Dixon Technologies (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Dixon Technologies (India) Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Dixon reported Q4 FY26 revenue of INR10,520 crores with EBITDA of INR418 crores and PAT after minority interest of INR192 crores, both excluding exceptional gains. For the full year, revenue grew 26% to INR48,893 crores, EBITDA grew 23% to INR1,887 crores, and PAT grew 20% to INR845 crores. Management described Q4 revenues as flat due to geopolitical concerns, softer consumer demand, inventory rationalization by brands and elevated input costs affecting the smartphone and IT hardware segments.
Numbers mentioned
Revenue: INR10,520 crores (Q4 FY26)
p. 3
“The revenues for the quarter ended March 31, 2026 was INR10,520 crores”
Atul Lall, page 3 of the filed PDF · View the filing
EBITDA excluding exceptional gain: INR418 crores (Q4 FY26)
p. 3
“EBITDA excluding exceptional gain for the quarter was INR418 crores.”
Atul Lall, page 3 of the filed PDF · View the filing
PAT after minority interest excluding exceptional gain: INR192 crores (Q4 FY26)
p. 3
“PAT after minority interest and excluding exceptional gain for the quarter was INR192 crores.”
Atul Lall, page 3 of the filed PDF · View the filing
Revenue: INR48,893 crores (FY26)
p. 3
“Revenues for the year ended March 31, 2026, were INR48,893 crores against INR38,880 crores in the same period last year.”
Atul Lall, page 3 of the filed PDF · View the filing
EBITDA excluding exceptional gain: INR1,887 crores (FY26)
p. 3
“EBITDA excluding exceptional gain for the year was INR1,887 crores against INR1,528 crores in the same period, which is a growth of 23%.”
Atul Lall, page 3 of the filed PDF · View the filing
PAT after minority interest excluding exceptional gain: INR845 crores (FY26)
p. 3
“PAT after minority interest, excluding exceptional gain for the year was INR845 crores against INR706 crores in the same period last year, a growth of 20%.”
Atul Lall, page 3 of the filed PDF · View the filing
Mobile and other EMS revenue: INR9,485 crores (Q4 FY26)
p. 4
“Revenue for the quarter for mobile and other EMS business was INR9,485 crores and operating profit of INR337 crores.”
Atul Lall, page 4 of the filed PDF · View the filing
Home appliances revenue: INR329 crores (Q4 FY26)
p. 6
“Home appliances, revenue for the quarter was INR329 crores and operating profit was INR31 crores.”
Atul Lall, page 6 of the filed PDF · View the filing
Consumer electronics revenue: INR697 crores (Q4 FY26)
p. 6
“Revenue for the quarter under review was INR697 crores with an operating profit of INR40 crores.”
Atul Lall, page 6 of the filed PDF · View the filing
ROCE: 44.8% (FY26)
p. 4
“supported healthy ROCE and ROE of 44.8% and 28.1%, respectively.”
Atul Lall, page 4 of the filed PDF · View the filing
Working capital cycle: negative 8 days (FY26)
p. 4
“Overall working capital efficiency led to stronger cash flow generation and working capital cycle of negative 8 days.”
Atul Lall, page 4 of the filed PDF · View the filing
Smartphone volume (excluding exports): 32 million units (FY26)
p. 8
“We have closed at almost 32-odd million in the current fiscal.”
Atul Lall, page 8 of the filed PDF · View the filing
Smartphone volume including exports: 33 million (FY26)
p. 16
“33 million smartphones, and that includes a smartphone -- that includes export.”
Saurabh Gupta, page 16 of the filed PDF · View the filing
Smartphone export volume: Around 4 million (FY26)
p. 16
“Around 4 million.”
Atul Lall, page 16 of the filed PDF · View the filing
Mobile exports value: INR5,375 crores (FY26)
p. 12
“In the present -- in the last fiscal, the exports was approximately INR5,375 crores.”
Atul Lall, page 12 of the filed PDF · View the filing
PLI income booked: around INR360-odd crores (FY26)
p. 16
“The total income is around INR360-odd crores.”
Saurabh Gpta, page 16 of the filed PDF · View the filing
PLI receivable balance: closer to INR1,380-odd crores (as of FY26 year end)
p. 17
“the overall receivable balance will be closer to INR1,380-odd crores.”
Saurabh Gpta, page 17 of the filed PDF · View the filing
Capex: almost INR1,058 crores (FY26)
p. 8
“we have generated after doing a capex of almost INR1,058 crores, a free cash of INR700-plus crores.”
Atul Lall, page 8 of the filed PDF · View the filing
Telecom and networking revenue: INR5,000 crores (FY26)
p. 9
“We have grown from INR3,600 crores to INR5,000 crores in the current fiscal.”
Atul Lall, page 9 of the filed PDF · View the filing
Lighting revenue: INR800 crores, INR850 crores (FY26)
p. 9
“In lighting, which was a laggard for us, we did almost INR800 crores, INR850 crores.”
