NSE/DIXON

DIXONDixon Technologies (India)

Capital Goods · NSE

₹11,371.5+0.75%

52-wk low52-WEEK RANGE52-wk high

₹9,673+17.6% from low ·-38.0% from high₹18,331

Price chart · 1M–10Y · daily-close

NSE bhavcopy + 10Y historical

DIXON-14.39% · 1Y

Range high ₹18,471Range low ₹9,600Latest ₹11,371.5252 bars · daily-close · NSE bhavcopy + 10Y history

Capital GoodsConsumer ElectronicsLargecapLow Risk

Stock scorecard

Auto-computed from latest ratios + sector context · not a buy/sell signal

Composite63/100

Performance

Low

Hasn't fared well — amongst the weak performers.

· 52w return -28.1% — underperformer
· Below 200-DMA (-18.8%) — downtrend

Valuation

Medium

Valuation close to the sector median.

· P/E 41.1 vs sector median 50.8 — 19% cheaper
· P/B 15.02 above sector median

Growth

High

Growing faster than the broader market.

· Revenue YoY +119.7% — strong top-line
· Profit YoY +197.9% — strong earnings growth

Profitability

High

Showing good signs of profitability & efficiency.

· ROE 36.5% — high-quality compounder
· Net margin 2.8% — thin margins

DVM composite · Durability · Valuation · Momentum

Trendlyne-style 3-axis composite · all drivers shown below · not a buy/sell signal

CompositeC(54/100)

Durability

79/100

Financially resilient — strong quality + solvency profile.

Show 4 drivers

Piotroski F-score5/9 (56pt)
Altman Z" score2.22 (82pt)
Debt/Equity0.30 (100pt)
ROE36.5% (100pt)

Valuation

44/100

Trading at a premium — growth must keep delivering to justify.

Show 4 drivers

P/E vs sector (41.1 / 50.8)81% (85pt)
P/B15.02 (16pt)
Dividend yield0.07% (2pt)
EV/EBITDA34.6 (11pt)

Momentum

38/100

Momentum is muted; trend is unclear or rolling over.

Show 5 drivers

52w change-28.1% (0pt)
DMA-trend alignmentsideways (50pt)
RSI (14)62.2 (93pt)
Price vs 200-DMA-18.9% (22pt)
MACD regimebullish (75pt)

Valuation positioning

Current ratio vs sector peer distribution

P/E (TTM)41.10

FAIR

CheapestP/E 41.1 near sector median.Most expensive

P/B15.02

OVERVALUED

CheapestP/B 15.02 at 86th %ile of sector.Most expensive

EV/EBITDA34.63

OVERVALUED

Monthly seasonality

Avg monthly return over 9 years · historical — not a forecast

Best: Apr +12.16% · Worst: Jan -7.02%

Jan

-7.0%

33% win

Feb

+2.6%

44% win

Mar

-1.6%

22% win

Apr

+12.2%

89% win

May

+2.4%

50% win

Jun

+5.7%

Monthly return distribution

Distribution of 103 monthly returns

Mean

+3.81%

Median

+3.32%

Std dev

12.80%

Best

+40.5%

Worst

-31.3%

% positive

59%

SWOT analysis

Auto-derived from ratios + sector context + forensics · research only, not a recommendation

STRENGTHS · 4

High-quality compounder (ROE 36.5%)
Above 20% ROE consistently flags capital-efficient businesses
Lean balance sheet (D/E 0.30)
Low leverage means earnings are less sensitive to rate cycles
Consistent top-line growth (53.5% 3Y CAGR)
Sustained revenue compounding is rare and hard to fake
Top quartile ROE in Capital Goods
Rank 1 of 22 peers

WEAKNESSES · 0

No material weaknesses flag from the numbers

OPPORTUNITIES · 0

No strong near-term catalysts visible

THREATS · 0

No immediate threats from the data

RETURNS · DAILY-CLOSE BASED

3Y+ shown as CAGR

+0.7%

+6.5%

+10.0%

-5.1%

-30.9%

-12.5%

+56.0%

+23.3%

10Y

+41.5%

Fundamentals

VALUATION

Market cap

₹68,387 Cr

P/E (TTM)

41.1

P/E (fwd)

