Dixon Technologies
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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.
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Q3 25/26 earnings summary29 Jan, 2026

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.

Lighting business transfer impact on financials
Q Tech India acquisition rationale
Dixon IT Devices JV purpose with Inventec
Mitigate demand impact from memory price hikes?
Vivo JV approval timeline & FY27 mobile volume impact?
FY27 revenue outlook for IT hardware & telecom?
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Q4 25/2619 May, 2026
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