Dixon Technologies (India) Limited (DIXON) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Dixon Technologies (India) Limited ₹4,022, price ₹13,200, upside -69.5%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹2,640 – ₹18,932 · fair‑value band ₹1,609 – ₹8,067 · the ₹13,200 price screens above the ₹4,022 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Dixon Technologies (India) Limited, together with its subsidiaries, manufactures and sells electronic goods in India and internationally.
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Dixon Technologies (India) Limited, together with its subsidiaries, manufactures and sells electronic goods in India and internationally. The company offers consumer electronics, such as LED and smart TVs, interactive flat panels, monitors, IFPD commercial displays, digital signages, PCB and LCM panel assemblies, LED bars, and injection moulding; and lightning solutions, including LED and special lamps, battens, bulbs, synthetic down lighters, 2X2s, panels, strip and rope lighting, CoB luminaries, wall washers, fancy and desk lights, magnetic track lights, and smart lights, as well as professional lighting products comprising street, flood, and industry lights. It also provides home appliances comprising semi-automatic washing machine and fully automatic top load; refrigerators; 4G and 5G smart, foldable, and feature mobile phones; wireless wearables and hearables; computing devices, such as laptops, desktops, and notebooks; and telecommunication and networking products, which include 5G fixed wireless access devices, optical network terminals, and IPTV set-top boxes. In addition, the company is involved in the provision of electronic manufacturing services; trading; reverse logistics, such as repair and refurbishment of LED TV panels; repair of mobile phones; research and development; design and prototyping; manufacturing and assembly; and quality and performance. It exports its products. Dixon Technologies (India) Limited was incorporated in 1993 and is headquartered in Noida, India.
Stock analysis
Dixon Technologies (India) Limited (DIXON) currently trades at ₹13,200, while our model-based Fair Value estimate is ₹4,022, implying the stock looks roughly 228.2% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹10,993 per share, and 0 of the 26 models we run sit above the ₹13,200 price.
Bear case: the Asset-Based group reads lowest at ₹515.34, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹1,609 (bear) to ₹8,067 (bull), the price of ₹13,200 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 57/100 (solid quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Dixon Technologies (India) Limited reported revenue of ₹489B in FY2026 versus ₹107B in FY2022, a compound +46.2%/yr. Reported net income was ₹14.4B in FY2026, compounding +65.8%/yr from FY2022.
Key figures
Market cap ₹819B (≈ $8.5B) · P/E ratio 49.1 · P/S ratio 1.44 · EPS (TTM) ₹269.03 · Dividend yield 0.1% · Net margin 2.9% · Return on equity 37.1% · Return on assets (EBIT) 15.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (medium confidence).
What moves the price
Analysts expect earnings well below the last reported figure (earnings in transition, for example expiring patents or contracts); a fair value that looks fair on trailing earnings may then be too optimistic.
The share trades about 27% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −22% fair-value upside, at −70%, DIXON screens richer than that median.
Fair Value models
Bear ₹1,609Fair Value ₹4,022Bull ₹8,067
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹125.61 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+25.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+58.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+49.9%
Start year 2021 (pandemic). Over 10 years: +42.8% a year
Revenue growth 14 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+37.4%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +25.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.6%
Dividend (yield on the price)0.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.59% vs 43%, picking up
Start year 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 340% above its own trend.
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+52.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+25.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about +46.0% a year for the price and +20.3% for the forecasts.
Compare Dixon Technologies (India) Limited with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Consumer Electronics · 127 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score57 · Above median
Fair Value upside−70% · Bottom 25%
Profitability
Return on equity (TTM)37% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)3% · Above median
Operating margin (TTM)3% · Above median
Growth and dividend
Revenue growth2% · Above median
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.08× · Above median
Valuation Multiplesvs Consumer Electronics median · lower = cheaper
P/E (TTM)49.1× · Priciest 25%
P/B17.52× · Priciest 25%
P/S (TTM)1.68× · Priciest 25%
P/FCF1.4× · Cheaper than median
EV/EBITDA43.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 9
FUTURE (revenue growth)11· sector 5
PAST (return on equity)100· sector 18
HEALTH (low debt)96· sector 97
DIVIDEND (yield)2· sector 30
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Dixon Technologies (India) Limited (DIXON) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹4,022 versus a price of ₹13,200, about −70% upside (overvalued).
What is the fair value of DIXON?
Our model-based fair value for Dixon Technologies (India) Limited is ₹4,022 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹13,200.
What is the quality score of DIXON?
Dixon Technologies (India) Limited has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Dixon Technologies (India) Limited (DIXON)?
Our model-based price target is the fair value of ₹4,022 (as of Sep 24, 2026) from 26 valuation models. Cautious scenario ₹1,609, optimistic scenario ₹8,067. It is a calculation from audited fundamentals, not an analyst target.
What is the Dixon Technologies (India) Limited stock forecast for 2026?
Our models put fair value at ₹4,022, about −70% upside versus a price of ₹13,200 (overvalued). Cautious scenario ₹1,609, optimistic scenario ₹8,067. The calculation is refreshed regularly with new filings.
What is the revenue of Dixon Technologies (India) Limited (DIXON)?
Dixon Technologies (India) Limited reported trailing-twelve-month revenue of about ₹489B (latest available figure, as of Sep 24, 2026).
Does Dixon Technologies (India) Limited pay a dividend?
Dixon Technologies (India) Limited currently shows a dividend yield of about 0.08% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Dixon Technologies (India) Limited (DIXON)?