58.2

next 12m

P/B

15.02

EV/EBITDA

34.6

Book value

₹749.75

per share

PROFITABILITY · QUALITY

ROE

36.5%

ROCE

—

Net margin

2.8%

Op margin

3.0%

Gross margin

7.4%

D/E

0.30

GROWTH · MARKET

Rev YoY

+119.7%

Profit YoY

+197.9%

Div yield

0.07%

Payout

2.9%

52w change

-28.1%

Beta

-0.25

defensive

Pros and cons

Auto-derived from ratios · not a buy/sell recommendation

PROS · 5

+Trading at -19.1% vs sector median P/EP/E 41.1 vs Capital Goods median 50.8 — relative value on earnings
+High ROE of 36.5%Capital-efficient business — every rupee of equity generates 36.5 paise of earnings
+Revenue growing at +119.7% YoYGrowth-category territory — implies market-share gains or market expansion
+Profit growing fast (+197.9% YoY)Operating leverage kicking in — bottom line out-growing top line
+3-year revenue CAGR of 53.5%Sustained multi-year growth — not a one-quarter flash

CONS · 1

−Down -28.1% over the last yearSignificant underperformance — could be opportunity or warning depending on fundamentals

Sector-relative context

Capital Goods · 22 peers

P/E (TTM)

This stock

41.10

Sector median

50.82

Rank 7/22 (73th %ile)

ROE

This stock

36.5%

Sector median

15.5%

Rank 22/22 (5th %ile)

P/B

This stock

15.02

Sector median

6.90

Rank 19/22 (18th %ile)

Quality score · Piotroski F-score

5 / 9

Decent quality — clears Piotroski bar

✓Profitable (positive net income)· Most basic check — company makes money
✓Positive return on assets· Assets generate returns
✓Positive operating cash flow· Profits are backed by real cash, not accruals
✓Operating CF exceeds net profit· Healthy cash conversion — no aggressive revenue recognition
✗Long-term debt decreased YoY· Deleveraging — lower refinancing risk
✗ROA improved YoY· Getting more productive with the asset base
✗Operating margin expanded YoY· Pricing power or cost discipline
✗

Forensic score · Altman Z″ (emerging markets)

Bankruptcy-risk predictor · 1995 Altman emerging-market revision

GREY2.22

Z″ = 2.22 — GREY zone. Not flagged as distressed, but watch the weakest input component below.

Component	Ratio	Weight	Contribution
Working Capital / Total Assets (A)	0.150	×6.56	0.986
Retained Earnings / Total Assets (B)	0.168	×3.26	0.547
EBIT / Total Assets (C)	0.071	×6.72	0.474
Book Equity / Total Liabilities (D)	0.206	×1.05	0.216

Zones: Z″ ≥ 2.60 safe · 1.10–2.60 grey · < 1.10 distress. All four inputs derived from latest annual filing.

Analyst consensus

28 analysts · BUY

Target mean

₹12545.82

Target high

₹20600.00

Target low

₹8157.00

Upside vs today

+11.4%

Street consensus target is +11.4% vs current price. Consensus is a lagging sentiment read, not a forecast.

Company + balance sheet snapshot

Industry

Consumer Electronics

Employees

1,567

Shares out

6.1

Revenue (TTM)

₹48,655 Cr

EBITDA

₹1,817 Cr

Total debt

₹1,389 Cr

Cash

₹643 Cr

Net debt

₹746 Cr

Quarterly results

Last 5 quarters · ₹ Cr (Screener.in-grade depth)

Metric	2024-Q3	2024-Q4	2025-Q1	2025-Q2	2025-Q4
Revenue	11,534	10,454	10,026	12,836	10,672
Operating profit	360	316	398	390	315
OPM %	3.1%	3.0%	4.0%	3.0%	3.0%
Interest	38

Annual P&L

Last 4 years · ₹ Cr · all line items

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Revenue	10,670	12,173	17,614	38,593
Operating profit	302	407	542	1,268
OPM %	2.8%	3.4%	3.1%	3.3%
Interest	43	56	71	144
Depreciation

