Financials Dixon Technologies (India) Limited NSE India S.E.

Equities

DIXON

INE935N01012

Household Electronics

End-of-day quote NSE India S.E. Other stock markets 04:30:00 05/02/2024 am IST			5-day change	1st Jan Change
6,260 ^INR	+0.35%		+6.77%	-4.68%

20/05	Dixon Technologies (India), Acerpure Tie Up to Make Consumer Appliances; Shares Soar 8%	MT
17/05	INDIA STOCKS-Indian shares subdued as financials, IT overpower auto gains	RE

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	26,625	41,419	2,15,075	2,55,693	1,70,420	5,55,485	-	-
Enterprise Value (EV) ¹	27,341	41,246	2,15,900	2,59,188	1,72,359	4,47,421	5,51,872	5,47,608
P/E ratio	42.6 x	34.9 x	137 x	135 x	67.1 x	120 x	83.2 x	63.3 x
Yield	0.09%	0.11%	0.03%	0.05%	0.1%	0.04%	0.09%	0.11%
Capitalization / Revenue	0.89 x	0.94 x	3.34 x	2.39 x	1.4 x	2.53 x	1.93 x	1.54 x
EV / Revenue	0.92 x	0.94 x	3.35 x	2.42 x	1.41 x	2.53 x	1.91 x	1.52 x
EV / EBITDA	20.3 x	18.1 x	75.3 x	68.4 x	33.5 x	63.2 x	48.9 x	38.2 x
EV / FCF	-32.7 x	32.3 x	11,129 x	-175 x	65.2 x	-3,228 x	122 x	73.2 x
FCF Yield	-3.06%	3.09%	0.01%	-0.57%	1.53%	-0.03%	0.82%	1.37%
Price to Book	7.04 x	7.65 x	29.2 x	25.7 x	13.3 x	33.6 x	23.8 x	17.6 x
Nbr of stocks (in thousands)	56,625	57,851	58,569	59,342	59,560	59,822	-	-
Reference price ²	470.2	716.0	3,672	4,309	2,861	9,286	9,286	9,286
Announcement Date	24/05/19	11/06/20	27/05/21	30/05/22	23/05/23	15/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	29,844	44,001	64,482	1,06,971	1,21,920	1,76,909	2,88,189	3,59,948
EBITDA ¹	1,349	2,283	2,866	3,791	5,144	7,079	11,279	14,348
EBIT ¹	1,188	1,917	2,429	2,952	3,997	5,460	9,574	12,064
Operating Margin	3.98%	4.36%	3.77%	2.76%	3.28%	3.09%	3.32%	3.35%
Earnings before Tax (EBT) ¹	938.1	1,568	2,170	2,547	3,448	4,938	8,654	11,492
Net income ¹	633.5	1,205	1,598	1,902	2,555	3,678	6,490	8,465
Net margin	2.12%	2.74%	2.48%	1.78%	2.1%	2.08%	2.25%	2.35%
EPS ²	11.03	20.54	26.87	32.00	42.62	62.46	111.6	146.7
Free Cash Flow ¹	-836.8	1,276	19.4	-1,479	2,646	-172.2	4,520	7,482
FCF margin	-2.8%	2.9%	0.03%	-1.38%	2.17%	-0.09%	1.57%	2.08%
FCF Conversion (EBITDA)	-	55.91%	0.68%	-	51.43%	-	40.07%	52.15%
FCF Conversion (Net income)	-	105.92%	1.21%	-	103.53%	-	69.64%	88.39%
Dividend per Share ²	0.4000	0.8000	1.000	2.000	3.000	4.100	8.256	10.33
Announcement Date	24/05/19	11/06/20	27/05/21	30/05/22	23/05/23	15/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	25,489	21,828	21,097	18,673	28,038	46,711	30,732	29,528	28,551	38,668	67,218	24,047	30,654	32,715	43,128	50,373	51,242	62,710
EBITDA ¹	-	1,005	798.1	478.9	1,100	-	1,030	1,182	1,001	1,446	-	1,118	1,579	1,360	1,804	2,103	2,014	-
EBIT ¹	-	-	-	328.5	884.1	-	748.1	990.7	760.6	1,155	-	828.3	1,254	1,023	1,433	1,733	1,696	1,849
Operating Margin	-	-	-	1.76%	3.15%	-	2.43%	3.36%	2.66%	2.99%	-	3.44%	4.09%	3.13%	3.32%	3.44%	3.31%	2.95%
Earnings before Tax (EBT) ¹	-	816.8	613.7	241	802.3	-	634.9	868.9	619.7	1,002	-	704.8	1,121	900.4	1,322	1,468	1,526	-
Net income ¹	666.2	615.9	442.6	181.6	626.4	808.1	463.8	629.7	457	772.5	1,230	518.9	806.3	688.2	1,003	1,184	1,078	-
Net margin	2.61%	2.82%	2.1%	0.97%	2.23%	1.73%	1.51%	2.13%	1.6%	2%	1.83%	2.16%	2.63%	2.1%	2.33%	2.35%	2.1%	-
EPS ²	-	10.45	7.440	3.000	10.35	-	7.730	10.61	7.580	12.88	-	8.670	-	11.26	18.60	20.50	20.21	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	13/11/19	02/02/21	27/05/21	27/07/21	29/10/21	29/10/21	28/01/22	30/05/22	27/07/22	20/10/22	20/10/22	25/01/23	23/05/23	25/07/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	716	-	824	3,495	1,939	553	-	-
Net Cash position ¹	-	173	-	-	-	-	3,613	7,878
Leverage (Debt/EBITDA)	0.5307 x	-	0.2876 x	0.922 x	0.377 x	0.0766 x	-	-
Free Cash Flow ¹	-837	1,276	19.4	-1,479	2,646	-172	4,520	7,482
ROE (net income / shareholders' equity)	18.3%	26.2%	25%	21.9%	22.4%	25.8%	31.8%	31.2%
ROA (Net income/ Total Assets)	-	7.56%	-	-	-	8.27%	9.05%	8.55%
Assets ¹	-	15,948	-	-	-	45,981	71,706	98,970
Book Value Per Share ²	66.80	93.60	126.0	168.0	216.0	277.0	391.0	527.0
Cash Flow per Share ²	-	-	28.60	45.90	122.0	59.60	155.0	226.0
Capex ¹	806	1,097	1,682	4,206	4,612	5,015	4,547	4,214
Capex / Sales	2.7%	2.49%	2.61%	3.93%	3.78%	2.76%	1.58%	1.17%
Announcement Date	24/05/19	11/06/20	27/05/21	30/05/22	23/05/23	15/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Dixon Technologies (India) Limited

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9,286 INR

Average target price

7,976 INR

Spread / Average Target

-14.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Household Electronics

	1st Jan change	Capi.
SONY GROUP CORPORATION	-4.47%	101B
PANASONIC HOLDINGS CORPORATION	-4.12%	20.03B
LG ELECTRONICS INC.	-6.39%	12.08B
GN STORE NORD A/S	+22.99%	4.58B
HANGZHOU EZVIZ NETWORK CO., LTD.	+23.61%	4.37B
SHARP CORPORATION	-7.25%	3.61B
SICHUAN CHANGHONG ELECTRIC CO.,LTD.	-2.27%	3.33B
SHENZHEN MTC CO., LTD.	-9.68%	3.18B
CROMPTON GREAVES CONSUMER ELECTRICALS LIMITED	+25.20%	3.02B

Other Household Electronics