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Q2 & H1 FY26-27 Earnings PresentationDixon TechnologiesThe brand behind brands Consolidated Performance Overview30thOct 2026
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Table of Contents Dixon Technologies | Earnings Presentation Q2 & H1 FY27 1CoverDixon — The brand behind brands3Executive Summary — Q2 FY27Key highlights (Reported)6H1 FY27 Performance OverviewHalf Yearly metrics (Adjusted)8Consolidated Results — Q2 & H1 FY27Quarterly & Half Yearly metrics (Adjusted)9Segment PerformanceRevenue, Capital employed & ROCE10Expenditure AnalysisAs a % of operating revenues2Table of ContentsSections and navigation4Executive Summary — Q2 FY27Key highlights (Adjusted)7Consolidated Results — Q2 & H1 FY27Quarterly & Half Yearly metrics (Reported)11Balance Sheet & Cash FlowAssets , Liabilities, Gross Debt/Equity & Net Debt/Equity 12Key Financial MetricsROCE, ROE, WC days5H1 FY27 Performance OverviewHalf Yearly metrics (Reported)01030511-1202040607-091013
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Executive Summary — Q2 FY27Performance highlightsReported Reported: Includes fair value gain on stake held by Dixon in Aditya Infotech Limited amounting to INR 57 Cr in Q2 FY27 as against INR 465 Cr in Q2 FY26, INR 28 Cr gain on transfer of lighting business undertaking in Q2 FY26 *Revenue & EBITDA include other income¹ Non-controlling interest REVENUE*₹21,863 crs+42% YoY₹15,351 crs in Q2,FY26EBITDA*₹666 crs-37% YoY₹1,057 crs in Q2,FY26EBITDA* MARGIN3.1%-400 bps7.1% in Q2,FY26PBTBefore Minority Interest₹532 crs-42% YoY₹924 crs in Q2,FY26PBT MARGINBefore Minority Interest2.4%-380 bps6.2% in Q2,FY26PAT(Pre-NCI¹)₹411 crs-45% YoY₹746 crs in Q2,FY26PAT MARGIN(Pre-NCI¹)1.9%-310 bps5.0% in Q2,FY261PAT(After-NCI¹)₹344 crs-49% YoY₹670 crs in Q2,FY26
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Executive Summary — Q2 FY27Performance highlights Adjusted : Excludes fair value gain on Dixon stake in Aditya Infotech Ltd.& gain on transfer of lighting business undertaking*Revenue & EBITDA include other income¹ Non-controlling interest REVENUE*₹21,806 crs+47% YoY₹14,858 crs in Q2,FY26EBITDA*₹609 crs+8% YoY₹564 crs in Q2,FY26EBITDA* MARGIN2.8%-100 bps3.8% in Q2,FY26PAT(Pre-NCI¹)₹360 crs+11% YoY₹323 crs in Q2,FY26PAT MARGIN(Pre-NCI¹)1.7%-50 bps2.2% in Q2,FY26 Adjusted 2PAT(After-NCI¹)₹293 crs+19% YoY₹247 crs in Q2,FY26PBT MARGINBefore Minority Interest2.2%2.9% in Q2,FY26-70 bpsPBTBefore Minority Interest₹475 crs₹431 crs in Q2,FY26+10% YoY
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H1 FY27 Performance OverviewPerformance highlightsReported Reported: Includes fair value gain on stake held by Dixon in Aditya Infotech Limited amounting to INR 576 Cr in H1 FY27 as against INR 465 Cr in H1 FY26, INR 28 Cr gain on transfer of lighting business undertaking in H1 FY26 *Revenue & EBITDA include other income¹ Non-controlling interest REVENUE*₹37,938 crs+35% YoY₹28,188 crs in H1 FY26EBITDA*₹1,657 crs+8% YoY₹1,541 crs in H1 FY26EBITDA* MARGIN4.4%-120 bps5.6% in H1 FY26PBTBefore Minority Interest₹1,401 crs+9% YoY₹1,289 crs in H1 FY26PBT MARGINBefore Minority Interest3.8%-90 bps4.7% in H1 FY26PAT(Pre-NCI¹)₹1,129 crs+10% YoY₹1,026 crs in H1 FY26PAT MARGIN(Pre-NCI¹)3.0%-70 bps3.7% in H1 FY26Net Working Capital Days(2) Days6 days(8) days in FY26 Net Debt₹73 crs₹(773) crs in FY263PAT(After-NCI¹)₹1,007 crs+13% YoY₹895 crs in H1 FY26
