Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated on: 21 November, 2024
Author: Getaka|Social: Getaka Financial Services X (Earlier Twitter) Profile Getaka Financial Services LinkedIn Logo
Stock Ticker - BSE: 540699 | NSE: DIXON

Dixon Technologies (India) Ltd: Intrinsic Value and Fundamental Analysis

Share Price and Basic Stock Data

Last Updated: November 20, 2024, 11:26 pm

Market Cap 89,015 Cr.
Current Price 14,876
High / Low16,000/5,264
Stock P/E159
Book Value 372
Dividend Yield0.03 %
ROCE29.2 %
ROE24.7 %
Face Value 2.00
PEG Ratio6.83

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Dixon Technologies (India) Ltd

Competitors of Dixon Technologies (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
IKIO Lighting Ltd 1,922 Cr. 249364/24535.7 71.20.40 %21.7 %17.5 % 10.0
Elin Electronics Ltd 993 Cr. 200282/12958.8 1040.00 %5.08 %2.75 % 5.00
CWD Ltd 218 Cr. 6031,144/590119 58.70.00 %7.92 %4.56 % 10.0
Calcom Vision Ltd 160 Cr. 118184/104206 56.50.00 %6.43 %1.83 % 10.0
Whirlpool of India Ltd 22,026 Cr. 1,7362,450/1,18670.1 2980.29 %9.07 %6.36 % 10.0
Industry Average21,995.92 Cr1,781.0179.65122.400.21%16.36%14.07%6.31

All Competitor Stocks of Dixon Technologies (India) Ltd

Quarterly Result

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Sales1,8672,8043,0732,9532,8553,8672,4053,0653,2724,9434,8184,6586,580
Expenses1,8192,6942,9702,8352,7553,7222,2942,9093,1404,7444,6344,4766,332
Operating Profit48110103118100145111156132199184182248
OPM %3%4%3%4%4%4%5%5%4%4%4%4%4%
Other Income011201436341916
Interest991214141615151417222129
Depreciation15222819242929323436415155
Profit before tax24806387621007011290149126130180
Tax %25%22%27%27%27%23%26%28%25%24%23%25%22%
Net Profit1863466345775281671139797140
EPS in Rs3.1010.687.8210.617.7013.028.7213.5411.5518.0216.1215.9122.34

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5727671,0941,2011,3892,4572,8422,9844,4006,44810,69712,19216,098
Expenses5677461,0671,1691,3402,3652,7292,8484,1726,15610,31311,67315,427
Operating Profit52126324992113136228292384519671
OPM %1%3%2%3%4%4%4%5%5%5%4%4%4%
Other Income108223146514417
Interest11111110131613263933496468
Depreciation55578111522374484115143
Profit before tax-95181751668894157217255345476
Tax %16%30%19%24%16%28%31%32%23%26%25%26%
Net Profit-73141343486163120160190255358
EPS in Rs-4.523.218.727.6527.468.6610.7611.1920.8127.2832.0542.9059.23
Dividend Payout %0%6%2%3%9%14%4%4%4%4%6%7%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
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 has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:32%
5 Years:43%
3 Years:40%
TTM:102%
Compounded Profit Growth
10 Years:39%
5 Years:42%
3 Years:32%
TTM:83%
Stock Price CAGR
10 Years:%
5 Years:88%
3 Years:44%
1 Year:177%
Return on Equity
10 Years:24%
5 Years:24%
3 Years:23%
Last Year:25%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:49 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital3333111111121212121212
Reserves5871821201863043675307269851,2731,6832,217
Borrowings94948280434514187295667453489794
Other Liabilities1211241572155496069711,0691,8142,6132,9414,80613,098
Total Liabilities2772913244177899661,4911,6972,8464,2774,6796,99016,121
Fixed Assets8084971241371792414145501,0031,2441,9962,465
CWIP50002161910722212068138
Investments766001180951414420279
Other Assets1852012212946507591,2241,2732,1283,1113,2724,90513,239
Total Assets2772913244177899661,4911,6972,8464,2774,6796,99016,121

