DIXON TECHNOLOGIES (DIXTEC)

CMP: ₹ 16,073 Target: ₹ 20,000 (+24%) Target Period: 12 months BUY

May 13, 2025

Strategic Depth Meets Execution Strength…

About the stock: Dixon technologies (Dixon) is the leading electronic
manufacturing services (EMS) company of India with specialized focus on consumer

Conviction Pick
electronics. The company has been one of the biggest beneficiaries of Production Particulars
linked incentive (PLI) scheme and has showcased its strong execution capabilities. Particular Amount

• The company has operations across product verticals including mobile, Market Cap (₹ Crore) 96,981

television, washing machine, refrigerators, laptop, lighting, telecom, H1FY25 Debt (₹ Crore) 794
wearables and hearables, AC printed circuit boards (PCBs), etc. H1FY25 Cash (₹ Crore) 242

EV (Rs Crore) 97,533

• Dixon has showcased its superior execution capabilities on assembly, sub 19149/
52 Week H/L (₹)
assembly side and is now poised for backward integration to deepen 7933
manufacturing which shall further strengthen its business offerings. Equity Capital (₹ Crore) 120.5

Face Value 10
Investment Rationale
Shareholding pattern
• Dixon most favorably placed for macro tailwinds in EMS space: India’s
EMS space is at a nascent stage and is well-poised for multi-year growth
backed by government support, cost of manufacturing now matching at
global landscape and recent tariff war situation wherein India could

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emerge as a strong alternative to countries like China as global companies
diversify their supply chain and manufacturing. Dixon with its leadership
position in mobiles, laptop and select consumer products, is most favorably Price Chart
placed to capture the same. These segments in combination account for
~80% of the opportunity size at both global and domestic markets.
• Backward integration to support growth & margins over medium term:
Development of electronics ecosystem is a key from hereon for India to
climb up the value chain. In a market leadership position, Dixon already has
almost all the major Android mobile brands as its customers and top 4 out
of 5 laptop brands. This positions Dixon in a favorable situation to
backward integrate and develop component ecosystem in these
categories. Dixon is looking to increase its value addition in Bills of material
(BoM) from ~18% to 35-37% in next few years with its sort of captive client Key risks Key Fin
base. Further, these segments operate at double digit margin levels.
i) Any restraint in domestic
Rating and Target Price: government support measures.

• Dixon with its aggressive and yet superior capital allocation strategy has ii) Execution delays owing to time lag
been able to earn RoCE of 35%+ which its EMS peers have not yet been in various approvals, macro
able to achieve despite earning better margins. High asset turns and slowdown impacting its customers.
negative working capital enable it to earn better return ratios.
Research Analyst Key Fi
• Dixon has dominating presence in mobile, laptop and consumer electronics
Jaymin Trivedi
segment which have largest market opportunity size. With backward [email protected]
integration, its business model shall be further strengthened alongwith
Kiran Choudhary
margin improvement. Considering robust growth runway, expect rich [email protected]
valuation to sustain. We assign BUY rating with target price at ₹ 20,000 i.e.
56x P/E on FY27E EPS.

Key Financial Summary

3 Year CAGR 3 Year CAGR
(₹ crore) FY21 FY22 FY23 FY24 FY25E FY26E FY27E
(FY21-24) (FY24-27E)
Net Sales 6,431 10,689 12,192 17,692 40.1 41,103 57,363 74,893 61.8

EBITDA 269 371 513 699 37.4 1,532 2,305 3,379 69.1

EBITDA margin (%) 4.2 3.5 4.2 3.9 3.7 4.0 4.5

Net Profit 143 182 255 369 37.3 939 1,315 2,015 76.1

Diluted/Adjusted EPS (₹) 27.5 32.3 42.4 59.4 175.8 238.1 357.5

P/E(x) 584.7 497.4 379.2 270.6 91.4 67.5 45.0

EV/EBITDA (x) 347.6 256.5 186.7 137.6 63.5 42.4 29.1

RoCE (%) 22.3 18.4 25.2 25.7 43.1 40.2 41.3

RoE (%) 19.3 18.3 19.9 21.8 35.2 32.9 33.5

Source: Company, ICICI Direct Research
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Industry Background
Macro tailwinds in favour of EMS companies

Exhibit 1: Global ESDM industry over years Exhibit 2: India at a nascent stage on global platform

1,200

1,000

800

600

400

200

-
CY21 CY22E CY23E CY24E CY25E CY26E

Source: Dixon annual report FY24, ICICI Direct Research Source: Dixon annual report FY24, ICICI Direct Research

As depicted in Exhibit 1, Global electronics system design and manufacturing (ESDM)

industry is growing at a steady rate of 5.4%, which stood at $880 bn in CY21 and is
estimated to be valued at $1,145 bn in CY26E. China is a dominant player with
market share of ~45% while India’s share was low at ~2% in CY21 which is estimated
to increase to 7% in CY26E. China dominates the supply of essential components like
PCBs, display panels, batteries, semiconductors, capacitors, etc which makes many
countries highly dependent on China. With increasing global tensions and trade war
uncertainties, countries like India shall benefit as global players look to diversify their
supply chain and manufacturing facilities.

Exhibit 3: Global ESDM industry by end user Exhibit 4: Indian ESDM Industry by end user

FY2023 FY2023
8.0% 9.0%
4.0% Mobile Phones 4.0%
Mobile phones

IT Hardware 4.0% IT Hardware

12.0%
CEA CEA
4.0%

Telecom Telecom
4.0%
48.0%
Industrial Industrial
14.0%
Automotive Automotive
62.0%
18.0% Others
Others
3.0%

6.0%
Source: Kaynes Placement document, ICICI Direct Research Source: Kaynes placement document, ICICI Direct Research

Mobile phones and IT hardware contributes a major chunk in global ESDM industry
contributing ~54%, followed by consumer electronics industry contributing ~18%.
Even at domestic level, mobile phone is a major segment while IT hardware is at initial
stages but opportunity size shall be very large.