Peer	Last close	1Y change	Mcap ₹Cr	P/E	P/B	ROE	D/E	Rev YoY
DIXONTHIS Dixon Technologies (India) Limited	₹11,371.5	-28.1%	68,387	41.1	15.02	36.5%	0.30	+119.7%
ABB ABB India Limited	₹7,029.5	+24.9%	1,51,693	90.9	19.36	22.4%	0.01	+5.7%
CUMMINSIND Cummins India Limited	₹5,140.9	+76.4%	1,42,614	63.7	18.06	28.3%	0.00	+16.0%
SIEMENS Siemens Limited	₹3,707.9	+31.2%	1,32,085	78.2	9.98	11.8%	—	+14.0%
CGPOWER CG Power and Industrial Solutions Limited	₹774.8	+19.1%	1,25,316	110.4	16.80	15.2%	0.01	+26.2%
POLYCAB Polycab India Limited	₹8,182.5	+51.2%	1,23,852	47.2	11.03	26.0%	0.02	+24.2%
BHEL Bharat Heavy Electricals Limited	₹316.79	+39.4%	1,14,769	140.9	4.69	3.3%	0.45	+18.6%
HAVELLS Havells India Limited	₹1,306.4	-20.7%	81,675	55.1	9.41	17.1%	0.03	+14.3%
APARINDS Apar Industries Limited	₹11,482	+130.7%	46,696	48.0	9.62	20.1%	0.14	+15.0%

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Research tool · not investment advice.

Axel Markets is an information + analytics product. We are not a SEBI-registered Research Analyst (RA) or Investment Adviser (IA). Nothing on this page is a buy, sell, or hold recommendation. Past performance is not indicative of future returns. Verify all data against the authoritative source (NSE, BSE, AMFI, SEBI, company RHP / factsheet) before acting. Daily OHLCV sourced primarily from our NSE bhavcopy ingest (public sec_bhavdata_full CSV), with Stooq as a fallback for historical gaps. Split + bonus adjusted. Excludes dividends. Not a recommendation. Past performance does not predict future returns. For authoritative live quotes see NSE / BSE directly.

Quarter	EPS estimate	EPS actual	Surprise %
-1q	27.01	52.62	+94.8%
-2q	45.63	122.73	+169.0%
-3q	37.27	46.30	+24.2%
-4q	35.05	37.89	+8.1%

Date	Amount
2025-09-16	₹8.00
2024-09-17	₹5.00
2023-09-22	₹3.00
2022-08-11	₹2.00
2021-09-20	₹1.00
2020-03-24	₹0.80
2019-07-23	₹0.40
2018-07-17	₹0.40

Metric	2022-FY	2023-FY	2024-FY	2025-FY
Equity capital	12	12	12	12
Reserves	718	961	1,311	2,374
Borrowings	667	453	489	671
Other liabilities	15	16	17	18
Total liabilities	4,277	4,679	6,991	16,767
Fixed assets	1,039	1,438	2,026	2,980
CWIP	85	248	91	302
Investments	15	21	23	522
Other assets	63	128	26	46
Total assets	4,277	4,679	6,991	16,767

Metric	2022-FY	2023-FY	2024-FY	2025-FY
CF Operating	273	726	584	1,150
CF Investing	-464	-356	-531	-1,229
CF Financing	304	-330	-70	-27
Net cash flow	113	41	-17	30
Free cash flow	-148	265	-0	210

Metric	2025-FY	2024-FY	2023-FY	2022-FY
OPM %	3.3%	3.1%	3.4%	2.8%
Net margin %	2.8%	2.1%	2.1%	1.8%
ROE %	59.1%	32.0%	30.0%	26.1%
ROCE %	70.4%	34.9%	28.4%	21.3%
Debt / Equity	0.28	0.37	0.47	0.91
Interest coverage	11.9×	7.9×	7.1×	7.0×
Revenue growth YoY	+119.1%	+44.7%	+14.1%	—
Profit growth YoY	+197.9%	+43.9%	+34.4%	—

DIXONDixon Technologies (India)

Price chart · 1M–10Y · daily-close

Stock scorecard

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

SWOT analysis

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Peer comparison · Capital Goods

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Technical snapshot

Earnings history + surprises

Dividends + splits history

Stock scorecard

SWOT analysis

Recent news

DVM composite · Durability · Valuation · Momentum

Valuation positioning

Monthly seasonality

Monthly return distribution

Fundamentals

Pros and cons

Sector-relative context

Quality score · Piotroski F-score

Forensic score · Altman Z″ (emerging markets)

Analyst consensus

Company + balance sheet snapshot

Quarterly results

Annual P&L

Balance sheet

Cash flow statement

Ratios

Peer comparison · Capital Goods