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +451044425368-3237170273726584
Cash from Investing Activity +-91-22-22-43-100-64-99-265-464-356-531
Cash from Financing Activity +-37-13-22-20-84269-5763304-330-70
Net Cash Flow-0-1-01110281-3211341-17

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow5.00-73.00-68.00-50.00-31.0049.0068.00-5.00141.00-3.00-283.0066.00

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.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days201517234238634362465148
Inventory Days493438414747574747433239
Days Payable60364656847510389108868192
Cash Conversion Cycle91398510171132-6
Working Capital Days2422161511122815149-0-1
ROCE %10%18%16%29%37%34%27%34%30%23%24%29%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
Promoters34.52%34.30%34.30%34.27%34.06%34.05%34.04%33.80%33.63%33.44%33.24%32.89%
FIIs18.51%16.39%15.08%16.27%16.66%12.04%15.00%15.66%17.41%17.85%19.33%22.69%
DIIs7.60%7.98%8.07%18.59%18.92%23.76%24.61%27.44%26.39%27.01%26.08%23.14%
Public39.37%41.33%42.56%30.87%30.35%30.13%26.36%23.11%22.58%21.71%21.34%21.27%
No. of Shareholders3,24,0123,79,1603,91,2833,67,7733,47,7283,67,7273,15,6832,85,5662,67,5362,52,8432,67,3142,85,363

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan1,451,0141.47869.32399,0332024-11-20263.63%
Kotak Emerging Equity Fund - Regular Plan940,3641.44563.38399,0332024-11-20135.66%
Nippon India Small Cap Fund549,7280.72329.35399,0332024-11-2037.77%
Canara Robeco Emerging Equities445,5501.34266.93399,0332024-11-2011.66%
Nippon India Growth Fund399,8980.98239.58399,0332024-11-200.22%
PGIM India Midcap Opportunities Fund399,0332.4239.06399,0332024-11-200%
DSP Mid Cap Fund374,4881.36224.36399,0332024-11-20-6.15%
UTI Flexi Cap Fund281,6260.67168.73399,0332024-11-20-29.42%
Edelweiss Mid Cap Fund240,7052.93144.21399,0332024-11-20-39.68%
Axis Midcap Fund234,9320.57140.75399,0332024-11-20-41.12%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue2.002.002.002.0010.00
Basic EPS (Rs.)62.8442.9232.3127.49105.55
Diluted EPS (Rs.)62.4642.9232.0026.87102.70
Cash EPS (Rs.)88.0561.8146.2234.75135.72
Book Value[Excl.RevalReserv]/Share (Rs.)288.04215.72168.04125.89467.87
Book Value[Incl.RevalReserv]/Share (Rs.)288.04215.72168.04125.89467.87
Revenue From Operations / Share (Rs.)2958.342047.361802.371100.943803.01
PBDIT / Share (Rs.)120.4387.0564.5249.20197.28
PBIT / Share (Rs.)93.3667.8050.3741.74165.72
PBT / Share (Rs.)80.8757.6342.9337.05135.49
Net Profit / Share (Rs.)60.9842.5632.0827.28104.15
NP After MI And SOA / Share (Rs.)61.5042.9132.0427.28104.15
PBDIT Margin (%)4.074.253.574.465.18
PBIT Margin (%)3.153.312.793.794.35
PBT Margin (%)2.732.812.383.363.56
Net Profit Margin (%)2.062.071.772.472.73
NP After MI And SOA Margin (%)2.072.091.772.472.73
Return on Networth / Equity (%)21.6919.8819.0721.6722.25
Return on Capital Employeed (%)24.7023.2219.3925.0728.90
Return On Assets (%)5.255.464.445.617.09
Long Term Debt / Equity (X)0.060.100.290.100.02
Total Debt / Equity (X)0.090.130.450.200.15
Asset Turnover Ratio (%)3.032.722.692.762.52
Current Ratio (X)1.021.071.151.171.21
Quick Ratio (X)0.660.740.720.770.72
Inventory Turnover Ratio (X)12.1710.429.719.618.32
Dividend Payout Ratio (NP) (%)0.004.653.080.005.72
Dividend Payout Ratio (CP) (%)0.003.212.130.004.38
Earning Retention Ratio (%)0.0095.3596.920.0094.28
Cash Earning Retention Ratio (%)0.0096.7997.870.0095.62
Interest Coverage Ratio (X)9.648.568.6610.506.53
Interest Coverage Ratio (Post Tax) (X)5.885.185.316.824.45
Enterprise Value (Cr.)44709.7716993.9925862.8821577.434119.72
EV / Net Operating Revenue (X)2.531.392.423.350.93
EV / EBITDA (X)62.0832.7867.5474.8818.05
MarketCap / Net Operating Revenue (X)2.531.402.393.330.94
Retention Ratios (%)0.0095.3496.910.0094.27
Price / BV (X)26.4013.2625.6729.157.64
Price / Net Operating Revenue (X)2.531.402.393.330.94
EarningsYield0.010.010.010.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Dixon Technologies (India) Ltd as of November 21, 2024 is: 14,613.94

