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Q1 FY26-27 Earnings PresentationDixon TechnologiesThe brand behind brands Consolidated Performance Overview31st July 2026
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Table of Contents 1 Cover Dixon — The brand behind brands 3 Executive Summary — Q1 FY27 Key highlights (Reported) 6 Consolidated Results — Q1 FY27 Quarterly metrics (Adjusted) 8 Expenditure Analysis As a % of operating revenues 10 Key Financial Metrics ROCE, ROE, WC days 2 Table of Contents Sections and navigation 4 Executive Summary — Q1 FY27 Key highlights (Adjusted) 7 Segment Performance Revenue, Capital employed & ROCE 9 Balance Sheet & Cash Flow Assets , Liabilities, Gross Debt/Equity & Net Debt/Equity Dixon Technologies | Earnings Presentation Q1 FY27 5 Consolidated Results — Q1 FY27 Quarterly metrics (Reported) 01 03 05-07 09-10 02 04 08 11 D i xon I 0 0 0 [ ] 0 [ ] 0 [ ] 0 [ ] 0 [ ] 0 [ ] 0 [ ] 0 [ ]
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Executive Summary — Q1 FY27 Performance highlights Reported Reported: Includes fair value gain on stake 2.38% held by Dixon in Aditya Infotech Limited amounting to ₹519 Cr in Q1 FY27 *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹16,076 crs +25% YoY ₹12,838 crs in Q1,FY26 EBITDA* ₹991 crs +105% YoY ₹484 crs in Q1,FY26 EBITDA* MARGIN 6.4% +260 bps 3.8% in Q1,FY26 PBT Before Minority Interest ₹869 crs +137% YoY ₹366 crs in Q1,FY26 PBT MARGIN Before Minority Interest 5.6% +270 bps 2.9% in Q1,FY26 PAT (Pre-NCI¹) ₹718 crs +156% YoY ₹280 crs in Q1,FY26 PAT MARGIN (Pre-NCI¹) 4.6% +240 bps 2.2% in Q1,FY26 1 PAT (After-NCI¹) ₹663 crs +195% YoY ₹225 crs in Q1,FY26 D i xon -
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Executive Summary — Q1 FY27 Performance highlights Adjusted : Excludes fair value gain on Dixon stake in Aditya Infotech Ltd. *Revenue & EBITDA include other income ¹ Non-controlling interest REVENUE* ₹15,557 crs +21% YoY ₹12,838 crs in Q1,FY26 EBITDA* ₹472 crs -2% YoY ₹484 crs in Q1,FY26 EBITDA* MARGIN 3.0% -80 bps 3.8% in Q1,FY26 PAT (Pre-NCI¹) ₹273 crs -3% YoY ₹280 crs in Q1,FY26 PAT MARGIN (Pre-NCI¹) 1.8% -40 bps 2.2% in Q1,FY26 Adjusted 2 PAT (After-NCI¹) ₹218 crs -3% YoY ₹225 crs in Q1,FY26 PBT MARGIN Before Minority Interest 2.3% 2.9% in Q1,FY26 -60 bps PBT Before Minority Interest ₹350 crs ₹366 crs in Q1,FY26 -4% YoY D i xon -
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Consolidated P&L Statement 3 YoYQ1 FY26Q1 FY27Particulars (₹ Crs) 21%12,836 15,548 Income 22%12,354 15,085 Expenses -4%482 463 Operating Profit -0.8%3.8%3.0%Operating Profit Margin -2 528 Other Income* 105%484 991 EBITDA 2.6%3.8%6.4%EBITDA Margin 15%93 107 Depreciation 126%391 884 EBIT -25%32 24 Finance Cost 140%359 860 PBT (Before JV) 29%7 9 Share of Profit of JV 137%366 869 PBT (After JV) 2.7%2.9%5.6%PBT Margin After JV share 76%86 151 Tax 156%280 718 PAT (Pre-NCI¹) 2.4%2.2%4.6%PAT Margin -55 55 NCI¹ 195%225 663 PAT (After NCI¹) *Other Income : After taking into account fair value gain on Dixon stake 2.38% in Aditya Infotech Ltd ¹ Non-controlling interest Q1 FY27 vs FY26 Reported D i xon -
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Consolidated P&L Statement 4 YoYQ1 FY26Q1 FY27Particulars (₹ Crs) 21%12,836 15,548 Income 22%12,354 15,085 Expenses -4%482 463 Operating Profit -0.8%3.8%3.0%Operating Profit Margin 350%2 9 Other Income* -2%484 472 EBITDA -0.8%3.8%3.0%EBITDA Margin 15%93 107 Depreciation -7%391 365 EBIT -25%32 24 Finance Cost -5%359 341 PBT (Before JV) 29%7 9 Share of Profit of JV -4%366 350 PBT (After JV) -0.6%2.9%2.3%PBT Margin After JV share -10%86 77 Tax -3%280 273 PAT (Pre-NCI¹) -0.4%2.2%1.8%PAT Margin -55 55 NCI¹ -3%225 218 PAT (After NCI¹) *Other Income : After excluding the fair value gain on Dixon stake in Aditya Infotech Ltd ¹ Non-controlling interest Q1 FY27 vs FY26 Adjusted D i xon -
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Business SegmentPerformance
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92% 82% 91% 11,663 9,485 14,179 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 22% 49% Mobile & Other EMS Division 5 Revenue (₹ Crs) Operating Profit (₹ Crs) 3.4% 3.6% 2.6% 395 337 373 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 Revenue contributionRevenue contribution Q1,FY 25-26 Q1,FY 26-27 Operating Profit contribution Operating Profit contribution Capital Employed Capital Employed ROCE%*ROCE%* 1,976 85% 80% 3,128 48% -6% 11% *ROCE :Trailing 12 Month EBIT/Average Capital Employed as on 30th June 26 & 30th June 25 D i xon # -~ a # - -~ • • jlllii • • ~--# ~--# -~ #- -~ • • ~ • • ~--# ~--# D a jlllii D ~ -~ # -~ • • • • ~--# ~ .#
