Fundamental Analysis of Dixon Technologies (India) Ltd

About the Company - Dixon Technologies (India) Ltd

Dixon Technologies (India) Ltd. is a Public Limited Listed company incorporated on 15/01/1993 and has its registered office in the State of Uttar Pradesh, India. Company’s Corporate Identification Number(CIN) is L32101UP1993PLC066581 and registration number is 066581. Currently Company is involved in the business activities of Manufacture of electric lighting equipment. Company’s Total Operating Revenue is Rs. 7484.41 Cr. and Equity Capital is Rs. 11.87 Cr. for the Year ended 31/03/2022.

INDUSTRY	ADDRESS	CONTACT
Consumer Electronics	No B-14 & 15, Phase-II, Noida Uttar Pradesh 201305	investorrelations@dixoninfo.com http://www.dixoninfo.com

Management
Name	Position Held
Mr. Sunil Vachani	Executive Chairman
Mr. Atul B Lall	Vice Chairman & Mng.Director
Mr. Keng Tsung Kuo	Independent Director
Mrs. Poornima Shenoy	Independent Director
Dr. Manuji Zarabi	Independent Director
Mr. Manoj Maheshwari	Independent Director
Dr. Rakesh Mohan	Independent Director

Basic Stock Data of Dixon Technologies (India) Ltd

Last Updated: July 6, 2024, 12:28 pm

Market Cap	74,829 Cr.
Current Price	12,506
High / Low	12,879/3,953
Stock P/E	203
Book Value	283
Dividend Yield	0.02 %
ROCE	28.7 %
ROE	24.7 %
Face Value	2.00
PEG Ratio	8.72

Competitors of Dixon Technologies (India) Ltd

Stock Name	Market Cap	Current Price	High / Low	Stock P/E	Book Value	Dividend Yield	ROCE	ROE	Face Value
CWD Ltd	273 Cr.	756	1,095/532	242	63.7	0.00 %	10.0 %	5.16 %	10.0
HPL Electric & Power Ltd	2,904 Cr.	452	496/167	66.7	129	0.22 %	11.0 %	5.37 %	10.0
BPL Ltd	662 Cr.	135	142/58.2	49.2	51.0	0.00 %	7.09 %	5.54 %	10.0
MIRC Electronics Ltd	490 Cr.	21.2	30.7/15.5		5.56	0.00 %	18.7 %	39.0 %	1.00
Havells India Ltd	1,18,672 Cr.	1,894	1,987/1,233	94.0	119	0.48 %	24.4 %	18.0 %	1.00
Industry Average	20,500.00 Cr	815.22		97.69	102.77	0.25%	16.68%	14.36%	6.50

Dixon Technologies (India) Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	2,183	2,110	1,867	2,804	3,073	2,953	2,855	3,867	2,405	3,065	3,272	4,943	4,818
Expenses	2,082	2,030	1,819	2,694	2,970	2,835	2,755	3,722	2,294	2,909	3,140	4,744	4,634
Operating Profit	100	80	48	110	103	118	100	145	111	156	132	199	184
OPM %	5%	4%	3%	4%	3%	4%	4%	4%	5%	5%	4%	4%	4%
Other Income	0	1	0	1	1	2	0	1	4	3	6	3	4
Interest	8	7	9	9	12	14	14	16	15	15	14	17	22
Depreciation	11	12	15	22	28	19	24	29	29	32	34	36	41
Profit before tax	82	61	24	80	63	87	62	100	70	112	90	149	126
Tax %	25%	28%	25%	22%	27%	27%	27%	23%	26%	28%	25%	24%	23%
Net Profit	62	44	18	63	46	63	45	77	52	81	67	113	97
EPS in Rs	10.53	7.56	3.10	10.68	7.82	10.61	7.70	13.02	8.72	13.54	11.55	18.02	16.12

