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Motilal Oswal has reiterated a BUY rating for Dixon Technologies with a target price of Rs 17,500, citing strong growth prospects in the mobile segment despite the PLI scheme ending in FY26. The company is expected to maintain margins through backward integration and expansion into new segments, supporting overall growth.
Dixon Technologies continues to show strong growth, particularly in the cell-phone sector, with plans for backward integration in mobile components. The company is expanding into laptops, having secured clients that dominate the market, and is establishing a manufacturing plant to ensure medium-term revenue. With an expected rise in RoCE to 40.4% by FY27, a Buy recommendation is maintained with a target price of Rs 17,750.
Dixon Technologies has raised its revenue guidance for FY25 to Rs 40,000 crore. On October 25, approximately 148 companies, including several major blue-chip firms and banks, are set to announce their financial results for the July-September quarter, according to BSE data.
Dixon Technologies has reported exceptional growth, doubling its revenue year-on-year for the second consecutive quarter, primarily driven by a significant increase in the Mobile & EMS segment. The company has also begun producing refrigerators, while the IT hardware sector is expected to contribute starting FY27. Despite a strong medium-term outlook, the stock is currently valued at 77 times FY26 earnings, indicating it may not be inexpensive.
Dixon Technologies reported a remarkable 263% increase in consolidated net profit to Rs 412 crore for Q2 FY24, with revenues rising to Rs 11,534.08 crore. The mobile segment is a key growth driver, prompting brokerages like Investec to raise target prices and maintain bullish ratings, highlighting the company's strong performance and promising future in IT hardware and components manufacturing.
UBS has downgraded Larsen & Toubro, while analysts express mixed views on ITC. Nomura maintains a buy rating with a target of ₹555, citing strong cigarette sales but margin pressures. Morgan Stanley also rates ITC overweight at ₹554, highlighting robust hotel performance and agricultural recovery, despite challenges in home consumption and the paper segment.
UBS has downgraded Larsen & Toubro, while analysts express mixed views on ITC. Nomura maintains a buy rating with a target of ₹555, citing strong cigarette sales but margin pressures. Morgan Stanley also rates ITC as overweight, targeting ₹554, highlighting robust hotel performance and agricultural recovery, despite challenges in home consumption and the paper segment.
Dixon Technologies (India) Limited
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