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Last Updated on: 23 June, 2024|Author: Getaka | Social: X Twitter Profile
Stock Ticker - BSE: 540699 | NSE: DIXON

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.
INDUSTRYADDRESSCONTACT
Consumer ElectronicsNo B-14 & 15, Phase-II, 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

Basic Stock Data of Dixon Technologies (India) Ltd

Last Updated: June 22, 2024, 11:00 pm

Market Cap 69,044 Cr.
Current Price 11,539
High / Low11,680/3,953
Stock P/E188
Book Value 283
Dividend Yield0.03 %
ROCE28.7 %
ROE24.7 %
Face Value 2.00
PEG Ratio8.08

Competitors of Dixon Technologies (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
Pulz Electronics Ltd 107 Cr. 98.0205/56.012.9 26.80.00 %52.3 %39.6 % 10.0
BPL Ltd 607 Cr. 124128/58.245.1 51.00.00 %7.09 %5.54 % 10.0
Calcom Vision Ltd 192 Cr. 143205/118146 56.60.00 %6.48 %1.89 % 10.0
CWD Ltd 251 Cr. 6951,246/532222 63.70.00 %10.0 %5.16 % 10.0
Whirlpool of India Ltd 23,435 Cr. 1,8471,857/1,186102 2910.27 %9.29 %6.37 % 10.0
Industry Average20,392.00 Cr797.9694.14102.770.18%16.68%14.36%6.50

Dixon Technologies (India) Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales2,1832,1101,8672,8043,0732,9532,8553,8672,4053,0653,2724,9434,818
Expenses2,0822,0301,8192,6942,9702,8352,7553,7222,2942,9093,1404,7444,634
Operating Profit1008048110103118100145111156132199184
OPM %5%4%3%4%3%4%4%4%5%5%4%4%4%
Other Income0101120143634
Interest8799121414161515141722
Depreciation11121522281924292932343641
Profit before tax826124806387621007011290149126
Tax %25%28%25%22%27%27%27%23%26%28%25%24%23%
Net Profit624418634663457752816711397
EPS in Rs10.537.563.1010.687.8210.617.7013.028.7213.5411.5518.0216.12

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

Dixon Technologies (India) Ltd Quarterly Chart

Dixon Technologies (India) Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales5727671,0941,2011,3892,4572,8422,9844,4006,44810,69712,19213,685
Expenses5677461,0671,1691,3402,3652,7292,8484,1726,15610,31311,67313,087
Operating Profit52126324992113136228292384519598
OPM %1%3%2%3%4%4%4%5%5%5%4%4%4%
Other Income108223146514416
Interest11111110131613263933496461
Depreciation55578111522374484115132
Profit before tax-95181751668894157217255345421
Tax %16%30%19%24%16%28%31%32%23%26%25%26%
Net Profit-73141343486163120160190255313
EPS in Rs-4.523.218.727.6527.468.6610.7611.1920.8127.2832.0542.9051.83
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

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 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:92%
3 Years:36%
1 Year:147%
Return on Equity
10 Years:24%
5 Years:24%
3 Years:23%
Last Year:25%

Last Updated: June 12, 2024, 6:55 pm

Dixon Technologies (India) Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital333331111111212121212
Reserves535871821201863043675307269851,2731,439
Preference Capital000000000009
Borrowings11994948280434514187295667444273
Other Liabilities981211241572155496069711,0691,8142,6132,9504,636
Total Liabilities2742772913244177899661,4911,6972,8464,2774,6796,359
Fixed Assets798084971241371792414145501,0031,2441,412
CWIP4500021619107222120410
Investments4766001180951414415
Other Assets1861852012212946507591,2241,2732,1283,1113,2724,521
Total Assets2742772913244177899661,4911,6972,8464,2774,6796,359

Dixon Technologies (India) Ltd Reserves and Borrowings Chart

Dixon Technologies (India) Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 4451044425368-3237170273726
Cash from Investing Activity -4-91-22-22-43-100-64-99-265-464-356
Cash from Financing Activity 1-37-13-22-20-84269-5763304-330
Net Cash Flow0-0-1-01110281-3211341

Dixon Technologies (India) Ltd Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow5.0021.0026.0032.0049.0092.00113.00136.00228.00292.00384.00510.00

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

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%

Dixon Technologies (India) Ltd Financial Efficiency Indicators Chart

Dixon Technologies (India) Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters35.06%35.04%35.03%34.93%34.52%34.30%34.30%34.27%34.06%34.05%34.04%33.80%
FIIs20.31%19.84%19.85%18.41%18.51%16.39%15.08%16.27%16.66%12.04%15.00%15.66%
DIIs15.23%11.02%9.48%8.74%7.60%7.98%8.07%18.59%18.92%23.76%24.61%27.44%
Public29.40%34.10%35.64%37.92%39.37%41.33%42.56%30.87%30.35%30.13%26.36%23.11%
No. of Shareholders61,9242,12,7142,78,1853,03,6743,24,0123,79,1603,91,2833,67,7733,47,7283,67,7273,15,6832,85,566

