InCred Equities - Dixon Technologies

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	176,911	380,718	492,286	616,838
Operating EBITDA (Rsm)	6,978	14,306	19,096	25,380
Net Profit (Rsm)	3,649	8,900	10,717	14,897
Core EPS (Rs)	61.0	121.9	179.2	249.1
Core EPS Growth	43.3%	99.8%	47.1%	39.0%
FD Core P/E (x)	220.45	90.37	75.05	53.99
DPS (Rs)	64.4	116.6	182.3	252.5
Dividend Yield	0.02%	0.04%	0.06%	0.08%
EV/EBITDA (x)	115.07	56.14	42.10	31.62
P/FCFE (x)	89.90	64.73	36.65	28.52
Net Gearing	(9.7%)	(5.9%)	(1.7%)	(3.8%)
P/BV (x)	47.46	30.42	21.28	15.08
ROE	24.5%	33.6%	33.4%	32.7%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	176,911	380,718	492,286	616,838
Gross Profit	16,521	31,510	46,376	58,109
Operating EBITDA	6,978	14,306	19,096	25,380
Depreciation And Amortisation	(1,619)	(2,719)	(3,001)	(3,753)
Operating EBIT	5,359	11,586	16,095	21,627
Financial Income/(Expense)	(747)	(1,498)	(1,527)	(1,810)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	226	256	333	433
Profit Before Tax (pre-EI)	4,838	10,345	14,901	20,251
Exceptional Items		2,096
Pre-tax Profit	4,838	12,441	14,901	20,251
Taxation	(1,189)	(2,872)	(3,502)	(4,658)
Exceptional Income - post-tax
Profit After Tax	3,649	9,569	11,399	15,593
Minority Interests		(669)	(682)	(696)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,649	8,900	10,717	14,897
Recurring Net Profit	3,649	7,288	10,717	14,897
Fully Diluted Recurring Net Profit	3,649	7,288	10,717	14,897

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,838	12,441	14,901	20,251
Cash Flow from Invt. & Assoc.
Change In Working Capital	(119)	(5,994)	(3,915)	(7,079)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	747	1,498	1,527	1,810
Net Interest (Paid)/Received	1,619	2,719	3,001	3,753
Tax Paid	7,061	10,664	15,514	18,735
Cashflow From Operations	14,146	21,329	31,028	37,469
Capex	(5,844)	(8,902)	(9,080)	(9,262)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	159
Cash Flow From Investing	(5,686)	(8,902)	(9,080)	(9,262)
Debt Raised/(repaid)	469
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(494)	(1,498)	(1,527)	(1,810)
Preferred Dividends
Other Financing Cashflow	(455)	574	8	(4)
Cash Flow From Financing	(480)	(924)	(1,519)	(1,814)
Total Cash Generated	7,980	11,503	20,428	26,394
Free Cashflow To Equity	8,929	12,427	21,947	28,207
Free Cashflow To Firm	6,841	9,707	18,946	24,454

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,087	2,202	1,596	3,465
Total Debtors	23,199	48,001	63,410	84,518
Inventories	16,950	36,507	48,554	62,529
Total Other Current Assets	6,127	7,353	9,559	12,426
Total Current Assets	48,363	94,063	123,120	162,938
Fixed Assets	32,392	39,099	49,335	57,596
Total Investments	200	180	144	115
Intangible Assets	344	346	348	350
Total Other Non-Current Assets	705	681	679	681
Total Non-current Assets	33,641	40,306	50,506	58,743
Short-term Debt	424	636	955	1,432
Current Portion of Long-Term Debt
Total Creditors	40,598	76,539	97,734	122,461
Other Current Liabilities	6,012	7,815	10,160	13,207
Total Current Liabilities	47,033	84,990	108,848	137,101
Total Long-term Debt
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	4,248	6,144	8,497	11,793
Total Non-current Liabilities	4,248	6,144	8,497	11,793
Total Provisions	63	82	107	139
Total Liabilities	51,344	91,216	117,452	149,032
Shareholders Equity	16,949	26,446	37,790	53,346
Minority Interests	276	276	276	276
Total Equity	17,225	26,722	38,066	53,622

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	45.1%	115.2%	29.3%	25.3%
Operating EBITDA Growth	36.1%	105.0%	33.5%	32.9%
Operating EBITDA Margin	3.9%	3.8%	3.9%	4.1%
Net Cash Per Share (Rs)	27.80	26.18	10.73	34.00
BVPS (Rs)	283.42	442.24	631.94	892.07
Gross Interest Cover	7.17	7.74	10.54	11.95
Effective Tax Rate	24.6%	23.1%	23.5%	23.0%
Net Dividend Payout Ratio	4.9%	4.6%	4.6%	4.6%
Accounts Receivables Days	41.61	34.11	41.29	43.75
Inventory Days	30.19	27.94	34.81	36.28
Accounts Payables Days	74.09	61.22	71.33	71.92
ROIC (%)	12.1%	18.2%	18.8%	19.6%
ROCE (%)	34.7%	51.5%	48.5%	46.0%
Return On Average Assets	6.1%	7.9%	8.1%	8.6%

(91) 02241611548 anirvan.divakera@incredresearch.com

More Reports

Market Data

Source: Bloomberg