Dixon Technologies (India) LimitedQ1 FY27 Results & Financial Update
Dixon Technologies (India) Limited: Q1 FY27 consolidated results and company financials – revenue ₹15,547.66 Cr, PAT ₹717.83 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Dixon Technologies (India) Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Dixon Technologies delivered robust financial performance for the first quarter of fiscal year 2027, underscored by significant scaling in consolidated operations and robust margin expansion across key profitability metrics.
Consolidated revenue from operations for Q1 FY27 reached Rs. 15,547.66 crores, accompanied by total income of Rs. 16,075.95 crores inclusive of Rs. 528.29 crores in other income.
Profitability witnessed exceptional gains, with profit before tax (PBT) climbing to Rs. 860.34 crores and net profit after tax (PAT) reaching Rs. 717.83 crores for the quarter ended 30 June 2026.
Basic earnings per share (EPS) stood at Rs. 118.00 (not annualised) for the quarter, reflecting strong earnings accretion for equity shareholders.
Concurrently, the subsidiary recognized a corresponding customer liability of Rs. 603.95 crores under related arrangements concerning the PLI incentive.
The board reviewed and approved the unaudited financial results on 31 July 2026, receiving unmodified review conclusions from the statutory auditors, S N Dhawan & CO LLP.
Dixon Technologies reported a consolidated revenue from operations of Rs. 15,547.66 crores for the quarter ended June 30, 2026, alongside other income of Rs. 528.29 crores, bringing total consolidated income to Rs. 16,075.95 crores.
01 · Business model
What does Dixon Technologies (India) do?
Dixon Technologies (India) Limited operates as a premier end-to-end electronic manufacturing services (EMS) provider in India, designing and manufacturing products for leading global and domestic brands.
The company's diverse manufacturing portfolio encompasses consumer electronics, home appliances, lighting products, mobile phones and EMS solutions, security systems, IT hardware, and telecom equipment.
Dixon operates advanced manufacturing facilities primarily located across Uttar Pradesh and other key industrial hubs, serving top-tier brand owners through original design manufacturing (ODM) and contract manufacturing arrangements.
02 · Historical context
What shaped the business before this quarter
During FY26, the company transferred its lighting business undertaking including subsidiary shares in Dixon Technologies Solutions Private Limited to Lightanium Technologies Private Limited effective 1 August 2025 as part of a joint venture arrangement.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹15,547.66 Cr |
| Total income | ₹16,075.95 Cr |
| Profit before tax | ₹860.34 Cr |
| Profit after tax | ₹717.83 Cr |
| EPS | ₹117.87 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 4.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 5.5% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹528.29 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Consolidated revenue from operations expanded to Rs. 15,547.66 crores in Q1 FY27, driven by strong execution across electronic manufacturing verticals.
Other income surged to Rs. 528.29 crores for the quarter, contributing to total consolidated income of Rs. 16,075.95 crores.
Two major subsidiaries contributed Rs. 2,336.50 crores in total revenues and Rs. 32.21 crores in net profit after tax during the quarter, as highlighted in the independent auditors' review report.
What drove margins
Cost of materials consumed stood at Rs. 15,064.40 crores, offset by inventory changes of Rs. 423.37 crores during the quarter.
EBITDA expanded to Rs. 991 crores, reflecting positive operating leverage as revenue scale outpaced fixed overhead growth.
Employee benefits expense stood at Rs. 180.69 crores, finance costs were Rs. 24.12 crores, and depreciation and amortization expenses were reported at Rs. 106.95 crores.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The Chief Operating Decision Maker (CODM) examines company performance on the basis of a single operating segment, namely Electronics Goods, consistent with prior periods.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The Nomination and Remuneration Committee approved the grant of 4,000 stock options under Dixon ESOP 2023, convertible into equity shares of face value Rs. 2 each.
07 · Reported developments
What changed operationally
Consolidated net profit after tax surged to Rs. 717.83 crores for Q1 FY27, reflecting substantial operational expansion.
The Board approved the re-appointment of Mr. Sunil Vachani as Whole Time Director and Mr. Atul B. Lall as Managing Director for a further period of five years effective May 5, 2027.
08 · Items worth noticing
The line items that can distort a quick read
Recognition of Rs. 1,110.06 crores in incentive income across past performance years pending formal Project Management Agency determination, alongside a corresponding Rs. 603.95 crore customer liability.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
Consolidated finance costs for the quarter were contained at Rs. 24.12 crores.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
PLI Incentive Recognition
A subsidiary company recognized incentive income of Rs. 1,110.06 crores under the Production Linked Incentive (PLI) Scheme for overperformance across multiple years, with a corresponding customer liability of Rs. 603.95 crores recognized under related arrangements.
11 · Key Q&A
The quarter, answered directly
What does Dixon Technologies (India) do?
Dixon Technologies (India) Limited operates as a premier end-to-end electronic manufacturing services (EMS) provider in India, designing and manufacturing products for leading global and domestic brands.
What is the clearest takeaway from Q1 FY27?
Dixon Technologies delivered robust financial performance for the first quarter of fiscal year 2027, underscored by significant scaling in consolidated operations and robust margin expansion across key profitability metrics.
What drove revenue or demand?
Consolidated revenue from operations expanded to Rs. 15,547.66 crores in Q1 FY27, driven by strong execution across electronic manufacturing verticals.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs. 15,064.40 crores, offset by inventory changes of Rs. 423.37 crores during the quarter.
What changed operationally beyond the headline numbers?
The Nomination and Remuneration Committee approved the grant of 4,000 stock options under Dixon ESOP 2023, convertible into equity shares of face value Rs. 2 each.
What should the next disclosure help confirm?
Track shareholder approval for executive re-appointments and final dividend payments for FY26.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Annual General Meeting: Track shareholder approval for executive re-appointments and final dividend payments for FY26.
- 02
Shareholder Meeting Approvals: Track upcoming shareholder approvals for executive re-appointments and final dividend declarations.
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Need the concepts first?
Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.