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H1 FY27 Performance OverviewPerformance 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 income¹ Non-controlling interest REVENUE*₹37,362 crs+35% YoY₹27,695 crs in H1 FY26EBITDA*₹1,081 crs+3% YoY₹1,048 crs in H1 FY26EBITDA* MARGIN2.9%3.8% in H1 FY26PBTBefore Minority Interest₹825 crs+4% YoY₹796 crs in H1 FY26PBT MARGINBefore Minority Interest2.2%-70 bps2.9% in H1 FY26PAT(Pre-NCI¹)₹633 crs+5% YoY₹603 crs in H1 FY26Adjusted ROCE29.7%-1,510 bps44.8% in FY26ROE22.2%-590 bps28.1% in FY264PAT(After-NCI¹)₹511 crs+8% YoY₹472 crs in H1 FY26PAT MARGIN(Pre-NCI¹)1.7%2.2% in H1 FY26-50 bps-90 bps
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Consolidated P&L Statement 5 YoYH1 FY26H1 FY27YoYQ2 FY26Q2 FY27Particulars (Crs)35%27,691 37,341 47%14,855 21,794 Income36%26,647 36,281 48%14,294 21,197 Expenses2%1,044 1,060 6%561 597 Operating Profit -1.0%3.8%2.8%-1.1%3.8%2.7%Operating Profit Margin 20%497 597 -86%496 69 Other Income*8%1,541 1,657 -37%1,057 666 EBITDA-1.2%5.6%4.4%-4.0%7.1%3.1%EBITDA Margin 15%189 217 16%96 111 Depreciation 7%1,352 1,440 -42%961 555 EBIT-30%71 50 -32%38 26 Finance Cost9%1,281 1,390 -43%923 529 PBT (Before JV)38%8 11 200%1 3 Share of Profit of JV9%1,289 1,401 -42%924 532 PBT (After JV)-0.9%4.7%3.8%-3.8%6.2%2.4%PBT Margin3%263 272 -32%178 121 Tax 10%1,026 1,129 -45%746 411 PAT (Pre-NCI¹) -0.7%3.7%3.0%-3.1%5.0%1.9%PAT Margin-7%131 122 -12%76 67 NCI¹ 13%895 1,007 -49%670 344 PAT (After NCI¹)*Other Income : After taking into account fair value gain on Dixon stake in Aditya Infotech Ltd & gain on transfer of lighting business undertaking¹ Non-controlling interest Q2 FY27 vs FY26 & H1 FY27 vs FY26Reported
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Consolidated P&L Statement 6 YoYH1 FY26H1 FY27YoYQ2 FY26Q2 FY27Particulars (Crs)35%27,691 37,341 47%14,855 21,794 Income36%26,647 36,281 48%14,294 21,197 Expenses2%1,044 1,060 6%561 597 Operating Profit -1.0%3.8%2.8%-1.1%3.8%2.7%Operating Profit Margin 425%4 21 300%3 12 Other Income*3%1,048 1,081 8%564 609 EBITDA-0.9%3.8%2.9%-1.0%3.8%2.8%EBITDA Margin 15%189 217 16%96 111 Depreciation 1%859 864 6%468 498 EBIT-30%71 50 -32%38 26 Finance Cost3%788 814 10%430 472 PBT (Before JV)38%8 11 200%1 3 Share of Profit of JV4%796 825 10%431 475 PBT (After JV)-0.7%2.9%2.2%-0.7%2.9%2.2%PBT Margin After JV share-1%193 192 6%108 115 Tax 5%603 633 11%323 360 PAT (Pre-NCI¹) -0.5%2.2%1.7%-0.5%2.2%1.7%PAT Margin-7%131 122 -12%76 67 NCI¹ 8%472 511 19%247 293 PAT (After NCI¹)*Other Income : After excluding the fair value gain on Dixon stake in Aditya Infotech Ltd & gain on transfer of lighting business undertaking¹ Non-controlling interest Q2 FY27 vs FY26 & H1 FY27 vs FY26Adjusted
