Dixon Technologies (India) Limited (DIXON.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-172.7%

-₹8,793.11

vs ₹12,087.00 price

Levered DCF

₹15,304.98

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.29

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	35.62×	70.69×	123.17×	66.54×	133.44×	136.66×	33.92×	42.53×
P/B	10.96×	26.12×	26.89×	13.33×	25.71×	29.62×	7.76×	7.23×
P/S	1.05×	2.02×	2.58×	1.4×	2.4×	3.39×	0.95×	0.92×
EV / EBITDA	19.72×	52.43×	65.62×	33.51×	68.88×	76.19×	18.83×	21.21×
Gross margin	5.1%	7.7%	9.3%	9.5%	8.5%	10.4%	12.1%	12.3%
Operating margin	3.0%	6.2%	7.3%	7.4%	6.5%	8.1%	9.2%	9.0%
Net margin	2.9%	2.8%	2.1%	2.1%	1.8%	2.5%	2.7%	2.1%
Current ratio	1.06×	1.04×	1.02×	1.07×	1.15×	1.17×	1.21×	1.15×
Debt / equity	0.21×	0.22×	0.29×	0.35×	0.67×	0.4×	0.33×	0.37×
Interest coverage	10.72×	15.64×	15.95×	14×	14.14×	16.05×	10.28×	10.25×
Dividend yield	0.2%	0.0%	0.0%	0.1%	0.0%	0.0%	0.2%	0.1%
Payout ratio	8.2%	3.0%	4.9%	4.6%	3.1%	0.0%	6.9%	3.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	30.8%	36.4%	21.7%	19.9%	19.1%	21.7%	22.3%	16.8%
Return on invested capital	17.6%	43.6%	42.2%	37.0%	30.5%	36.5%	41.9%	25.4%
Return on assets	7.5%	6.5%	5.3%	5.5%	4.4%	5.6%	7.1%	4.2%
Free cash flow yield	1.2%	0.3%	-0.0%	1.5%	-0.6%	0.0%	3.0%	-3.1%
Earnings yield	2.8%	1.4%	0.8%	1.5%	0.7%	0.7%	2.9%	2.3%
Enterprise value	₹512.9B	₹790.4B	₹458.6B	₹173.6B	₹261.2B	₹220.7B	₹42.8B	₹28.6B
Net debt / EBITDA	0.02×	0.27×	0.41×	0.46×	1.29×	0.8×	0.37×	0.94×
Cash conversion cycle (days)	-5	-5	1	5	8	1	2	19