For today's price to be fair in a discounted-cash-flow model, Dixon Technologies (India) Limited would have to grow free cash flow by +52.0 % per year for five years (discount rate 12.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +49.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of DIXON use?
Our models discount Dixon Technologies (India) Limited at 12.4 %: a base by market capitalisation (mid), country premium for India. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Dixon Technologies (India) Limited that is +52.0 % per year a year over ten years, using the same discount rate (12.4 %) and the same formula as our fair value.
How much growth has Dixon Technologies (India) Limited (DIXON) delivered so far?
Over the past 5 years revenue at Dixon Technologies (India) Limited grew +49.9 % a year. The price currently implies +52.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Dixon Technologies (India) Limited (DIXON) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Dixon Technologies (India) Limited (+52.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Dixon Technologies (India) Limited (DIXON)?
The free-cash-flow yield on the price is 0.88 %: that much free cash flow Dixon Technologies (India) Limited produces per unit of market value. When it exceeds the discount rate of our models (12.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Dixon Technologies (India) Limited (DIXON)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dixon Technologies (India) Limited it is ₹4,022 per share (as of Sep 24, 2026), against a price of ₹13,200. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Dixon Technologies (India) Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, DIXON trades above its calculated fair value: price ₹13,200, fair value ₹4,022, a gap of about −70% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DIXON?
No. The price is what the market pays today (₹13,200); the fair value is what the company's own numbers justify (₹4,022). For Dixon Technologies (India) Limited the two are ₹9,178 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dixon Technologies (India) Limited worth?
The market values Dixon Technologies (India) Limited at about ₹819B (market capitalisation, as of Sep 24, 2026). Per share that is ₹13,200; our models calculate a fair value of ₹4,022 per share.
What do the bullish and bearish scenarios say about DIXON?
Our models span a range for Dixon Technologies (India) Limited: cautious scenario ₹1,609, base ₹4,022, optimistic ₹8,067 per share (as of Sep 24, 2026, price ₹13,200). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DIXON?
Dixon Technologies (India) Limited trades at a price-to-earnings ratio of 49.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹4,022 is built from several models across several years. Other multiples: P/B 17.5, P/S 1.7, EV/EBITDA 43.6.
How solid is the balance sheet of Dixon Technologies (India) Limited (DIXON)?
Balance-sheet figures for Dixon Technologies (India) Limited (as of Sep 24, 2026): return on equity 37.1%, debt of 0.08 per unit of equity. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is DIXON from its 52-week high?
Dixon Technologies (India) Limited trades at ₹13,200, about 27% below its 52-week high of ₹18,202 and 36% above the low of ₹9,673 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ₹4,022 is for.
Which stocks are comparable to Dixon Technologies (India) Limited?
From the same area (Technology) we also value Samsung Electronics Co, Sony Group, Xiaomi Corporation, LG Electronics Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Dixon Technologies (India) Limited stock attractive at the current price?
The data as of Sep 24, 2026: price ₹13,200, calculated fair value ₹4,022 (−70%), Quality Score 57/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DIXON calculated?
We run Dixon Technologies (India) Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹4,022, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Dixon Technologies (India) Limited itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Dixon Technologies (India) Limited (DIXON)?
The closing price on Sep 23, 2026 was ₹13,200. Our model-based fair value is ₹4,022, about −70% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dixon Technologies (India) Limited right now?
The price sits above even our optimistic bull case (₹8,067). The favourable scenario is already priced in. The model range is unusually wide (₹1,609 to ₹8,067). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Dixon Technologies (India) Limited (DIXON) come from?
Earnings per share at Dixon Technologies (India) Limited grew +44.7 % a year from 2015 to 2026. Broken into its drivers: revenue per share +39.1 %, EBIT margin −5.0 %, tax rate +0.1 %, residual (interest, one-offs) +9.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Dixon Technologies (India) Limited
How large is the market capitalisation of Dixon Technologies (India) Limited (DIXON)?
The market capitalisation of Dixon Technologies (India) Limited is ₹819B (≈ $8.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Dixon Technologies (India) Limited (DIXON)?
The price-to-sales ratio of Dixon Technologies (India) Limited is 1.44 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Dixon Technologies (India) Limited (DIXON)?
Earnings per share at Dixon Technologies (India) Limited are ₹269.03 (price ÷ EPS = P/E 49.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dixon Technologies (India) Limited (DIXON)?
The dividend yield of Dixon Technologies (India) Limited is 0.1% (payout 3.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Dixon Technologies (India) Limited (DIXON)?
The net margin of Dixon Technologies (India) Limited is 2.9% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Dixon Technologies (India) Limited (DIXON)?
The return on equity (ROE) of Dixon Technologies (India) Limited is 37.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Dixon Technologies (India) Limited (DIXON)?
On an EBIT basis the return on assets of Dixon Technologies (India) Limited is 15.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Dixon Technologies (India) Limited (DIXON)?
The operating margin of Dixon Technologies (India) Limited is 2.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dixon Technologies (India) Limited (DIXON)?
Revenue at Dixon Technologies (India) Limited is growing +2.1% versus a year earlier (3y avg +58.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Dixon Technologies (India) Limited (DIXON)?
Earnings per share at Dixon Technologies (India) Limited are growing −36.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Dixon Technologies (India) Limited (DIXON) carry?
The net debt of Dixon Technologies (India) Limited is ₹532M (fiscal year 2026, ≈ 0.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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