Dixon Technologies' consolidated revenue from operations rose 46.7% in July-September 2026, as higher memory costs lifted mobile and IT hardware prices even while management reported slightly lower overall volumes.
Dixon manufactures mobile phones, IT hardware and other electronics. Its filing put revenue at ₹21,793.64 crore (₹217.94 billion) for its fiscal second quarter of FY2027, which ended Sept. 30. The consolidated figures are unaudited. Director and Group CFO Saurabh Gupta told analysts Oct. 30 that total volumes were slightly lower year over year; the company did not provide a number for the decline.
Dixon's presentation also showed adjusted revenue of ₹21,806 crore, up 47%. That measure includes other income and excludes specified fair-value and lighting-business transfer gains, so it differs from revenue from operations in the filing.
Gupta said mobile and IT hardware selling prices were roughly 35%-40% higher than a year earlier, reflecting more expensive components, particularly memory. He said memory's share of smartphone bill-of-material costs had climbed well above its earlier 12%-13% level, without giving a current percentage. Management linked high global memory prices to expanding AI infrastructure.
Vice Chairman and Managing Director Atul Lall said he saw no production impact from memory supply. Gupta said Dixon was receiving memory chips and identified pricing as the issue.
Adjusted EBITDA rose 8% to ₹609 crore, but its margin narrowed to 2.8% from 3.8%. Dixon attributed the pressure to elevated memory prices and the expiry of its Mobile PLI 1.0 scheme.
Dixon said year-over-year comparisons are affected by its lighting business's transfer to an equally owned joint venture with Signify, effective Aug. 1, 2025. The filing says Dixon and Signify each hold 50% of the venture.
Management expects exports for an anchor customer to ramp up from the company's fourth quarter. Exports of Transsion Group brands are expected in the next fiscal year; both are company expectations, not confirmed shipments.
