Dixon Technologies (DIXON) investor relations material

Executive summary

• Adjusted Q2 FY27 revenue rose 47% YoY to ₹21,806 crore; EBITDA was ₹609 crore and PAT after minority interest was ₹293 crore, with EBITDA margin down 100 bps to 2.8%.

• Reported consolidated Q2 revenue from operations was ₹21,793.64 crore; EBITDA fell 37% to ₹666 crore, PBT fell 42% to ₹532 crore and PAT fell 45% to ₹411 crore.

• Adjusted H1 FY27 revenue grew 35% to ₹37,362 crore; reported consolidated H1 EBITDA, PBT and PAT rose 8%, 9% and 10%, respectively.

Financial highlights

• Adjusted Q2 PBT before minority interest rose 10% to ₹475 crore and PAT after NCI rose 19% to ₹293 crore; adjusted PAT margin was 1.7%, down 50 bps YoY.

• Adjusted H1 EBITDA was ₹1,081 crore, up 3%; PBT before minority interest rose 4% to ₹825 crore and PAT after NCI increased 8% to ₹511 crore.

• Reported results included a ₹57 crore Q2 fair value gain versus ₹465 crore in Q2 FY26; reported H1 PAT after NCI rose 13% to ₹1,007 crore and included a ₹576 crore fair value gain.

• Materials and consumables expenses rose 53% as memory costs increased; higher costs were passed through selling prices, contributing to lower reported margin percentages.

Outlook and guidance

• Current-FY mobile volumes are expected at 33–34 million excluding Vivo; Q3 guidance is 7–7.5 million and Q4 is ~9.5 million. Next-FY potential is 55–60 million including Vivo.

• Next-FY mobile volume contributors include 18–20 million from Vivo, 6–8 million from a new Indian brand and higher exports.

• IT hardware revenue is expected at ₹6,000–6,500 crore this year and ₹18,000–20,000 crore over the next couple of years, excluding servers; laptops and tablets are key drivers.

• Q Tech targets ₹2,500–3,000 crore revenue next year; display operations target 25%–30% of eventual ₹6,000–7,000 crore revenue potential next year.

• Motorola export ramp-up is underway for Q4; Transsion feature-phone exports are planned from next FY, followed by smartphones.