If It Plugs In, Dixon Might’ve Built It

Dixon Technologies isn’t a name that sits on the front of your devices.

But look closer, and it’s likely that something you use daily - whether it’s a phone, a laptop, or even a washing machine has roots tracing back to one of their factories.

The journey’s been anything but ordinary.

Back in 2015, Dixon was a modest player, mostly making TVs and washing machines.

But things changed. Between 2019 and 2023, Dixon caught the wave of the government’s PLI schemes and the Make-in-India movement.

Demand surged, factories expanded, and Dixon’s revenue climbed steeply.

Today, they’re working with industry giants like Xiaomi, Samsung, Google, and boAt.

As a result, their revenue crossed ₹17,000 crore - a figure that’s hard to ignore.

While other companies competed to put their names on products, Dixon focused on the machinery behind the scenes.

The company manufactures devices for other brands - essentially, it handles the building while the brand focuses on design and sales.

That’s what’s called an OEM, or Original Equipment Manufacturer.

It also took on the challenge of designing and manufacturing entire product lines from scratch, which is known as an ODM, or Original Design Manufacturer.

In simple terms, Dixon makes the blueprint, builds the product, and lets the brands put their label on it.

This turned Dixon into a key player in India’s growing electronics industry.

India’s electronics market is headed toward $300 billion by 2026.

The country’s production lines are replacing imports, especially for smartphones and laptops.

And with the global China+1 strategy, many brands are looking to India as an alternative manufacturing hub.

Dixon’s capacity to handle this shift makes it a key player.

The numbers tell a compelling story.

From ₹2,841 crore in revenue in FY18 to ₹17,691 crore by FY24, Dixon’s top line has expanded rapidly. Profits, too, have surged, growing from ₹61 crore in FY18 to ₹365 crore in FY24.

If you had picked up shares when Dixon went public in 2017 at ₹1,766 each, you’d be sitting on a return of nearly nine times your investment, now trading at over ₹16,000 per share.

The market cap has crossed ₹1,00,000 crore, marking its spot as a heavyweight in this space.

However, the revenue mix reveals where the real muscle lies: mobile devices.

A whopping 88.4% of Dixon’s revenue comes from mobile phones.

TVs and other electronics bring in 6.7%, while appliances like washing machines and refrigerators contribute 2.9%.

In mobile production, Dixon covers over 15% of India’s feature and smartphone market.

Laptops? They’re already building for Acer and Lenovo and targeting a significant chunk of their combined 38% market share.

In appliances, they hold 30%+ of the semi-automatic washing machine market and 10% of refrigerators.

It’s an impressive trajectory, but not without risks.

Dixon’s heavy reliance on a few major clients means a potential loss could hurt.

Global chip shortages and supply chain constraints continue to loom.

With over 80% of revenue tied to mobile production, any disruption in that segment is a real concern.

Still, Dixon’s scale and focus on India’s manufacturing potential position it well.

In a rapidly shifting market, Dixon’s ability to adapt and expand will likely decide how high it can climb.

Sources:

ET Manufacturing
MoneyControl
Chittorgarh
Tijori
Finology Insider