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Dixon Technologies (India)

NSEI:DIXON
Snowflake Description

Exceptional growth potential with flawless balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
DIXON
NSEI
₹26B
Market Cap
  1. Home
  2. IN
  3. Consumer Durables
Company description

Dixon Technologies (India) Limited engages in the manufacture and sale of products for the consumer durables, lighting, and mobile phones markets in India. The last earnings update was 24 days ago. More info.


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DIXON Share Price and Events
7 Day Returns
4.3%
NSEI:DIXON
2.1%
IN Consumer Durables
1%
IN Market
1 Year Returns
-31.4%
NSEI:DIXON
-18.5%
IN Consumer Durables
-8.2%
IN Market
DIXON Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Dixon Technologies (India) (DIXON) 4.3% -0.6% 9.4% -31.4% - -
IN Consumer Durables 2.1% -5.4% -0.8% -18.5% 71.5% 289.2%
IN Market 1% -2.2% -1.2% -8.2% 46.7% 78.8%
1 Year Return vs Industry and Market
  • DIXON underperformed the Consumer Durables industry which returned -18.5% over the past year.
  • DIXON underperformed the Market in India which returned -8.2% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Dixon Technologies (India) undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Dixon Technologies (India) to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Dixon Technologies (India).

NSEI:DIXON Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 13.5%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:DIXON
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 7.5%
Consumer Durables Unlevered Beta Simply Wall St/ S&P Global 0.62
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.615 (1 + (1- 35%) (4.03%))
0.631
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.8 * 7.45%)
13.51%

Discounted Cash Flow Calculation for NSEI:DIXON using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Dixon Technologies (India) is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NSEI:DIXON DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (INR, Millions) -115.75 683.75 655.60 767.05 889.78
Source Analyst x4 Analyst x4 Analyst x5 Est @ 17%, capped from 18.75% Est @ 16%, capped from 18.75%
Present Value
Discounted (@ 13.51%)
-101.97 530.68 448.27 462.05 472.18
Present value of next 5 years cash flows ₹1,811.20
NSEI:DIXON DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ₹889.78 × (1 + 7.55%) ÷ (13.51% – 7.55%)
₹16,056.35
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ₹16,056.35 ÷ (1 + 13.51%)5
₹8,520.72
NSEI:DIXON Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ₹1,811.20 + ₹8,520.72
₹10,331.92
Equity Value per Share
(INR)
= Total value / Shares Outstanding
= ₹10,331.92 / 11.33
₹910.85
NSEI:DIXON Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in NSEI:DIXON represents 0.9984x of BSE:540699
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.9984x
Value per Share
(Listing Adjusted, INR)
= Value per Share (INR) x Listing Adjustment Factor
= ₹ 912.30 x 0.9984
₹910.85
Value per share (INR) From above. ₹910.85
Current discount Discount to share price of ₹2,253.85
= -1 x (₹2,253.85 - ₹910.85) / ₹910.85
-147.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Dixon Technologies (India) is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Dixon Technologies (India)'s earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Dixon Technologies (India)'s earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:DIXON PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in INR ₹53.88
BSE:540699 Share Price ** BSE (2019-02-22) in INR ₹2257.45
India Consumer Durables Industry PE Ratio Median Figure of 42 Publicly-Listed Consumer Durables Companies 27.49x
India Market PE Ratio Median Figure of 2,709 Publicly-Listed Companies 15.49x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Dixon Technologies (India).

NSEI:DIXON PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BSE:540699 Share Price ÷ EPS (both in INR)

= 2257.45 ÷ 53.88

41.89x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dixon Technologies (India) is overvalued based on earnings compared to the IN Consumer Durables industry average.
  • Dixon Technologies (India) is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Dixon Technologies (India)'s expected growth come at a high price?
Raw Data
NSEI:DIXON PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 41.89x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
24.9%per year
India Consumer Durables Industry PEG Ratio Median Figure of 12 Publicly-Listed Consumer Durables Companies 1.87x
India Market PEG Ratio Median Figure of 607 Publicly-Listed Companies 1.15x

*Line of best fit is calculated by linear regression .

