Dixon Technologies - A Rising Star In Domestic Manufacturing Space: ICICI Direct
A worker assembles mobile phones at a Dixon Technologies factory in Noida, Uttar Pradesh, India. (Photographer: Anindito Mukherjee/Bloomberg)

Dixon Technologies - A Rising Star In Domestic Manufacturing Space: ICICI Direct


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Direct Report

Dixon Technologies India Ltd. is India’s leading electronic manufacturing service provider to various multinational, domestic companies in India.

The company is one of the biggest beneficiaries of the government’s production linked incentive (PLI) scheme for mobile phones and other electronic products.

We believe PLI benefits will start flowing in from Q4 FY21E onwards while in future the company’s mobile revenue will grow multi-fold (approximately 14 times jump) over FY20-23E.

The company has also applied for PLI in the lighting, electronic wearables and other electronic products (laptop/notebooks).

This opens up a significant growth opportunity for the company, going forward (we see four times jump in revenue FY20-23E).

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ICICI Direct Dixon Technologies StockTales.pdf


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