Slides
Page 1
Q3 & 9M FY25-26 Earnings PresentationDixon TechnologiesThe brand behind brands Consolidated Performance Overview29thJanuary 2026
Page 2
Table of Contents 1 Cover Dixon — The brand behind brands 3 Executive Summary — Q3 FY26 Key highlights (Reported) 6 9M FY26 Performance Overview Nine Month metrics (Adjusted) 8 Consolidated Results — Q3 & 9M FY26 Quarterly & Nine Month metrics (Adjusted) 9 Segment Performance Revenue, Capital employed & ROCE 10 Expenditure Analysis As a % of operating revenues 2 Table of Contents Sections and navigation 4 Executive Summary — Q3 FY26 Key highlights (Adjusted) 7 Consolidated Results — Q3 & 9M FY26 Quarterly & Nine Month metrics (Reported) 11 Balance Sheet & Cash Flow Assets , Liabilities, Gross Debt/Equity & Net Debt/Equity Dixon Technologies | Earnings Presentation Q3 & 9M FY26 12 Key Financial Metrics ROCE, ROE, WC days, Net Debt 5 9M FY26 Performance Overview Nine Month metrics (Reported) 01 03 05 11-12 02 04 06 07-09 10 13 D i xon I 0 0 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I 0 [ I
Page 3
Executive Summary — Q3 FY26 Performance highlights Reported Reported : Includes fair value gain of ₹125 crs on Dixon stake in Aditya Infotech Ltd *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹10803 crs +3% YoY ₹10,461 crs in Q3,FY25 EBITDA* ₹546 crs +37% YoY ₹398 crs in Q3,FY25 EBITDA* MARGIN 5.1% +130 bps 3.8% in Q3,FY25 PBT Before Minority Interest ₹412 crs +44% YoY ₹286 crs in Q3,FY25 PBT MARGIN Before Minority Interest 3.9% +120 bps 2.7% in Q3,FY25 PAT (Pre-NCI¹) ₹321 crs +48% YoY ₹217 crs in Q3,FY25 PAT MARGIN (Pre-NCI¹) 3.0% +90 bps 2.1% in Q3,FY25 1 PAT (After-NCI¹) ₹287 crs +67% YoY ₹172 crs in Q3,FY25 l>i :x:on -
Page 4
Executive Summary — Q3 FY26 Performance highlights Adjusted : Excludes fair value gain on Dixon stake in Aditya Infotech Ltd. *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹10678 crs +2% YoY ₹10,461 crs in Q3,FY25 EBITDA* ₹421 crs +6% YoY ₹398 crs in Q3,FY25 EBITDA* MARGIN 3.9% +10 bps 3.8% in Q3,FY25 PBT Before Minority Interest ₹287 crs ₹286 crs in Q3,FY25 PBT MARGIN Before Minority Interest 2.7% 2.7% in Q3,FY25 PAT (Pre-NCI¹) ₹214 crs -1% YoY ₹217 crs in Q3,FY25 PAT MARGIN (Pre-NCI¹) 2.0% -10 bps 2.1% in Q3,FY25 Adjusted 2 PAT (After-NCI¹) ₹180 crs +5% YoY ₹172 crs in Q3,FY25 l>i :x:on -
Page 5
