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Systematix Research Report
After Dixon Technologies India Ltd.'s stellar Q2 and guidance, we upgrade earnings sharply by 30-70% owing to stark revision in revenue. We now estimate 64%/61%/74% CAGR in revenue/ Ebitda/PAT over FY24-27E with a stable 3.7% Ebitda margin and high 36%/55% return on equity/return on capital employed.
New customer additions across key verticals, strong traction in mobile, fast ramp up in new segments (telecom hardware, laptops, refrigerators, washing machine) and backward integration (PCBA, plastic moulding etc.) will drive this growth.
At ~45 times FY27E price/earning and on robust outlook, we maintain Hold rating with a revised target price of Rs 16,474 (50 times FY27E P/E).
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ACC Q2 Results Review – Volume Growth Remains Exceptional; Maintain ‘Buy’: Systematix
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