Dixon Technologies DIXON
Semicon 2.0 + Mobile Phones (MPMS): India's largest home-grown EMS company and biggest Indian phone assembler (Samsung, Motorola, Xiaomi, Vivo and others)
Mapped in 4 themes: Semiconductors (Fab + ATMP), 5G/6G Telecom Buildout, Semicon 2.0 + Mobile Phones (MPMS) and Electronic Components (ECMS).
Where Dixon Technologies sits in the supply chain
Dixon Technologies appears in 6 supply-chain layers across 4 themes: Semiconductors (Fab + ATMP), 5G/6G Telecom Buildout, Semicon 2.0 + Mobile Phones (MPMS) and Electronic Components (ECMS).
Semiconductors (Fab + ATMP) › Downstream EMS & System Integration
Emerging entrantLarge-scale EMS; diversifying into components and semiconductor-adjacent manufacturing
Other companies in this layer
5G/6G Telecom Buildout › Electronics Manufacturing Services (EMS)
Indirect supplierIndia's largest listed EMS player; telecom/networking gear (routers, set-top boxes) is one of several segments
Other companies in this layer
Semicon 2.0 + Mobile Phones (MPMS) › Phone assembly (EMS)
OperatorIndia's largest home-grown EMS company and biggest Indian phone assembler (Samsung, Motorola, Xiaomi, Vivo and others)
Other companies in this layer
Electronic Components (ECMS) › Display modules
Direct supplierIndia's largest EMS company (phones, TVs, appliances) using ECMS to move into camera modules, display modules and optical transceivers through JVs with Chinese partners
Other companies in this layer
Electronic Components (ECMS) › EMS & SMT assembly
OperatorIndia's largest EMS company (phones, TVs, appliances) using ECMS to move into camera modules, display modules and optical transceivers through JVs with Chinese partners
Other companies in this layer
Electronic Components (ECMS) › Camera modules
Direct supplierIndia's largest EMS company (phones, TVs, appliances) using ECMS to move into camera modules, display modules and optical transceivers through JVs with Chinese partners
Other companies in this layer
Revenue and profit
| ₹ Cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 17,691 | 38,860 | 48,873 |
| Net profit | 375 | 1,233 | 1,644 |
Latest-year revenue ₹48,873 Cr (FY26, company-wide). Wider screens show FY22 onwards.
Strengths · in Semicon 2.0 + Mobile Phones (MPMS)
- Brokerages (Macquarie, JPMorgan) call it the clearest MPMS beneficiary
- Vivo JV approved (Jul 2026) adds a large anchor customer; ~₹1,100 Cr of phone exports in Q1 FY27
- Building camera and display module plants that can earn part of the 1.5% sourcing bonus
Risks · in Semicon 2.0 + Mobile Phones (MPMS)
- CLSA cut it to Underperform (Aug 2026): much of its sales may miss the hurdle unless exports grow
- Kotak estimates MPMS adds only 0.14-0.22 percentage points to EBITDA margin
- Thin margins and high customer concentration
Common questions
What does Dixon Technologies do?
In Semicon 2.0 + Mobile Phones (MPMS): India's largest home-grown EMS company and biggest Indian phone assembler (Samsung, Motorola, Xiaomi, Vivo and others). NextResearch maps it in 4 supply chains: Semicon 2.0 + Mobile Phones (MPMS), Semiconductors (Fab + ATMP), 5G/6G Telecom Buildout and Electronic Components (ECMS).
Where does Dixon Technologies sit in the supply chain?
Dixon Technologies (NSE: DIXON) is mapped in 6 supply-chain layers: Downstream EMS & System Integration (Semiconductors (Fab + ATMP)), Electronics Manufacturing Services (EMS) (5G/6G Telecom Buildout), Phone assembly (EMS) (Semicon 2.0 + Mobile Phones (MPMS)), Display modules (Electronic Components (ECMS)) and 2 more.
Who are Dixon Technologies' peers?
In the Phone assembly (EMS) layer of Semicon 2.0 + Mobile Phones (MPMS): Foxconn India (incl. Bharat FIH) (not NSE-listed), Tata Electronics (not NSE-listed), Optiemus Infracom and Amber Enterprises India.
What is Dixon Technologies' market cap and valuation?
As of 30 Oct 2026: market cap ₹67,253 Cr, P/E 35.8x, ROCE 29.2%, ROE 18.9%, dividend yield 0.09%.