9M FY26 Performance Overview Performance highlights Reported Reported : After taking into account fair value gain of ₹590 crs on Dixon stake in Aditya Infotech Ltd & ₹28 crs gain on transfer of lighting business undertaking *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹38991 crs +36% YoY ₹28,577 crs in 9M,FY25 EBITDA* ₹2087 crs +94% YoY ₹1,074 crs in 9M,FY25 EBITDA* MARGIN 5.4% +160 bps 3.8% in 9M,FY25 PBT Before Minority Interest ₹1701 crs +71% YoY ₹995 crs in 9M,FY25 PBT MARGIN Before Minority Interest 4.4% +90 bps 3.5% in 9M,FY25 PAT (Pre-NCI¹) ₹1346 crs +75% YoY ₹769 crs in 9M,FY25 PAT MARGIN (Pre-NCI¹) 3.5% +80 bps 2.7% in 9M,FY25 Net Working Capital Days (7) Days 2 days (5) days in FY25 Net Debt ₹246 crs ₹(62) crs in FY25 3 PAT (After-NCI¹) ₹1182 crs +70% YoY ₹696 crs in 9M,FY25 l>i :x:on -
Page 6
9M FY26 Performance Overview Performance highlights Adjusted : After excluding the fair value gain on Dixon stake in Aditya Infotech Ltd & gain on transfer of lighting business undertaking *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹38373 crs +34% YoY ₹28,577 crs in 9M,FY25 EBITDA* ₹1469 crs +37% YoY ₹1,074 crs in 9M,FY25 EBITDA* MARGIN 3.8% 3.8% in 9M,FY25 PBT Before Minority Interest ₹1083 crs +38% YoY ₹785 crs in 9M,FY25 PBT MARGIN Before Minority Interest 2.8% +10 bps 2.7% in 9M,FY25 PAT (Pre-NCI¹) ₹817 crs +38% YoY ₹593 crs in 9M,FY25 PAT MARGIN (Pre-NCI¹) 2.1% 2.1% in 9M,FY25 Adjusted ROCE 45.1% -340 bps 48.5% in FY25 ROE 32.0% -50 bps 32.5% in FY25 4 PAT (After-NCI¹) ₹653 crs +26% YoY ₹520 crs in 9M,FY25 l>i :x:on -
Page 7
Consolidated P&L Statement 5 Particulars (Crs) Q3 FY26 Q3 FY25 YoY 9M FY26 9M FY25 YoY Income ₹ 10672 ₹ 10454 2% ₹ 38362 ₹ 28568 34% Expenses ₹ 10257 ₹ 10063 2% ₹ 36904 ₹ 27503 34% Operating Profit ₹ 415 ₹ 391 6% ₹ 1458 ₹ 1065 37% Operating Profit Margin 3.9% 3.7% 0.2% 3.8% 3.7% 0.1% Other Income* ₹ 131 ₹ 7 - ₹ 629 ₹ 9 - EBITDA ₹ 546 ₹ 398 37% ₹ 2087 ₹ 1074 94% EBITDA Margin 5.1% 3.8% 1.3% 5.4% 3.8% 1.6% Depreciation ₹ 99 ₹ 75 32% ₹ 288 ₹ 195 48% EBIT ₹ 447 ₹ 323 38% ₹ 1799 ₹ 879 105% Finance Cost ₹ 43 ₹ 41 5% ₹ 114 ₹ 108 6% PBT (Before JV) ₹ 404 ₹ 282 43% ₹ 1685 ₹ 771 119% Share of Profit of JV ₹ 8 ₹ 4 100% ₹ 16 ₹ 14 14% PBT (After JV) ₹ 412 ₹ 286 44% ₹ 1701 ₹ 785 117% PBT Margin After JV share 3.9% 2.7% 1.2% 4.4% 2.7% 1.7% Exceptional Item* - - - - 210 - PBT After Exceptional Item ₹ 412 ₹ 286 44% ₹ 1701 ₹ 995 71% PBT Margin 3.9% 2.7% 1.2% 4.4% 3.5% 0.9% Tax ₹ 91 ₹ 69 32% ₹ 355 ₹ 226 57% PAT (Pre-NCI¹) ₹ 321 ₹ 217 48% ₹ 1346 ₹ 769 75% PAT Margin 3.0% 2.1% 0.9% 3.5% 2.7% 0.8% NCI¹ ₹ 34 ₹ 45 -24% ₹ 164 ₹ 73 125% PAT (After NCI¹) ₹ 287 ₹ 172 67% ₹ 1182 ₹ 696 70% *Other Income & Exceptional Item : After taking into account fair value gain on Dixon stake in Aditya Infotech Ltd & gain on transfer of lighting business undertaking ¹ Non-controlling interest Q3 FY26 vs FY25 & 9M FY26 vs FY25 Reported l>i :x:on -