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Exhibit 5: India’s EMS industry growth trend

9,000 35.0%

8,000
30.0%

7,000
25.0%
6,000

5,000 20.0%
₹

4,000 15.0%

3,000
10.0%
2,000

5.0%
1,000

- 0.0%
FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E

India EMS industry Growth rate (RHS)

Source: PG Electroplast Placement Document, ICICI Direct Research

India’s EMS industry stood at ₹ 2,470 bn as on FY24 which grew by ~23.4% CAGR
over FY20-24. A large part of growth was led by mobile and consumer electronics
segment and Indian ESDM is projected to grow to ₹8,286 bn by FY29E, with a strong
CAGR of 27.4%. This shall be supported by government’s vision of $500bn domestic
electronic manufacturing production by CY30E which needs to grow at 24.3% CAGR
from $ 115 bn as on FY24. Measures like PLI, custom duty optimization, etc. shall be
supportive to lead the overall growth across segments alongwith mobile.

Exhibit 6: Segment wise growth trend

5000

4500

4000

3500

3000

2500
₹

2000

1500

1000

500

0
Mobile phones CEA Telecom Automotive Industrial Others

FY24 FY29E

Source: PG Electroplast Placement Document, ICICI Direct Research

Across sectors as depicted in the chart, India’s EMS industry is expected to grow at
healthy pace of 25%+ for considerable while.

Mobile segment constituted ~62% of India’s EMS industry in FY24 followed by CEA
segment which contributed ~15%. So far, mobile segment has grown exponentially
backed by government’s PLI scheme wherein it manufactures 99.2% of mobile
phones consumed in India. However, India stands at relatively low level in the global
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value chain contributing ~18% in current value addition to BoM. With government
introducing component PLI scheme to boost manufacturing, it aims to increase local
value addition to 35-40%. Thus, EMS players including the ones having presence in
mobile phones segment and consumer electronics goods segment shall further grow
at expanded pace led by local value additions.

EMS industry growth backed by following key drivers:

• At global level, China + 1 strategy aims to reduce dependency on China

by diversifying its supply chain and shifting production to countries like
India. Availability of large labour force with a reasonable skill set at a
relatively lower cost positions India on a better footing. India could act as
key supplementary hub for EMS alongside China.

• Trump’s anti-China stance as seen by imposition of tariffs to rectify their

trade balance shall make countries like India to gain advantage in its global
positioning. An export opportunity across consumer electronics products
including consumer durables could gradually open up.

• Government’s efforts to make India a manufacturing hub - Initiatives in

the form of Make in India, PLI scheme, duty rationalisation, ease of doing
business, etc. to boost ESDM industry in India.

Recent development on tariff war

• President Trump has announced tariffs across countries wherein it creates

business uncertainties in near term but India stands relatively better off in
terms of electronics goods. US has imposed 26% tariff on India’s export to
US while the same stands at 145% in total for China and 46% for Vietnam.
Besides, there has been a pause for 90 days till which 10% shall be levied
excluding for China. Further, this remains an evolving space. However, in
totality, this shall improve India’s competitiveness from exports perspective
which is currently at a nascent stage. We could witness more foreign
partnerships and increase in domestic manufacturing which shall be
beneficial to Indian EMS companies over medium to long term.

Government reform measures that are being taken to boost the sector -

Under Make in India, Government aims to make India a global manufacturing

hub.

a) PLI scheme - The scheme was initially announced in the year 2019 by the
Government of India to incentivise the incremental sales of manufactured goods.
The scheme has witnessed considerable success specifically in mobile phones.
The government has extended PLI schemes to other segments including white
goods (Air conditioners, LED lighting, etc.) including their components, telecom,
IT hardware, automobiles, etc. The scheme makes Indian manufacturers more
competitive and encourages investment in that respective segment. At macro
level, import substitution and increase in export competitiveness are the positive
outcomes alongwith job creation.

b) Component PLI scheme – Government recently announced a significant

production linked incentive scheme aimed at bolstering domestic manufacturing
of electronic components with budget outlay of ₹22,919 crore aiming to reduce
reliance on imports and enhancing local value addition through incentivizing the
production of resistors, capacitors, inductors, transistors, PCBs, diodes, camera
modules, display assemblies, etc. aiming to support various segments including
mobile phone, consumer electronics, automotive, telecom, etc. helping India to
strengthen India’s position in global electronics supply chain.

c) Custom duty optimization – Government has been proactively optimizing

custom duty at component and finished goods level to make Indian
manufacturers more competitive. For instance, in the recent budget, the
government had increased custom duty on interactive flat panel display which is
a finished good but reduced import duty on open cells which India will still take
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a while to produce in-house. Thus, optimizing Indian manufacturers

competitiveness.

d) State government support – Incentive and subsidies are also being given at
state level. For semiconductor plants, select state governments are offering 20-
25% contribution in capex alongwith interest subsidies and incentives for
research and development.

e) Other schemes – Earlier, initiatives such as Scheme for Promotion of

Manufacturing of Electronic Components and Semiconductors (SPECS) provided
financial incentive on capital expenditure for the identified list of electronic goods
that comprise downstream value chain of electronic products, i.e., electronic
components, semiconductor/ display fabrication units, etc. which involve high
value-added manufacturing. Although this scheme is not active for new
applicants, other initiatives such as recent scheme for electronics component
manufacturing worth ~₹ 23,000 cr shall aid increase in local value addition going
ahead. Further India Semiconductor Mission (ISM) 2.0 is the forth coming phase
to bolster its semiconductor ecosystem which is expected to have an outlay of
₹76,000 crore. Other schemes like Modified Electronics Manufacturing Clusters
Scheme (EMC 2.0) aid in creating infrastructure, common facilities, and amenities
to attract investment and employment.

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Company Background
Dixon Technologies was founded in 1993 by Sunil Vachani who is currently holding
post of executive chairman. It is a leading Indian electronics manufacturing services
(EMS) company headquartered in Noida, Uttar Pradesh. Dixon has evolved into a key
player in India's electronics manufacturing landscape, aligning with the government's
'Make in India' initiative.

It offers a diverse range of products and services including across various segments
such as consumer electronics, mobile devices, lighting solutions, IT hardware and
other electronics such as set-up boxes, hearables and wearables, etc. Dixon has well
positioned itself to benefit from the global shift in supply chains, as companies like
Google and Apple look to diversify manufacturing bases beyond China.

