Ticker Name : Dixon Technologies (India) Ltd (NSE: DIXON)

Date : 6/24/2025
Website : https://www.dixoninfo.com/

Dixon Technologies is a prominent Indian company specializing in manufacturing consumer durables,

lighting, and mobile phones. They provide a diverse range of products such as LED TVs, washing
machines, LED bulbs, and electronics repair services. Dixon Technologies major competitors are Amber
Enterprises, Syrma SGS Technology, Havells India, CG Power & Indl.Soln, Crompt.Greaves Cons.,
Whirlpool Of India, V-Guard Inds. Dixon Technologies is a leading Indian electronic manufacturing
services (EMS) company. They are a significant player in manufacturing consumer electronics (like LED
TVs), home appliances (washing machines), lighting products, mobile phones, and security devices for
various prominent brands. Dixon also provides original design manufacturing (ODM) and reverse logistics
services, playing a crucial role in India's "Make in India" initiative.
Market Cap of Dixon Technologies is ₹87,565 Crs.
While the median market cap of its peers are ₹23,027 Crs.

Three Statement Model

- Prepared By - Bhavesh Vyas
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21

Revenue from operations 4,400.12 6,448.17

Other Income 5.20 1.58
Growth -70%
Total Revenue 4,405.32 6,449.75

Revenue by Segmnets

Mobile & EMS & others 660.02 1,289.63

% Share 15% 20%
Growth 95%

Consumer Electronics 2,112.06 3,095.12

% Share 48% 48%
Growth 47%

Home Appliances: 748.02 967.23

% Share 17% 15%
Growth 29%

Lighting 880.02 1,096.19

% Share 20% 17%
Growth 25%

Total Revenue From Operations 4,400.12 6,448.17

FY 22 FY 23 FY 24 FY 25 FY 26

10,697.08 12,192.01 17,690.90 22,143.70 29,356.90

3.81 5.61 22.56 22.56 22.56
142% 47% 302% 0% 0%
10,700.89 12,197.62 17,713.46 22,166.26 29,379.46

3,209.12 3,779.52 10,968.36 14,807.28 19,989.83

30% 31% 62%
149% 18% 190% 35% 35%

5,134.60 2,438.40 4,068.91 5,493.02 7,415.58

48% 20% 23%
66% -53% 67% 35% 35%

1,069.71 1,341.12 1,238.36 1,362.20 1,566.53

10% 11% 7%
11% 25% -8% 10% 15%

1,497.59 1,097.28 707.64 481.19 384.95

14% 9% 4%
37% -27% -36% -32% -20%

10,911.02 8,656.33 16,983.26 22,143.70 29,356.90

 FY 27 FY 28 FY 29

39,192.27 50,715.46 65,744.58

22.56 22.56 22.56
0% 0% 0%
39,214.83 50,738.02 65,767.14

26,986.27 35,082.16 45,606.80

35% 30% 30%

10,011.04 13,014.35 16,918.65

35% 30% 30%

1,848.50 2,255.18 2,818.97

18% 22% 25%

346.46 363.78 400.16

-10% 5% 10%

39,192.27 50,715.46 65,744.58

-
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars
Income Statement
Revenue from operations
Other Income
Total Revenue

Expenses
Cost of raw material
Employee benefits expense
Other expenses
Total Operating Expenses
EBITDA
EBITDA %
Depreciation
Interest
Profit before share of profit/(loss) of Joint Venture, exceptional items and tax
EBT
Tax
Current Tax
Deffered Tax
Minimum Tax credit
Income tax related to earlier year
Tax expense for the year
Earnings After Tax

Effective Tax Rate

FY 20 FY 21 FY 22 FY 23

4,400.12 6,448.17 10,697.08 12,192.01

5.20 1.58 3.81 5.61
4,405.32 6,449.75 10,700.89 12,197.62

3,860.21 5,769.72 9,779.24 11,020.74

117.96 137.07 197.79 251.67
198.89 254.79 340.94 406.85
4,177.05 6,161.59 10,317.97 11,679.26
228.26 288.16 382.92 518.36
5.2% 4.5% 3.6% 4.2%
36.53 43.72 83.95 114.63
34.97 27.43 44.20 60.57
- - 0.06 1.62
156.77 217.01 254.71 341.54

