Dixon Technologies (India) Limited posted higher quarterly sales but lower profit and a thinner calculated operating EBITDA margin, as memory costs and the end of a subsidy scheme weighed on margins.
Revenue from operations reached INR 21,793.64 crore (INR 217.94 billion) for the quarter ended Sept. 30, according to Dixon’s filing with the National Stock Exchange of India. That was 46.7% above the INR 14,855.04 crore reported for Q2 FY26, based on the filed figures.
The filing reported consolidated profit after tax of INR 410.87 crore, down from INR 745.70 crore. Profit attributable to parent-company shareholders fell to INR 343.66 crore from INR 670 crore, while other income declined to INR 68.73 crore from INR 495.74 crore. A calculation from the filed expense lines puts operating EBITDA at INR 596.82 crore, compared with INR 561.33 crore; it subtracts operating expenses before finance costs and depreciation from revenue. That works out to a calculated operating EBITDA margin of 2.74%, down from 3.78%.
Atul Lall, Dixon’s vice chairman and managing director, said selling prices were up about 35% to 40% year over year. Management attributed margin pressure to elevated memory prices, which it linked to rapid growth in AI infrastructure, and the end of the Mobile Production-Linked Incentive 1 scheme.
Dixon said the periods are not comparable after it transferred its lighting business to Lightanium Technologies Private Limited, a joint venture equally owned with Signify Innovations India. The transaction took effect Aug. 1, 2025, according to the filing.
Lall put Q2 mobile volume at about 9.7 million units and first-half volume at about 17.2 million. The company expects to produce 33 million to 34 million units in FY27, excluding Vivo, including 7 million to 7.5 million in Q3. Lall said Vivo production is targeted to begin in Q4 FY27. Management’s FY28 target is 55 million to 60 million units, including Vivo.
