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Last Updated: April 2, 2026, 2:30 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 540699 | NSE: DIXON

Dixon Technologies (India) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹7,794.53Overvalued by 23.99%vs CMP ₹10,254.00

P/E (44.3) × ROE (32.8%) × BV (₹670.00) × DY (0.08%)

₹5,122.80Overvalued by 50.04%vs CMP ₹10,254.00
MoS: -100.2% (Negative)Confidence: 58/100 (Moderate)Models: 1 Under, 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹11,863.6423%Under (+15.7%)
Graham NumberEarnings₹1,986.6117%Over (-80.6%)
Earnings PowerEarnings₹453.9311%Over (-95.6%)
DCFCash Flow₹7,076.5811%Over (-31%)
Net Asset ValueAssets₹668.167%Over (-93.5%)
EV/EBITDAEnterprise₹3,314.979%Over (-67.7%)
Earnings YieldEarnings₹2,618.007%Over (-74.5%)
ROCE CapitalReturns₹1,872.989%Over (-81.7%)
Revenue MultipleRevenue₹9,583.386%Fair (-6.5%)
Consensus (9 models)₹5,122.80100%Overvalued
Key Drivers: EPS CAGR 52.2% lifts DCF — verify sustainability. | Wide model spread (₹454–₹11,864) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 52.2%

*Investments are subject to market risks

Investment Snapshot

74
Dixon Technologies (India) Ltd scores 74/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health88/100 · Strong
ROCE 40.0% ExcellentROE 32.8% ExcellentD/E 0.20 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -3.13% (6mo) SellingDII holding up 5.99% MF buyingPromoter holding at 28.8% Stable
Earnings Quality50/100 · Moderate
OPM stable around 4% Steady
Quarterly Momentum90/100 · Strong
Revenue (4Q): +46% YoY AcceleratingProfit (4Q): +109% YoY Strong
Industry Rank85/100 · Strong
P/E 44.3 vs industry 60.2 In-lineROCE 40.0% vs industry 14.9% Above peersROE 32.8% vs industry 11.5% Above peers3Y sales CAGR: 54% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:30 am

Market Cap 62,369 Cr.
Current Price 10,254
Intrinsic Value₹5,122.80
High / Low 18,472/9,600
Stock P/E44.3
Book Value 670
Dividend Yield0.08 %
ROCE40.0 %
ROE32.8 %
Face Value 2.00
PEG Ratio0.85

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

View Share Price Target for Dixon Technologies (India) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Dixon Technologies (India) Ltd 62,369 Cr. 10,254 18,472/9,60044.3 6700.08 %40.0 %32.8 % 2.00
Havells India Ltd 74,386 Cr. 1,186 1,674/1,17649.0 1380.84 %25.3 %18.8 % 1.00
Voltas Ltd 41,351 Cr. 1,250 1,582/1,17279.8 1920.56 %17.6 %13.5 % 1.00
Whirlpool of India Ltd 10,534 Cr. 830 1,474/75630.2 3210.60 %12.6 %9.26 % 10.0
Avalon Technologies Ltd 6,255 Cr. 937 1,318/69065.1 97.40.00 %12.8 %10.4 % 2.00
Industry Average14,072.20 Cr923.2860.24124.510.23%14.89%11.51%6.44

All Competitor Stocks of Dixon Technologies (India) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 2,4053,0653,2724,9434,8184,6586,58011,53410,45410,29312,83614,85510,672
Expenses 2,2942,9093,1404,7444,6344,4766,33211,10810,0639,85012,35314,29410,257
Operating Profit 111156132199184182248426391443482561414
OPM % 5%5%4%4%4%4%4%4%4%4%4%4%4%
Other Income 436341916206102658497139
Interest 15151417222129384146333843
Depreciation 29323436415155667586939699
Profit before tax 7011290149126130180529285576366924412
Tax % 26%28%25%24%23%25%22%22%24%19%23%19%22%
Net Profit 5281671139797140412216465280746321
EPS in Rs 8.7213.5411.5518.0216.1215.9122.3465.1528.5066.5437.20110.7247.34

Last Updated: February 6, 2026, 11:17 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 18, 2026, 1:15 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,0941,2011,3892,4572,8422,9844,4006,44810,69712,19217,69138,86048,655
Expenses 1,0671,1691,3402,3652,7292,8484,1726,15610,31311,67316,98637,34546,754
Operating Profit 263249921131362282923845197051,5151,901
OPM % 2%3%4%4%4%5%5%5%4%4%4%4%4%
Other Income 8223146514432497910
Interest 1110131613263933496481162160
Depreciation 578111522374484115162281374
Profit before tax 1817516688941572172553454941,5702,277
Tax % 19%24%16%28%31%32%23%26%25%26%24%21%
Net Profit 1413434861631201601902553751,2331,811
EPS in Rs 8.727.6527.468.6610.7611.1920.8127.2832.0542.9061.47181.87261.80
Dividend Payout % 2%3%9%14%4%4%4%4%6%7%8%4%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-7.14%230.77%11.63%27.08%3.28%90.48%33.33%18.75%34.21%47.06%228.80%
Change in YoY Net Profit Growth (%)0.00%237.91%-219.14%15.46%-23.80%87.20%-57.14%-14.58%15.46%12.85%181.74%