NSEI:DIXON PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 41.89x ÷ 24.9%

1.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dixon Technologies (India) is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Dixon Technologies (India)'s assets?
Raw Data
NSEI:DIXON PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in INR ₹301.51
BSE:540699 Share Price * BSE (2019-02-22) in INR ₹2257.45
India Consumer Durables Industry PB Ratio Median Figure of 47 Publicly-Listed Consumer Durables Companies 1.84x
India Market PB Ratio Median Figure of 3,588 Publicly-Listed Companies 1.05x
NSEI:DIXON PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BSE:540699 Share Price ÷ Book Value per Share (both in INR)

= 2257.45 ÷ 301.51

7.49x

* Primary Listing of Dixon Technologies (India).

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dixon Technologies (India) is overvalued based on assets compared to the IN Consumer Durables industry average.
X
Value checks
We assess Dixon Technologies (India)'s value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Consumer Durables industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Consumer Durables industry average (and greater than 0)? (1 check)
  5. Dixon Technologies (India) has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Dixon Technologies (India) expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
24.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Dixon Technologies (India) expected to grow at an attractive rate?
  • Dixon Technologies (India)'s earnings growth is expected to exceed the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Dixon Technologies (India)'s earnings growth is expected to exceed the India market average.
  • Dixon Technologies (India)'s revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:DIXON Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:DIXON Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 24.9%
NSEI:DIXON Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 20.1%
India Consumer Durables Industry Earnings Growth Rate Market Cap Weighted Average 19.6%
India Consumer Durables Industry Revenue Growth Rate Market Cap Weighted Average 13%
India Market Earnings Growth Rate Market Cap Weighted Average 18.6%
India Market Revenue Growth Rate Market Cap Weighted Average 11.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:DIXON Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:DIXON Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-03-31 44,254 1,177 1,118 7
2020-03-31 37,766 1,025 964 8
2019-03-31 30,483 145 705 7
NSEI:DIXON Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-12-31 27,235 610
2018-09-30 26,095 586
2018-06-30 27,498 628
2018-03-31 28,416 680 609
2017-12-31 28,544 571
2017-09-30 28,521 543
2017-06-30 25,571 459
2017-03-31 24,570 529 476
2016-03-31 13,894 423 403

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Dixon Technologies (India)'s earnings are expected to grow significantly at over 20% yearly.
  • Dixon Technologies (India)'s revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:DIXON Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Dixon Technologies (India) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:DIXON Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-03-31 98.71 108.00 86.40 7.00
2020-03-31 85.14 95.90 74.40 8.00
2019-03-31 62.28 69.50 58.30 8.00
NSEI:DIXON Past Financials Data
Date (Data in INR Millions) EPS *
2018-12-31 53.88
2018-09-30 51.74
2018-06-30 55.85
2018-03-31 54.52
2017-12-31 51.57
2017-09-30 49.40
2017-06-30 43.11
2017-03-31 46.13
2016-03-31 42.97

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Dixon Technologies (India) is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Dixon Technologies (India)'s future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Dixon Technologies (India) has a total score of 6/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Dixon Technologies (India) performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Dixon Technologies (India)'s growth in the last year to its industry (Consumer Durables).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Dixon Technologies (India) has delivered over 20% year on year earnings growth in the past 5 years.
  • Dixon Technologies (India)'s 1-year earnings growth is less than its 5-year average (6.7% vs 25.6%)
  • Dixon Technologies (India)'s earnings growth has not exceeded the IN Consumer Durables industry average in the past year (6.7% vs 12.9%).
Earnings and Revenue History
Dixon Technologies (India)'s revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Dixon Technologies (India) Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:DIXON Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 27,234.54 609.51 824.63
2018-09-30 26,095.44 585.51 826.83
2018-06-30 27,497.64 628.31 813.53
2018-03-31 28,416.34 609.01 786.73
2017-12-31 28,543.54 571.36 715.23
2017-09-30 28,520.94 543.36 695.03
2017-06-30 25,571.23 459.00 670.39
2017-03-31 24,570.28 475.70 667.54
2016-03-31 13,894.17 403.09 569.99
2015-03-31 12,023.44 92.16 381.62
2014-03-31 10,937.19 135.90 333.17
2013-03-31 7,669.24 49.80 366.58
2012-03-31 5,724.01 -70.14 382.20

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Dixon Technologies (India) has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Dixon Technologies (India) used its assets less efficiently than the IN Consumer Durables industry average last year based on Return on Assets.
  • Dixon Technologies (India)'s use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Dixon Technologies (India)'s performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Consumer Durables industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Dixon Technologies (India) has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Dixon Technologies (India)'s financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Dixon Technologies (India)'s finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Dixon Technologies (India) is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Dixon Technologies (India)'s cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Dixon Technologies (India)'s finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Dixon Technologies (India) Company Filings, last reported 1 month ago.

NSEI:DIXON Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,414.10 1,031.50 698.50
2018-09-30 3,414.10 1,031.50 698.50
2018-06-30 3,149.74 446.28 552.41
2018-03-31 3,149.74 446.28 552.41
2017-12-31 2,849.80 763.80 864.40
2017-09-30 2,849.80 763.80 864.40
2017-06-30 1,970.68 467.30 153.34
2017-03-31 1,970.68 467.30 153.34
2016-03-31 1,243.42 768.45 16.76
2015-03-31 918.37 771.35 10.88
2014-03-31 757.78 935.82 46.25
2013-03-31 626.63 943.39 57.88
2012-03-31 569.32 1,194.29 56.78
  • Dixon Technologies (India)'s level of debt (30.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (129.2% vs 30.2% today).
  • Debt is well covered by operating cash flow (65.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.1x coverage).
X
Financial health checks
We assess Dixon Technologies (India)'s financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Dixon Technologies (India) has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Dixon Technologies (India)'s current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.09%
Current annual income from Dixon Technologies (India) dividends. Estimated to be 0.4% next year.
If you bought ₹2,000 of Dixon Technologies (India) shares you are expected to receive ₹2 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Dixon Technologies (India)'s pays a lower dividend yield than the bottom 25% of dividend payers in India (0.55%).
  • Dixon Technologies (India)'s dividend is below the markets top 25% of dividend payers in India (2.04%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:DIXON Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
India Consumer Durables Industry Average Dividend Yield Market Cap Weighted Average of 21 Stocks 0.5%
India Market Average Dividend Yield Market Cap Weighted Average of 1397 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.6%
India Top 25% Dividend Yield 75th Percentile 2%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:DIXON Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2021-03-31 12.28 4.00
2020-03-31 8.80 4.00
2019-03-31 5.37 3.00
NSEI:DIXON Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2018-07-26 2.000 0.088
2017-09-18 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dixon Technologies (India) is not paying a notable dividend for India, therefore no need to check if the payments are stable.
  • Dixon Technologies (India) is not paying a notable dividend for India, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Dixon Technologies (India)'s earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Dixon Technologies (India)'s dividends as it is not paying a notable one for India.
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (8.4x coverage).
X
Income/ dividend checks
We assess Dixon Technologies (India)'s dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Dixon Technologies (India) afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Dixon Technologies (India) has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Dixon Technologies (India)'s salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Atul Lall
COMPENSATION ₹21,663,000
AGE 56
TENURE AS CEO 3.6 years
CEO Bio

Mr. Atul B. Lall has been Managing Director of Dixon Technologies (India) Private Limited since July 5, 2015 and has been its and Director since June 30, 2000. Mr. Lall has over 25 years experience in the Consumer Electronics Industry. He is part of the faculty in many leading Educational Institutions across the country. Mr. Lall graduated from B.I.T.S, Pilani.

CEO Compensation
  • Insufficient data for Atul to compare compensation growth.
  • Atul's remuneration is about average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Dixon Technologies (India) management team in years:

1.9
Average Tenure
49
Average Age
  • The average tenure for the Dixon Technologies (India) management team is less than 2 years, this suggests a new team.
Management Team

Sunil Vachani

TITLE
Executive Chairman
COMPENSATION
₹24M
AGE
49

Atul Lall

TITLE
MD & Director
COMPENSATION
₹22M
AGE
56
TENURE
3.6 yrs

Saurabh Gupta

TITLE
Chief Financial Officer
COMPENSATION
₹7M
AGE
36
TENURE
0.8 yrs

Ashish Kumar

TITLE
Group Company Secretary & Compliance Officer
COMPENSATION
₹6M
AGE
38
TENURE
1.9 yrs

Gopal Jagwan

TITLE
Head of New Project & Government Liaisoning
COMPENSATION
₹7M
AGE
45
TENURE
0.8 yrs

