Nomura has reiterated its Buy rating on Dixon Technologies with a target price of ₹18,654, citing its new partnership with Google as a significant milestone. Dixon has commenced mass production of Google Pixel smartphones under the China+1 strategy, which Nomura believes could position Dixon as a key beneficiary of the global shift in supply chains.
The brokerage estimates this partnership could contribute ₹15 billion in revenue, equating to 4% of FY26 smartphone sales, depending on the pace of ramp-up. While the initial growth may be gradual, this move showcases Dixon’s capability to manufacture premium smartphones, a long-term positive for the company.
Recent news highlights that Dixon is also focusing on expanding its manufacturing capacity across segments, including home appliances and LED lighting, underscoring its diversified growth approach. With a strategic focus on partnerships and new categories, Dixon remains well-positioned to capitalize on India’s growing electronics ecosystem and attract more global clients under the production-linked incentive (PLI) scheme.
