WatchTalking point
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged 1.19× over the last 3 profit-making years versus 1.78× before that.
Importance 64 / 95 · cash quality
Dixon Technologies (India) Limited · Research view
Dixon Technologies (India) Limited
NSE: DIXONBSE: 540699ISIN INE935N01020Face value ₹2standalone
₹12,700
−3.35% · 2026-10-01 · 52-wk ₹9,673–₹17,445
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
StrengthTalking point
Profit outpacing revenue
Profit grew 33.4% while revenue grew 25.8%, so the company kept more of each rupee of revenue as profit.
Importance 61 / 95 · growth
Context
Stock has lagged the business
Over 5 years profit compounded at 59.4% a year while the stock returned 21.3% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Importance 57 / 95 · business vs stock
Section 03 · The company
Who is this company?
Classified by the exchange under Consumer Discretionary › Consumer Durables › Consumer Durables › Consumer Electronics.
- Market cap
- ₹77,216 cr
- FY2026 revenue
- ₹3,930 cr
- FY2026 net profit
- ₹759 cr
- Net worth
- ₹3,239 cr
- Total debt
- ₹172 cr
- EPS (basic)
- ₹125.44
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 consumer electronics.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Strength
Profit grew 33.4% while revenue grew 25.8%, so the company kept more of each rupee of revenue as profit.
Rule PROFIT_FASTER_THAN_REVENUE
- Revenue growth per year
- +6.5%over 7 years
- Revenue growth
- −27.2%vs last year
- Net profit growth
- +34.2%vs last year
- Change in net profit since FY19
- +1247%
Over 7 years profit compounded at 59.2% a year while revenue compounded at 49.1% a year — though FY2025 saw a one-off step-change of 229% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Revenue compounded at 49.1% a year over 7 years (₹2,984 → ₹48,873) — though FY2025 saw a one-off step-change of 120% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Net profit grew 33.4% year on year (FY2025 → FY2026).
Revenue grew 25.8% year on year (FY2025 → FY2026).
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹718 cr, up 156.3% from ₹280 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 net profit grew 156.3% while revenue grew 21.1% vs the same quarter last year — a gap of 135.2 percentage points.
Rule QTR_PROFIT_VS_REVENUE_GROWTH
Strength
Q1 FY27 EBIT was ₹884 cr, up 126.0% from ₹391 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 11,534 | — | 412 | — | 3.6% |
| Q3 FY25 | 10,454 | +117.0% | 216 | +122.8% | 2.1% |
| Q4 FY25 | 10,293 | +121.0% | 465 | +377.9% | 4.5% |
| Q1 FY26 | 12,836 | +95.1% | 280 | +100.4% | 2.2% |
| Q2 FY26 | 14,855 | +28.8% | 746 | +81.1% | 5.0% |
| Q3 FY26 | 10,672 | +2.1% | 321 | +48.2% | 3.0% |
| Q4 FY26 | 10,511 | +2.1% | 298 | −35.9% | 2.8% |
| Q1 FY27 | 15,548 | +21.1% | 718 | +156.3% | 4.6% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹51,585 crTTM
- EBITDA
- ₹3,087 crTTM
- EBIT
- ₹2,680 crTTM
- PBT
- ₹2,551 crTTM
- Net profit
- ₹2,082 crTTM
C. Corporate actions
21 Sept 2026DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
16 Sept 2025DividendFinal Dividend - Rs. - 8.0000 — ₹8.00/share
17 Sept 2024DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share
22 Sept 2023DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
11 Aug 2022DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
20 Sept 2021DividendFinal Dividend - Rs. - 1.0000 — ₹1.00/share
18 Mar 2021Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2
24 Mar 2020DividendInterim Dividend - Rs. - 4.0000 — ₹4.00/share
23 Jul 2019DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
17 Jul 2018DividendFinal Dividend - Rs. - 2.0000 — ₹2.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Concern
ROE declined from 47.5% to 37.1% year on year.
Rule ROE_DETERIORATED_YOY
- EBITDA margin now
- 25.8%
- 8-year range
- 3.8–25.8%
- ROE FY2026
- 28.0%
- ROCE FY2026
- 32.7%
ROE of 37.1% is well above the consumer electronics median of 28.1%.
EBITDA margin of 5.3% is below the consumer electronics median of 8.6%.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Cash conversion (CFO ÷ profit) has averaged 1.19× over the last 3 profit-making years versus 1.78× before that.
