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Highlights

• Q3 FY26 income increased 2% year-on-year to ₹10,672 crore.
• Operating profit rose 6%, with margin improving to 3.9%.
• PAT after non-controlling interest advanced 5% despite higher depreciation.

Shares of Dixon Technologies (NSE:DIXON) traded at ₹11,336 on February 19 at the time of writing, reflecting a 1.57% decline for the day. Over the past five days, the stock edged down 0.36%, while it gained 2.83% in the past month. However, it has declined 32.94% over six months, 6.24% year to date, and 19.54% over the past year.

Steady Revenue Growth in Q3
On 29th January, 2026, company reported Q3 FY26, consolidated income rose 2% year-on-year to ₹10,672 crore compared to ₹10,454 crore in Q3 FY25. Expenses increased at a similar pace, up 2% to ₹10,257 crore. As a result, operating profit climbed 6% to ₹415 crore from ₹391 crore in the corresponding quarter last year.

Operating profit margin improved slightly to 3.9% from 3.7% a year earlier. EBITDA also increased 6% to ₹421 crore, with the EBITDA margin remaining stable at 3.9%.

Depreciation and Finance Costs Weigh on EBIT
Depreciation expenses rose 32% year-on-year, which kept EBIT largely unchanged at ₹322 crore. Finance costs moved up 5% during the quarter.

Profit before tax (PBT) before share of joint ventures slipped 1% to ₹279 crore. After including share of profit from joint ventures, which doubled to ₹8 crore, total PBT remained steady at ₹287 crore compared to the year-ago period.

PAT Supported by Lower Non-Controlling Interest
Profit after tax (PAT) before non-controlling interest (NCI) came in slightly lower at ₹214 crore. However, PAT after NCI rose 5% to ₹180 crore, aided by a 24% decline in non-controlling interest.

Broker Consensus Signals Upside with Buy Rating
According to Refinitiv data as of 19 Feb 2026 , Analysts maintain a positive stance on Dixon Technologies (India), assigning a BUY recommendation with a consensus rating of 2.17. The average target price stands at ₹ 13,888.5, indicating a potential upside of nearly 22.8% from the current level of around ₹11,309.

The optimistic outlook is supported by Dixon’s strong positioning in India’s electronics manufacturing services (EMS) space, rising domestic manufacturing demand, and an estimated long-term growth (LTG) expectation of about 50%, reflecting confidence in sustained earnings momentum despite near-term volatility.

Dixon Technologies (India) reported moderate revenue growth and improved operating profit in Q3 FY26, though higher depreciation and finance costs limited gains at the EBIT and PBT levels. While PAT after NCI saw a modest rise, the stock has seen mixed performance across shorter and longer timeframes. Investors are observing cost trends and earnings stability as the financial year progresses.

FAQs

Q1. How did Dixon Technologies perform in Q3 FY26 compared to last year?
The company reported 2% higher income and 6% growth in operating profit year-on-year.

Q2. What impacted EBIT and PBT during the quarter?
A 32% rise in depreciation and 5% higher finance costs affected profitability.

Q3. How did PAT after non-controlling interest change in Q3 FY26?
PAT after NCI increased 5%, supported by a decline in non-controlling interest.