Dixon has 23 manufacturing plants located across India within states like Uttar
Pradesh, Uttarakhand and Andhra Pradesh. Alongwith manufacturing plants, it has
6 state of art R&D centres across India & China, which is crucial in component design
and development and for process innovation. Through this network of manufacturing
plants and R&D centres, Dixon continues to enhance its capabilities as both an
Original Equipment Manufacturer (OEM) and Original Design Manufacturer (ODM)
helping it to cater wide array of clients and markets.

Exhibit 7: Key brands associated with Dixon

Source: Company, ICICI Direct Research

Management has showcased strong end to end execution capabilities. After entering
any category, the company tends to first aggressively create scale, signs multiple
customers, which eventually leads to operating leverage and then goes for backward
integration. Here, strong execution and service capabilities of Dixon ensures
competitive offerings to customers. Capital allocation and working capital
management have been optimum. Thus, even with low EBITDA margin of ~4%, it is
able to deliver 35%+ RoCE owing to high asset turn and negative working capital.

Exhibit 8: Business Mix

₹ cr ₹ cr

Consumer Electronics
Consumer Electronics
Lighting Solutions Lighting Solutions

Home appliances Home appliances

Mobile and EMS
Mobile and EMS
IT Hardware

Source: Company, ICICI Direct Research

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Dixon started its journey with manufacturing of colour television in 1994, later on
expanded its business into various verticals such as manufacture of CFL lighting
products in year 1996, foraying into washing machine through its subsidiary in year
2010, commenced its mobile manufacturing segment through a joint venture with
Padget Electronics Pvt Ltd in year 2016, and expanding and adding various verticals
as and when opportunity arose. Dixon quickly capitalised on Government’s PLI
scheme and boosted its manufacturing capabilities and positioned itself as a
preferred contract manufacturer for global brands. Further Dixon through its proven
track record of its ability to speed and scale its manufacturing capabilities has been
able to onboard marquee and large brands across its business verticals.

Collaborations and strategic partnerships

Dixon has always been able to identify right partnerships across domestic as well as
global participants. These strategic tie ups help Dixon to transform its domestic
manufacturing capabilities to a global manufacturing powerhouse with competitive
advantages in innovation, scale and market reach. Few of its notable collaborations
include:

i. Ismartu India Pvt Ltd:

In April 2024, Dixon has strategically acquired a majority stake (50.10%) in

Ismartu India Pvt Ltd expanding its mobile phone portfolio to brands like Itel,
Infinix and Tecno. Through this expansion company had annual revenue
potential in range of ~₹7000–₹8000 crore and further leverage the existing
manufacturing infrastructure of Ismartu India.

ii. Compal Electronics:

In November 2024, Dixon partnered with Taiwan's Compal Electronics to
manufacture Google Pixel smartphones in India. Through this, the company is
aiming to boost Google's presence in the Indian smartphone market and cater
to export demands.

iii. Vivo:

In December 2024, Dixon and Chinese smartphone manufacturer Vivo formed a

JV to produce electronic devices, including smartphones. Vivo is market leader
in India’s smart phone market with ~2.8 cr units sold annually. Under this
partnership, the JV is expected to undertake a significant portion i.e. ~67% of
Vivo's OEM orders and also has the potential to expand into OEM business for
other brands. Press Note 3 approval from government side is however awaited.
As per the timeline, the ramp up shall be reflected in FY27.

iv. HKC

HKC is a prominent technology company specializing in semiconductor display

technologies. Dixon has partnered with HKC through a JV holding majority stake
of 74% helping it to strengthen local supply chain for display modules. Besides,
it also plans display fabrication project with HKC going ahead.

v. Inventec Corporation:

Dixon has entered into a 60:40 joint venture with Taiwanese IT hardware giant
Inventec Corporation. This JV aims to manufacture a range of IT hardware
products, including notebook PCs, desktop PCs, servers, and related
components in India. Inventec Corporation is recognized as one of the world's
top five original design manufacturers (ODMs) for PCs.

vi. Signify (formerly Philips Lighting):

Signify is a market leader in the lighting industry, particularly in LED lighting and
connected lighting solutions. In March 2025, Dixon Technologies and Signify
announced a 50:50 JV to manufacture lighting products and accessories in India.
This partnership aims to leverage Signify's expertise in lighting technologies and
Dixon's manufacturing prowess to produce high-quality, cost-competitive
lighting solutions, including LED bulbs, downlights, and strips.

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Investment Rationale
Strong execution across products
Dixon has showcased its strong end to end execution abilities, across all product
segments which has been its key differentiating factor. In almost all segments, the
company has managed to get dominating market share while earning superior return
ratios. Management’s vision and agility has played a key role in the same while taking
balanced risk.

A) Mobile & EMS Segment

i) Mobile division
As depicted earlier, mobile division is the largest opportunity size at both global and
domestic level wherein Dixon has taken the major lead share with all the Android
mobile companies signed as its customers. Dixon is the contract manufacturer for
various mobile brands including Samsung, Xiaomi, Oppo, Motorola, Google Pixel,
Nothing, Itel, Infinix and Techno.

Exhibit 9: Mobile phones manufactured in India Exhibit 10: India’s Mobile phone exports

500 1
400 1 1
2
2 2 255
25
1
M u its

300
1
1 1

1
1 5

121

1
5

200
155 1
1

100
2
1 5

2
15

2
12
FY17 11

0
FY18

FY19

FY20

FY21

FY22

FY23E

FY24E

FY25E

FY26E

Smart phones Feature phones Total

Source: Dixon FY24 annual report, ICICI Direct Research Source: Dixon FY24 annual report, ICICI Direct Research

Domestic opportunity large with backward integration coming in picture

India manufactures ~35 cr total mobile phones currently and consumes ~22 to 23 cr
annually as per various reports. In terms of smart phones, India manufactures ~25 cr
units currently of which domestic market is estimated at ~15 cr units. Outsourcing
opportunity is estimated at ~60% i.e. ~9 cr such mobile units currently. Dixon is by far
leading this race with ~3.7 cr smart phone units for FY25E and is geared up for 50%+
market share of this opportunity.

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Exhibit 11: Key mobile components

Source: Company, ICICI Direct Research

Currently, Dixon does about 17-18% value addition of BoM in manufacturing mobile.
Generally, in a mobile manufacturing, 55% of BoM is constituted by semiconductor
and processors while the balance 45% is non-semiconductor which Dixon is
targeting. It aims to increase its 17-18% contribution in BoM to 35-37% with display
and camera module addition. The company is strengthening its dominance through
backward integration in display assembly, display fab, camera modules,
mechanicals, etc. These additions shall be margin accretive and deepen
manufacturing to become key player in electronic component industry as well.