40.66 54.64 63.58 87.66

-4.02 4.02 0.46 2.69
-0.78 -0.39 - -0.65
0.41 -1.06 0.34 -
36.27 57.22 64.38 89.70
120.50 159.79 190.33 251.84

23% 26% 25% 26%

FY 24 FY 25 FY 26 FY 27 FY 28

17,690.90 22,143.70 29,356.90 39,192.27 50,715.46

22.56 22.56 22.56 22.56 22.56
17,713.46 22,166.26 29,379.46 39,214.83 50,738.02

16,038.95 17,704.99 23,466.43 31,322.30 40,526.29

332.67 469.59 622.41 830.77 1,074.89
621.65 819.98 1,086.82 1,450.65 1,876.92
16,993.27 18,994.57 25,175.66 33,603.73 43,478.11
720.19 3,171.69 4,203.80 5,611.10 7,259.92
4.1% 14.3% 14.3% 14.3% 14.3%
161.88 161.88 161.88 161.88 161.88
74.72 69.36 53.04 36.73 24.89
10.24 - - - -
473.35 2,940.45 3,988.88 5,412.50 7,073.14

115.05 714.69 969.52 1,315.53 1,719.16

1.23 - - - -
2.63 - - - -
- - - - -
118.91 714.69 969.52 1,315.53 1,719.16
354.44 2,225.76 3,019.36 4,096.96 5,353.98

25% 24% 24% 24% 24%

 FY 29

65,744.58
22.56
65,767.14

52,530.59
1,393.29
2,432.89
56,356.77
9,410.38
14.3%
161.88
21.22
-
9,227.28

2,242.74
-
-
-
2,242.74
6,984.55

24%
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20

ASSETS:
Non-current assets
(a) Property, plant and equipment 311.38
(b) Capital work-in-progress 9.55
(c) Intangible assets 4.37
(d) Intangible assets under development -
(d) Right to use assets 90.17
(e) Goodwill 8.17
Long Term Investments -
i. Other financial assets 9.12
(g) Deferred tax assets (Net) 0.25
(h) Other non-current assets 18.03
451.03

Current assets
(a) Inventories 497.84
Short Term Investments -
ii. Trade receivables 515.12
iii. Cash and cash 95.66
iv. Other bank balances 4.50
Short Term Loans and advances -
vi. Other financial 31.26
(c) Other current assets 100.00
(d) Current tax assets 1.81

Total Assets 1,697.22

Equity And Liabilities

a) Equity share capital 11.57
b) Other equity 529.76
Non-Controlling Interest -
Total Equity 541.33
Liabilities
Non-Current Liabilities
Non-current Borrowings 11.02
Lease Liabilities -
Trade payable -
ii. Other financial liabilities 88.36
(b) Provisions 6.50
(c) Deferred tax liabilities (net) 15.02
(d) Other non-current liabilities 1.00
Total Non-current Liabilities 121.90

Current Liabilities
(a) Financial liabilities:
i. Borrowings 71.80
Lease Liabilities -
Trade Payables 939.06
iii. Other financial liabilities 12.18
(b) Other current liabilities 5.39
(c) Provisions 4.39
(d) Current tax liabilities 1.17
1,033.99
Total Equity and Liability 1,697.22

Check -
FY 21 FY 22 FY 23 FY 24 FY 25 FY 26

405.88 758.33 942.49 1,636.80 1,524.92 1,413.04

72.39 22.01 119.70 64.27 64.27 -
4.00 18.75 22.44 30.65 30.65 -
- 0.38 - 4.07 4.07 -
132.18 195.90 248.40 298.49 298.49 -
8.17 30.31 30.31 30.31 30.31 -
- 5.94 14.15 20.04 21.03 27.88
12.34 - - 42.14 42.14 -
- 35.59 34.83 1.92 1.92 -
19.62 62.96 127.84 26.48 110.80 146.86
654.57 1,130.17 1,540.16 2,155.17 2,128.60 1,587.77

