DIXON TECH Q4 CONCALL HIGHLIGHTS Financial Highlights Q4 Revenue: ₹10,034 Cr (↑120% YoY) EBITDA: ₹454 Cr (↑128% YoY) PAT: ₹401 Cr (↑322% YoY); adj. PAT ₹185 Cr (↑95%) Working Capital Cycle: -5 days; ROC: 48.5%, ROE: 32.5% ■ Segment Performance: Q4 Mobile Phones: ₹9,002 Cr revenue (↑194% YoY); exports rising; FY26 target: 40–44 Mn units; FY27: 60–65 Mn Consumer Electronics: Refrigerators: 50% growth seen; 9.5–10.5% margins; capacity expanding to 2 Mn LED TVs: Weak demand; focus on ODM, backward integration, new product types Home Appliances: ₹302 Cr revenue (↑23%); 12.2% margin; strong product pipeline Home Appliances Q4 : ₹302 Cr revenue (↑23%); 12.2% margin; strong product pipeline Telecom/Networking: ₹1,288 Cr revenue (↑5x); major export/ODM potential; 5G capacity doubled Lighting: ₹200 Cr revenue; JV with Signify to start Q2 FY26 IT Hardware: Mass production for HP, ASUS, Lenovo; JV with Inventec starts Q4 FY26; FY27 rev. target ₹4,000 Cr Wearables: 36% YoY volume growth; 13 Mn units JV Rexim Electronics: ₹121 Cr revenue Contact 9831066460 to join WhatsApp Group. IEMS (Industrial): EV charger production starts Q2 FY26 ■ Strategic Initiatives: Backward integration via ECMS & Component PLI (Display, Camera, Battery, Enclosure) JVs in pipeline: Vivo (mobile), Inventec (IT), Signify (lighting) PLI benefits tapering off post-FY26; offset via scale, automation, and component control FY25 Capex: ₹900 Cr; FY26: ₹900–1,000 Cr Outlook: Strong export order book Focused on high-margin categories and ODM growth Display module mass production by FY26-end; full contribution from FY27 ON MOBILE SEGMENT Global Collaborations Deepen: Partnerships with brands like Xiaomi, Longcheer, Compile (US), iSmartU (itel, Infinix, Nothing), and NXT Cell (Alcatel) progressing well. Export Focus: 50% capacity expansion underway for anchor customer targeting North America. FY26 export target: 10–12 Mn units. iSmartU JV: Strong African export order book; moving into component manufacturing. Vivo JV: PLI 3 filing in progress; definitive agreements underway. Display Modules: Facility with HKC under construction; mass production by FY26-end (2–4 Mn/month mobile + 2 Mn laptop displays); billing from FY27. Factory Expansion: 1 Mn sq ft mobile factory under construction in Noida. Component PLI: Active applications for camera modules, batteries, and enclosures; expected to boost margins. Smartphone Volumes: FY24: 28.3 Mn units (↑338% YoY) FY26 Target: 40–44 Mn FY27 Target: 60–65 Mn Monthly Run Rate: 3.3–3.5 Mn units currently. Competitive Edge: Scale, backward integration, and strong client ties (Motorola, Transsion, Vivo JV). Post-PLI Strategy: Confident of sustaining margins via efficiencies and component control. ON MOBILE SEGMENT Higher Realizations: Driven by exports, premium mix, and 5G migration. Contact 9831066460 to join WhatsApp Group. Low Rejection Rate: 0.3–0.6%, comparable to global best. iSmartU Performance: Delivered FY25 PAT; more payouts tied to future performance.