With Global tariff war, India emerging as an alternative to China, Vietnam.

Going ahead, export opportunity is also opening up briskly with the ongoing tariff
war wherein global brands are looking at India as China+1 alternative. To set the
context, US imported ~$52 bn (₹ 4.4 tn) of smart phones in 2024 of which 80%+ was
supplied by China while India’s share stood at 13.7%. Currently, iPhones by Apple
contribute ~75% of these exports while Android phones are yet to scratch this
opportunity wherein Dixon shall be key beneficiary. Motorola which is Dixon’s key
customer intends to double its smart phone exports from India. Similarly, Google Pixel
which sells ~4 cr mobiles globally with ~50% made in Vietnam is likely to shift part
production to India. Samsung is also likely to reduce its Vietnam dependence which
is its base for manufacturing and shift part production to India.

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Exhibit 12: Key brands associated with Dixon

Source: Media reports, Company, ICICI Direct Research

Backward integration, scale & automation offers margin improvement.

Backward integration in new verticals of display, camera modules, mechanicals offer
healthy double digit margin profile. Management expects 100-120 bps improvement
in EBITDA margin of mobile division over next 2-3 years which currently earns ~3.4%.
This shall be driven by combination of factors including backward integration, scale
and automation. We estimate consolidated EBITDA margin improvement from 3.7%
in FY25 to 4.5% in FY27E. This shall support overall profitability. Benefit of display
assembly to start reflecting during H2FY26. In addition, better margins in camera
module and display fab to reflect in long term once these projects are planned.

Display assembly:
Dixon has formed a JV with Chinese company HKC to localise manufacturing display
modules for mobile phones, laptops, television, automotive display. Dixon is holding
74% stake in this JV. Under this tie-up, it plans to manufacture 2 mn units per month
display module in the Delhi NCR region which shall be eventually expanded to 4 mn
units per month. This shall be largely used for captive purpose while any overflow
could be supplied to the other factories of Android ecosystem. Initially, the capacity
shall be used for mobile display, then for displays for IT hardware i.e. laptops &
notebooks. Besides, it can also be used for TV panels and eventually automotive
display in the same unit.

Dixon Tech is making investment worth ~₹ 400 crore in display module plant over
two phases. Here, the financial profile is lucrative with EBITDA margin likely in mid-
teens. This display module production shall begin during Q3FY26 with management’s
guidance to generate ₹ 500-600 cr revenue during FY26 and then ₹ 3000 cr by FY27.

Display fab:
Here, Dixon is setting up for the establishment of a display fabrication (fab) unit in
India in partnership with HKC. This project shall enable India and Dixon to climb up
the electronics component value chain with a display fab, which is a critical
component for mobiles, IT hardware, and consumer electronics. This shall localize
production, enhance supply chain control, and achieve cost efficiencies.
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This project shall require massive capex of ~$ 3bn which shall enable to manufacture
electronics display within the country. However, the major part is expected to be
subsidised by both central and state governments. The company is awaiting detailed
policy guidelines under the Indian Semiconductor Mission (ISM) 2.0 from the
Government of India to proceed with the project. In sync with earlier ISM guidelines,
company expects 50% capital subsidy from the central government and ~25% from
state governments. Such government support shall make fabrication unit viable in
India with healthy return ratios expected by Dixon. Asset turn on total investment is
low on such projects around 0.6-0.7x while double digit operating margin is
comforting. Overall, Dixon is expected to target similar return ratio profile from this
project as its core business.

Other components:
Additionally, Dixon is in advanced discussions for camera module partnerships,
expecting to finalise them within the next few months. This coupled with display
segment shall increase its value addition to 35-37% of bills of material. With almost
all Android players signed up, this backward integration shall further strengthen its
competitive advantage while aiding margin improvement.

Strategic partnerships for manufacturing

Key partnerships like that with Ismartu India, Compal electronics, Xiaomi Technology
India, Dassault Systèmes and HKC have enabled Dixon to streamline manufacturing
processes, enhance quality control, drive operational excellence and add requisite
skill set to deliver best in class products and services with efficiency.

Exhibit 13: Revenue forecast – Mobile & EMS segment

70,000
62,266
60,000

48,361
50,000
₹ in crore

40,000 35,230

30,000

20,000
10,778
10,000 5,224
3,138
840
-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, ICICI Direct Research

In mobile & EMS segment, majority growth is driven by mobile division while telecom,
hearable & wearable and others are also faring well.

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ii) Telecom

Dixon is actively engaged in mass production for Telecom GPON-ONT, which

includes advanced WiFi-5 & WiFi-6 routers, as well as Android set-top boxes, 5G
FWA (Fixed Wireless Access), modems, IoT devices serving major market players and
Airtel as its anchor customer.

Dixon Technologies and Bharti Enterprises i.e. Airtel have formed a JV to manufacture
telecom and networking products. Dixon owns 51% of the JV, while Beetel, a Bharti
group company holds the remaining 49%. Besides, company has large relationship
with Nokia for the telecom devices side. This mainly includes CPE products i.e. routers
and fixed-wireless devices.

Further, the company has set up its own tool room and has started manufacturing
Chargers & Adapters captively.

Outlook

In this segment, Dixon made ~₹ 700 cr revenue in FY24 which has multi-fold growth
opportunity. On the back of strong order book, management expects growth outlook
to remain strong. EBITDA margins are generally low in this business at around 3.5%
to 4%.

iii) Hearable & Wearables.

Here, the major customer is Imagine Marketing i.e. brand, boAt. Dixon and boAt have
formed a 50-50 joint venture to manufacture wireless audio products. This is largely
captive business for Boat with a decent margin and RoC. The company designs and
manufacture innovative products such as True Wireless Stereo (TWS), earbuds,
neckbands, bluetooth speakers and smart watches. The company has production
capacity of 36+ mn units annually while the current run rate is 15+ mn annually.

iv) IT hardware

Dixon has forayed into IT hardware to manufacture laptops and tablet with the
support of PLI scheme. The company has taken significant lead by managing to sign
contract with 4 out of the top 5 laptop companies operating in India i.e. Lenovo, Acer,
HP and Asus.