Atul Lall, page 9 of the filed PDF · View the filing
Mobile and EMS PLI income: closer to almost INR250-odd crores (FY26)
p. 20
“Yes. So that would be just -- so that is closer to almost INR250-odd crores.”
Saurabh Gupta, page 20 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Total revenue — almost INR56,000 crores · FY27
stated conditionally by Atul Lall
p. 15
“Next year, we are targeting almost INR56,000 crores without the Vivo numbers, and mobile volume being flat.”
Atul Lall, page 15 of the filed PDF · View the filing
Overall growth rate excluding Vivo — 15% to 17% · FY27
stated as an aspiration by Atul Lall
p. 15
“We feel that without the Vivo also, the company will keep growing at almost 15% to 17%.”
Atul Lall, page 15 of the filed PDF · View the filing
Smartphone sequential volume growth — high-double-digit growth quarter-on-quarter · Q1 FY27
stated firmly by Atul Lall
p. 4
“we expect a high-double digit growth quarter-on-quarter in the smartphones volume along with growth in selling prices by 12% to 15%.”
Atul Lall, page 4 of the filed PDF · View the filing
Camera module capacity (Q Tech) — 180 million to 190 million units annually · next 15 to 18 months
stated firmly by Atul Lall
p. 4
“We will be expanding the capacities of camera module and a subsidiary Q Tech, which is an ECMS beneficiary for smartphones from 70 million units annually to around 180 million units to 190 million units annually over the next 15 to 18 months”
Atul Lall, page 4 of the filed PDF · View the filing
Display JV mass production start — end of Q3, beginning of Q4 this fiscal
stated firmly by Atul Lall
p. 4
“The trials will start from beginning of Q3 and mass production will commence from end of Q3, beginning of Q4 this fiscal.”
Atul Lall, page 4 of the filed PDF · View the filing
Telecom and networking revenue — INR7,500 crores, INR8,000 crores · FY27
stated as an aspiration by Atul Lall
p. 9
“We are targeting almost INR7,500 crores, INR8,000 crores in '26, '27.”
Atul Lall, page 9 of the filed PDF · View the filing
Lighting revenue — almost INR1,700 crores · FY27
stated as an aspiration by Atul Lall
p. 9
“The next year target is almost INR1,700 crores.”
Atul Lall, page 9 of the filed PDF · View the filing
IT hardware revenue — more than INR4,000 crores · FY27
stated as an aspiration by Atul Lall
p. 9
“We feel that our revenue in this fiscal is going to be more than INR4,000 crores.”
Atul Lall, page 9 of the filed PDF · View the filing
Camera module (Q Tech) revenue — almost INR2,500 crores · FY27
stated as an aspiration by Atul Lall
p. 9
“We are targeting a revenue of almost INR2,500 crores in that business.”
Atul Lall, page 9 of the filed PDF · View the filing
Vivo volume addition if approval received — another 20 million, 22 million units
stated conditionally by Atul Lall
p. 9
“Another 20 million, 22 million units can be added on an annualized basis.”
Atul Lall, page 9 of the filed PDF · View the filing
Mobile PLI 2 volume addition — another 4 million to 5 million units
stated conditionally by Atul Lall
p. 9
“If that happens, then I see that beyond Vivo and beyond Ismartu, another 4 million to 5 million units can be added.”
Atul Lall, page 9 of the filed PDF · View the filing
Specialty EMS combined opportunity size — INR3,000 crores to INR4,000 crores
stated as an aspiration by Atul Lall
p. 11
“We feel that each would be -- I mean, the combined opportunities which come in are going to be at least scalable to the size of INR3,000 crores to INR4,000 crores with a significantly higher operating margins, significantly higher operating margins.”
Atul Lall, page 11 of the filed PDF · View the filing
Overall margin expansion from component play — almost 40 bps, 50 bps
stated conditionally by Atul Lall
p. 15
“But finally, when the component play is completely deployed, there will be a margin expansion from last year's number by almost 40 bps, 50 bps.”
Atul Lall, page 15 of the filed PDF · View the filing
Display business revenue at full utilization — INR5,500 crores to INR6,000 crores
stated as an aspiration by Atul Lall
p. 18
“the revenue generation is going to be almost INR5,500 crores to INR6,000 crores with a double-digit margin.”
Atul Lall, page 18 of the filed PDF · View the filing
Display business margin — mid-teens
stated as an aspiration by Atul Lall
p. 19
“We feel that it should be double-digit margin. Yes, it should be in mid-teens.”
Atul Lall, page 19 of the filed PDF · View the filing
Absolute profitability — FY27
stated firmly by Atul Lall
p. 15
“Yes, absolute profitability will rise.”
