Nuvama Institutional Equities has trimmed the target price on Dixon Technologies to Rs 16,600 from Rs 16,800. The new target price implies limited room for growth and 1% downside from current levels. The brokerage cut the price target, citing there are uncertainties in the near future.

The company’s Mobile & EMS revenue grew 41% YoY, but Appliances fell 33% YoY due to GST cut-led demand deferment. EBITDA margin stayed healthy at 3.8–3.9%. It indicated a modest cut in mobile volumes to 40–42 million in FY26 and 55– 60 million in FY27, which includes Vivo JV, as against 43–44 million and 60–65 million earlier. The company also did not rule out margin pressure in the Mobile segment in a couple of quarters of FY27.

Nuvama on Dixon Tech: Margin pressure

The brokerage house did not rule ou

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