DIXON · Consumer Durables
Dixon Technologies (India) Ltd. reported revenue of ₹21,794 cr for July to September 2026, +46.7% on the year and +40.2% on the quarter. That is slower than this quarter has grown in recent years (+81.1% on average). It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹58,525 cr, +20.8% on the four before.
Operating profit (EBITDA) was ₹597 cr, a margin of 2.7%, −104 bps on the year and −24 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 2.7% to 4.3%). Operating costs grew +48.3%, faster than revenue at +46.7%, so operating profit grew less than sales.
Net profit was ₹411 cr, −44.9% on the year and −42.8% on the quarter, with earnings per share of ₹56.18. Profit before other income, one-offs and tax grew faster, at +7.7%; other income, one-offs or tax held the headline back. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹1,748 cr, +2.4% on the four before.
Of the 5 companies in Consumer discretionary and retail that have reported Q2 FY27 so far, Dixon Technologies (India) Ltd. ranks 1st on revenue growth; the sector median is +26.8%. Its margin moved −104 bps on the year against a sector median of +374 bps.
Retail growth comes from new stores and from sales at existing stores; the statements show the total, the filing shows how much each contributed. The quarterly statements do not carry same-store sales, stores added and revenue per square foot; those come with the filing read.
On earnings per share of ₹254.29 over the last four quarters, the stock at ₹12,309.00 trades at 48.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit −44.9% on the year; profit before other income, exceptional items and tax +7.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹4,818 cr | ₹4,658 cr | ₹6,580 cr | ₹11,534 cr | ₹10,454 cr | ₹10,293 cr | ₹12,836 cr | ₹14,855 cr | ₹10,672 cr | ₹10,511 cr | ₹15,548 cr | ₹21,794 cr |
| YoY | — | — | +101% | +133% | +117% | +121% | +95% | +29% | +2% | +2% | +21% | +47% |
| EBITDA margin | 3.8% | 3.9% | 3.8% | 3.7% | 3.7% | 4.3% | 3.8% | 3.8% | 3.9% | 3.9% | 3.0% | 2.7% |
| Other income, % of PBT | 3% | 15% | 9% | 39% | 4% | 46% | 2% | 54% | 34% | 24% | 62% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 25% | 22% | 22% | 24% | 19% | 23% | 19% | 22% | 19% | 17% | 23% |
| Net profit | ₹97.0 cr | ₹97.0 cr | ₹140 cr | ₹412 cr | ₹216 cr | ₹465 cr | ₹280 cr | ₹746 cr | ₹321 cr | ₹298 cr | ₹718 cr | ₹411 cr |
| YoY | — | — | +109% | +265% | +123% | +379% | +100% | +81% | +49% | −36% | +156% | −45% |
| Core profit YoY | — | — | +95% | +121% | +125% | +180% | +118% | +32% | −1% | −10% | −7% | +8% |
| EPS | ₹16.12 | ₹15.91 | ₹22.34 | ₹65.15 | ₹28.50 | ₹66.54 | ₹37.20 | ₹110.72 | ₹47.34 | ₹42.17 | ₹108.60 | ₹56.18 |
| Flags | · | · | ✓ | 2 | ✓ | 2 | ✓ | 2 | 2 | ✓ | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dixon Technologies (India) Ltd. reported revenue of ₹21,794 cr (+46.7% on the year) and net profit of ₹411 cr (−44.9% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +7.7% on the year, against −44.9% for reported profit.
None of the 8 checks that could run raised a question.
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