Dixon Technologies Share Price
Dixon Technologies (NSE: DIXON) has emerged as one of India's most watched electronics manufacturing service (EMS) companies, with its stock experiencing sharp fluctuations driven by strong earnings and valuation concerns.
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💹 Recent Performance & Volatility
In January 2025, the stock fell ~14% to around ₹15,120 after Q3 FY25 results showed sequential dips in both revenue (‑9.4% QoQ to ₹10,454 crore) and net profit (‑47.5% QoQ to ₹216 crore), despite robust year‑on‑year (YoY) growth . This drop mirrored conflicting analyst views: while Motilal Oswal maintained a Buy rating with bullish targets up to ₹20,500, Jefferies retained an Underperform call with a ₹12,600 target, citing stretched valuations (P/E ~106x for FY26) .
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📈 Growth Drivers
Dixon rides on several positive catalysts:
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Explosive YoY revenue growth: Q3 FY25 saw revenues up 117%, with net profit soaring 77–124% YoY .
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Policy tailwinds: Benefiting from India’s PLI scheme and the broader “China + 1” production shift .
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⚠️ Risks & Analyst Cautions
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Declining margins: Q3 FY25 EBITDA margin slipped to around 3.7–3.8%, highlighting margin sensitivity .
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Policy uncertainty: Upcoming PLI scheme expiry (March 2026) and delays in display‑fabrication rollout pose potential headwinds
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