[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  SBI Securities [@_sbisecurities](/creator/twitter/_sbisecurities) on x 11.8K followers Created: 2025-07-23 02:07:43 UTC Dixon Technologies (India) Ltd (CMP: Rs XXXXXX | Mkt Cap: Rs XXXXXX cr) Key Concall Highlights 🔹Capex: 1QFY26: Rs XXX cr; FY26E: Rs 1,150-1,200 cr. Out of this, Rs 750-800 cr in Camera Modules and Display 🔹 Rs 800-900 cr for the X recent acquisitions 🔹 Full impact of margin improvement through backward integration into components to start reflecting from 2HFY27 or Q1FY27 🔹Press Note (PN3) approval status: Under various stages of approval from the Govt of India – Longcheer (Smartphone), HKC (Display Module), Vivo (Smartphone) 🔹 The acquisition of Q Tech India won’t require PN3 approval while for Chongqing, application for PN3 approval to be filed shortly 🔹Component PLI scheme: 🔹 Will be filing applications for display module, camera modules and precision components in next week. Not participating in the PCB segment under the PLI scheme 🔹 Mobile Phone: 1QFY26 Volumes: Smartphone – XXX mn, Feature Phones – XXX mn 🔹Volume growth across all brands. Order book for 2QFY26 remains strong 🔹 Company looking to further scale up export volumes in FY26 🔹 FY26 to be last year of PLI. Post PLI, margin drivers for Dixon Tech to be operating leverage & scale, deep customer relationships, backward integration and captive volumes from JVs 🔹 LED TV: Disappointing quarter X. Order book for 2QFY26 remains strong ahead of the festive season. ~72% ODM share, strong interest from multiple brands 🔹 Actively working on increasing the capacities and enhancing capabilities for manufacturing for industrial, institutional and automotive displays. 🔹Refrigerator: Strong performance in 1QFY26. ~10% domestic market share within 1styear of operation in direct cool category 🔹 Expanding capacity from current XXX mn units to X mn units. FY26E growth expected to be XX% 🔹 Strong growth also expected in Telecom & Networking products, Rexxam JV (AC Controller board for Daikin) and IT Hardware segments in next few years along with backward integration into components Disclaimer :  XXX engagements  **Related Topics** [rs](/topic/rs) [india](/topic/india) [dixon technologies](/topic/dixon-technologies) [Post Link](https://x.com/_sbisecurities/status/1947841023603789960)
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SBI Securities @_sbisecurities on x 11.8K followers
Created: 2025-07-23 02:07:43 UTC
Dixon Technologies (India) Ltd (CMP: Rs XXXXXX | Mkt Cap: Rs XXXXXX cr) Key Concall Highlights 🔹Capex: 1QFY26: Rs XXX cr; FY26E: Rs 1,150-1,200 cr. Out of this, Rs 750-800 cr in Camera Modules and Display 🔹 Rs 800-900 cr for the X recent acquisitions 🔹 Full impact of margin improvement through backward integration into components to start reflecting from 2HFY27 or Q1FY27 🔹Press Note (PN3) approval status: Under various stages of approval from the Govt of India – Longcheer (Smartphone), HKC (Display Module), Vivo (Smartphone) 🔹 The acquisition of Q Tech India won’t require PN3 approval while for Chongqing, application for PN3 approval to be filed shortly 🔹Component PLI scheme: 🔹 Will be filing applications for display module, camera modules and precision components in next week. Not participating in the PCB segment under the PLI scheme 🔹 Mobile Phone: 1QFY26 Volumes: Smartphone – XXX mn, Feature Phones – XXX mn 🔹Volume growth across all brands. Order book for 2QFY26 remains strong 🔹 Company looking to further scale up export volumes in FY26 🔹 FY26 to be last year of PLI. Post PLI, margin drivers for Dixon Tech to be operating leverage & scale, deep customer relationships, backward integration and captive volumes from JVs 🔹 LED TV: Disappointing quarter X. Order book for 2QFY26 remains strong ahead of the festive season. ~72% ODM share, strong interest from multiple brands 🔹 Actively working on increasing the capacities and enhancing capabilities for manufacturing for industrial, institutional and automotive displays. 🔹Refrigerator: Strong performance in 1QFY26. ~10% domestic market share within 1styear of operation in direct cool category 🔹 Expanding capacity from current XXX mn units to X mn units. FY26E growth expected to be XX% 🔹 Strong growth also expected in Telecom & Networking products, Rexxam JV (AC Controller board for Daikin) and IT Hardware segments in next few years along with backward integration into components
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