Dixon Technologies (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:42%
5 Years:55%
3 Years:54%
TTM:115%
Compounded Profit Growth
10 Years:52%
5 Years:45%
3 Years:60%
TTM:98%
Stock Price CAGR
10 Years:%
5 Years:60%
3 Years:62%
1 Year:40%
Return on Equity
10 Years:27%
5 Years:27%
3 Years:28%
Last Year:33%

Last Updated: September 4, 2025, 9:35 pm

Balance Sheet

Last Updated: December 4, 2025, 12:51 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 33311111112121212121212
Reserves 71821201863043675307269851,2731,6832,9984,052
Borrowings 9482804345141872956674534896711,389
Other Liabilities 1241572155496069711,0691,8142,6132,9414,80613,07714,197
Total Liabilities 2913244177899661,4911,6972,8464,2774,6796,99016,75819,651
Fixed Assets 84971241371792414145501,0031,2441,9962,7744,019
CWIP 0002161910722212068257331
Investments 660011809514144205361,151
Other Assets 2012212946507591,2241,2732,1283,1113,2724,90513,19114,149
Total Assets 2913244177899661,4911,6972,8464,2774,6796,99016,75819,651

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1044425368-32371702737265841,150
Cash from Investing Activity + 1-22-22-43-100-64-99-265-464-356-531-1,093
Cash from Financing Activity + -13-22-20-84269-5763304-330-70-27
Net Cash Flow -1-01110281-3211341-1730
Free Cash Flow 11231615-5-821292-14527616254
CFO/OP 30%152%103%74%78%11%123%77%85%156%100%94%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-68.00-50.00-31.0049.0068.00-5.00141.00-3.00-283.0066.00216.00-670.00

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 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 151723423863436246514865
Inventory Days 343841474757474743323941
Days Payable 364656847510389108868192111
Cash Conversion Cycle 1398510171132-6-5
Working Capital Days 221687812993-2-22
ROCE %18%16%29%37%34%27%34%30%23%24%29%40%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 34.05%34.04%33.80%33.63%33.44%33.24%32.89%32.42%32.27%28.95%28.92%28.83%
FIIs 12.04%15.00%15.66%17.41%17.85%19.33%22.69%23.22%21.81%20.55%20.69%18.68%
DIIs 23.76%24.61%27.44%26.39%27.01%26.08%23.14%22.61%23.07%26.68%28.93%29.06%
Public 30.13%26.36%23.11%22.58%21.71%21.34%21.27%21.73%22.86%23.81%21.45%23.43%
No. of Shareholders 3,67,7273,15,6832,85,5662,67,5362,52,8432,67,3142,85,3633,20,1933,75,6304,08,3693,41,1624,05,075

