Tariffs on electronics are currently exempted, providing a big relief for the industry No supply chain disruption is expected due to additional tariffs on India Planned CapEx for FY26: 1,200-1,250 crore, to be funded through internal accruals The US remains a key market, and complete de-risking from US clients is not possible A large portion of mobile exports goes to the US JV with a branded Chinese company will significantly boost revenue once approved Several JVs with multiple brands have been signed to develop a moat and strengthen the business Target market share in the Android ecosystem: 40-45% by FY27 Expected margin expansion: 120-130 bps by FY27-28.

DIXON

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