Abhijit Kotnis

TITLE
President & COO
AGE
49
TENURE
0.6 yrs

Vinay Pradhan

TITLE
Vice President of Human Resources
AGE
49
TENURE
2.3 yrs

Pankaj Sharma

TITLE
Chief Operating Officer of LED TV
AGE
56

Vineet Mishra

TITLE
Chief Operating Officer of Lighting
AGE
42

Rajeev Lonial

TITLE
Chief Operating Officer of Washing Machine
AGE
55
TENURE
3.5 yrs
Board of Directors Tenure

Average tenure and age of the Dixon Technologies (India) board of directors in years:

2
Average Tenure
53
Average Age
  • The average tenure for the Dixon Technologies (India) board of directors is less than 3 years, this suggests a new board.
Board of Directors

Sunil Vachani

TITLE
Executive Chairman
COMPENSATION
₹24M
AGE
49

Atul Lall

TITLE
MD & Director
COMPENSATION
₹22M
AGE
56
TENURE
18.7 yrs

Poornima Shenoy

TITLE
Non-Executive Independent Director
COMPENSATION
₹143K
AGE
53
TENURE
2 yrs

Manuji Zarabi

TITLE
Non-Executive Independent Director
COMPENSATION
₹338K
AGE
70
TENURE
2 yrs

Manoj Maheshwari

TITLE
Non-Executive Independent Director
COMPENSATION
₹278K
AGE
52
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • Dixon Technologies (India) insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
24. Dec 18 Sell Lalit Shukla Individual 20. Dec 18 20. Dec 18 -60 ₹2,161.48 ₹-129,689
20. Dec 18 Sell Lalit Shukla Individual 19. Dec 18 19. Dec 18 -500 ₹2,138.25 ₹-1,069,127
20. Dec 18 Sell Mangilal Kedia Individual 19. Dec 18 19. Dec 18 -1,150 ₹2,121.54 ₹-2,439,766
19. Dec 18 Sell Gopal Jagwan Individual 17. Dec 18 17. Dec 18 -8,750 ₹1,991.18 ₹-17,422,799
14. Dec 18 Sell Gopal Jagwan Individual 12. Dec 18 12. Dec 18 -716 ₹1,973.25 ₹-1,412,846
13. Nov 18 Sell Gopal Jagwan Individual 12. Nov 18 12. Nov 18 -534 ₹2,132.91 ₹-1,138,972
29. Sep 18 Sell Gopal Jagwan Individual 28. Sep 18 28. Sep 18 -3,500 ₹2,597.47 ₹-9,091,154
28. Sep 18 Buy Mahipal Bisht Individual 26. Sep 18 26. Sep 18 150 ₹2,500.00 ₹375,000
24. Sep 18 Sell Mangilal Kedia Individual 21. Sep 18 21. Sep 18 -500 ₹2,674.53 ₹-1,337,263
19. Sep 18 Sell Mahipal Bisht Individual 17. Sep 18 17. Sep 18 -1,000 ₹2,670.10 ₹-2,670,105
19. Sep 18 Sell Gopal Jagwan Individual 17. Sep 18 17. Sep 18 -5,250 ₹2,663.23 ₹-13,981,968
X
Management checks
We assess Dixon Technologies (India)'s management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Dixon Technologies (India) has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Was Dixon Technologies (India) Limited's (NSE:DIXON) Earnings Growth Better Than The Industry's?

Examining Dixon Technologies (India) Limited's (NSE:DIXON) past track record of performance is a valuable exercise for investors. … Were DIXON's earnings stronger than its past performances and the industry. … However, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 26%, indicating the rate at which DIXON is growing has slowed down.

Simply Wall St -

Why Dixon Technologies (India) Limited (NSE:DIXON) Could Have A Place In Your Portfolio

Dixon Technologies (India) Limited (NSE:DIXON) is a stock with outstanding fundamental characteristics. … When we build an investment case, we need to look at the stock with a holistic perspective. … In the case of DIXON, it

Simply Wall St -

Have Insiders Been Selling Dixon Technologies (India) Limited (NSE:DIXON) Shares This Year?

