Dixon Technologies (DIXON) Q4 24/25 earnings summary

Executive summary

• Q4 revenue reached INR 10,304 crore, up 120% YoY; FY25 revenue was INR 38,880 crore, up 120% YoY.

• Q4 EBITDA was INR 454 crore (+128% YoY); FY25 EBITDA was INR 1,528 crore (+112% YoY).

• Q4 PAT was INR 465 crore (+379% YoY); FY25 PAT was INR 1,233 crore (+229% YoY), both boosted by a one-time fair value gain from JV stake sale.

• Diversified revenue streams, operational efficiencies, and strong order books drove robust performance despite macroeconomic challenges.

• Board recommended a final dividend of INR 8 per share (400%) for FY25, reflecting confidence in future cash flows.

Financial highlights

• Q4 consolidated revenue: INR 10,304 crore (+120% YoY); FY25 revenue: INR 38,880 crore (+120% YoY).

• Q4 EBITDA: INR 454 crore (+128% YoY); FY25 EBITDA: INR 1,528 crore (+112% YoY).

• Q4 PAT: INR 465 crore (+379% YoY); FY25 PAT: INR 1,233 crore (+229% YoY), including exceptional gain.

• Net debt/equity improved to 0.07x as of March 2025; free cash flow for FY25 was INR 254 crore.

• Consolidated EPS for FY25 was INR 205.70 (basic), up from INR 62.84 in FY24.

Outlook and guidance

• Targeting smartphone volumes of 43–44 million in FY2026 and 60–65 million in FY2027.

• Expecting strong growth in refrigerators (50% YoY) and sustainable margin expansion in home appliances.

• IT hardware JV with Inventec expected to generate INR 4,000 crore revenue in a couple of years.

• Board expects continued growth, supported by new subsidiaries and strategic acquisitions.

• Confident in mitigating PLI margin impact through operational efficiency and backward integration.