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Nirmal Bang Report
According to the brokerage firm Nirmal Bang, Dixon Technologies Ltd. remains well positioned for strong growth, supported by a robust order pipeline, strategic JVs, and deeper backward integration.
The mobile segment is expected to grow 20–25% QoQ in Q2, with full-year volumes (excluding Vivo) targeted at 32–33 million units, while the telecom business is expected to reach Rs 6,700–7,000 crore revenue in FY27.
The company is also scaling its IT hardware business, with SSD production expected to commence in Q3 and the Inventec JV adding further capabilities. New facilities, including the 1mn sqft Noida plant, along with expansions in refrigeration capacity to 3.2 mn units will support future growth.
Strategic partnerships with Vivo, Inventec, Signify, and other JVs are expected to enhance technology capabilities, while Mobile PLI 2.0 could provide additional volume growth of 15–20mn units over the next few years.
Management expects margins to recover from FY28 as localisation and backward integration initiatives in areas such as displays and camera modules improve value addition.
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