Page 8
Consolidated P&L Statement 6 Particulars (Crs) Q3 FY26 Q3 FY25 YoY 9M FY26 9M FY25 YoY Income ₹ 10672 ₹ 10454 2% ₹ 38362 ₹ 28568 34% Expenses ₹ 10257 ₹ 10063 2% ₹ 36904 ₹ 27503 34% Operating Profit ₹ 415 ₹ 391 6% ₹ 1458 ₹ 1065 37% Operating Profit Margin 3.9% 3.7% 0.2% 3.8% 3.7% 0.1% Other Income* ₹ 6 ₹ 7 -14% ₹ 11 ₹ 9 22% EBITDA ₹ 421 ₹ 398 6% ₹ 1469 ₹ 1074 37% EBITDA Margin 3.9% 3.8% 0.1% 3.8% 3.8% - Depreciation ₹ 99 ₹ 75 32% ₹ 288 ₹ 195 48% EBIT ₹ 322 ₹ 323 - ₹ 1181 ₹ 879 34% Finance Cost ₹ 43 ₹ 41 5% ₹ 114 ₹ 108 6% PBT (Before JV) ₹ 279 ₹ 282 -1% ₹ 1067 ₹ 771 38% Share of Profit of JV ₹ 8 ₹ 4 100% ₹ 16 ₹ 14 14% PBT (After JV) ₹ 287 ₹ 286 - ₹ 1083 ₹ 785 38% PBT Margin After JV share 2.7% 2.7% - 2.8% 2.7% 0.1% Tax ₹ 73 ₹ 69 6% ₹ 266 ₹ 192 39% PAT (Pre-NCI¹) ₹ 214 ₹ 217 -1% ₹ 817 ₹ 593 38% PAT Margin 2.0% 2.1% -0.1% 2.1% 2.1% - NCI¹ ₹ 34 ₹ 45 -24% ₹ 164 ₹ 73 125% PAT (After NCI¹) ₹ 180 ₹ 172 5% ₹ 653 ₹ 520 26% *Other Income & Exceptional Item : After excluding the fair value gain on Dixon stake in Aditya Infotech Ltd & gain on transfer of lighting business undertaking ¹ Non-controlling interest Q3 FY26 vs FY25 & 9M FY26 vs FY25 Adjusted l>i :x:on -
Page 9
65% ₹ 9305 ₹ 13361 ₹ 9750 Q3 FY25 Q2 FY26 Q3 FY26 83% 82% 75% 84% 91% 92% 89% 3.4% 3.5% ₹ 803 ₹ 1216 9M FY25 9M FY26 Revenue (Crs) ₹322 ₹472 ₹350 3.5% 3.5% 3.6% Q3 FY25 Q2 FY26 Q3 FY26 Operating Profit (Crs) 5% -27% 9% -26% Revenue contributionRevenue contribution Q3 FY25 Q3 FY26 Operating Profit contribution Operating Profit contribution Operating Profit (Crs) ₹ 23942 ₹ 34772 9M FY25 9M FY26 Revenue (Crs) 45% 51% Revenue contributionRevenue contribution Operating Profit contribution Operating Profit contribution 9M FY25 9M FY26 Capital employed(₹Crs)Capital employed(₹Crs) ROCE%*ROCE%* 7*ROCE = Trailing 12 Month EBIT/Average Capital Employed as on 31st Dec 25 & 31st Dec 24 83% 84% 2300 Mobile & Other EMS Division 1677 l>i :x:on # -~ a #' -~ • • ~ • • ~--# ~--# ... -~ a ~ -~ • • • • ~--# ~ ~--# ' -~ a #- -~ • • ~ • • ~--# ~--# -~ a ... -~ ~ . ~ • • ~--# ~--# D a ~ D j -~ -~ • • • ~--# ~--#
Page 10
63% 27% 6% 55% 10% 7% 17% 705 10% 6% 5% 3.5% 4.7% ₹102 ₹103 9M FY25 9M FY26 1% ₹633 ₹956 ₹567 Q3 FY25 Q2 FY26 Q3 FY26 3.5% 4.1% 4.2% ₹22 ₹39 ₹24 Q3 FY25 Q2 FY26 Q3 FY26 Revenue (Crs) Operating Profit (Crs) -10% -41% 9% -38% Consumer Electronics & Appliances (LED TV & Refrigerator) Revenue contributionRevenue contribution Q3 FY25 Q3 FY26 Operating Profit contributionOperating Profit contribution ODMODM Operating Profit (Crs) ₹ 2901 ₹ 2196 9M FY25 