Dixon Technologies (DIXON) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2027 consolidated revenue was INR 16,076 crore (adjusted: INR 15,557 crore), with adjusted EBITDA at INR 472 crore and adjusted PAT at INR 218 crore, despite inflationary pressures and supply chain challenges.

• Reported EBITDA rose 105% year-over-year to INR 991 crore, and reported PAT after NCI surged 195% to INR 663 crore, both boosted by a one-time fair value gain of INR 519 crore from Aditya Infotech Ltd.

• Strategic focus on backward integration, new JVs, and capacity expansion positions the company for margin restoration and long-term growth.

• ROCE and ROE stood at 34.1% and 23.4% respectively, with a negative five-day working capital cycle reflecting strong capital discipline.

• Board approved re-appointment of key directors for five-year terms and granted 4,000 ESOPs to employees.

Financial highlights

• Adjusted revenue for Q1 FY 2027: INR 15,557 crore (up 21% YoY); reported revenue: INR 16,076 crore (up 25% YoY).

• Adjusted EBITDA: INR 472 crore (down 2% YoY); reported EBITDA: INR 991 crore (up 105% YoY).

• Adjusted PAT after NCI: INR 218 crore (down 3% YoY); reported PAT after NCI: INR 663 crore (up 195% YoY).

• Mobile and EMS business revenue: INR 14,179 crore; operating profit: INR 373 crore.

• Consumer Electronics & Appliances revenue: INR 987 crore; operating profit: INR 58 crore. Home Appliances revenue: INR 382 crore; operating profit: INR 32 crore.

Outlook and guidance

• Expecting 20%-25% quarter-on-quarter revenue growth in mobile for Q2, with order book visibility supporting this.

• Full-year smartphone volumes expected to be flat year-over-year at 32–33 million units, despite market contraction.

• Export volumes projected to add 15–20 million units and INR 18,000–20,000 crore revenue over the next couple of years.

• Margin improvement anticipated from FY 2028 as backward integration and new component lines ramp up.

• Financial figures for the quarter are not directly comparable to previous periods due to the transfer of the lighting business to a joint venture effective 1 August 2025.