Dixon Technologies (India) Ltd Shareholding Pattern Chart

No. of Dixon Technologies (India) Ltd Shareholders

Dixon Technologies (India) Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan1,451,0141.47869.32445,5502024-06-21225.67%
Kotak Emerging Equity Fund - Regular Plan940,3641.44563.38445,5502024-06-21111.06%
Nippon India Small Cap Fund549,7280.72329.35445,5502024-06-2123.38%
Canara Robeco Emerging Equities445,5501.34266.93445,5502024-06-210%
Nippon India Growth Fund399,8980.98239.58445,5502024-06-21-10.25%
PGIM India Midcap Opportunities Fund399,0332.4239.06445,5502024-06-21-10.44%
DSP Mid Cap Fund374,4881.36224.36445,5502024-06-21-15.95%
UTI Flexi Cap Fund281,6260.67168.73445,5502024-06-21-36.79%
Edelweiss Mid Cap Fund240,7052.93144.21445,5502024-06-21-45.98%
Axis Midcap Fund234,9320.57140.75445,5502024-06-21-47.27%

Dixon Technologies (India) Ltd ROCE Trend

Dixon Technologies (India) Ltd EPS Trend

Dixon Technologies (India) Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue2.002.002.0010.0010.00
Basic EPS (Rs.)42.9232.3127.49105.5555.94
Diluted EPS (Rs.)42.9232.0026.87102.7055.14
Cash EPS (Rs.)61.8146.2234.75135.7275.06
Book Value[Excl.RevalReserv]/Share (Rs.)215.72168.04125.89467.87333.96
Book Value[Incl.RevalReserv]/Share (Rs.)215.72168.04125.89467.87333.96
Revenue From Operations / Share (Rs.)2047.361802.371100.943803.012635.25
PBDIT / Share (Rs.)87.0564.5249.20197.28124.06
PBIT / Share (Rs.)67.8050.3741.74165.72104.94
PBT / Share (Rs.)57.6342.9337.05135.4982.84
Net Profit / Share (Rs.)42.5632.0827.28104.1555.94
NP After MI And SOA / Share (Rs.)42.9132.0427.28104.1555.94
PBDIT Margin (%)4.253.574.465.184.70
PBIT Margin (%)3.312.793.794.353.98
PBT Margin (%)2.812.383.363.563.14
Net Profit Margin (%)2.071.772.472.732.12
NP After MI And SOA Margin (%)2.091.772.472.732.12
Return on Networth / Equity (%)19.8819.0721.6722.2516.75
Return on Capital Employeed (%)23.2219.3925.0728.9021.09
Return On Assets (%)5.464.445.617.094.24
Long Term Debt / Equity (X)0.100.290.100.020.01
Total Debt / Equity (X)0.130.450.200.150.35
Asset Turnover Ratio (%)2.722.692.762.522.44
Current Ratio (X)1.071.151.171.211.15
Quick Ratio (X)0.740.720.770.720.71
Inventory Turnover Ratio (X)10.429.719.618.327.05
Dividend Payout Ratio (NP) (%)4.653.080.005.723.57
Dividend Payout Ratio (CP) (%)3.212.130.004.382.66
Earning Retention Ratio (%)95.3596.920.0094.2896.43
Cash Earning Retention Ratio (%)96.7997.870.0095.6297.34
Interest Coverage Ratio (X)8.568.6610.506.535.61
Interest Coverage Ratio (Post Tax) (X)5.185.316.824.453.53
Enterprise Value (Cr.)16993.9925862.8821577.434119.722762.07
EV / Net Operating Revenue (X)1.392.423.350.930.92
EV / EBITDA (X)32.7867.5474.8818.0519.66
MarketCap / Net Operating Revenue (X)1.402.393.330.940.89
Retention Ratios (%)95.3496.910.0094.2796.42
Price / BV (X)13.2625.6729.157.647.04
Price / Net Operating Revenue (X)1.402.393.330.940.89
EarningsYield0.010.010.010.020.02

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: 13,145.33

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: 13.92% compared to the current price 11539

Intrinsic Value: 16,204.12

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: 40.43% compared to the current price ₹11539

Last 5 Year EPS CAGR: 23.27%

*Investments are subject to market risks

Strength and Weakness of Dixon Technologies (India) Ltd Stock

StrengthWeakness
  1. The stock has a high average ROCE of 23.50%, 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 (476.46 cr) compared to borrowings (0.69 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.

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: 188 (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 ₹13145.33.

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

The Market Cap of Dixon Technologies (India) Ltd is 69,044 Cr..

What is the current Stock Price of Dixon Technologies (India) Ltd as on 23 June 2024?

The current stock price of Dixon Technologies (India) Ltd as on 23 June 2024 is ₹11,539.

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 11,680/3,953.

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

The Stock P/E of Dixon Technologies (India) Ltd is 188.

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 0.03 %.

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.

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