743.25 1,155.69 957.87 1,695.01 1,821.88 2,414.75

95.25 135.02 30.00 - - -
1,089.06 1,356.35 1,715.45 2,317.88 2,125.53 2,817.21
63.84 176.46 217.04 200.48 892.55 1,208.28
5.04 5.88 12.14 8.17 - -
2.50 0.44 - 2.00 2.00 -
12.04 156.15 89.91 318.67 318.67 -
178.08 159.17 115.91 290.98 290.98 -
2.02 1.84 0.95 3.09 3.09 -

2,845.65 4,277.17 4,679.43 6,991.45 7,583.31 8,028.02

11.71 11.87 11.91 11.96 11.96 11.96

725.60 984.91 1,273.00 1,682.89 1,682.89 1,682.89
- 0.55 -0.28 27.61 27.61 27.61
737.31 997.33 1,284.63 1,722.46 1,722.46 1,722.46
 79.96 297.32 145.23 112.60 79.97 47.34
- - 252.83 311.99 311.99 -
- - - 5.46 6.10 8.09
129.57 197.32 - 43.47 43.47 -
8.75 14.28 17.26 21.38 21.38 -
18.38 20.12 22.40 25.90 25.90 -
0.93 14.91 16.09 16.57 16.57 -
237.59 543.95 453.81 537.37 505.38 55.43

71.34 160.67 37.39 42.43 42.43 42.43

- 11.59 17.64 21.96 21.96 -
1,709.65 2,313.74 2,451.88 4,059.75 4,683.59 6,207.70
48.26 179.15 291.42 503.13 503.13 -
35.78 54.92 121.42 87.34 87.34 -
5.63 7.29 8.58 6.32 6.32 -
0.08 8.53 12.66 10.69 10.69 -
1,870.75 2,735.89 2,940.99 4,731.62 5,355.46 6,250.13
2,845.65 4,277.17 4,679.43 6,991.45 7,583.31 8,028.02

- - - - - -
 FY 27 FY 28 FY 29

1,301.16 1,189.28 1,077.40

- - -
- - -
- - -
- - -
- - -
37.21 48.14 62.40
- - -
- - -
196.02 253.62 328.75
1,534.39 1,491.05 1,468.55

3,223.14 4,170.25 5,405.52

- - -
3,760.33 4,865.29 6,306.44
2,677.28 4,260.03 6,079.04
- - -
-1,118.89 -2,287.12 -3,580.36
- - -
- - -
- - -

10,076.25 12,499.49 15,679.19

11.96 11.96 11.96

1,682.89 1,682.89 1,682.89
27.61 27.61 27.61
1,722.46 1,722.46 1,722.46
 14.71 - -
- - -
10.80 13.97 18.11
- - -
- - -
- - -
- - -
25.51 13.97 18.11

42.43 42.43 42.43

- - -
8,285.85 10,720.63 13,896.19
- - -
- - -
- - -
- - -
8,328.28 10,763.06 13,938.62
10,076.25 12,499.49 15,679.19

- - -
 6.39 36.70 69.83
82.82 151.30 457.99

1155.89 2108.34 3279.84

₹ 401.55 ₹ 538.05 ₹ 954.23 ₹ 1,190.89

₹ 118.02 ₹ 197.71 ₹ 222.13 ₹ 243.75

 137.51 103.91
182.62 155.03

3394.80 5268.99
₹ 1,935.29

₹ 317.46
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20

Cash flow from operating activities

Profit before tax
Adjustments for :
Depreciation and Amortisation
Finance Costs
Non-Opearting exp
Non-Opearting Income
EBITDA -
Adjustments for working capital changes
i. Other financial assets
(h) Other non-current assets
(a) Inventories
ii. Trade receivables
Short Term Loans and advances
vi. Other financial
(c) Other current assets
Lease Liabilities
Trade payable
ii. Other financial liabilities
(b) Provisions
(d) Other non-current liabilities
Lease Liabilities
Trade Payables
iii. Other financial liabilities
(b) Other current liabilities
(c) Provisions
Changes in Working Capital -
-
Operating Profit after Working Capital Changes before taxes paid
Less: Taxes Paid
Cashflow from Opearting activities -

