DIXON

High revenue growth: Annual revenue growth ~119.5% exceeding historic averages. High profitability: ROE ~36%, above 5-year average. Low financial cost: Interest expenses are <1% of operating revenues. Industry tailwinds: India’s EMS and mobile manufacturing ecosystem expanding rapidly thanks to PLI schemes and global supply chain realignment. Valuation risk: Historically high multiples reflect optimism — can reverse if earnings miss expectations. Cyclical margins: EMS and consumer electronics are competitive and margin-sensitive. Profit booking & recent correction: Price weakness suggests profit-taking and a valuation reset. PLI scheme end: Without extension, incentive impact may moderate growth.