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Dixon Technologies (India) Limited has reported robust performance in the first quarter of the financial year 2025-26, showcasing significant year-on-year (YoY) growth across key financial metrics. The company’s consolidated revenue rose by 95% to ₹12,838 crores, while the net profit doubled to ₹280 crores from ₹140 crores in the same quarter last year. This performance reflects the company’s strong execution, expanding scale, and continued demand across business segments.
Revenue from Operations: ₹12,838 crores, up 95% YoY
EBITDA: ₹484 crores, up 89% YoY
PBT (after JV share): ₹366 crores, up 103% YoY
PAT: ₹280 crores, up 100% YoY
EBITDA Margin: 3.8% (versus 3.9% in Q1 FY24-25)
PAT Margin: 2.2% (versus 2.1% in Q1 FY24-25)
Free Cash Flow: ₹57 crores versus a negative ₹124 crores in Q1 FY24-25
Dixon share price as of 22nd July 2025 at 3:30 PM, ₹16,110.00
This sharp performance was driven by a strong recovery across key verticals, including Mobile & EMS, Consumer Electronics, and Home Appliances.
The consolidated income for Q1 stood at ₹12,836 crores, up from ₹6,580 crores in Q1 FY24-25. Total expenses increased proportionally to ₹12,354 crores, maintaining cost efficiency with an EBITDA margin of 3.8%.
The company’s financial results are as follows:
Metric | Q1 FY25-26 | Q1 FY24-25 | Change (%) |
Income | ₹12,836 | ₹6,580 | 95% |
EBITDA | ₹484 | ₹256 | 89% |
EBITDA Margin | 3.8% | 3.9% | -0.1% |
EBIT | ₹391 | ₹202 | 94% |
PBT After JV Share | ₹366 | ₹180 | 103% |
PAT | ₹280 | ₹140 | 100% |
PAT after Minority Interest | ₹225 | ₹134 | 68% |
The net profit growth was driven by strong operating leverage and favourable scale in the EMS division.
Dixon’s diversified segments demonstrated varied performance during Q1:
1. Mobile & Other EMS Division
Revenue: ₹11,663 crores (up from ₹5,192 crores YoY)
Operating Profit: ₹395 crores
Operating Margin: 3.4%
ROCE: 85%
Key contributors include hearables & wearables (₹175 crores), telecom (₹1,410 crores), Ismartu (₹1,996 crores), and IT hardware (₹247 crores)
2. Consumer Electronics & Appliances (LED TVs & Refrigerators)
Revenue: ₹672 crores
Operating Profit: ₹40 crores
Operating Margin: 6.0%
ROCE (LED TVs): 30%
Refrigerators contributed ₹328 crores to the revenue
3. Home Appliances (Washing Machines)
Revenue: ₹313 crores
Operating Profit: ₹36 crores
Operating Margin: 11.5%
ROCE (excl. fully automatic washing machines): 51%
4. Lighting Products
Revenue: ₹188 crores
Operating Profit: ₹11 crores
Operating Margin: 6.0%
ROCE: 29%
While Mobile & EMS remained the dominant contributor, healthy margins and ROCE in home appliances and consumer electronics ensured a well-rounded performance.
Dixon Technologies has outperformed broader sector expectations in Q1. The 95% YoY increase in revenue and 100% growth in PAT significantly surpass the modest high-teens growth anticipated across the electronics manufacturing sector. While peers witnessed volume expansion, Dixon benefited from both scale and operational efficiency.
The improvement in net working capital days and return metrics further positions Dixon favourably within the EMS industry, underscoring strong execution and fiscal discipline.
Vice Chairman & Managing Director, Atul B. Lall, commented on the quarterly performance:
“We are pleased with the strong start to FY26. Our robust growth in revenue and profit reflects both strong demand and execution capabilities across divisions. Strategic investments in joint ventures and product diversification continue to enhance shareholder value. The improvement in working capital and strong cash flow underline our commitment to financial prudence and sustainable growth.”
For a complete overview of all upcoming and past earnings reports, check the Quarterly Results Calendar 2025.
Source: BSE
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