Large market opportunity supported by PLI scheme

Currently, India has an annual market size of ~1.4 cr PCs with value of ~₹ 1 lakh cr.
This shall comprise of laptops, desktops and tablets. About 90% of these laptops are
imported, largely from China. This provides huge opportunity for company like Dixon
to substitute these imports. With major customers signed, Dixon is poised to capture
major chunk of this opportunity. After mobiles, this segment is expected to be the
largest opportunity for Dixon.

Dixon is among the participant under the IT Hardware PLI 2.0 scheme through its
subsidiary, gadget, committing to an investment of ₹ 250 cr under Hybrid Category.
It has committed to cumulative revenue of ₹ 48,000 cr over six years. The company
has set up a dedicated 3.0 Lacs sq ft. plant for IT Hardware products in Chennai.

Export opportunity

With current tariff war situation, an opportunity to capture part of China’s export to
US may open up. In CY24, US imported laptops worth $140 bn of which China had
share of $36 bn, Chinese Taipei: $26 bn, Vietnam: $16 bn. The cost of manufacturing
in India is now matching that of China though the ecosystem is yet to be developed.
Even a share of the given opportunity shall boost growth for Indian EMS companies.

Strategic partnership for manufacturing

Recently, Dixon has entered into a JV with Taiwan-based Inventec Corporation to

enhance IT hardware manufacturing in India, where Dixon holds a 60% stake and
Inventec holds the remaining 40%. The joint venture aims to manufacture a range of
IT hardware products, including notebook PCs, desktop PCs, servers, and related
components, within India. Inventec Corporation is recognized as one of the world's
top five original design manufacturers (ODMs) for PCs. Their expertise in design and
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manufacturing is expected to complement Dixon's capabilities, potentially making

the joint venture a significant player in the global IT hardware market.

Outlook

Dixon has recently started supplying to Lenovo and Acer from its Noida unit. With
commercial production getting built up, it should shall start reflecting meaningfully in
forthcoming quarters. Commercial production for larger global brands i.e. HP and
Asus shall also start getting reflected from Q1FY26.

Exhibit 14: Revenue forecast – IT Hardware

Source: Company, ICICI Direct Research

Currently, negligible revenue is accounted in this segment which is expected to reach

₹ 4,500 – 5000 cr over next 2-3 years. Initially margins in IT hardware segment shall
be similar to that of mobile i.e. 2.5-3%. However, with backward integration through
display, and eventually into mechanicals and other parts shall support margin
improvement over medium term. Overall, the strategy remains similar to mobile i.e.
first creating a very large scale, have multiple customers, have operating leverage
because of the scale, and then backwardly integrate. Here, with backward
integration available since initial stages, the laptop segment is relatively better
positioned.

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B) Consumer Electronics & Appliances (LED TV & Refrigerator):

i) LED TV;

Indian TV manufacturing is largely assembly based due to its high dependency on

imports for panel and open cells and higher production costs. However, with recent
supportive changes by government such as reducing basic custom duty on import of
open cell components used in LED/LCD TVs and further introduction of component
PLI it is expected to encourage television manufacturing in India.

Dixon is India’s leading TV manufacturer having an installed capacity of ~ 6.5 mn

units annually which is ~ 30% of domestic demand and ~ 45% of total addressable
outsourcing market. Expanding further and to capitalise on government’s initiative,
Dixon has entered in commercial display manufacturing and is exploring partnership
for open cell bonding facility which will further strengthen its position in television
space.

Exhibit 15: Percentage of households with TV Exhibit 16: Indian LED manufacturing Industry
2500

100%
2000

80%
1500

60%
₹

1000

40%
500

20%
0
FY19

FY20

FY21

FY22

FY23

FY24

FY25E

FY26E

FY27E

FY28E

FY29E
0%
China USA Korea Japan Mexico India
Source: Company, PG Electroplast placement document, ICICI Direct Research Source: Company, PG Electroplast placement document, ICICI Direct Research

Indian television industry has grown by 20.5% CAGR over FY19-FY24. Penetration in
India stands at decent 77% but is relatively lower as compared to countries like China,
USA, Korea, etc. which has 90%+ penetration. Further there is seen a shift in
consumer preferences towards smart tv over traditional tv systems which coupled
with increase in disposable income of households and growing internet penetration
in India have the ability to fuel growth of smart Tv’s in India which is poised to grow
at ~14.2% CAGR over FY24-FY29.

Exhibit 17: Manufacturing share – In-house vs. Outsourcing Exhibit 18: Outsourced industry share–ODM vs. Contract
TV Volumes (FY24) - 21.9 mn Outsouced Volumes (FY24) ~ 14.6mn

20%

35%
66%

80%

In-House Manufacturing Outsourcing Original design manufacturer(ODM) Contract manufacturer

Source: PG Electroplast placement document, ICICI Direct Research Source: PG Electroplast placement document, ICICI Direct Research

In FY24, domestic manufacturing of LED television in India was dominated by

outsourcing players with a staggering 65.5% share wherein contract manufacturer
shared held a chunk of 80% and remaining 20% by ODM players. Further domestic tv
market in India is largely assembly focused. This is because of lack of eco system
infrastructure and high panel manufacturing costs. Government is making constant
efforts through PLI scheme to increase focus towards value added activity.

Dixon technologies is India’s largest and most backward integrated contract

manufacturer of LED TVs. It mainly manufactures through its Tirupati plant located

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 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

in Andhra Pradesh wherein it has a capacity of 6.5 mn units annually which is enough
to fulfil ~ 35% of domestic demand. Dixon holds largest market share among EMS
companies in television segment commanding ~ 45% market share.

Further to support Indian EMS company and to promote ‘Make in India’ initiative, in
2025-26 Union Budget government reduced Basic Customs Duty (BCD) on open cell
panels from 10% to 5%, which constitutes ~ 60 to 70% of total cost of LED TV. This
move will lower manufacturing costs for EMS companies and help them to enhance
competitive advantage against imported goods.

Dixon’s Positioning

• Dixon has secured sub licensing rights for Google TV and Android TV,
enabling it to design and manufacture smart LED TVs for third party brands
wherein it has onboarded large marquee brands namely Samsung, Xiaomi,
Panasonic, TCL, Oneplus, etc.