Cash Flow from Investing Activities

 (a) Property, plant and equipment
(b) Capital work-in-progress
(c) Intangible assets
(d) Intangible assets under development
(d) Right to use assets
(e) Goodwill
Long Term Investments
Short Term Investments
Income from Investments
Cashflow from Investing activities -

Cash Flow from Financing Activities

a) Equity share capital
b) Other equity
Non-Controlling Interest
Long Term Borrowings
Short Term Borrowings
Finance Cost Paid
Cash Flow from Financing Activities -

Net increase/(decrease) in cash and cash equivalents (A+B+C) -

Cash and cash equivalents at the beginning of the year

Cash and cash equivalents at the End of the year -

Check
FY 21 FY 22 FY 23 FY 24 FY 25 FY 26

217.01 254.71 341.54 473.35 2,940.45 3,988.88

43.72 83.95 114.63 161.88 161.88 161.88

27.43 44.20 60.57 74.72 69.36 53.04

288.16 382.86 516.74 709.95 3,171.69 4,203.80

-3.22 12.34 - -42.14 - 42.14

-1.60 -43.34 -64.88 101.36 -84.32 -36.06
-245.40 -412.44 197.82 -737.14 -126.87 -592.87
-573.94 -267.29 -359.10 -602.43 192.35 -691.68
-2.50 2.06 0.44 -2.00 - 2.00
19.21 -144.11 66.24 -228.76 - 318.67
-78.09 18.91 43.26 -175.07 - 290.98
- - 252.83 59.16 - -311.99
- - - 5.46 0.64 1.99
41.21 67.75 -197.32 43.47 - -43.47
2.25 5.53 2.98 4.12 - -21.38
-0.07 13.98 1.18 0.48 - -16.57
- 11.59 6.05 4.32 - -21.96
770.59 604.09 138.14 1,607.87 623.84 1,524.10
36.09 130.89 112.27 211.71 - -503.13
30.38 19.14 66.50 -34.08 - -87.34
1.24 1.66 1.29 -2.26 - -6.32
-3.83 20.76 267.70 214.07 605.64 -152.88
284.33 403.62 784.44 924.02 3,777.33 4,050.92

59.54 39.15 97.76 151.21 714.69 937.94

343.86 442.77 882.20 1,075.23 4,492.02 4,988.85
-138.22 -436.40 -298.79 -856.19 -50.00 -50.00
-62.84 50.38 -97.69 55.43 - 64.27
0.37 -14.75 -3.69 -8.21 - 30.65
- -0.38 0.38 -4.07 - 4.07
-42.01 -63.72 -52.50 -50.09 - 298.49
- -22.14 - - - 30.31
- -5.94 -8.21 -5.89 -0.99 -6.84
-95.25 -39.77 105.02 30.00 - -

-337.94 -532.73 -355.48 -839.02 -50.99 370.95

0.14 0.16 0.04 0.05 - -

-78.39 -59.78 -143.15 -182.37 -3,655.14 -4,958.39
- 0.55 -0.83 27.89 - -
68.94 217.36 -152.09 -32.63 -32.63 -32.63
-0.46 89.33 -123.28 5.04 - -
-27.43 -44.20 -60.57 -74.72 -69.36 -53.04
-37.20 203.42 -479.88 -256.74 -3,757.13 -5,044.06

-31.28 113.46 46.84 -20.53 683.90 315.74

100.16 68.88 182.34 229.18 208.65 892.55

68.88 182.34 229.18 208.65 892.55 1,208.28

-0.00 0.00 -0.00 - - -

 FY 27 FY 28 FY 29

5,412.50 7,073.14 9,227.28

161.88 161.88 161.88

36.73 24.89 21.22

5,611.10 7,259.92 9,410.38

- - -
-49.16 -57.60 -75.13
-808.39 -947.11 -1,235.27
-943.12 -1,104.96 -1,441.15
1,118.89 1,168.23 1,293.24
- - -
- - -
- - -
2.71 3.17 4.14
- - -
- - -
- - -
- - -
2,078.15 2,434.78 3,175.56
- - -
- - -
- - -
1,399.08 1,496.51 1,721.39
7,010.19 8,756.42 11,131.77

