Dixon Technologies (DIXON) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue was ₹10,803 crore, up 3% year-over-year; adjusted revenue was ₹10,678 crore, up 2% year-over-year.

• EBITDA for Q3 FY26 was ₹546 crore, up 37% year-over-year; adjusted EBITDA was ₹421 crore, up 6% year-over-year.

• PAT for Q3 FY26 was ₹321 crore, up 48% year-over-year; adjusted PAT after NCI was ₹214 crore, up 5% year-over-year.

• Robust returns with ROCE at 45.1% and ROE at 32% as of December 31, 2025; net debt at ₹246 crore.

• Significant one-time gains from fair value adjustments and business transfers, including a ₹590 crore gain on Aditya Infotech Ltd stake.

Financial highlights

• Q3 FY26 reported EBITDA margin improved by 130 bps to 5.1%; adjusted margin up 10 bps to 3.9%.

• 9M FY26 consolidated revenue was ₹38,991 crore, up 36% year-over-year; EBITDA was ₹2,087 crore, up 94% year-over-year.

• Net working capital days improved to -7 days in 9M FY26 from -5 days in FY25.

• Mobile and EMS segment revenue was ₹9,750 crore with operating profit of ₹1,050 crore in Q3.

• Consumer electronics revenue was ₹567 crore, operating profit ₹24 crore; home appliances revenue ₹355 crore, operating profit ₹41 crore.

Outlook and guidance

• Q4 smartphone volumes expected between 7-7.5 million units; FY27 guidance remains fluid due to memory price volatility.

• Confident in achieving aggressive long-term growth targets, including ₹100,000 crore revenue in 3-4 years.

• Margin guidance for mobile business at 2.8%-3.2% in the near term, with expansion expected as backward integration ramps up by FY28.

• Management highlights continued revenue and profit growth, with focus on operational efficiency and working capital management.

• Financial figures for the quarter and nine months are not comparable to previous periods due to the transfer of the lighting business to a joint venture.