Dixon Technologies (DIXON) Q4 24/25 earnings summary

Executive summary

• Q4 FY25 revenue reached ₹10,304 crore, up 120% year-over-year; full-year revenue was ₹38,880 crore, also up 120% year-over-year.

• EBITDA for Q4 was ₹454 crore (128% YoY growth); full-year EBITDA was ₹1,528 crore (112% YoY growth).

• PAT for Q4 was ₹465 crore (up 379% YoY); full-year PAT was ₹1,233 crore (up 229% YoY), with exceptional gains from fair value adjustments on JV stakes.

• Strategic focus on backward integration, capacity expansion, and new subsidiaries and JVs to drive future growth.

• Board recommended a final dividend of ₹8 per equity share (400%) for FY25, subject to shareholder approval.

Financial highlights

• Q4 reported PBT was ₹576 crore (343% YoY); full-year PBT was ₹1,570 crore (218% YoY).

• Adjusted PAT for Q4 (excluding one-time gain) was ₹185 crore, up 95% YoY.

• Net debt/equity improved to 0.07x as of March 2025; cash and cash equivalents stood at ₹264 crore.

• Free cash flow for FY24-25 was ₹254 crore.

• Consolidated EPS for FY25 was ₹205.70 (basic), up from ₹62.84 in FY24.

Outlook and guidance

• Targeting smartphone production of 43–44 million units in FY26, with capacity expansion to 60–65 million by FY27.

• Expecting strong growth in refrigerators (50% in FY26) and continued margin expansion through backward integration.

• Board expects continued growth, supported by new subsidiaries and strategic acquisitions.

• Confident in mitigating PLI margin impact post-FY26 through operational efficiency and component manufacturing.

• Dividend payout reflects confidence in future cash flows and profitability.