Last Updated: June 5, 2024, 9:40 am

Dixon Technologies (India) Ltd Quarterly Chart

Dixon Technologies (India) Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	572	767	1,094	1,201	1,389	2,457	2,842	2,984	4,400	6,448	10,697	12,192	13,685
Expenses	567	746	1,067	1,169	1,340	2,365	2,729	2,848	4,172	6,156	10,313	11,673	13,087
Operating Profit	5	21	26	32	49	92	113	136	228	292	384	519	598
OPM %	1%	3%	2%	3%	4%	4%	4%	5%	5%	5%	4%	4%	4%
Other Income	1	0	8	2	23	1	4	6	5	1	4	4	16
Interest	11	11	11	10	13	16	13	26	39	33	49	64	61
Depreciation	5	5	5	7	8	11	15	22	37	44	84	115	132
Profit before tax	-9	5	18	17	51	66	88	94	157	217	255	345	421
Tax %	16%	30%	19%	24%	16%	28%	31%	32%	23%	26%	25%	26%
Net Profit	-7	3	14	13	43	48	61	63	120	160	190	255	313
EPS in Rs	-4.52	3.21	8.72	7.65	27.46	8.66	10.76	11.19	20.81	27.28	32.05	42.90	51.83
Dividend Payout %	0%	6%	2%	3%	9%	14%	4%	4%	4%	4%	6%	7%

Dixon Technologies (India) Ltd Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2012-2013	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
YoY Net Profit Growth (%)	142.86%	366.67%	-7.14%	230.77%	11.63%	27.08%	3.28%	90.48%	33.33%	18.75%	34.21%
Change in YoY Net Profit Growth (%)	0.00%	223.81%	-373.81%	237.91%	-219.14%	15.46%	-23.80%	87.20%	-57.14%	-14.58%	15.46%

Dixon Technologies (India) Ltd Growth

Compounded Sales Growth
10 Years:	32%
5 Years:	43%
3 Years:	40%
TTM:	45%

Compounded Profit Growth
10 Years:	39%
5 Years:	42%
3 Years:	32%
TTM:	43%

Stock Price CAGR
10 Years:	%
5 Years:	93%
3 Years:	40%
1 Year:	187%

Return on Equity
10 Years:	24%
5 Years:	24%
3 Years:	23%
Last Year:	25%

Last Updated: June 29, 2024, 2:42 am

Dixon Technologies (India) Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	3	3	3	3	3	11	11	11	12	12	12	12	12
Reserves	53	58	71	82	120	186	304	367	530	726	985	1,273	1,439
Preference Capital	0	0	0	0	0	0	0	0	0	0	0	9
Borrowings	119	94	94	82	80	43	45	141	87	295	667	444	273
Other Liabilities	98	121	124	157	215	549	606	971	1,069	1,814	2,613	2,950	4,636
Total Liabilities	274	277	291	324	417	789	966	1,491	1,697	2,846	4,277	4,679	6,359
Fixed Assets	79	80	84	97	124	137	179	241	414	550	1,003	1,244	1,412
CWIP	4	5	0	0	0	2	16	19	10	72	22	120	410
Investments	4	7	6	6	0	0	11	8	0	95	141	44	15
Other Assets	186	185	201	221	294	650	759	1,224	1,273	2,128	3,111	3,272	4,521
Total Assets	274	277	291	324	417	789	966	1,491	1,697	2,846	4,277	4,679	6,359

Dixon Technologies (India) Ltd Reserves and Borrowings Chart

Dixon Technologies (India) Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	4	45	10	44	42	53	68	-3	237	170	273	726
Cash from Investing Activity	-4	-9	1	-22	-22	-43	-100	-64	-99	-265	-464	-356
Cash from Financing Activity	1	-37	-13	-22	-20	-8	42	69	-57	63	304	-330
Net Cash Flow	0	-0	-1	-0	1	1	10	2	81	-32	113	41

Dixon Technologies (India) Ltd Free Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Free Cash Flow	5.00	21.00	26.00	32.00	49.00	92.00	113.00	136.00	228.00	292.00	384.00	510.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Dixon Technologies (India) Ltd Free Cash Flow Chart

Dixon Technologies (India) Ltd Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	20	15	17	23	42	38	63	43	62	46	51	48
Inventory Days	49	34	38	41	47	47	57	47	47	43	32	39
Days Payable	60	36	46	56	84	75	103	89	108	86	81	92
Cash Conversion Cycle	9	13	9	8	5	10	17	1	1	3	2	-6
Working Capital Days	24	22	16	15	11	12	28	15	14	9	-0	-1
ROCE %	10%	18%	16%	29%	37%	34%	27%	34%	30%	23%	24%

