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Dixon Technologies (DIXON) investor relations material
Dixon Technologies Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 FY26 consolidated revenue was ₹10,803 crore, up 3% year-over-year; nine-month revenue reached ₹38,991 crore, a 36% increase year-over-year.
EBITDA for Q3 FY26 was ₹546 crore, up 37% year-over-year; PAT for the quarter was ₹321 crore, up 48% year-over-year, with one-time gains from fair value adjustments.
Adjusted Q3 FY26 revenue was ₹10,678 crore, EBITDA up 6%, and PAT after NCI up 5%, excluding one-time gains.
Robust returns with ROCE at 45.1% and ROE at 32%, supported by a negative working capital cycle and low leverage.
Aggressive growth plans remain intact despite industry headwinds, with a target of over ₹100,000 crore revenue in 3-4 years.
Financial highlights
Q3 smartphone volumes were 6.9 million; nine-month volumes reached 27 million units.
Mobile & EMS division contributed 84% of 9M FY26 revenue, with 45% year-over-year growth; operating profit contribution at 83%.
Consumer electronics revenue was ₹567 crore, operating profit ₹24 crore; home appliances revenue was ₹355 crore, operating profit ₹41 crore.
Q Tech (camera modules) Q3 revenue was about ₹400 crore; annual run rate targeted at ₹2,000 crore.
Net working capital days improved to -7 days in 9M FY26 from -5 days in FY25.
Outlook and guidance
Q4 smartphone volumes expected between 7-7.5 million units.
Mobile business margins expected at 2.8%-3.2% in the near term, with potential expansion to 3.5%+ as backward integration ramps up.
Margin impact of 0.5% possible if PLI is not extended, but backward integration expected to offset this by FY28.
Management highlights continued revenue and profit growth, with focus on operational efficiency and working capital management.
Confident of achieving 60-65 million mobile units and 160-170 million camera modules by FY28.
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