So we'll take a look at whether insiders have been buying or selling shares in Dixon Technologies (India) Limited (NSE:DIXON). … The Last 12 Months Of Insider Transactions At Dixon Technologies (India). … That means that even when the share price was below the current price of ₹2,180, an insider wanted to cash in some shares

Simply Wall St -

Want To Invest In Dixon Technologies (India) Limited (NSE:DIXON) Today? Read This First

Dixon Technologies (India) Limited (NSE:DIXON) is considered a high-growth stock, but its last closing price of ₹2044.2 left some investors wondering if this high future earnings potential can be rationalized by its current price tag. … Check out our latest analysis for Dixon Technologies (India). … Dixon Technologies (India) is poised for significantly high earnings growth in the near future

Simply Wall St -

Should You Be Tempted To Sell Dixon Technologies (India) Limited (NSE:DIXON) Because Of Its P/E Ratio?

Dixon Technologies (India) has a price to earnings ratio of 37.17, based on the last twelve months. … How Do I Calculate Dixon Technologies (India)'s Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Is Dixon Technologies (India) Limited's (NSE:DIXON) 17% Better Than Average?

To keep the lesson grounded in practicality, we'll use ROE to better understand Dixon Technologies (India) Limited (NSE:DIXON). … Our data shows Dixon Technologies (India) has a return on equity of 17% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Should You Know About Dixon Technologies (India) Limited's (NSE:DIXON) Return On Capital?

and looking to gauge the potential return on investment in Dixon Technologies (India) Limited (NSE:DIXON). … To understand Dixon Technologies (India)’s capital returns we will look at a useful metric called return on capital employed. … Calculating Return On Capital Employed for DIXON

Simply Wall St -

Why You Should Care About Dixon Technologies (India) Limited’s (NSE:DIXON) Cash Levels

Today we will examine Dixon Technologies (India)’s ability to generate cash flows, as well as the level of capital expenditure it is expected to incur over the next couple of years, which will result in how much money goes to you. … Dixon Technologies (India) generates cash through its day-to-day business, which needs to be reinvested into the company in order for it to continue operating. … There are two methods I will use to evaluate the quality of Dixon Technologies (India)’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability

Simply Wall St -

Dixon Technologies (India) Limited (NSE:DIXON): Can Growth Justify Its August Share Price?

Growth expectations for Dixon Technologies (India) Limited (NSE:DIXON) are high, but many investors are starting to ask whether its last close at ₹2528.75 can still be rationalized by the future potential. … View our latest analysis for Dixon Technologies (India)? … If you are bullish about Dixon Technologies (India)'s growth potential then you are certainly not alone

Simply Wall St -

What Should Investors Know About The Future Of Dixon Technologies (India) Limited's (NSE:DIXON)?

Since Dixon Technologies (India) Limited (NSE:DIXON) released its earnings in March 2018,. … the consensus outlook from analysts appear fairly confident, … the past 5-year average growth rate of 33.23%

Simply Wall St -

Company Info

Map
Description

Dixon Technologies (India) Limited engages in the manufacture and sale of products for the consumer durables, lighting, and mobile phones markets in India. It offers consumer electronics, including LED TVs; home appliances, such as washing machines; lighting products, comprising LED bulbs, tubelights, downlighters, CFL bulbs, and CFL drivers; and mobile phones. The company also provides solutions in reverse logistics, such as repair and refurbishment services of set top boxes, mobile phones, LCD and LED TVs, LED panels, home theatres, and computer peripherals and other devices, such as printers, CCTVs, and speakers. The company was incorporated in 1993 and is headquartered in Noida, India.

Details
Name: Dixon Technologies (India) Limited
DIXON
Exchange: NSEI
Founded: 1993
₹25,565,826,677
11,325,091
Website: http://www.dixoninfo.com
Address: Dixon Technologies (India) Limited
B 14 & 15,
Phase-II,
Noida,
Uttar Pradesh, 201305,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BSE 540699 Equity Shares Mumbai Stock Exchange IN INR 15. Sep 2017
NSEI DIXON Equity Shares National Stock Exchange of India IN INR 15. Sep 2017
Number of employees
Current staff
Staff numbers
0
Dixon Technologies (India) employees.
Industry
Consumer Electronics
Consumer Durables
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/23 13:07
End of day share price update: 2019/02/22 00:00
Last estimates confirmation: 2019/02/01
Last earnings filing: 2019/01/30
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.