Dixon Technologies (India) Ltd Financial Efficiency Indicators Chart

Dixon Technologies (India) Ltd Share Holding Pattern

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoters	35.06%	35.04%	35.03%	34.93%	34.52%	34.30%	34.30%	34.27%	34.06%	34.05%	34.04%	33.80%
FIIs	20.31%	19.84%	19.85%	18.41%	18.51%	16.39%	15.08%	16.27%	16.66%	12.04%	15.00%	15.66%
DIIs	15.23%	11.02%	9.48%	8.74%	7.60%	7.98%	8.07%	18.59%	18.92%	23.76%	24.61%	27.44%
Public	29.40%	34.10%	35.64%	37.92%	39.37%	41.33%	42.56%	30.87%	30.35%	30.13%	26.36%	23.11%
No. of Shareholders	61,924	2,12,714	2,78,185	3,03,674	3,24,012	3,79,160	3,91,283	3,67,773	3,47,728	3,67,727	3,15,683	2,85,566

Dixon Technologies (India) Ltd Shareholding Pattern Chart

No. of Dixon Technologies (India) Ltd Shareholders

Dixon Technologies (India) Ltd Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan	1,451,014	1.47	869.32	445,550	2024-07-05	225.67%
Kotak Emerging Equity Fund - Regular Plan	940,364	1.44	563.38	445,550	2024-07-05	111.06%
Nippon India Small Cap Fund	549,728	0.72	329.35	445,550	2024-07-05	23.38%
Canara Robeco Emerging Equities	445,550	1.34	266.93	445,550	2024-07-05	0%
Nippon India Growth Fund	399,898	0.98	239.58	445,550	2024-07-05	-10.25%
PGIM India Midcap Opportunities Fund	399,033	2.4	239.06	445,550	2024-07-05	-10.44%
DSP Mid Cap Fund	374,488	1.36	224.36	445,550	2024-07-05	-15.95%
UTI Flexi Cap Fund	281,626	0.67	168.73	445,550	2024-07-05	-36.79%
Edelweiss Mid Cap Fund	240,705	2.93	144.21	445,550	2024-07-05	-45.98%
Axis Midcap Fund	234,932	0.57	140.75	445,550	2024-07-05	-47.27%

Dixon Technologies (India) Ltd ROCE Trend

Dixon Technologies (India) Ltd EPS Trend

Dixon Technologies (India) Ltd Key Financial Ratios

Month	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19
FaceValue	2.00	2.00	2.00	10.00	10.00
Basic EPS (Rs.)	42.92	32.31	27.49	105.55	55.94
Diluted EPS (Rs.)	42.92	32.00	26.87	102.70	55.14
Cash EPS (Rs.)	61.81	46.22	34.75	135.72	75.06
Book Value[Excl.RevalReserv]/Share (Rs.)	215.72	168.04	125.89	467.87	333.96
Book Value[Incl.RevalReserv]/Share (Rs.)	215.72	168.04	125.89	467.87	333.96
Revenue From Operations / Share (Rs.)	2047.36	1802.37	1100.94	3803.01	2635.25
PBDIT / Share (Rs.)	87.05	64.52	49.20	197.28	124.06
PBIT / Share (Rs.)	67.80	50.37	41.74	165.72	104.94
PBT / Share (Rs.)	57.63	42.93	37.05	135.49	82.84
Net Profit / Share (Rs.)	42.56	32.08	27.28	104.15	55.94
NP After MI And SOA / Share (Rs.)	42.91	32.04	27.28	104.15	55.94
PBDIT Margin (%)	4.25	3.57	4.46	5.18	4.70
PBIT Margin (%)	3.31	2.79	3.79	4.35	3.98
PBT Margin (%)	2.81	2.38	3.36	3.56	3.14
Net Profit Margin (%)	2.07	1.77	2.47	2.73	2.12
NP After MI And SOA Margin (%)	2.09	1.77	2.47	2.73	2.12
Return on Networth / Equity (%)	19.88	19.07	21.67	22.25	16.75
Return on Capital Employeed (%)	23.22	19.39	25.07	28.90	21.09
Return On Assets (%)	5.46	4.44	5.61	7.09	4.24
Long Term Debt / Equity (X)	0.10	0.29	0.10	0.02	0.01
Total Debt / Equity (X)	0.13	0.45	0.20	0.15	0.35
Asset Turnover Ratio (%)	2.72	2.69	2.76	2.52	2.44
Current Ratio (X)	1.07	1.15	1.17	1.21	1.15
Quick Ratio (X)	0.74	0.72	0.77	0.72	0.71
Inventory Turnover Ratio (X)	10.42	9.71	9.61	8.32	7.05
Dividend Payout Ratio (NP) (%)	4.65	3.08	0.00	5.72	3.57
Dividend Payout Ratio (CP) (%)	3.21	2.13	0.00	4.38	2.66
Earning Retention Ratio (%)	95.35	96.92	0.00	94.28	96.43
Cash Earning Retention Ratio (%)	96.79	97.87	0.00	95.62	97.34
Interest Coverage Ratio (X)	8.56	8.66	10.50	6.53	5.61
Interest Coverage Ratio (Post Tax) (X)	5.18	5.31	6.82	4.45	3.53
Enterprise Value (Cr.)	16993.99	25862.88	21577.43	4119.72	2762.07
EV / Net Operating Revenue (X)	1.39	2.42	3.35	0.93	0.92
EV / EBITDA (X)	32.78	67.54	74.88	18.05	19.66
MarketCap / Net Operating Revenue (X)	1.40	2.39	3.33	0.94	0.89
Retention Ratios (%)	95.34	96.91	0.00	94.27	96.42
Price / BV (X)	13.26	25.67	29.15	7.64	7.04
Price / Net Operating Revenue (X)	1.40	2.39	3.33	0.94	0.89
EarningsYield	0.01	0.01	0.01	0.02	0.02