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.

As of November 21, 2024, Dixon Technologies (India) Ltd is Overvalued by 1.76% compared to the current share price 14,876.00

Intrinsic Value of Dixon Technologies (India) Ltd as of November 21, 2024 is: 18,014.46

Calculation basis:

  • Intrinsic 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 intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of November 21, 2024, Dixon Technologies (India) Ltd is Undervalued by 21.10% compared to the current share price 14,876.00

Last 5 Year EPS CAGR: 23.27%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 25.92%, which is a positive sign.
  2. The stock has a low average Working Capital Days of 13.75, which is a positive sign.
  3. The company has higher reserves (661.69 cr) compared to borrowings (258.77 cr), indicating strong financial stability.
  4. The company has shown consistent growth in sales (107.38 cr) and profit (136.92 cr) over the years.
  1. The stock has a high average Cash Conversion Cycle of 6.00, which may not be favorable.

Stock Analysis

  • 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: 2.06%
      • 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: 24.7% (Industry Average ROCE: 16.36%)
      • 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%: 21.69% (Industry Average ROE: 14.07%)
      • 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): 5.88
      • 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: 0.66
      • 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: 159 (Industry average Stock P/E: 79.65)
      • 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: 0.09
      • 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:

About the Company - Qualitative Analysis

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.
INDUSTRYADDRESSCONTACT
Consumer ElectronicsNo B-14 & 15, Phase-II, District Gautam Buddha Nagar, Noida Uttar Pradesh 201305investorrelations@dixoninfo.com
http://www.dixoninfo.com
Management
NamePosition Held
Mr. Sunil VachaniExecutive Chairman
Mr. Atul B LallVice Chairman & Mng.Director
Mr. Keng Tsung KuoIndependent Director
Mrs. Poornima ShenoyIndependent Director
Dr. Manuji ZarabiIndependent Director
Mr. Manoj MaheshwariIndependent Director
Dr. Rakesh MohanIndependent Director
Mr. Arun SethIndependent Director

FAQ

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

The latest intrinsic value of Dixon Technologies (India) Ltd as on 20 November 2024 is ₹14613.94, which is 1.76% lower than the current market price of ₹14,876.00.

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

The Market Cap of Dixon Technologies (India) Ltd is 89,015 Cr..

What is the current Stock Price of Dixon Technologies (India) Ltd as on 20 November 2024?

The current stock price of Dixon Technologies (India) Ltd as on 20 November 2024 is ₹14,876.

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 16,000/5,264.

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

The Stock P/E of Dixon Technologies (India) Ltd is 159.

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

The Book Value of Dixon Technologies (India) Ltd is 372.

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

The Dividend Yield of Dixon Technologies (India) Ltd is 0.03 %.

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

The ROCE of Dixon Technologies (India) Ltd is 29.2 %.

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.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Dixon Technologies (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE