & ST Investments: ₹596 crores; Trade Receivables: ₹12,401 crores; Inventories: ₹7,064 crores)
  • Total Shareholder funds: ₹5,878 crores
  • Non-Controlling Interest: ₹850 crores
  • Total Debt: ₹669 crores (Long Term Borrowings: ₹365 crores; Short Term Borrowings: ₹304 crores)
  • Net Debt: ₹73 crores
  • Net Working Capital Days: 6 days (vs -8 days in FY26)

Standalone as at 30 September 2026:

  • Total Assets: ₹5,562.32 crores
  • Net Fixed Assets: Not Specified
  • Current Assets: ₹1,609.07 crores
  • Total Equity: ₹4,101.72 crores
  • Total Liabilities: ₹1,460.60 crores

Financial Health Insights:

  • Strong revenue growth momentum
  • Increased working capital requirements
  • Managed debt levels

Capex & Cash Flow Health

Consolidated H1 FY27:

  • Capital Expenditure: ₹706.92 crores (investing activities)
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Net cash used in operating activities ₹280.02 crores
  • Net Debt Movement: Increased to net debt of ₹73 crores from net cash of ₹773 crores in FY26

Standalone H1 FY27:

  • Capital Expenditure: ₹140.48 crores (investing activities)
  • Free Cash Flow: Not Specified
  • Operating Cash Flow: Net cash generated from operating activities ₹30.17 crores

Investment Rationale:

  • Focus on capacity expansion (new facility in Chennai)
  • Technology upgrades
  • Strategic partnerships expansion

Strategic & R&D Initiatives

  • Investments in Innovation: State-of-the-art facility in Chennai; diversification into new product categories
  • Strategic partnerships with Asus, HP, Jio, and Xiaomi
  • Expected impact on growth: Positioning Dixon Technologies as an engineering powerhouse
  • Strategic Rationale: Expanding into high-growth markets, reducing operational costs

Industry Trends & Business Environment

  • Macro/Industry Trends: Growth in electronics manufacturing sector; government support through PLI schemes
  • Impact on Company: Raw material price fluctuations affecting margins; increased competition

Management Commentary & Growth Outlook

  • Strategic Outlook: Committed to positioning Dixon Technologies as an engineering powerhouse; leading efforts to diversify into new product categories
  • FY Guidance: Not Specified
  • Market Share Targets: Not Specified
  • Risks and Opportunities: Raw material price hikes; regulatory risks related to PLI scheme incentives; working capital management challenges

Corporate Developments

  • Appointment of Mr. Prithvi Vachani (DIN: 08247706) as an Additional Director in the capacity of Executive Director for a period of 5 consecutive years with effect from 30th October 2026
  • During the quarter ended 30 September 2026, Adivistar Electronics India Private Limited was incorporated as a subsidiary
  • Transfer of lighting business undertaking to Lightanium Technologies Private Limited (joint venture with Signify Innovations India Limited) effective 1st August 2025

PLI Scheme Disclosure

  • One subsidiary has recognized incentive income of ₹1,110.06 crores under the Production Linked Incentive (PLI) Scheme
  • Corresponding liability payable to customer: ₹576.95 crores
  • Formal determination and disbursement by Project Management Agency pending as at 30 September 2026
  • Management's assessment supported by independent legal advice confirming eligibility

Dividend Information

  • Final dividend of ₹10.00 per equity share (face value ₹2 each) for FY 2025-26 approved in the 33rd AGM on 28th September 2026