1,315.53 1,719.16 2,242.74

8,325.72 10,475.58 13,374.50
 -50.00 -50.00 -50.00
- - -
- - -
- - -
- - -
- - -
-9.33 -10.93 -14.26
- - -

-59.33 -60.93 -64.26

- - -
-6,728.03 -8,792.30 -11,470.02
- - -
-32.63 -14.71 -
- - -
-36.73 -24.89 -21.22
-6,797.39 -8,831.91 -11,491.23

1,469.00 1,582.74 1,819.01

1,208.28 2,677.28 4,260.03

2,677.28 4,260.03 6,079.04

- - -
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21 FY 22 FY 23

Opening Balance 311.38 405.88 758.33

add: capex 138.22 436.40 298.79
less: depreciation -36.53 -43.72 -83.95 -114.63
Closing balance 311.38 405.88 758.33 942.49

Average Dep%
Useful Life of asset 10.28 10.03 9.22
FY 24 FY 25 FY 26 FY 27 FY 28 FY 29

942.49 1,636.80 1,524.92 1,413.04 1,301.16 1,189.28

856.19 50 50 50 50 50
-161.88 -161.88 -161.88 -161.88 -161.88 -161.88
1,636.80 1,525 1,413 1,301 1,189 1,077

11.11 10.61 10.11 9.61 9.11 8.61

DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Common Size Statement

Income Statement

Particulars FY 20

Sales 100%
Raw Material Cost 87.63%
Employee benefits expense 2.68%
Other expenses 4.51%
Other Income 0.00%
Depreciation 0.83%
Interest 0.79%
Profit Before Tax 3.56%
Tax 0.82%
Net Profit 2.74%

Balance Sheet

Particulars 2020A

Total Liabilities 100%

Equity Share Capital 46.83%
Borrowings 7.17%
Other Liabilities 0.55%

Total Assets 100%

Net Block ( Property Plant & Equipment) 23.66%
Investments 0.00%
Other Assets 6.95%
Receivables 30.35%
Inventory 29.33%
Cash & Cash Equivalent 5.64%
Capital work-in-progress 0.6%
Common Size Statement

Income Statement

FY 21 FY 22 FY 23 FY 24

100% 100% 100% 100%

89.46% 91.39% 90.35% 90.55%
2.13% 1.85% 2.06% 1.88%
3.95% 3.19% 3.34% 3.51%
0.00% 0.00% 0.01% 0.06%
0.68% 0.78% 0.94% 0.91%
0.43% 0.41% 0.50% 0.42%
3.36% 2.38% 2.80% 2.67%
0.89% 0.60% 0.74% 0.67%
2.48% 1.78% 2.06% 2.00%

2021A 2022 A 2023 A 2024 A

100% 100% 100% 100%

34.97% 30.41% 37.84% 32.69%
7.18% 13.96% 5.38% 2.94%
1.74% 2.13% 4.05% 1.97%

100% 100% 100% 100%

18.91% 22.31% 25.45% 27.68%
0.00% 0.14% 0.30% 0.29%
6.95% 5.19% 5.21% 4.54%
38.27% 31.71% 36.66% 33.15%
26.12% 27.02% 20.47% 24.24%
2.24% 4.13% 4.64% 2.87%
2.5% 0.5% 2.6% 0.9%
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21 FY 22 FY 23

Debt Schedule

Long term Borrowings

Opening Balance 11.02 79.96 297.32
Aditions/ deductions 68.94 217.36 -152.09
Closing Balance 11.02 79.96 297.32 145.23

