Guidance ledger · Q4 FY26

Dixon Technologies (India) Limited DIXON

4 revisions on record · 2 lowered · 1 raised — the strikethrough is what management used to say

refuses forward guidance · held across quarters

Holding view → · latest concall · The pulse

↓ lowered FY27 smartphone volume Q2 FY26 → Q4 FY26

~~55-60 million including Vivo~~ → Almost similar to FY26 (~32M ex-Vivo); specific number refused

“We have closed at almost 32 -odd million in the current fiscal. We feel t hat the overall volumes without Vivo is going to be almost similar”

↓ lowered FY27 mobile margin from backward integration Q1 FY26 → Q4 FY26

~~120-130 bps expansion in FY27 even after PLI margin loss~~ → Slight pressure this year; 40-50 bps expansion from last year when components fully deployed

“t here will be a margin expansion from last year's number by almost 40 bps, 50 bps”

→ narrowed FY27 revenue (ex-Vivo) target Q2 FY26 → Q4 FY26

~~INR 1 lakh crore in 3-4 years (FY29-30) at 4-4.5% margin~~ → INR 56,000 crores FY27 ex-Vivo at 15-17% growth corridor

“Next year, we are targeting almost INR56,000 crores without the Vivo numbers, and mobile volume being flat”

↑ raised Specialty/industrial EMS opportunity scale Q3 FY26 → Q4 FY26

~~Senior resource hired; opportunities being explored~~ → INR3,000-4,000 crores combined opportunity with significantly higher operating margins

“the combined opportunities which come in are going to be at least scalable to the size of INR3,000 crores to INR4,000 crores with a significantly higher operating margins”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.