Dixon Technologies (India) was incorporated in 1993 and, in 1994, it commenced manufacturing of consumer electronics such as colour televisions. In 2007, the company commenced manufacturing of LCD TVs and subsequently progressed into manufacturing of LED TVs in 2010. It entered the lighting products segment in 2008 with the manufacturing of CFL products and gradually increased its product portfolio to LED products in 2016. In 2010, the company started manufacturing semi-automatic washing machines. It also started providing reverse logistics services in 2008. The most recent segment that it has entered into is the manufacturing of mobile phones through a JV. The company has continuously diversified its product portfolio to keep pace with changing consumer trends and development in technology.

The company is the largest home-grown design-focused and solutions company engaged in manufacturing products in the consumer durables, lighting and mobile phones markets in India. Its diversified product portfolio includes (i) consumer electronics like LED TVs; (ii) home appliances like washing machines; (iii) lighting products like LED bulbs and tubelights, downlighters and CFL bulbs; and (iv) mobile phones. It also provides solutions in reverse logistics i.e. repair and refurbishment services of set top boxes, mobile phones and LED TV panels. The company’s key customers include Panasonic India Private, Philips Lighting India, Haier Appliance (I), Gionee, Surya Roshni, Reliance Retail, Intex Technologies (I) Ltd., Mitashi Edutainment, Dish Infra Services.

Business area of the company

The company is fully integrated end-to-end product and solution suite to original equipment manufacturers (OEMs) ranging from global sourcing, manufacturing, quality testing and packaging to logistics. It is also a leading Original Design Manufacturer (ODM) of lighting products, LED TVs and semi-automatic washing machines in India. As an ODM, it develops and designs products in-house at its R&D centre. It manufactures and supplies these products to well-known companies in India who in turn distribute these products under their own brands.

Awards and accreditations

2007: ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of DVD, LCD/LED TV, FIM/LCM, Induction Cooker, CFL Lamp, LED Lamp, Ballast and Circuit Assembly at the Dehradun I Facility.
2009: ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of PCB assembly for consumer and industrial electronics products and lighting products at the Noida I Facility.
2009: ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of CFL (Compact Fluorescent Lamp), STB (Set Top Box) and its Refurbishment at the Noida III Facility.
2009 ISO 14001:2004 by United Registrar of Systems for compliance by the company with environmental management system in the manufacture and supply of CFL (Compact Fluorescent Lamp), STB (Set Top Box) and its Refurbishment at the Noida III Facility.
2009: ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of DVD, LCD/LED TV, FIM/LCM, Induction Cooker, CFL Lamp, LED Lamp, Ballast and Circuit Assembly at the Dehradun I Facility.
2010: ISO 9001:2008 by United Registrar of Systems for compliance by the company with quality management system in the manufacture and supply of PCB assembly for consumer and industrial electronics products and lighting products at the Noida I Facility.
2010: ISO 9001:2008 by United Registrar of Systems for compliance by DAPL with quality management system in the manufacture and supply of washing machines at the Dehradun II Facility.
2011: ISO 9001:2008 by United Registrar of Systems for compliance by DBMPL with quality management system in the manufacture and supply of moulding items for washing machines, CTVs and DVDs at the Dehradun III Facility.
2011: ‘Best OEM Award 2011’ awarded to the company by CEAMA.
2016: ISO 9001:2008 by United Registrar of Systems for compliance by PEPL with quality management system in the manufacture of mobile phones at the Noida II Facility.
2016: ISO 14001: 2004 by United Registrar of Systems for compliance by PEPL with environmental management system in the manufacture of mobile phones at the Noida II Facility.
2016: Development Excellence Award (Semi-Automatic Washing Machine) awarded by Panasonic India Private Limited to DAPL.
2017: ISO 14001:2015 by United Registrar of Systems for compliance with environmental management system in the manufacture and supply of washing machines at the Dehradun II Facility.
2017: The Company got registered with Department of scientific & Industry Research (DSIR) on 14th August, 2017.
2017: The trademark “Dixon” got registered with the Trade Mark registry on 6th October, 2017 under class 37.
2018: The trademark “Dixon” got registered with the Trade Mark registry on 21st February, 2018 under class 9.
2018: The Company received a certificate dated 28th February, 2018 from IESA VISION SUMMIT for the stellar success of IPO.
2018: The Company received an award dated 11th April, 2018 from PHILIPS LIGHTING at Go for Growth Supplier Event India 2018. The award is for “Recognized for: Greater Together”.
2019: Dixon given certificate of appreciation by Delhi Langar Seva Society for the year 2018-19.
2020: Contract manufacturer of the year award - CNBC Awaaz CEO Award.

Key events, milestones and achievements

1994: Commencement of manufacture of colour televisions.
1996: Establishment of Noida I Facility.
2008: Entered the lighting products vertical with manufacture of CFL products.
2008: Private equity investment by IBEF and IBEF 1.
2008: Commencement of reverse logistics operations.
2010: Commencement of manufacturing of washing machines by its Subsidiary, DAPL.
2009 and 2010: Commencement of commercial manufacturing in the metal sheet and moulding segments by its Subsidiary, DBMPL.
2014: Achieved more than Rs 10,000 million of revenue from operations on a standalone basis.
2015: Acquisition of remaining shareholding of its erstwhile subsidiaries DAPL and DBMPL, pursuant to which they became its wholly owned subsidiaries.
2016: Commencement of manufacture of mobile phones through its joint venture, PEPL.
2016: Granted approval by the GoAP for setting up a manufacturing facility in Tirupati.
2017: Amalgamation of DAPL and DBMPL, its wholly owned subsidiaries, with and into the company.
2017: Entering into a joint venture agreement with Aditya Infotech Limited for the manufacture of security systems including CCTVs and DVRs, through its joint venture company, ADTPL.
2018: Commenced manufacturing of security systems including CCTV’s & Digital Video Recorders (DVR’s) from the company’s state of the art manufacturing facility at Tirupati through its Joint Venture AIL Dixon Technologies Private Limited.
2018: Commenced production of Liquid Crystal module (LCM) line at Tirupati facility in line with company’s strategy of backward integration which will be India’s largest facility for LED TV panel manufacturing.
2019: Padget Electronics Private Limited (PEPL) become a wholly owned subsidiary of Dixon Technologies (India) Limited w.e.f April 12, 2019.

Market Cap	32,942 Cr	ROE	22.6%
P/E Ratio(TTM)	106.7	EPS(TTM)	0.0
P/B Ratio	22.7	Dividend Yield	0.1%
Industry P/E	89.5	Book Value	242.6
		Face Value	2.0

Fundamentals