9M FY26 Revenue (Crs) -24% Revenue contributionRevenue contribution Operating Profit contributionOperating Profit contribution ODMODM 9M FY25 9M FY26 Capital employed(₹Crs)*Capital employed(₹Crs)* ROCE%**ROCE%** 8 *Capital Employed in Refrigerator is ₹298 crs, excluding that ROCE of LED TV Category is 17% **ROCE = Trailing 12 Month EBIT/Average Capital Employed as on 31st Dec 25 & 31st Dec 24 57% 59% 6% 6% 544 l>i :x:on • #-·~~ • • ~--# • #- · ,~ >>> • • ~--# -~ a # -~ • • • ·-# ~ ~--# #- · ,~ • • ~--# #- · -~ ~ • • ~--# -~ a --~ • ~ • ·-# ✓--# I a I I ~ -~ -♦ 11 ~ ~--#
Page 11
3% 4% 100% 100% 37% 41% ₹315 ₹429 ₹355 Q3 FY25 Q2 FY26 Q3 FY26 10.2% 11.7% 11.5% ₹32 ₹50 ₹41 ₹0 ₹10 ₹20 ₹30 ₹40 ₹50 ₹60 ₹70 Q3 FY25 Q2 FY26 Q3 FY26 Revenue (Crs) Operating Profit (Crs) 13% -17% 28% -18% Home Appliances Revenue contributionRevenue contribution Q3 FY25 Q3 FY26 Operating Profit contribution Operating Profit contribution ODMODM Operating Profit (Crs) 10.6% 11.6% ₹113 ₹127 9M FY25 9M FY26 ₹ 1064 ₹ 1097 9M FY25 9M FY26 Revenue (Crs) 3% 12% Revenue contributionRevenue contribution Operating Profit contribution Operating Profit contribution ODMODM 9M FY25 9M FY26 Capital employed (₹Crs)*Capital employed (₹Crs)* ROCE%**ROCE%** 9 *Capital Employed in Fully Automatic Category is ₹185 crs, excluding that ROCE of Semi Automatic Category is 52% **ROCE = Trailing 12 Month EBIT/Average Capital Employed as on 31st Dec 25 & 31st Dec 24 3% 3% 100% 100% 8% 10% 11% 9% 354326 l>i :x:on _,., >>> t . , __ # a #_ .,,,, • • iilliii , __ # #--, >>> #--, • • • • , __ # , __ # , __ # .,,,, #- - , • • ' #--, #--, >>> • • • • , __ # , __ # I a iilliii .,,,,, a .,,,,, • • • iilliii , __ # •
Page 12
Expenditure Analysis Particulars (As a % of operating revenues) Q3 FY26 Q3 FY25 % Change Cost of Material Consumed 92.6% 92.6% - Employee benefit expenses 1.6% 1.5% 0.1% Finance Cost 0.4% 0.4% - Depreciation and Amortization Expense 0.9% 0.7% 0.2% Other expenses 1.9% 2.2% -0.3% Particulars (As a % of operating revenues) 9M FY26 9M FY25 % Change Cost of Material Consumed 92.7% 92.3% 0.4% Employee benefit expenses 1.4% 1.5% -0.1% Finance Cost 0.3% 0.4% -0.1% Depreciation and Amortization Expense 0.8% 0.7% 0.1% Other expenses 2.1% 2.5% -0.4% 10 l>i :x:on
Page 13
