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Motilal Oswal Report
Dixon Technologies India Ltd.'s recent tie-ups and MoU with HP and Asus for the production of PCs, notebooks, and laptops under IT hardware PLI 2.0 augur well for scaling up its IT hardware revenues from current levels. With these tie-ups, the company is now catering to four out of the top five players in laptops.
These players form nearly 67% of the overall IT hardware market share in India. The company is also in discussion to enter the industrial EMS sector and manufacture electronic modules for the electric vehicle industry.
As highlighted in our EMS thematic report, the company will continue to benefit from increasing market share in its key segments.
We also expect the company to continue benefiting from the new segments, backward integration, and the ODM mix improvement with near-term scale-up in revenues to come from mobile and EMS (including IT hardware, telecom hardware, etc).
We maintain our estimates and roll forward our target price to Rs 15,500 on Dec'26 estimates. Maintain Buy.
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