DIXON

Dixon’s strong Q4/FY25 revenue was driven by robust growth in the mobile category, with volumes reaching 28.3m in FY25; it targets 42m–45m/60m– 62m units for FY26/FY27. Backward integration is underway through inhouse display module production, alongside tie-ups being planned for camera modules, lithium-ion batteries and enclosures. The laptop pilot run is complete, with mass production for HP, Asus and Lenovo set to scale up. Outlook The company’s 60:40 JV with Inventec adds further medium-term growth visibility. Dixon aims to double revenue over two years, supported by margin expansion from operating leverage, automation and integration benefits, leading to RoCE expansion to 44.3% by FY27, from 32.5% currently. We, thus, retain our Buy rating with a TP of Rs18,775.