• The company has established manufacturing capabilities for interactive flat

panel display & digital signages solutions ranging from 65 to 100 inches &
also started with ODM based Google TV solutions from 32 inches to 85
inches.

• The company has started manufacturing LED TV’s with “Tizen” operating
systems under partnership with Samsung.

• The company has already invested to establish capabilities for injection

moulding plant and mechanicals for TV, to maximise its backward
integration and further expanding to LED bar which in longer run has
capabilities to expand margins for the company.

• To further expand its portfolio and to strengthen its position in India’s

electronics supply chain, the company entered commercial production of
display manufacturing and is also exploring a partnership with a global
player to establish an open-cell bonding facility this would lead to local
assembly of display modules.

ii) Refrigerators:

In India, refrigerator segment is estimated to be valued at ~₹470 bn with sales

volumes of ~ 17mn annually in FY24. This segment is expected to grow at 10% CAGR
from FY24 to FY29E, supported by low household penetration level of ~33% which is
expected to rise to 41% by FY28 driven by growing demand, and increasing
aspirational position among household with increasing in per capita income and
increase in spending of middle-class income.

Exhibit 19: Low penetration, enough headroom to grow… Exhibit 20: Indian Refrigerators industry in a steady uptrend
.

800 756
691
700
633
576
600
522
500 470
₹ in bn

422
380 376 373
400
332
300

200

100

0
FY19 FY20 FY21 FY22 FY23 FY24 FY25E FY26E FY27E FY28E FY29E

Source: PG Electroplast placement document, ICICI Direct Research Source: PG Electroplast placement document, ICICI Direct Research

Dixon through its subsidiary – Dixon Electro Manufacturing Pvt. Ltd. has forayed its
commercial production for manufacturing of Direct cool refrigerators with Voltas as
an anchor customer along with other marquee clients such as Kelvinator, Acer, Lloyd
and BPL wherein during its first year of operation the company has showcased its
abilities by capturing a market share of ~8% of Indian market of direct cool
categories. Further the company has been taking consistent steps to explore global

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 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

markets wherein it has started exporting to Nepal and actively exploring Sri Lanka
and UAE’s market from its production facility located at Noida, Uttar Pradesh.

It has signed a memorandum of understanding with Cellecor gadgets, a leading

Original Design Manufacturer and Original Equipment Manufacturer across products
in the living appliances space like mobile phones, smart TVs, smartwatches, home
and kitchen appliances, to manufacture refrigerators and related components.

The company has further plans to expand its portfolio and is exploring opportunities
to foray in deep freezers, mini coolers, wine chillers, etc. along with two door frost
free and side by side refrigerator.

Consumer electronics segment generated a revenue of ₹4,148 crore for FY24,

contributing ~23% of total revenue for Dixon and contributing 20% to operating
profit. Segmental EBITDA was reported at ~3.4%. With introduction of new products
such as commercial displays and interactive boards, Dixon’s consumer electronics
segment is on cusp to rise further alongwith improving EBITDA and net margins.

Exhibit 21: Revenue forecast – Consumer electronics and appliances

6,000
5,161
5,000 4,725
4,278 4,148 4,100
3,839
4,000 3,540
₹ in crore

3,000

2,000

1,000

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E
Source: Company, ICICI Direct Research

C) Home Appliances:
Indian washing machine market is estimated to be valued at ₹139.1 bn with annual
volumes ~ 9.6 mn, penetrating ~13% of Indian households which is much lower as
compared to countries like China, Japan, South Africa, etc. With new product
innovation and affordable pricing aided with increase in per capita and standard of
living, washing machine is set to grow at ~8.0% CAGR between FY24 to FY29
reaching annual sales volume ~ 13.8 mn units from current levels of 9.6 mn units.

Dixon has positioned itself as one of India’s largest domestic ODM for washing
machine through its Dehradun state of art facility which is capable to cater both
domestic as well foreign markets. It stands as a market leader wherein it commands
28% market share in Semi-automatic washing machines (SAWM) and 4% market
share in Fully automatic washing machine (FAWM).

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Exhibit 22: Low penetration... Exhibit 23: …Indian washing machine size set to uprise
250
100%
99% 95%
88%
. 204
190
200 176
163
80% 70% 150
150 130 139
117

₹ (bn)
60% 104 106
95
40% 100
40%
50
20% 13%
0
0%

FY19

FY20

FY21

FY22

FY23

FY24

FY26E
FY25E

FY27E

FY28E

FY29E
China Japan United USA South India
Kingdom Africa
Source: PG Electroplast Placement document, ICICI Direct Research Source: Company, ICICI Direct Research

Exhibit 24: Manufacturing split… Exhibit 25: Outsourced industry split

Total Volumes: 9.6 mn units Total Voumes: 9.6 mn units

19.8%
42.1% 40%

60%

38.1%

Fully Automatic top load Fully Automatic front load Semi-Automatic In-house Manufacturing Outsourcing

Source: PG Electroplast Placement document, ICICI Direct Research Source: Company, ICICI Direct Research

Dixon technologies is currently the market leader wherein Dixon through its home
appliances division currently manufactures Semi-Automatic (SAWM) and Fully
Automatic Top Load (FATL) washing machines.

Dixon’s positioning;

• Large variety of product portfolio having 250+ models for semi-automatic

washing machines varying in the range from 6 kg to 14 kg and 140+ models
varying from 6.5 kg to 11 kg for fully automatic category.

• Market leader in washing machines segment wherein it holds 28% market

share in SA and 4% in FATL category with the manufacturing capacities of
2.4 mn units annually for SA and 0.6 mn units annually for FATL.

• Marquee clientele such as Panasonic, Llyod, Voltbeko, Godrej and Reliance

to expand its automatic washing machine category.

• Backwardly integrated its manufacturing processes for plastic moulding

and sheet metal stamping. Further it has also developed its own tool room
to support its inhouse Mould Manufacturing and reducing its import
dependence.

• Dixon is further exploring addition of new products categories like robotic

vacuum cleaners, water purifiers, chimneys and other large kitchen
appliances.

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Exhibit 26: Revenue forecast – Home appliances

2,500

1,932
2,000
1,751

1,471
1,500
₹ in crore

1,144 1,205

1,000
709

431
500

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, ICICI Direct Research

Home appliance segment achieved revenue of ₹1,205 crore in FY24 which

constituted ~7% of total revenue and generated operating profit of ₹131 cr. With low
penetration (~13%) of washing machines in India, along with increase in per capita
income and standard of living we expect that there is enough headroom for growth
in medium to long term for washing machines in India.

