'Buy' Dixon Technologies Shares Maintains Nirmal Bang On Robust Growth Trajectory

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Nirmal Bang Report

We maintain our Buy rating on Dixon Technologies Ltd. with a revised target price of Rs 20,798, valuing the stock at 63 times Sep-27E EPS—a 15% discount to its five-year average.

We remain positive on the stock because of the recent developments such as securing contracts covering ~30% of India’s IT hardware market, expanding wallet share with existing clients, and onboarding new customers along with joint ventures and acquisitions for backward integration.

Dixon’s strong leadership in the EMS space reinforces its robust growth trajectory, justifying our continued positive outlook on the stock.

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