DIXON IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| WIPROWipro Ltd. | UNSTATED | 43,986 | 23,948–43,986 | 90.0% | — | FY25 | EST | 70% |
| “The Company serves a diverse range of clients across its business segments, as outlined below:• Consumer Electronics: Clients include Xiaomi, Samsung, Hisense,…” AR · +1 DOC | ||||||||
| BHARTIARTLBharti Airtel Ltd. | UNSTATED | 13,413 | 7,302–13,413 | 27.4% | — | FY26 | EST | 70% |
| “Bharti Airtel is a global communications solutions provider with over 550 million customers in 15 countries across South Asia and Africa.” AR · +1 DOC | ||||||||
| BOSCHLTDBosch Ltd. | UNSTATED | 796 | 433–796 | 1.6% | — | FY26 | EST | 70% |
| “The Company serves a diverse range of clients across its business segments, as outlined below:• Consumer Electronics: Clients include Xiaomi, Samsung, Hisense,…” AR · +1 DOC | ||||||||
| CPPLUSAditya Infotech Ltd. | UNSTATED | — | — | — | COGS | FY26 | EST | 75% |
| “Aside serving as board members on other group companies of Dixon, he is also serving as a Director on the Boards of Happy Forgings Limited, Max Estates Limited…” AR DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Dr. Mohan has been closely involved in India’s economic reform process since the late 1980s. His public service roles include serving as Executive Director on …” AR DOC | ||||||||
| JUBLPHARMAJubilant Pharmova Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He is currently serving as an independent director on the board of companies like, Jubilant Pharmova Ltd, Jubilant Ingrevia Ltd. Also, he is in the Board of Ke…” AR · +1 DOC | ||||||||
| JUBLINGREAJubilant Ingrevia Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He is currently serving as an independent director on the board of companies like, Jubilant Pharmova Ltd, Jubilant Ingrevia Ltd. Also, he is in the Board of Ke…” AR · +1 DOC | ||||||||
| MSUMIMotherson Sumi Wiring India Ltd. | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “Since 2014, Ms. Geeta has served as a Director on boards of many renowned companies such as Motherson Sumi Wiring India Limited, Infoedge Limited, NIIT Limited…” AR · +1 DOC | ||||||||
| ATULAtul Ltd. | CONTRACT | CT 1 | — | — | — | FY26 | EST | 75% |
| “(a) Capital : `65 Lakhs (Previous year – `199 Lakhs) (b) Recurring: `1,768 Lakhs (Previous year – `1,484 Lakhs) (c) Total: `1,833 Lakhs (Previous year – `1,683…” AR · +2 DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Export-Led Growth and China+1 Realignment Global OEMs continue to diversify manufacturing footprints under the China+1 strategy.” AR DOC | ||||||||
| Samsung | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “The Company serves a diverse range of clients across its business segments, as outlined below:• Consumer Electronics: Clients include Xiaomi, Samsung, Hisense,…” AR · +2 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “Our focus areas Inclusion and special support Elderly careSkill development Promoting education Promoting healthcare 2,32,928 H72,81,854 120+ 120 elderly indiv…” AR DOC | ||||||||
| KAJARIACERKajaria Ceramics Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “His initiatives have played a pivotal role in positioning Kajaria as a leading manufacturer of wall and floor tiles in India He currently serves as the Vice Ch…” AR DOC | ||||||||
| POLYMEDPoly Medicure Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 75% |
| “He currently serves as the Managing Director of Poly Medicure Limited, a leading player in the healthcare sector, and is a member of the Governing Council of N…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY28 | — | 75% |
| “Massive Infrastructure and Asset Doubling by FY2028 Our physical capacity roadmap is structured to match the expanding order pipelines from large-scale smart c…” AR DOC | ||||||||
| Indian Railways | UNSTATED | — | — | — | — | FY28 | — | 75% |
| “Massive Infrastructure and Asset Doubling by FY2028 Our physical capacity roadmap is structured to match the expanding order pipelines from large-scale smart c…” AR DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “However, your Company has not entered into contract(s) or arrangement(s) or transaction(s) with the Related Parties which could be considered material in accor…” AR · +1 DOC | ||||||||
| Uttar Pradesh | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Nature of contracts/ arrangements/ transactions Leasing of property situated at C-33, Phase-II, Noida-201305, Uttar Pradesh by Dixon Technologies (India) Limit…” AR DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “In order to facilitate the maximum participation of the Members of the Company from different locations, the 31st Annual General Meeting (“AGM”) of the Company…” AR · +2 DOC | ||||||||
| VOLTASVoltas Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Company serves a diverse range of clients across its business segments, as outlined below:• Consumer Electronics: Clients include Xiaomi, Samsung, Hisense,…” AR · +1 DOC | ||||||||
| Buyer | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Current a. Advances received from customers 49,124 5,515 b. Statutory dues 1,710 7,608 50,834 13,123 33 SHORT-TERM BORROWINGS (at amortised cost) Particulars A…” AR DOC | ||||||||
| AXISBANKAxis Bank Ltd. | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Notes: I. Buyer’s credit on capex letter of credit Axis Bank Limited a. Term of borrowings Borrowing from the bank is availed in the form of a Buyer’s Credit b…” AR DOC | ||||||||