D) Lighting Solutions:

Dixon is India’s largest ODM player in lighting solutions providing 2000+ variants in
LED lights ranging from 0.5W to 100W. Dixon had a capacity of manufacturing
200mn LED lamps annually, along with that LED batten capacity stands at 40 mn
units and downlighters stands at 20 mn units as on FY24. The major customers
contributing to Dixon’s revenue are IKEA, Reliance, RR Kabel, Signify, Wipro, Bajaj,
Orient, Polycab, Luminous and Crompton.

Exhibit 27: LED Lighting Market Size

350

300

250

200
₹ (bn)

150

100

50

0
FY18 FY19 FY20 FY21 FY22 FY23E FY24E FY25E FY26E
Source: PG Electroplast Placement document, ICICI Direct Research

The Indian LED lighting industry has grown significantly due to the government
energy efficiency initiatives and rising consumer awareness of sustainable solutions.
Both consumer and professional LED segments are expanding rapidly. The domestic
LED industry is expected to see 12% CAGR over FY22-26E.

Recent tie up with Signify:

Dixon technologies and Signify (formerly Philips lighting) have announced a 50:50
joint venture aimed at enhancing the manufacturing of lighting products and
accessories in India. This joint venture aims to manufacture a broad range of lighting
products, including LED bulbs, downlights, spotlights, battens, ropes, strips and

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 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

related accessories This venture will undertake part of Signify’s OEM orders for
lighting products in India along with manufacturing for other lighting brands.

This strategic partnership with Signify is expected to enhance Dixon’s manufacturing

excellence and strengthen its foothold along with expanding its product range.
Management expects a revenue of ~ ₹2,000 crore in coming years in lighting division.

Dixon’s positioning;

• Dixon has launched professional light series, rope and strip lights in FY 23-
24 and are further increasing their portfolio by expanding into range of flood
lights and streetlights along with further diversifying it into high value and
premium products in FY 24-25. Professional lighting contributes ~ 40% of
Indian lighting industry.

• Focused on acquiring competitive strength and optimising backward

integration, the company has started with injection moulding for ceiling
lights and extrusions for battens.

• To expand its footprints in smart lighting business, the company has entered
into a strategic partnership with Ibahn Illumination, wherein Ibahn
illumination has agreed to transfer BLE Mesh smart lighting and wifi based
technology for its lighting business.

• Dixon is constantly exploring opportunities across global to expand its

footprints, it has already started exporting to Europe, Middle east and
Germany. Further company is on final stages to acquire a large U.S customer
marking a significant milestone in its lighting business.

• Focused on acquiring new customers, expanding its product portfolio across

categories ranging from downlighters to ceiling lights, continuous backward
integration and value engineering strengthens Dixon’s position amongst its
competitors.

Exhibit 28: Revenue forecast – Lighting solutions

1,600 1,470
1,400 1,284
1,150
1,200 1,104
1,055
1,000 862
₹ in crore

787
800

600

400

200

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E
Source: Company, ICICI Direct Research

Dixon reported revenue of ₹787 crore from lighting business which contributed 4% of
total revenue with an operating profit of ₹59 crore. With government’s energy
efficiency initiatives and rising consumer awareness for sustainable solutions, India’s
LED lighting industry is poised for growth in coming years.

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Key Financial Summary

Strong revenue growth expected to continue

Dixon reported consolidated revenue of ₹ 17,692 crore for FY24 and showed a robust
growth of ~40% CAGR from FY21-FY24, wherein mobile and EMS segment
contributed 62% of total revenue, followed by consumer electronics segment
contributing ~ 23% of total revenue.

Going ahead, management expects most of the revenue to be contributed from

Mobile and EMS division with consol revenue CAGR of 61.8% over FY24-FY27E and
35% over FY25E-27E.

Exhibit 29: Trend in Topline

80,000

70,000

60,000

50,000
crore

40,000
₹

30,000

20,000

10,000

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, ICICI Direct Research

Exhibit 30: Segment wise topline trend

100%

80%

60%

40%

20%

0%
FY22 FY23 FY24 FY25E FY26E FY27E

Mobile & EMS IT hardware Consumer Electronics

Lighting Solutions Home appliances

Source: Company, ICICI Direct Research

EBITDA to grow at staggering pace, led by both topline growth and margins
improvement
Dixon’s operating EBITDA stood at ₹699 crore for FY24 translating EBITDA margins
of ~3.9%, which grew ~37% CAGR over FY21 to FY24. Its EBITDA margin is expected
to improve to 4.5% by FY27E, led by backward integration, scale and operational
efficiencies.

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Exhibit 31: EBITDA Trend

4,000

3,500

3,000

2,500
crore

2,000
₹

1,500

1,000

500

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E

Source: Company, ICICI Direct Research

Exhibit 32: PAT Trend

2,500

2,000

1,500
crore

1,000
₹

500

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E
Source: Company, ICICI Direct Research

Exhibit 33: Trend in Return Ratios

50.0

40.0

30.0

20.0

10.0

-
FY21 FY22 FY23 FY24 FY25E FY26E FY27E

RoCE (%) RoNW (%)

Source: Company, ICICI Direct Research

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Risk and Concerns

Any restraint in Government support and cessation of mobile PLI scheme
The PLI scheme has always been a backbone in Dixon’s growth story especially in
Mobile and Hardware segment. With Dixon’s plans to further expand into component
ecosystem, it will require constant support from government’s end. Any delay or
reduction or change in government’s policy might impact its long-term investment
plans and might slow down its growth plans. Further with erstwhile PLI scheme for
mobiles ending in FY26, margins could get impacted.

Supply chain management esp. amidst Geopolitical tensions

With increase in geopolitical tension among US, China and other Asian countries,
there might be disruption in supply chain affecting companies. Political tension such
as trade wars, sanctions, export controls, etc. or such other risks which have ability
to create business uncertainties, disrupt supply chain and elongate the company’s
working capital cycle.

Execution delays

Order execution delays, approval delays by state or specific bodies, macro slowdown
causing clients to delay or cancel orders and such other situations can cause growth
moderation.

