Dixon: Still enjoying first-mover benefit

TARGETS 40% SMARTPHONE SHARE BY FY27

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WE RECENTLY ENGAGED with Dixon Technologies (Dixon) management to assess the company's growth prospects. Our outlook on Dixon remains positive given its market leadership, strategic joint ventures that secure long-term volume sustainability, strong backward integration, and scalable presence across segments such as telecom, IT hardware, and refrigerators. While competition is intensifying, Dixon retains a first-mover advantage with a 19% smartphone market share in FY25, projected to reach 40% by FY27. The company is also positioned to address 30-35% of the BOM in mobile manufacturing over the nex