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44% 13,361 14,179 20,093 Q2 FY26 Q1 FY27 Q2 FY27 83% 69% 83% 90% 92% 92% 90% 3.5%2.6%867 883 H1 FY26 H1 FY27 Revenue (Crs)¹ 472 373 509 3.5% 2.6% 2.5%Q2 FY26 Q1 FY27 Q2 FY27Operating Profit (Crs)50%42%8%36%Revenue contributionRevenue contributionQ2 FY26 Q2 FY27Operating Profit contributionOperating Profit contributionOperating Profit (Crs) 25,024 34,271 H1 FY26 H1 FY27Revenue (Crs)²37%2%Revenue contributionRevenue contributionOperating Profit contributionOperating Profit contributionH1 FY26 H1 FY27Capital employed( INR Crs)Capital employed( INR Crs)ROCE%*ROCE%*7Other EMS Division²H1 FY27 Revenue includes :- Telecom : INR 3,918 crs, IT Hardware : INR 3,521 crs, Q-Tech : INR 1,044 crs, Hearables & Wearables : INR 276 crsOther EMS Division¹Q2 FY27 Revenue includes :- Telecom : INR 1,837 crs, IT Hardware : INR 2,160 crs, Q-Tech : INR 518 crs, Hearables & Wearables : INR 171 crs*ROCE =EBIT/Average Capital Employed as on 30thSep 26 & 30thSep 25 84% 85%3,296 Mobile & Other EMS Division 2,261
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17% 6% 8% 9% 15%933 6% 6% 5% 4.9% 4.6%79 97 H1 FY26 H1 FY2723% 956 987 1,115 Q2 FY26 Q1 FY27 Q2 FY27 4.1% 5.9% 3.6%39 58 40 Q2 FY26 Q1 FY27 Q2 FY27Revenue (Crs)¹Operating Profit (Crs)17%13%3%-31%Consumer Electronics & Appliances (LED TV & Refrigerator)Revenue contributionRevenue contributionQ2 FY26 Q2 FY27Operating Profit contributionOperating Profit contributionODMODMOperating Profit (Crs) 1,628 2,102 H1 FY26 H1 FY27Revenue (Crs)²29%Revenue contributionRevenue contributionOperating Profit contributionOperating Profit contributionH1 FY26 H1 FY27Capital employed(₹Crs)Capital employed(₹Crs)ROCE%*ROCE%*8¹Q2 FY27 Revenue includes :- Refrigerator : INR 158 crs²H1 FY27 Revenue includes :- Refrigerator : INR 494 crs*ROCE =EBIT/Average Capital Employed as on 30thSep 26 & 30thSep 25 60% 66% 7% 7%651
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3% 3% 100% 100% 36% 28% 429 382 586 Q2 FY26 Q1 FY27 Q2 FY27 11.7%8.4% 8.3%50 32 48 Q2 FY26 Q1 FY27 Q2 FY27Revenue (Crs)Operating Profit (Crs)37%53%-4%50%Home AppliancesRevenue contributionRevenue contributionQ2 FY26 Q2 FY27Operating Profit contributionOperating Profit contributionODMODMOperating Profit (Crs) 11.6% 8.3%86 80 H1 FY26 H1 FY27 742 968 H1 FY26 H1 FY27Revenue (Crs)30%-7%Revenue contributionRevenue contributionOperating Profit contributionOperating Profit contributionODMODMH1 FY26H1 FY27Capital employed (₹Crs)*Capital employed (₹Crs)*ROCE%**ROCE%**9*Capital Employed in Fully Automatic Category is INR 257 crs, excluding that ROCE of Semi Automatic Category is 43%**ROCE =EBIT/Average Capital Employed as on 30thSep 26 & 30thSep 25 3% 3% 100% 100% 9% 8% 8% 8%502372
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Expenditure Analysis% ChangeQ2 FY26Q2 FY27Particulars (As a % of operating revenues)2.0%92.9%94.9%Cost of Material Consumed-0.3%1.3%1.0%Employee benefit expenses-0.2%0.3%0.1%Finance Cost-0.1%0.6%0.5%Depreciation and Amortization Expense-0.7%2.0%1.3%Other expenses% ChangeH1 FY26H1 FY27Particulars (As a % of operating revenues)1.9%92.7%94.6%Cost of Material Consumed-0.2%1.3%1.1%Employee benefit expenses-0.2%0.3%0.1%Finance Cost-0.1%0.7%0.6%Depreciation and Amortization Expense-0.7%2.2%1.5%Other expenses10