Growth of IOS devices in India over long term

Apple’s presence in India’s smartphone market has seen notable growth in recent
years with 8%+ market share among smart phones now, led by shift in consumer
preferences. Dixon is highly reliable on Android brands and with reduction in share
of Android brands among Indian customers shall adversely impact Dixon’s growth.

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 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

Financial Summary

Exhibit 34: Profit and loss statement ₹ crore Exhibit 35: Cash flow statement ₹ crore
(Year-end March) FY24 FY25E FY26E FY27E (Year-end March) FY24 FY25E FY26E FY27E

Revenue 176,920 411,028 573,626 748,933 Profit after Tax 3,544 10,590 14,466 21,897

Depreciation 1,619 2,583 3,260 4,384

% Growth 45.1 132.3 39.6 30.6
Interest 747 1,032 1,186 1,325
Other income 226 2,420 685 1,118
Cash Flow before WC changes 5,910 14,206 18,912 27,607
Total Revenue 177,146 413,448 574,311 750,050
(Inc)/dec in Current Assets -17,475 -71,478 -48,140 -50,996
Employee Expenses 3,327 6,576 8,031 9,736
Changes in creditors 16,133 58,578 38,035 39,088
Other expenses 166,606 389,136 542,547 705,409
Other current liabilities 2,231 9,073 5,997 6,159
Total Operating Expenditure 169,933 395,713 550,578 715,145 Inc/(dec) in CL and Provisions 18,364 67,651 44,032 45,247

Net CF from Operating activities 6,799 10,378 14,803 21,858

Operating Profit (EBITDA) 6,987 15,316 23,048 33,788

% Growth 36.2 119.2 50.5 46.6 (Purchase)/Sale of Fixed Assets -8,631 -8,300 -10,000 -16,000

Interest 747 1,032 1,186 1,325 Others 1,182 -4,580 -1,015 -932

Net CF from Investing activities -7,450 -12,880 -11,015 -16,932

PBDT 6,240 14,284 21,862 32,463

Depreciation 1,619 2,583 3,260 4,384

Dividend -284 -847 -1,157 -1,752
PBT before Exceptional Items 4,621 11,700 18,602 28,078
Others -388 611 192 230
Total Tax 1,189 3,530 4,822 7,299
Net CF from Financing Activities -671 -236 -965 -1,522
PAT before MI 3,760 10,590 14,466 21,897

Adjusted PAT 3,688 9,390 13,146 20,155 Net Cash flow -1,322 -2,738 2,823 3,404
% Growth 44.5 154.6 40.0 53.3 Opening Cash/Cash Equivalent 2,292 2,087 2,773 6,915

EPS 63.0 175.8 238.1 357.5 Closing Cash/ Cash Equivalent 2,086 2,773 6,915 12,061

Source: Company, ICICI Direct Research Source: Company, ICICI Direct Research

Exhibit 36: Balance sheet ₹ crore Exhibit 37: Key ratios

(Year-end March) FY24 FY25E FY26E FY27E (Year-end March) FY24 FY25E FY26E FY27E

Equity Capital 120 120 121 123 Per Share Data (₹)

EPS 63.0 175.8 238.1 357.5

Reserve and Surplus 16,829 26,572 39,880 60,026
Cash per Share 35.0 46.0 113.8 196.9
Total Shareholders funds 16,949 26,692 40,002 60,148
BV 284.1 443.1 658.5 982.0
Minority Interest 276 3,700 5,020 6,762
Dividend per share 4.8 14.1 19.1 28.6
Total Debt 4,890 6,532 7,910 9,464
Dvidend payout ratio (%) 7.7 9.0 8.8 8.7
Other liabilities 380 740 860 749
Operating Ratios (%)
Total Liabilities 22,494 37,665 53,792 77,123 EBITDA Margin 3.9 3.7 4.0 4.5

PAT Margin 2.1 2.6 2.5 2.9

Gross Block 24,047 32,290 41,790 57,690 Return Ratios (%)

Acc: Depreciation 4,313 6,930 10,190 14,574 RoE 21.8 35.2 32.9 33.5

Net Block 19,734 25,360 31,600 43,116 RoCE 25.7 43.1 40.2 41.3

Valuation Ratios (x)

Capital WIP 643 700 1,200 1,300
EV / EBITDA 137.6 63.5 42.4 29.1
Total Fixed Assets 20,377 26,060 32,800 44,416
P/E 270.6 91.4 67.5 45.0
Non Current Assets 504 2,975 3,171 3,299
Market Cap / Sales 5.4 2.3 1.7 1.3
Inventory 16,950 39,248 54,611 72,346
Price to Book Value 56.6 36.3 24.4 16.4
Debtors 23,179 65,765 91,780 119,829
Working Capital Management Ratios
Other Current Assets 6,147 12,742 19,503 24,715 Inventory Days 34.9 34.6 34.7 35.2
Cash 2,087 2,773 6,915 12,061 Debtors Days 47.8 58.1 58.3 58.3

Total Current Assets 48,363 120,527 172,810 228,952 Creditors Days 83.8 87.6 87.2 85.8

Current Liabilities 46,715 111,897 154,989 199,543 Asset turnover 7.4 12.8 13.7 13.0

Net Current Assets (Ex Cash) 3,734 11,403 24,736 41,470 Solvency Ratios

Debt / Equity 0.3 0.2 0.2 0.2

Total Assets 22,528 37,665 53,792 77,123
Current Ratio 1.0 1.0 1.1 1.1
Source: Company, ICICI Direct Research
Quick Ratio 0.6 0.7 0.7 0.7

Source: Company, ICICI Direct Research

ICICI Securities | Retail Research 23

 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

RATING RATIONALE
ICICI Direct endeavours to provide objective opinions and recommendations. ICICI Direct assigns ratings to
its stocks according -to their notional target price vs. current market price and then categorizes them as Buy,
Hold, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is
defined as the analysts' valuation for a stock

Buy: >15%
Hold: -5% to 15%;
Reduce: -15% to -5%;
Sell: <-15%

Pankaj Pandey Head – Research [email protected]

ICICI Direct Research Desk,

ICICI Securities Limited,
Third Floor, Brillanto House,
Road No 13, MIDC,
Andheri (East)
Mumbai – 400 093
[email protected]

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 Conviction Pick | DIxon Technologies Ltd ICICI Direct Research

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