Shareholding Pattern Chart

No. of Shareholders

Dixon Technologies (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Motilal Oswal Midcap Fund 1,497,807 4.54 1564.612,100,0002026-02-23 00:28:03-28.68%
Kotak Midcap Fund 1,103,948 1.95 1153.18N/AN/AN/A
UTI Flexi Cap Fund 575,000 2.55 600.65525,2502026-02-23 00:28:039.47%
HDFC Mid Cap Fund 514,290 0.58 537.23N/AN/AN/A
Canara Robeco Large and Mid Cap Fund 511,809 2.17 534.64N/AN/AN/A
Nippon India Growth Mid Cap Fund 450,000 1.13 470.07N/AN/AN/A
Nippon India Small Cap Fund 350,144 0.56 365.76549,7282025-12-08 06:33:29-36.31%
DSP Mid Cap Fund 301,347 1.65 314.79374,4882025-12-08 06:33:29-19.53%
Nippon India Multi Cap Fund 250,000 0.54 261.15N/AN/AN/A
Mirae Asset Midcap Fund 212,999 1.26 222.5N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 205.7062.8442.9232.3127.49
Diluted EPS (Rs.) 202.5862.4642.9232.0026.87
Cash EPS (Rs.) 248.3488.0561.8146.2234.75
Book Value[Excl.RevalReserv]/Share (Rs.) 499.62283.42215.72168.04125.89
Book Value[Incl.RevalReserv]/Share (Rs.) 499.62283.42215.72168.04125.89
Revenue From Operations / Share (Rs.) 6449.812958.342047.361802.371100.94
PBDIT / Share (Rs.) 253.58120.4387.0564.5249.20
PBIT / Share (Rs.) 206.9493.3667.8050.3741.74
PBT / Share (Rs.) 257.6680.8757.6342.9337.05
Net Profit / Share (Rs.) 201.6960.9842.5632.0827.28
NP After MI And SOA / Share (Rs.) 181.8361.5042.9132.0427.28
PBDIT Margin (%) 3.934.074.253.574.46
PBIT Margin (%) 3.203.153.312.793.79
PBT Margin (%) 3.992.732.812.383.36
Net Profit Margin (%) 3.122.062.071.772.47
NP After MI And SOA Margin (%) 2.812.072.091.772.47
Return on Networth / Equity (%) 36.3921.6919.8819.0721.67
Return on Capital Employeed (%) 29.8824.7023.2219.3925.07
Return On Assets (%) 6.535.255.464.445.61
Long Term Debt / Equity (X) 0.020.060.100.290.10
Total Debt / Equity (X) 0.060.090.130.450.20
Asset Turnover Ratio (%) 3.273.032.722.692.76
Current Ratio (X) 1.041.021.071.151.17
Quick Ratio (X) 0.720.660.740.720.77
Inventory Turnover Ratio (X) 13.6713.3410.429.719.61
Dividend Payout Ratio (NP) (%) 3.004.854.653.080.00
Dividend Payout Ratio (CP) (%) 2.393.373.212.130.00
Earning Retention Ratio (%) 97.0095.1595.3596.920.00
Cash Earning Retention Ratio (%) 97.6196.6396.7997.870.00
Interest Coverage Ratio (X) 9.909.648.568.6610.50
Interest Coverage Ratio (Post Tax) (X) 5.895.885.185.316.82
Enterprise Value (Cr.) 79804.6744715.2316993.9925862.8821577.43
EV / Net Operating Revenue (X) 2.052.531.392.423.35
EV / EBITDA (X) 52.2362.0932.7867.5474.88
MarketCap / Net Operating Revenue (X) 2.042.531.402.393.33
Retention Ratios (%) 96.9995.1495.3496.910.00
Price / BV (X) 26.3826.4013.2625.6729.15
Price / Net Operating Revenue (X) 2.042.531.402.393.33
EarningsYield 0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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 radio and television studio and broadcasting equipment, including television cameras. Company's Total Operating Revenue is Rs. 5400.90 Cr. and Equity Capital is Rs. 12.05 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Consumer ElectronicsNo B-14 & 15, Phase-II, District Gautam Buddha Nagar, Noida Uttar Pradesh 201305Contact not found
Management
NamePosition Held
Mr. Sunil VachaniExecutive Chairman
Mr. Atul B LallVice Chairman & Mng.Director
Mr. Keng Tsung KuoIndependent Director
Mr. Manoj MaheshwariAdditional Director
Dr. Rakesh MohanIndependent Director
Mr. Arun SethIndependent Director
Ms. Geeta MathurIndependent Director

FAQ

What is the intrinsic value of Dixon Technologies (India) Ltd and is it undervalued?

As of 14 April 2026, Dixon Technologies (India) Ltd's intrinsic value is ₹5122.80, which is 50.04% lower than the current market price of ₹10,254.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (32.8 %), book value (₹670), dividend yield (0.08 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Dixon Technologies (India) Ltd?

Dixon Technologies (India) Ltd is trading at ₹10,254.00 as of 14 April 2026, with a FY2026-2027 high of ₹18,472 and low of ₹9,600. The stock is currently near its 52-week low. Market cap stands at ₹62,369 Cr..

How does Dixon Technologies (India) Ltd's P/E ratio compare to its industry?

Dixon Technologies (India) Ltd has a P/E ratio of 44.3, which is below the industry average of 60.24. This is broadly in line with or below the industry average.

Is Dixon Technologies (India) Ltd financially healthy?

Key indicators for Dixon Technologies (India) Ltd: ROCE of 40.0 % indicates efficient capital utilization; ROE of 32.8 % shows strong shareholder returns. Dividend yield is 0.08 %.

Is Dixon Technologies (India) Ltd profitable and how is the profit trend?

Dixon Technologies (India) Ltd reported a net profit of ₹1,233 Cr in Mar 2025 on revenue of ₹38,860 Cr. Compared to ₹190 Cr in Mar 2022, the net profit shows an improving trend.

Does Dixon Technologies (India) Ltd pay dividends?

Dixon Technologies (India) Ltd has a dividend yield of 0.08 % at the current price of ₹10,254.00. The company pays dividends, though the yield is modest.

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
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