CLSA has reiterated its High Conviction Outperform rating on Dixon Technologies and assigned a target price of ₹19,365 per share, implying a 20% upside from the current market price of ₹16,110.00.
The brokerage noted that Dixon’s Q1 results came in above expectations, reinforcing confidence in the company’s growth outlook. CLSA highlighted that Dixon has reiterated its FY26 smartphone shipment guidance at 41–43 million units, a significant jump from 28 million units achieved in FY25.
According to the report, future growth drivers include the recently announced Vivo joint venture, growing exports, and expansion in other verticals. CLSA expects Dixon’s component manufacturing ramp-up to contribute meaningfully to margin expansion—even after the PLI benefits phase out in FY27.
With strong visibility across business segments and operating leverage in play, CLSA remains bullish on Dixon’s medium-term prospects.
Disclaimer: The brokerage views expressed above are those of CLSA. This article does not constitute investment advice. Readers are advised to consult their financial advisor before making any investment decisions.
