Dixon Technologies surge 11.26% after 47% revenue jump in Q2

2 Nov 2026 , 12:04 PM

Shares of Dixon Technologies Ltd witnessed its stock price jump 11.26% to INR 12238.75 after reporting its Q2 FY27 results. Despite a steep fall in net profits (-45% YoY), the 47% revenue improvement was largely in–line with analyst forecasts.

Consolidated profits before non-controlling interests fell 45% YoY to INR 411 crore. However, revenues were up 47% to INR 21806 crore, driven by a 35% increase in ASPs, growth in mobile manufacturing and solid product mix.

Dixon Technologies Q2 FY27 Results: Key Numbers

Particulars	Q2 FY27 Performance	YoY Change
Revenue	₹21,806 crore	+47%
Profit before non-controlling interest	₹411 crore	-45%
EBITDA margin	2.7%	18 bps below consensus
Average selling price	—	+35%
Share price	₹12,238.75	+11.26%

Despite revenues being higher than expected and PAT above expectations, the EBITDA margin was down 18 bps below consensus, at 2.7%. Gross margins were impacted and this was partly offset by improvements in the bottom line.

Why Did Dixon Technologies Shares Rise 11%?

The stock rose on the back of strong revenue growth and an in–line report.

A strong 35% increase in ASPs. This was driven by a favourable product mix and increased value per unit sold, said analysts. Volume was broadly in–line with management. Revenues and PAT were higher than expected.

Dixon Technologies Gains Smartphone Market Share

The group continued to gain market share in the smartphone manufacturing space in India. This was despite the market seeing volumes down 16% YoY.

It shows that the group can continue to grow its market share even amid falling industry volumes.

However there is caution from analysts as demand in the festive period was weaker which could cause increased channel stock which could hurt performance in Q3 FY27.

Delay in Vivo JV

Operations at Dixon Technologies’ Vivo joint venture have been delayed. Previously the operations were set to begin in Q3 FY27 but now will begin in Q4 FY27.

Volume guidance intact

Despite this the group has maintained its full year volume guidance of 3.3–3.4 crore units (excluding the Vivo JV). Volumes per quarter were also set at 70-75 lakh units and volumes remained broadly within this range.

Margins are also a key focus. Gross margins were pressured and analysts will be watching how this is impacting the bottom line.

Key Things To Watch In Q3 FY27

• Smartphone demand. If demand recovers then it will help drive revenues.
• Volumes. Dixon Technologies will need to hit their volume guidance.
• Margins. Improving margins will be key as gross margins were pressed.
• Vivo JV – Operations will begin in Q4 FY27 and this could impact when the group see contributions.
• Channel stock. Demand was lower in the festive period and may cause increased stock which could hit performance.

Overall, the Q2 FY27 results from Dixon Technologies show a mixed picture. The 47% revenue growth was driven by increasing ASPs and increasing market share, however margin pressure will be a key thing to watch. Overall it will be important for the group to drive growth while improving margins.

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