DIXON

Dixon Technologies, a titan in the Electronics Manufacturing Services (EMS) space, has corrected nearly 50% recently. The company is the backbone of India’s "Make in India" and PLI missions, manufacturing everything from Xiaomi and Motorola phones to TVs and washing machines. While it has historically been dependent on mobile manufacturing, Dixon is now aggressively diversifying into laptops and IT hardware. Its forward PE has dropped significantly below its historical range, signaling that the stock is moving from "overvalued" to "value" territory. My view: Dixon is a classic play on India’s manufacturing story. The shift from just making smartphones to complex IT hardware like laptops is a massive strategic win. Even though the 50% correction seems drastic, it has effectively cooled off the previous euphoria. I see this as a healthy reset for a company that is essential to the semiconductor ecosystem. It’s a great pick for those who want exposure to the structural shift in Indian manufacturing with a 1-year vision.