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Last Updated on: 26 February, 2024|Author: Getaka | Social: X Twitter Profile

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

Dixon Technologies (India) Ltd. Share Price Update

Share PriceValue
Today₹6,850.00
Previous Day₹6,771.90

Basic Stock Data of Dixon Technologies (India) Ltd

Market Cap 38,015 Cr.
Current Price 6,356
High / Low6,765/2,581
Stock P/E108
Book Value 242
Dividend Yield0.05 %
ROCE24.2 %
ROE22.5 %
Face Value 2.00

Data Source: screener.in

Competitors of Dixon Technologies (India) Ltd

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
BPL Ltd 534 Cr. 109128/46.733.7 50.70.00 %7.08 %2.85 % 10.0
Voltas Ltd 36,234 Cr. 1,0951,117/745129 1730.39 %9.67 %4.42 % 1.00
Symphony Ltd 6,330 Cr. 9181,219/82553.8 98.80.54 %14.8 %13.5 % 2.00
Whirlpool of India Ltd 16,210 Cr. 1,2781,733/1,22880.2 2820.39 %8.43 %6.37 % 10.0
MIRC Electronics Ltd 639 Cr. 27.630.7/11.0 7.720.00 %0.89 %6.77 % 1.00
Industry Average246.2 Cr211.3259.34122.440.26%8.17%6.78%4.8

Dixon Technologies (India) Ltd Quarterly Results

MonthSep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Sales1,6392,1832,1101,8672,8043,0732,9532,8553,8672,4053,0653,2724,943
Expenses1,5492,0822,0301,8192,6942,9702,8352,7553,7222,2942,9093,1404,744
Operating Profit891008048110103118100145111156132199
OPM %5%5%4%3%4%3%4%4%4%5%5%4%4%
Other Income0010112014363
Interest787991214141615151417
Depreciation11111215222819242929323436
Profit before tax72826124806387621007011290149
Tax %27%25%28%25%22%27%27%27%23%26%28%25%24%
Net Profit526244186346634577528167113
EPS in Rs9.0410.537.563.1010.687.8210.617.7013.028.7213.5411.5518.02

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

Dixon Technologies (India) Ltd Growth

Compounded Sales Growth
10 Years:32%
5 Years:34%
3 Years:40%
TTM:33%
Compounded Profit Growth
10 Years:54%
5 Years:33%
3 Years:29%
TTM:48%
Stock Price CAGR
10 Years:%
5 Years:72%
3 Years:20%
1 Year:146%
Return on Equity
10 Years:23%
5 Years:23%
3 Years:23%
Last Year:23%

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 Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days362015172342386343624651
Inventory Days574934384147475747474332
Days Payable66603646568475103891088681
Cash Conversion Cycle2791398510171132
Working Capital Days392422161511122815149-0
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)
HDFC Mid-Cap Opportunities Fund - Regular Plan14510141.53799.6
Kotak Emerging Equity Fund - Regular Plan9403641.42518.2
Nippon India Small Cap Fund5497280.74302.93
Quant Mid Cap Fund4103005.98226.1
Nippon India Growth Fund3998981.03220.37
PGIM India Midcap Opportunities Fund3990332.24219.89
DSP Mid Cap Fund3744881.29206.37
Kotak Equity Arbitrage Fund - Regular Plan2863000.5157.77
Edelweiss Mid Cap Fund2407053.11132.64
UTI Flexi Cap Fund2368400.51130.51

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 of Dixon Technologies (India) Ltd Stock

Fair Value: ₹5883.54

The stock is overvalued by 7.43% compared to the current price ₹6356

*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 17.08, 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 (107.15 cr) and profit (132.69 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 86.11 and average Dividend Yield of 3.64%.
  2. The stock has a high average Cash Conversion Cycle of 8.75, which may not be favorable.

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