Interest Expense On Borrowings -3 -1.8 -2.2 -2.7

( As seen In notes to accounts 42) 27.2% 2.3% 0.7% 1.9%

Averahe Interest Rate 4.40%

FY 24 FY 25 FY 26 FY 27 FY 28 FY 29

145.23 112.60 79.97 47.34 14.71 -

-32.63 -32.63 -32.63 -32.63 -14.71 -
112.60 79.97 47.34 14.71 - -

-3.1 -1.52 -0.90 -0.28 0.00 0.00

2.8% 1.9% 1.9% 1.9% 1.9% 1.9%
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21 FY 22 FY 23

Days 365 365 365 365

Inventories 497.84 743.25 1,155.69 957.87

ii. Trade receivables 515.12 1,089.06 1,356.35 1,715.45
Trade payable - - - -
Trade Payable (Current) 939.06 1,709.65 2,313.74 2,451.88
Net Current Assets 73.90 122.65 198.30 221.44

Debtors (Days) 42.68 61.63 46.26 51.33

Inventories (Days) 41.25 42.06 39.42 28.66
Creditors (Days) - - - -
Trade Payable (Current) (Days) 82.06 101.28 81.85 76.63
Net Working Capital Days (Days)
FY 24 FY 25 FY 26 FY 27 FY 28 FY 29

365 365 365 365 365 365

1,695.01 1,821.88 2,414.75 3,223.14 4,170.25 5,405.52

2,317.88 2,125.53 2,817.21 3,760.33 4,865.29 6,306.44
5.46 6.10 8.09 10.80 13.97 18.11
4,059.75 4,683.59 6,207.70 8,285.85 10,720.63 13,896.19
-52.32 -742.28 -983.83 -1,313.18 -1,699.06 -2,202.34

47.76 30.00 30.00 30.00 30.00 30.00

34.93 35.00 35.00 35.00 35.00 35.00
0.12 0.12 0.12 0.12 0.12 0.12
87.20 90.0 90.0 90.0 90.0 90.0
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21 FY 22

Cost of raw material 3,860.21 5,769.72 9,779.24

as % of Revenue 87.6% 89.5% 91.4%

Employee benefits expense 117.96 137.07 197.79

as % of Revenue 2.68% 2.13% 1.85%

Other expenses 198.89 254.79 340.94

as % of Revenue 4.51% 3.95% 3.19%

Current Tax 40.66 54.64 63.58

Effective Tax rate 26% 25% 25%

Deffered Tax -4.02 4.02 0.46

Effective Tax rate -2.6% 1.9% 0.2%

Minimum Tax credit -0.78 -0.39 -

Effective Tax rate -0.50% -0.18% 0.00%

Long Term Investments - - 5.94

as % of Revenue 0.06%

(h) Other non-current assets 18.03 19.62 62.96

as % of Revenue 0.41% 0.30% 0.59%

Interest Cost 34.97 27.43 44.20

Long Term Borroing 11.02 79.96 297.32
Short-term borrowings 71.80 71.34 160.67
Total Borrowings 82.82 151.30 457.99
Average Borrowing 117.06 304.65
FY 23 FY 24 FY 25 FY 26 FY 27 FY 28 FY 29