Balance sheet Particulars 31st Dec ’25 31 st Mar ’25 Gross Debt/Equity 0.2 x 0.1 x Net Debt/Equity 0.06 x (0.02) x Particulars (Crs) 31st Dec ’25 31st Mar ’25 Net Fixed Assets (A) ₹ 3602 ₹ 2462 Right-of-use asset (B) ₹ 749 ₹ 569 Other Non Current Assets (C) ₹ 1413 ₹ 642 Current Assets Cash & Cash Equivalents ₹ 605 ₹ 264 Trade Receivables ₹ 6297 ₹ 6965 Inventories ₹ 3245 ₹ 3992 Other Current Assets ₹ 2471 ₹ 1873 Total Current Assets ₹ 12618 ₹ 13094 Less: Current Liabilities & Provisions ₹ 11867 ₹ 12474 Net Current Assets (D) ₹ 751 ₹ 620 Total Assets (A+B+C+D) ₹ 6515 ₹ 4293 Total Shareholder funds (A) ₹ 4341 ₹ 3010 Equity share capital ₹ 12 ₹ 12 Other equity ₹ 4329 ₹ 2998 Non Controlling Interest (B) ₹ 666 ₹ 459 Total Debt (C) ₹ 851 ₹ 202 Long Term Borrowings ₹ 351 ₹ 81 Short Term Borrowings ₹ 500 ₹ 121 Other Non Current Liabilities (D) ₹ 657 ₹ 622 Total Liabilities (A+B+C+D) ₹ 6515 ₹ 4293 ₹851 ₹605 ₹246 ₹202 ₹264 (₹62) Gross Debt Cash & cash Equivalents Net Debt 31st Dec ’25 31st Mar 2025 11 l>i :x:on ■ Iii
Page 14
Cash Flow *Free Cash Flow : Cash from Operating activities Less capital expenditure 12 Free Cash Flow (₹Crs) Free Cash flow* ₹ 369 Particulars (Crs) 31st Dec ’25 Profit before tax ₹ 1685 Depreciation & Amortization ₹ 288 Others ( Net interest expenses, ESOP expenses etc.) ₹ 159 Gain on fair value measurement of equity instruments (₹ 590) Gain on transfer of shares of Subsidiary / undertaking under slump sale (₹ 28) Working capital change (₹ 187) Taxes Paid (₹ 238) Cash Flow from Operating Activities (A) ₹ 1089 Capital expenditure (₹ 720) Other (Sales/Purchase of Investment & Other bank balance etc.) (₹ 592) Cash Flow from Investing Activities (B) (₹ 1312) Interest Paid (₹ 80) Repayment of lease liabilities (₹ 66) Proceeds from issue of shares ₹ 206 Repayment of Non current borrowings (₹ 164) Proceeds of current borrowings ₹ 500 Dividend paid (₹ 69) Cash Flow from Financing Activities (C) ₹ 327 Net Change in Cash & Cash Equivalents D = (A+B+C) ₹ 104 Opening Cash & Cash Equivalents (E) ₹ 231 Addition on acquisition of subsidiary (F) ₹ 113 Closing Cash & Cash Equivalents (D+E+F) ₹ 448 ₹ 1685 ₹ 369 ₹ 288 ₹ 459 ₹ 187 ₹ 238 ₹ 720 PBT Dep Others Change in Working capital Tax Paid Capex Free Cash Flow l>i :x:on --- -- • I
Page 15
Key Financial Ratios & Cash Conversion Cycle **ROCE = EBIT/Average Capital Employed (Shareholder fund + Net Debt + Other Long term liabilities ) as on 31st Dec, 25 & 31st Dec, 24 ***ROE = PAT (Excluding Exceptional Item ) / Average Shareholder Funds based on the Shareholder Funds as on 31st Dec, 25 & 31st Dec, 24 ROCE** 45.1% -340 bps 48.5% in FY25 ROE*** 32.0% -50 bps 32.5% in FY25 Inventory Days 29 (3) days 32 in FY25 Debtors Days 52 (8) days 60 in FY25 Creditors Days 88 (9) days 97 in FY25 Net Working Capital Days* (7) 2 days (5) in FY25 * Working capital days calculated on the quarterly basis Adjusted 13 l>i :x:on -
Page 16
l>i :x:on THANK YOU