Nomura has reiterated a buy rating on Dixon Technologies, raising confidence in the stock with a target price of ₹21,202—implying an upside of 27% from the current market price of ₹16,644. The bullish view is backed by strong Q4 performance and ongoing momentum in both domestic and export smartphone manufacturing.
The company’s Q4 results were ahead of estimates, with mobile production ramping up as planned across markets. Nomura sees rising value addition as a key driver for margin improvement going forward.
Nomura also highlighted Dixon’s diversified client portfolio, consistent customer acquisitions, and expanding strategic partnerships as long-term strengths, forming a robust competitive moat.
At present, the stock trades at 52x FY27F EPS, which Nomura views as justified given its scalable business model and future growth prospects.
Current market price (CMP): ₹16,644.00
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