11,020.74 16,038.95 17,704.99 23,466.43 31,322.30 40,526.29 52,530.59

90.4% 90.5% 79.9% 79.9% 79.9% 79.9% 79.9%

251.67 332.67 469.59 622.41 830.77 1,074.89 1,393.29

2.06% 1.88% 2.1% 2.1% 2.1% 2.1% 2.1%

406.85 621.65 819.98 1,086.82 1,450.65 1,876.92 2,432.89

3.34% 3.51% 3.7% 3.7% 3.7% 3.7% 3.7%

87.66 115.05 715 970 1,316 1,719 2,243

26% 24% 24% 24% 24% 24% 24%

2.69 1.23 8 10 14 18 24
0.8% 0.3% 0.3% 0.3% 0.3% 0.3% 0.3%

-0.65 2.63 16 22 30 39 51
-0.19% 0.56% 0.56% 0.56% 0.56% 0.56% 0.56%

14.15 20.04 21.03 27.88 37.21 48.14 62.40

0.12% 0.11% 0.09% 0.09% 0.09% 0.09% 0.09%

127.84 26.48 110.80 146.86 196.02 253.62 328.75

1.05% 0.15% 0.5% 0.5% 0.5% 0.5% 0.5%

60.57 74.72 69.36 53.04 36.73 24.89 21.22

145.23 112.60 79.97 47.34 14.71 - -
37.39 42.43 42.43 42.43 42.43 42.43 42.43
182.62 155.03 122.40 89.77 57.14 42.43 42.43
320.31 168.83 138.72 106.09 73.46 49.79 42.43
69 53 37 25 21
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Particulars FY 20 FY 21

Revenue Growth 46%

EBITDA Growth 26.2%
EBT Growth 38.43%
Net Profit Growth 32.61%

EBITDA Margin 5.2% 4.5%

EBT Margin 3.6% 3.4%
Net Profit Margin 2.7% 2.5%

Sales expense % sales 94.8% 95.5%

Depreciation % sales 0.8% 0.7%
EBIT % of sales 4.4% 3.8%

Return On Equity % 22.3% 21.7%

Interest Coverage Ratio 5.48 8.91

Debtor Days 42.68 61.63

Creditor Days 41.25 42.06
Inventory Days - -
FY 22 FY 23 FY 24 FY 25

66% 14% 45% 25%

32.9% 35.4% 38.9% 340.4%
17.37% 34.09% 38.59% 521.20%
19.11% 32.32% 40.74% 527.97%

3.6% 4.2% 4.1% 14.3%

2.4% 2.8% 2.7% 13.3%
1.8% 2.1% 2.0% 10.0%

96.4% 95.8% 95.9% 85.7%

0.8% 0.9% 0.9% 0.7%
2.8% 3.3% 3.2% 13.6%

19.1% 19.6% 20.6% 129.2%

6.76 6.64 7.33 43.40

46.26 51.33 47.76 30.00

39.42 28.66 34.93 35.00
- - 0.12 0.12
 FY 26 FY 27 FY 28 FY 29

33% 33% 29% 30%

32.5% 33.5% 29.4% 29.6%
35.66% 35.69% 30.68% 30.46%
35.66% 35.69% 30.68% 30.46%

14.3% 14.3% 14.3% 14.3%

13.6% 13.8% 13.9% 14.0%
10.3% 10.4% 10.6% 10.6%

85.7% 85.7% 85.7% 85.7%

0.6% 0.4% 0.3% 0.2%
13.8% 13.9% 14.0% 14.1%

175.3% 237.9% 310.8% 405.5%

76.20 148.37

30.00 30.00 30.00 30.00

35.00 35.00 35.00 35.00
0.12 0.12 0.12 0.12
Trendline Mean Median

0.334 32.54%
0.436 32.88%
0.453 35.66%
0.450 32.61%

0.073 9.75%
0.058 8.41%
0.044 6.39%

0.911 90.25%
0.006 0.70%
0.064 8.97%

0.692 75.74%
17.265 812.25%

38.551 3634.00%
35.940 3500.00%
0.117 11.73%
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March
Risk Free Return 6.25%
Market Risk Premium 6.50%
Beta 1.52

Particulars

Cost Of Equity 16.00%

Cost Of Debt 4.40%

Equity 1,722.46
Debt 42.43

0.97595884163
0.02

WACC 15.72%
DIXON TECHNOLOGIES LTD
All numbers are in Crores
Financial Year ends in March

Particulars FY 25 FY26 FY27 FY28 FY29

Net Cashflow from All activities 892.55 1,208.28 2,677.28 4,260.03 6,079.04
Discounting Factor 0.864 0.747 0.645 0.558 0.482
Discounting Year 1 2 3 4 5

Present value of cash flow 771.29 902.28 1,727.65 2,375.54 2,929.35

Sum of PV 8,706.12

Terminal Value 68,196.54

Present Value of Terminal Value 340,982.69

Enterprise Value 349689

Debt 42.43
Cash 6079
Equity Value 355725