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21% 65% 72% 5% 6.0% 5.7% 5.9% 40 40 58 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 6% 672 697 987 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 Revenue (₹ Crs) Operating Profit (₹ Crs) Consumer Electronics & Appliances (LED TV & Refrigerator) 6 Q1,FY 25-26 Q1,FY 26-27 Revenue contributionRevenue contribution Operating Profit contribution Operating Profit contribution ODMODM Capital EmployedCapital Employed ROCE%*ROCE%* *ROCE : Trailing 12 Month EBIT/Average Capital Employed as on 30 th June 26 & 30th June 25 13% 16% 875 8% 47% 42% 45% 45% 630 D i xon • # .. . ,, • I JIii ~ ~ • ... , • JIii ----, I #---~ • JIii -♦ • --
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2% 2% 11.5% 9.4% 8.4% 36 31 32 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 313 329 382 Q1,FY 25-26 Q4,FY 25-26 Q1,FY 26-27 Revenue (₹ Crs) Operating Profit (₹ Crs) Home Appliances Revenue contributionRevenue contribution Q1,FY 26-27 Operating Profit contribution Operating Profit contribution ODMODM 7 Capital EmployedCapital Employed ROCE%*ROCE%* *ROCE : Trailing 12 Month EBIT/Average Capital Employed as on 30 th June 26 & 30th June 25 Q1,FY 25-26 7% 38% 100% 370 7% 29% 100% 497 22% 16% -11% 3% D i xon >>> #--~ I I ~--' ., >>> #- · ~ I I ~--' >>> #--~ • I ~ ..... , • Jlllli # -~ I • ~--'
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Expenditure Analysis % ChangeQ1 FY26Q1 FY27Particulars (As a % of operating revenues) 1.7%92.5%94.2%Cost of Material Consumed -0.1%1.3%1.2%Employee benefit expenses -0.1%0.3%0.2%Finance Cost -0.7%0.7%Depreciation and Amortization Expense -0.7%2.4%1.7%Other expenses 8 D i xon
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Balance sheet 31st Mar’2630th June’26Particulars 0.1 x0.1 xGross Debt/Equity (0.17) x(0.04) xNet Debt/Equity 31st Mar’2630th June’26Particulars (₹ Crs) 3,911 4,030 Net Fixed Assets (A) 831 831 Right-of-use asset (B) 904 1,498 Non Current Assets (C) Current Assets 1,241 805 Cash, Bank & ST Investments 6,530 8,526 Trade Receivables 3,837 6,728 Inventories 1,908 2,436 Other Current Assets 13,516 18,495 Total Current Assets 12,590 17,242 Less: Current Liabilities & Provisions 926 1,253 Net Current Assets (D) 6,572 7,612 Total Assets (A+B+C+D) 4,677 5,499 Total Shareholder funds (A) 12 12 Equity share capital 4,665 5,487 Other equity 710 764 Non Controlling Interest (B) 468 579 Total Debt (C) 360 360 Long Term Borrowings 108 219 Short Term Borrowings 717 770 Other Non Current Liabilities (D) 6,572 7,612 Total Liabilities (A+B+C+D) 579 805 (226) 468 1,241 (773) Gross Debt Cash, Bank & ST Investments Net Debt 30th June 2026 31st Mar 2026 9 D i xon • Iii
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Cash Flow 10 (676)Free Cash flow* 30th June’26Particulars (₹ Crs) 860 Profit before tax 107 Depreciation & Amortization 15 Others ( Net interest expenses, ESOP expenses etc.) (519)Notional Gain on fair value measurement of equity instruments¹ (812)Working capital change 8 Taxes Paid (341)Cash Flow from Operating Activities (A) (335)Capital expenditure 90 Other (Sales/Purchase of Investment & Other bank balance etc.) (245)Cash Flow from Investing Activities (B) (11)Interest Paid (18)Repayment of lease liabilities 168 Proceeds from issue of shares 111 Proceeds of current borrowings (19)Dividend paid 231 Cash Flow from Financing Activities (C) (355)Net Change in Cash & Cash Equivalents D = (A+B+C) 767 Opening Cash & Cash Equivalents (E) 412 Closing Cash & Cash Equivalents (D+E) *Free Cash Flow : Cash from Operating activities Less capital expenditure ¹After taking into account fair value gain of INR 519 crs (30th June 26) on Dixon stake in Aditya Infotech Ltd D i xon
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Key Financial Ratios & Cash Conversion Cycle **ROCE = Trailing 12 Month EBIT (Excluding Exceptional Item ) /Average Capital Employed (Shareholder fund + Net Debt + Other Long term liabilities ) as on 30th June 26 & 30th June 25 ***ROE = Trailing 12 Month PAT (Excluding Exceptional Item ) / Average Shareholder Funds based on the Shareholder Funds as on 30th June 26 & 30th June 25 ROCE** 34.1% -1070 bps 44.8% in FY26 ROE*** 23.4% -470 bps 28.1% in FY26 Inventory Days 37 4 days 33 in FY26 Debtors Days 46 (6) days 52 in FY26 Creditors Days 88 (5) days 93 in FY26 Net Working Capital Days* (5) 3 days (8) in FY26 * Working capital days calculated on the quarterly basis Adjusted 11 D i xon -
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D i xon