Atul Lall, page 15 of the filed PDF · View the filing
IT hardware revenue growth — 3x growth · current fiscal
stated as an aspiration by Atul Lall
p. 5
“we expect 3x growth in the revenues in the current fiscal against last year with a huge uptake in order books from all customers.”
Atul Lall, page 5 of the filed PDF · View the filing
Capex for FY27 — similar range · FY27
stated firmly by Atul Lall
p. 19
“As far as the absolute number is concerned, it will be in the similar range.”
Atul Lall, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said mobile volumes excluding Vivo would be roughly flat due to memory price inflation, while revenue growth would exceed volume growth due to higher selling prices.
Answered by Atul Lall
Asked by Pankaj Tibrewal: How is management looking at mobile volume ramp-up in FY27, and does it include Vivo?
p. 8
“We feel that the overall volumes without Vivo is going to be almost similar, okay?”
Atul Lall, page 8 of the filed PDF · View the filing
Management said the anchor customer relationships remain deep with expected volume growth, and margin pressure from PLI removal would be partly offset by operational efficiency and backward integration.
Answered by Atul Lall
Asked by Aditya Bhartia: How will the end of the PLI scheme on mobile phones affect profitability and customer relationships?
p. 10
“Obviously, there is a margin pressure because of the PLI going away. A part of it is getting compensated through the enhanced operational efficiency.”
Atul Lall, page 10 of the filed PDF · View the filing
Management acknowledged the mobile-heavy strategy but pointed to successful diversification into telecom, and admitted the company was late to enter industrial EMS.
Answered by Atul Lall
Asked by Bharat Shah: Has the company become too dependent on mobile phones, and did that hurt performance this year?
p. 15
“Now I humbly admit where possibly we have missed out is on the high-margin category of industrial EMS.”
Atul Lall, page 15 of the filed PDF · View the filing
Management gave the gross PLI income figure and clarified the pass-through and net numbers.
Answered by Saurabh Gupta
Asked by Achal Lohade: What was the PLI income booked gross and net, and how much is outstanding?
p. 17
“Of course, and INR960 crores would be the net. INR960 crores is the pass on, so difference is the net number.”
Saurabh Gupta, page 17 of the filed PDF · View the filing
Management clarified Q4 volumes were closer to 5.6 million, cautioned against simple extrapolation, and said growth would come from pricing, seasonal strength in Q2, and new exports starting Q2.
Answered by Saurabh Gupta
Asked by Santhosh Seshadri: What is driving the implied steep volume recovery in H2 FY27 for mobile?
p. 18
“Look first of all, your quarter 4 numbers are closer to 5.6 million.”
Saurabh Gupta, page 18 of the filed PDF · View the filing
Management explained EMS is a pure pass-through with no currency risk or time lag, while the ODM business (appliances) passes on costs with a possible lag of a couple of months.
Answered by Atul Lall
Asked by Rahul Agarwal: How does input cost inflation and forex fluctuation affect Dixon given its business models?
p. 19
“our EMS business is an absolute pass-through. So there is no currency risk and there is no time lag.”
Atul Lall, page 19 of the filed PDF · View the filing
Management explained the PLI overflow mechanism among beneficiary companies and said the excess amount is still being discussed with the government.
Answered by Saurabh Gupta
Asked by Pulkit Patni: What is the status of PLI receivables and payables mentioned in the notes to accounts?
p. 21
“Now the overflow money is still pending, which we are in discussions with the government.”
Saurabh Gupta, page 21 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions and supply chain disruption
p. 3
“Starting March '26, global macroeconomic landscape, has undergone a dramatic transformation, including rising Middle East tensions and concerns around a potential U.S.-Iran escalation, leading to disruption across supply chains, freight, energy, forex and commodity prices.”
Atul Lall, page 3 of the filed PDF · View the filing
Softer consumer demand and inventory rationalization
p. 3
“Q4 revenues remained flat due to geopolitical concerns, softer consumer demand, inventory rationalization by brands, elevated input costs, majorly impacting the smartphone and IT hardware segment.”
Atul Lall, page 3 of the filed PDF · View the filing
Inflationary pressure in memory chips and semiconductor components
p. 3
“Electronics industries continue to face inflationary pressure in key components such as memory chips and semiconductor linked inputs, driven by AI-led demand and supply constraints resulting in cautious procurement behavior towards brands.”
Atul Lall, page 3 of the filed PDF · View the filing
Margin pressure from expiry of PLI scheme
p. 10
“Obviously, there is a margin pressure because of the PLI going away.”
Atul Lall, page 10 of the filed PDF · View the filing
Delays in Vivo government approval
p. 14
“There have been some delays, particularly in Vivo government approval.”
Atul Lall, page 14 of the filed PDF · View the filing
Temporary industry demand slowdown in consumer electronics
p. 6
“The quarter under review saw a temporary slowdown in industry demand due to geopolitical concerns and rising input costs”
Atul Lall, page 6 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.