Shares of Dixon Technologies rose nearly 10% in early trading today. Dixon Technologies shares gained 9.83% to Rs 15,812 on the BSE. The turnover was high at Rs 80.85 crore as 0.53 lakh shares of the company changed hands on the BSE. The market capitalization of the company stood at Rs 93,927 crore.

In technical terms, Dixon Technologies’ Relative Strength Index (RSI) stands at 49.9, indicating that it is neither trading in overbought nor oversold territory. Shares of Dixon Technologies are trading higher than the 5-day, 20-day, 30-day, 50-day, 100-day and 200-day moving averages.

The multibagger stock recorded exceptional returns of 200% in one year and 248% in two years.

The company reported bumper profits for the quarter ended September 2024. Net profit soared 265% year-on-year for the September 2024 quarter. Profit touched Rs 412 crore amid a bumper gain of Rs 209.6 crore and an increase in the production of mobile phones. Profit for the second quarter of last fiscal stood at Rs 113.36 crore. Revenue soared 133 per cent to Rs 11,534 crore in the July-September period, compared to Rs 4,944 crore a year ago. Earnings before interest, taxes, depreciation and amortization (EBIDTA) stood at Rs 420 crore, up 110% year-on-year.

AR Ramachandran, an independent SEBI research analyst, said, “Dixon Technologies stock price is bullish on daily charts with strong support at Rs 14,500. Daily close above resistance at Rs 15,900 could lead to a target of Rs 17,630 in the short term. »

Motilal Oswal has a buy call with a price target of Rs 17,500.

“Dixon Technologies (Dixon) reported better than expected results, driven by strong performance in the mobile and EMS segment, as well as the integration of Ismartu from mid-August 2024. We are increasing our estimates to improve performance of the mobile, telecom, and refrigeration segments and expect a CAGR of 48%/49%/56% in revenue/EBITDA/PAT over FY24-27. revenue would be mainly driven by EMS (including mobile and hardware), consumer electronics and new emerging segments such as refrigerators, wearable and hearing aids and telecommunications network products. of EBITDA of 3.9%/4.0%/4.1% for FY25-27, driven by increased backward integration and increasing share of high-margin segments.

“This will result in a PAT CAGR of 56% over FY24-27. The stock is currently trading at 85.0x/64.9x P/E on FY26E/27E earnings. He increased estimates by 13/5%/5% for FY25/27. For FY26/27, the brokerage said, adding that the main risks to its estimates and recommendations would come from lower than expected growth in market opportunities, loss of relationship with key clients, competitive increased and limited negotiating power with clients,” the brokerage said.

Broker Nuvama has a price target of Rs 16,100 on the stock.

“Dixon delivered a strong Q2FY25 with revenue up 133% YoY to INR 115.34 billion (29% above estimate), driven by a 235% YoY increase in the mobile segment. EBITDA grew 113% YoY to INR 4.26 billion (22% above estimates) with margins at 3.7%, impacted by higher mobile mix, PAT galloped 261% over a year to INR 4.12 billion boosted by investment gains while adjusted PAT jumped 123% YoY to INR 2.55 billion (20% above estimate). This result highlights Dixon’s unprecedented operational execution,” Nuvama said.

“We are increasing EPS for FY25-27E by up to 23% to reflect second quarter performance and growth prospects. We now value Dixon at 65x December 2026 EPS, giving a target price of Rs 16,100; ” added the brokerage.

Investec has a buy call on the stock with a price target of Rs 15,900. Investec maintained its buy rating and increased the target price to Rs 15,900 from Rs 12,700.

“The strong second quarter was led by a strong increase in mobile revenue and the global brokerage continues to believe that hardware can be an attractive growth opportunity for Dixon. The company’s foray into component manufacturing can further improve its competitiveness and profitability. » said Investec.

Dixon Technologies (India) is the largest indigenous design and solutions company engaged in contract manufacturing of products in the consumer durable, lighting and mobile markets in India.

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