| CPPLUSAditya Infotech Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “By order of the Board of Directors For Aditya Infotech Limited Registered Office F-28, Okhla Industrial Area Roshni Tandon Phase -1, New Delhi – 110 020 Compan…” AR · +1 DOC | ||||||||
| BHARTIARTLBharti Airtel Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “For enterprise customers, Bharti Airtel offers a gamut of solutions that includes secure connectivity, cloud and data center services, cyber security, IoT, Ad …” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY24 | EST | 70% |
| “**IsmartU India Private Limited became the Subsidiary of Dixon Technologies (India) Limited effective 13th August, 2024 ***Ceased to be the Joint Venture effec…” AR DOC | ||||||||
| Renewable Energy | UNSTATED | — | — | — | R&D | FY25 | EST | 70% |
| “Highlights for FY25 Investors Employees Customers Value chain partners H3,88,803 Million 31,000+ 6 H1,67,669 Million H202.58 H0.51 Million H20 Million H8/- 2,0…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | CAPEX | FY25 | EST | 70% |
| “Product warranty liability and warranty expenses are recorded at the time the product is sold, if the claims of the customers under warranty are probable, and …” AR DOC | ||||||||
| Ericsson | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “- Nokia and Ericsson are also going to target the BSNL big ticket 4G contract expansions after the government of India removed some clauses which previously pr…” AR DOC | ||||||||
| Nokia | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “- Nokia and Ericsson are also going to target the BSNL big ticket 4G contract expansions after the government of India removed some clauses which previously pr…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “By order of the Board of Directors For Aditya Infotech Limited Registered Office F-28, Okhla Industrial Area Roshni Tandon Phase -1, New Delhi – 110 020 Compan…” AR DOC | ||||||||
| LTLarsen & Toubro Ltd. | UNSTATED | — | — | — | COGS | FY25 | EST | 70% |
| “Strategic Technology Collaborations We remain focused on improving our research and technology ecosystem through collaborations with leading technology and sem…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | CAPEX | 2026-10 | EST | 70% |
| “The Noida Authority vide its order dated 11 March 2024 had granted extension for completion of construction upto 31 December 2024.” AR DOC | ||||||||
| Government of Andhra Pradesh. | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “58 Incentives from Andhra Pradesh Government The Government of Andhra Pradesh, vide Order No. GO(MS) No.170 dated 16 December 2016 and GO(MS) No.37 dated 03 Ma…” AR DOC | ||||||||
| National Highways Authority of India | UNSTATED | — | — | — | — | FY28 | — | 65% |
| “Massive Infrastructure and Asset Doubling by FY2028 Our physical capacity roadmap is structured to match the expanding order pipelines from large-scale smart c…” AR DOC | ||||||||
| Bharat Sanchar Nigam | UNSTATED | — | — | — | — | FY25 | EST | 60% |
| “- Nokia and Ericsson are also going to target the BSNL big ticket 4G contract expansions after the government of India removed some clauses which previously pr…” AR DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | 2026-10 | EST | 60% |
| “The password to open the .pdf file is your 8 digit client ID for NSDL account, last 8 digits of client ID for CDSL account or folio number for shares held in p…” AR DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| BHARTIARTLBharti Airtel Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Nature of business of the related party Airtel is the world’s second largest telecom operator by customer base, serving nearly 666 million customers Dixon Tech…” AR DOC | ||||||||
| China. | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “In this environment, established global players benefit from deep supplier ecosystems, automation advantages and multi-geography manufacturing scale, particula…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “Less: Inventory at the end of the year (2,416.83) (5,857.26) 3,440.43 (816.44) For the year ended 31 March 2026 For the year ended 31 March 2025 Salaries, wage…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Year wise details of repayment is given as below: Financial year As at 31 March 2026 As at 31 March 2025 2025-26 - 38.06 2026-27 22.93 - 22.93 38.06 Particular…” AR DOC | ||||||||
| Office | UNSTATED | — | — | — | — | 2026-10 | EST | 70% |
| “Less: Utilised from impairment allowance (30.89) 14.76 - 5.27 Loss on currency fluctuation and translation (other than considered as finance cost)(net) 33.32 -…” AR DOC | ||||||||
| ATULAtul Ltd. | UNSTATED | — | — | — | — | 2026-08 | EST | 65% |
| “Atul Lall: So, the number crunching, Rahul, that we have done for our anchor investors, when the export comes in, we definitely become eligible.” CONCALL DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 3/3 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 08-NOV-26 |
| RATINGS | 0/7 | 0% | — |
| SCREENER | 1/1 | 100% | 08-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.965 | 14-NOV-26 | Wipro Ltd. share 98% · Bosch Ltd. share 2% |
| CUST MOM 1M | +11.8% | 14-NOV-26 | from 15-OCT-26 · Aditya Infotech Ltd. +0.9% w 0 · Bharti Airtel Ltd. +13.6% w 0 · Wipro Ltd. +11.8% w 1 · Bank of India +18.2% w 0 · Jubilant Pharmova Ltd. +4.8% w 0 · Jubilant Ingrevia Ltd. -5.2% w 0 |
| DISTRESS SCORE | 0.035 | 13-OCT-26 | roe 0.35 · operatingMargin 0.04 · debtToEquity 0.21 · interestCoverage 15.69 · assetTurnover 2.55 · leverage 4.09 |
| SUPP MOM 1M | -1.2% | 14-NOV-26 | from 15-OCT-26 · Bharti Airtel Ltd. +13.6% w 1 · Atul Ltd. -16.0% w 1 |