Dixon Technologies (India) Ltd Profitability Ratios (%)

Dixon Technologies (India) Ltd Liquidity Ratios

Dixon Technologies (India) Ltd Liquidity Ratios (%)

Dixon Technologies (India) Ltd Interest Coverage Ratios (%)

Dixon Technologies (India) Ltd Valuation Ratios

Fair Value

Fair Value: 14,192.74

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

Undervalued: 13.49% compared to the current price 12506

Intrinsic Value: 17,495.25

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 39.89% compared to the current price ₹12506

Last 5 Year EPS CAGR: 23.27%

*Investments are subject to market risks

Strength and Weakness of Dixon Technologies (India) Ltd Stock

Strength	Weakness
The stock has a high average ROCE of 23.50%, which is a positive sign. The stock has a low average Working Capital Days of 13.75, which is a positive sign. The company has higher reserves (476.46 cr) compared to borrowings (0.69 cr), indicating strong financial stability. The company has shown consistent growth in sales (107.38 cr) and profit (136.92 cr) over the years.	The stock has a high average Cash Conversion Cycle of 6.00, which may not be favorable.

Should I Buy Dixon Technologies (India) Ltd Share Now?

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Dixon Technologies (India) Ltd:
1. ✓ Net Profit Margin: 2.07%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 23.22% (Industry Average ROCE: %)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 19.88% (Industry Average ROE: %)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. ✓ Interest Coverage Ratio (Post Tax): 5.18
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. ✗ Quick Ratio: 0.74
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. ✗ Stock P/E: 203 (Industry average Stock P/E: )
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.13
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating: ★★★★☆

FAQ

What is the latest fair value of Dixon Technologies (India) Ltd?

The latest fair value of Dixon Technologies (India) Ltd is ₹14192.74.

What is the Market Cap of Dixon Technologies (India) Ltd?

The Market Cap of Dixon Technologies (India) Ltd is 74,829 Cr..

What is the current Stock Price of Dixon Technologies (India) Ltd as on 06 July 2024?

The current stock price of Dixon Technologies (India) Ltd as on 06 July 2024 is 12,506.

What is the High / Low of Dixon Technologies (India) Ltd stocks in FY 2024?

In FY 2024, the High / Low of Dixon Technologies (India) Ltd stocks is 12,879/3,953.

What is the Stock P/E of Dixon Technologies (India) Ltd?

The Stock P/E of Dixon Technologies (India) Ltd is 203.

What is the Book Value of Dixon Technologies (India) Ltd?

The Book Value of Dixon Technologies (India) Ltd is 283.

What is the Dividend Yield of Dixon Technologies (India) Ltd?

The Dividend Yield of Dixon Technologies (India) Ltd is 0.02 %.

What is the ROCE of Dixon Technologies (India) Ltd?

The ROCE of Dixon Technologies (India) Ltd is 28.7 %.

What is the ROE of Dixon Technologies (India) Ltd?

The ROE of Dixon Technologies (India) Ltd is 24.7 %.

What is the Face Value of Dixon Technologies (India) Ltd?

The Face Value of Dixon Technologies (India) Ltd is 2.00.