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Balance sheet31stMar ’2630th Sep’26Particulars0.1 x0.1 xGross Debt/Equity(0.17) x0.01 xNet Debt/Equity31stMar ’2630th Sep’26Particulars (INR Crs) 3,911 4,297 Net Fixed Assets (A) 831 859 Right-of-use asset (B)904 1,561 Non Current Assets (C)Current Assets1,241 596 Cash, Bank & ST Investments6,530 12,401 Trade Receivables 3,837 7,064 Inventories 1,908 2,400 Other Current Assets 13,516 22,461 Total Current Assets 12,590 20,979 Less: Current Liabilities & Provisions 926 1,482 Net Current Assets (D)6,572 8,199 Total Assets (A+B+C+D) 4,677 5,878 Total Shareholder funds (A)12 12 Equity share capital4,665 5,866 Other equity710 850 Non Controlling Interest (B)468 669 Total Debt (C)360 365 Long Term Borrowings 108 304 Short Term Borrowings717 802 Other Non Current Liabilities (D)6,572 8,199 Total Liabilities (A+B+C+D) 669 596 73 468 1,241 (773)Gross Debt Cash & cash Equivalents Net Debt 30th Sep 2026 31st Mar 202611
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Cash Flow 12*Free Cash Flow : Cash from Operating activities Less capital expenditure¹After taking into account fair value gain of INR 576 crs (30thSep 26) & INR 671 crs (31stMarch 26) on Dixon stake in Aditya Infotech Ltd²Lighting business undertaking gain on transfer of INR 22 crs (31stMarch 26) 724(980)Free Cash flow*31stMar’2630th Sep’26Particulars (INR Crs) 2,049 1,390 Profit before tax393 217 Depreciation & Amortization224 53 Others ( Net interest expenses, ESOP expenses etc.)(671)(576)Notional Gain on fair value measurement of equity instruments¹ (22)-Gain on transfer of shares of Subsidiary / undertaking under slump sale²224 (1,272)Working capital change(415)(92)Taxes Paid1,782 (280)Cash Flow from Operating Activities (A)(1,058)(700)Capital expenditure (193)283 Other (Sales/Purchase of Investment & Other bank balance etc.)(1,251)(417)Cash Flow from Investing Activities (B)(103)(28)Interest Paid(86)(40)Repayment of lease liabilities263 237 Proceeds from issue of shares(172)-Repayment of Non current borrowings108 196 Proceeds of current borrowings(118)(46)Dividend paid(108)319 Cash Flow from Financing Activities (C)423(378)Net Change in Cash & Cash Equivalents D = (A+B+C)231767 Opening Cash & Cash Equivalents (E)113-Addition on acquisition of subsidiary (F)767389 Closing Cash & Cash Equivalents (D+E+F)
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Key Financial Ratios & Cash Conversion Cycle **ROCE = EBIT (Excluding Exceptional Item ) /Average Capital Employed (Shareholder fund + Net Debt + Other Long term liabilities ) as on 30thSep, 26 & 30thSep, 25***ROE = PAT (Excluding Exceptional Item ) / Average Shareholder Funds based on the Shareholder Funds as on 30thSep, 26 & 30thSep, 25ROCE**29.7%-1,510 bps44.8% in FY26ROE***22.2%-590 bps28.1% in FY26Inventory Days29(4) days 33 in FY26Debtors Days520 days 52 in FY26Creditors Days83(10) days 93 in FY26Net Working Capital Days*(2)6 days (8) in FY26* Working capital days calculated on the quarterly basisAdjusted 13