InCred Equities - Dixon Technologies

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	176,911	349,402	443,675	553,745
Operating EBITDA (Rsm)	6,978	12,695	17,462	23,038
Net Profit (Rsm)	3,853	6,702	10,815	14,901
Core EPS (Rs)	59.3	114.4	175.2	243.0
Core EPS Growth	40.2%	92.9%	53.2%	38.7%
FD Core P/E (x)	230.86	132.74	82.26	59.70
DPS (Rs)	64.4	112.1	180.8	249.2
Dividend Yield	0.02%	0.03%	0.05%	0.08%
EV/EBITDA (x)	127.29	69.97	50.88	38.54
P/FCFE (x)	99.43	92.17	46.67	41.82
Net Gearing	(9.7%)	(6.5%)	(3.9%)	(3.9%)
P/BV (x)	52.49	34.88	24.65	17.53
ROE	23.8%	32.2%	34.0%	33.5%
% 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	349,402	443,675	553,745
Gross Profit	16,521	30,858	41,796	52,166
Operating EBITDA	6,978	12,695	17,462	23,038
Depreciation And Amortisation	(1,619)	(2,585)	(2,496)	(2,461)
Operating EBIT	5,359	10,110	14,966	20,577
Financial Income/(Expense)	(747)	(1,454)	(1,028)	(1,264)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	226	215	257	309
Profit Before Tax (pre-EI)	4,838	8,870	14,196	19,621
Exceptional Items		2,096
Pre-tax Profit	4,838	10,967	14,196	19,621
Taxation	(1,189)	(2,321)	(3,549)	(4,905)
Exceptional Income - post-tax
Profit After Tax	3,649	8,646	10,647	14,716
Minority Interests	(102)	(153)	(168)	(185)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	3,853	6,702	10,815	14,901
Recurring Net Profit	3,546	6,841	10,479	14,531
Fully Diluted Recurring Net Profit	3,546	6,841	10,479	14,531

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	4,838	10,967	14,196	19,621
Cash Flow from Invt. & Assoc.
Change In Working Capital	(119)	(7,679)	(5,688)	(10,210)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow	747	1,454	1,028	1,264
Net Interest (Paid)/Received	1,619	2,585	2,496	2,461
Tax Paid	7,061	7,326	12,031	13,137
Cashflow From Operations	14,146	14,652	24,061	26,273
Capex	(5,844)	(5,000)	(5,000)	(5,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	159
Cash Flow From Investing	(5,686)	(5,000)	(5,000)	(5,000)
Debt Raised/(repaid)	469
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(494)	(1,454)	(1,028)	(1,264)
Preferred Dividends
Other Financing Cashflow	(455)	586	12	5
Cash Flow From Financing	(480)	(868)	(1,016)	(1,259)
Total Cash Generated	7,980	8,784	18,045	20,014
Free Cashflow To Equity	8,929	9,652	19,061	21,273
Free Cashflow To Firm	6,841	7,067	16,566	18,812

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	2,087	2,319	2,382	3,421
Total Debtors	23,199	43,097	57,151	77,393
Inventories	16,950	36,376	48,622	63,719
Total Other Current Assets	6,127	7,353	9,559	12,426
Total Current Assets	48,363	89,144	117,713	156,959
Fixed Assets	32,392	36,357	43,384	48,449
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	37,564	44,555	49,595
Short-term Debt	424	636	955	1,432
Current Portion of Long-Term Debt
Total Creditors	40,598	69,818	88,083	109,935
Other Current Liabilities	6,012	7,815	10,160	13,207
Total Current Liabilities	47,033	78,269	99,197	124,575
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	84,495	107,801	136,506
Shareholders Equity	16,949	25,507	36,083	50,744
Minority Interests	276	276	276	276
Total Equity	17,225	25,784	36,359	51,020

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	45.1%	97.5%	27.0%	24.8%
Operating EBITDA Growth	36.1%	81.9%	37.5%	31.9%
Operating EBITDA Margin	3.9%	3.6%	3.9%	4.2%
Net Cash Per Share (Rs)	27.80	28.13	23.86	33.26
BVPS (Rs)	283.42	426.55	603.39	848.57
Gross Interest Cover	7.17	6.95	14.56	16.28
Effective Tax Rate	24.6%	21.2%	25.0%	25.0%
Net Dividend Payout Ratio	5.0%	4.7%	4.6%	4.6%
Accounts Receivables Days	41.61	34.61	41.22	44.33
Inventory Days	30.19	30.55	38.60	40.88
Accounts Payables Days	74.09	63.26	71.71	72.05
ROIC (%)	12.1%	16.2%	18.2%	19.3%
ROCE (%)	34.7%	45.9%	47.0%	45.8%
Return On Average Assets	6.1%	7.3%	7.9%	8.5%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg