Google Pixel-maker Dixon to Double Revenue as India Ramps Up Electronics Production

Dixon Technologies (India) Limited, a leading Electronic Manufacturing Service (EMS) provider, is set to double its revenue this year as India ramps up its electronics production. The company, which is the largest home-grown design-focused solutions company in India's consumer durables, lighting, and mobile phones markets, is expected to achieve a revenue of ₹40,000 crore in financial year 2025, according to its Managing Director & CEO Atul Lall.



Dixon's impressive growth is driven by several key factors, including strategic acquisitions and joint ventures (JVs), expansion into new product categories, capacity expansion, and backward integration. The company's acquisition of a 50.10% stake in IsmartU India Private Limited has expanded its product portfolio and customer base, leading to impressive EBITDA growth in Q3 2025. Additionally, Dixon's JV with Vivo for manufacturing smartphones, with Dixon holding 51% of the shareholding, is expected to strengthen its position in the mobile segment.

Dixon is also expanding its product portfolio into laptops, refrigerators, and other consumer electronics. The company has started mass production for Lenovo, Acer, and another unit, and is in final discussions for a JV to expand its product portfolio in the IT segment. In the consumer electronics segment, Dixon has onboarded new multinational brands and is expanding capacity for refrigerators, which have captured around 8% of the Indian market.

The company is also investing heavily in capacity expansions across various segments, including mobile phones, refrigerators, and telecom. Dixon is setting up a campus for manufacturing almost 3 to 4 million laptops, and plans to manufacture servers and set up an SSD plant. The company is also exploring new product categories like robotic vacuum cleaners and water purifiers, as well as backward integration to improve margins in the lighting segment.

Dixon's strong partnerships with global brands, such as Xiaomi, Samsung, and Motorola, have also contributed to its growth. The company is strengthening partnerships with leading global smartphone brands, adding new facilities, and expanding export volumes. It is also working on localizing certain components to drive cost efficiency in the telecom and networking products segment.

Dixon's impressive financial performance is reflected in its PAT CAGR of 33% and Revenue CAGR of 42% from FY20 to FY24. In Q3 2025, the company reported a 124% year-on-year increase in net profit and a 117% jump in revenue from operations. Dixon's guidance for the current fiscal year includes a revenue growth of 225% and a PAT growth of about 140%.

However, Dixon faces some challenges and risks, such as government approvals for its JV with Vivo and the display fab project, as well as delays in PLI incentives. The company is also investing heavily in capacity expansions and backward integration, which could strain its financials if the expected benefits are not realized.

In conclusion, Dixon Technologies' ambitious expansion plans, driven by strategic acquisitions, product portfolio expansion, capacity expansion, and backward integration, position the company for significant growth in the Indian electronics market. Despite some challenges and risks, Dixon's strong partnerships with global brands and impressive financial performance make it an attractive investment opportunity in the rapidly growing Indian electronics sector.