Rule CASH_CONVERSION_DETERIORATING
Operating cash flowNet profit
- Total debt
- ₹172 cr
- Operating cash flow ÷ net profit
- -0.14×FY2026
- Free cash flow
- ₹−405 cr
- Current ratio
- 1.37×
Net worth compounded at 46.1% a year over 7 years (₹378 → ₹5,387) — though FY2025 saw a one-off step-change of 101% (a merger, restructuring or a recovery off a low base), so the compounding is uneven.
Operating cash flow has matched or exceeded reported profit in 5 of the last 6 profit-making years (latest 1.08×).
Free cash flow has been positive in 5 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 consumer electronics (FY2026, consolidated). No peer-relative rule fired for this company.
Not enough peers in this set report the underlying metrics yet for a ranking.
- P / E
- 37.1×TTM to Jun 26
- P / B
- 14.3×latest book
- P / S
- 1.5×TTM sales
- Earnings yield
- 2.7%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 47.0× · P/S 1.6× · ROE 37.1%. TTM and full-year profit and EBITDA differ by more than 15% — a one-off in a recent quarter is moving the trailing figure; weigh it against the full year.
Section 09 · The stock
How has the stock performed?
Context
Over 5 years profit compounded at 59.4% a year while the stock returned 21.3% a year — the FY2021 base was somewhat depressed, so part of this is recovery rather than trend.
Rule STOCK_LAGGED_EARNINGS · rebound
- 1-year return
- −22.8%
- 3-year return
- +140.1%
- 5-year return
- +162.1%
- From 52-wk high
- −27.2%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹13,964
- vs 200-day avg
- Above₹12,127
- RSI (14)
- 33.3neutral
- MACD histogram
- -38.5
- From 52-wk high
- −27.2%
- From 52-wk low
- +31.3%
- 30-day volatility
- 25.3%ann.
- 6-month return
- +31.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchCash conversion trending downCash conversion (CFO ÷ profit) has averaged 1.19× over the last 3 profit-making years versus 1.78× before that.CASH_CONVERSION_DETERIORATING · conviction 64
- ConcernReturns decliningROE declined from 47.5% to 37.1% year on year.ROE_DETERIORATED_YOY · conviction 54
- ConcernThinner margins than peersEBITDA margin of 5.3% is below the consumer electronics median of 8.6%.MARGIN_BELOW_PEER_MEDIAN · conviction 48
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,526 | 3,672 | 5,675 | 7,484 | 6,997 | 6,411 | 5,401 | 3,930 |
| Total income | 2,530 | 3,681 | 5,677 | 7,487 | 7,016 | 6,449 | 5,467 | 4,732 |
| EBITDA | 128 | 209 | 271 | 281 | 379 | 352 | 313 | 1,012 |
| Profit before tax | 84 | 142 | 206 | 200 | 285 | 247 | 679 | 888 |
| Net profit | 56 | 111 | 152 | 151 | 211 | 186 | 566 | 759 |
| EPS (₹) | 49.8 | 96.9 | 26.1 | 25.6 | 35.5 | 31.1 | 94.4 | 125.4 |
| Net worth | 360 | 514 | 702 | 922 | 1,166 | 1,394 | 2,183 | 3,239 |
| Total debt | 135 | 73 | 128 | 246 | 82 | 105 | 177 | 172 |
| Operating cash flow | — | — | 158 | 214 | 404 | 239 | 279 | −104 |
| Free cash flow | — | — | 45 | 13 | 269 | 103 | 101 | −405 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 45.4 | 54.6 | 31.9 | -6.5 | -8.4 | -15.8 | -27.2 |
| Profit growth YoY | — | 96.2 | 37.4 | -0.7 | 39.9 | -12.1 | 204.8 | 34.2 |
| Profitability | ||||||||
| EBITDA margin % | 5.1 | 5.7 | 4.8 | 3.8 | 5.4 | 5.5 | 5.8 | 25.8 |
| Net margin % | 2.2 | 3.0 | 2.7 | 2.0 | 3.0 | 2.9 | 10.4 | 16.0 |
| Return on equity % | 15.7 | 25.3 | 25.0 | 18.6 | 20.2 | 14.5 | 31.6 | 28.0 |
| Return on capital % | 21.9 | 32.8 | 32.8 | 23.1 | 26.6 | 21.0 | 12.6 | 32.7 |
| Leverage & cash | ||||||||
| Debt to equity | 0.37 | 0.14 | 0.18 | 0.27 | 0.07 | 0.08 | 0.08 | 0.05 |
| Cash flow ÷ profit | — | — | 1.04 | 1.42 | 1.92 | 1.29 | 0.49 | -0.14 |
| Current ratio | 1.17 | 1.24 | 1.22 | 1.29 | 1.18 | 1.11 | 1.05 | 1.37 |