Analysts/Institutional Investor Meet/Con. Call Updates

Dixon Technologies (India) Limited 5th August, 2026 To To Secretary Secretary Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Bandra Kurla Complex Phiroze Jeejeebhoy Towers, Mumbai – 400 051 Dalal Street, Mumbai – 400 001 Scrip Code – 540699 Scrip Code - DIXON ISIN: INE935N01020 ISIN: INE935N01020 Dear Sir/Madam, Sub: Transcript of the Q1 FY 27 Earnings Conference Call held on 31st July, 2026 Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Para A of Part A of Schedule III thereto, please find enclosed herewith the transcript of the Q1 FY 27 Earnings Conference Call of the Company held on Friday, 31st July, 2026. The said transcript has also been uploaded by the Company on its website and the same is available at https://dixoninfo.com/financial-performance under the head - Earnings Call Transcripts (2026-27- Quarter Q1). We request you to kindly take this on your record and oblige. Thanking You, For DIXON TECHNOLOGIES (INDIA) LIMITED Ashish Kumar President- Chief Legal Counsel & Group Company Secretary Encl: As above Regd. Office: B-14 & 15, Phase-II, Noida-201305, (U.P.) India, Ph.:0120-4737200 E-mail: info@dixoninfo.com • Website: https://dixoninfo.com/ • Fax: 0120-4737263 CIN: L32101UP1993PLC066581 “Dixon Technologies (India) Limited Q1 FY '27 Earnings Conference Call” July 31, 2026 MANAGEMENT: MR. ATUL LALL – MANAGING DIRECTOR AND VICE CHAIRMAN – DIXON TECHNOLOGIES (INDIA) LIMITED MR. SAURABH GUPTA – DIRECTOR AND GROUP CHIEF FINANCIAL OFFICER – DIXON TECHNOLOGIES (INDIA) LIMITED MODERATOR: MR. TANAY SHAH – DAM CAPITAL ADVISORS LIMITED Page 1 of 20 Dixon Technologies (India) Limited July 31, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Dixon Technologies Q1 FY '27 Earnings Conference Call hosted by DAM Capital Advisors Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Tanay Shah. Thank you, and over to you, sir. Tanay Shah: Yes. Thank you, Anushka. Good evening, everyone. Welcome to the Dixon Technologies Q1 FY '27 Earnings Call. Today, we have the management being represented by Mr. Atul Lall, Vice Chairman and Managing Director; and Mr. Saurabh Gupta, Director and Group CFO. At this point, I will hand over the floor to Mr. Lall for his initial remarks, post which we'll open up the floor for Q&A. Thank you, and over to you, sir. Atul Lall: Thank you, Tanay. Good evening, everyone. This is Atul Lall, and joining me today is our Director and Group CFO, Saurabh Gupta. Saurabh Gupta: Good evening, everybody. Atul Lall: I would like to warmly welcome all our stakeholders to discuss our Q1 performance for '26- '27. Key highlights for the quarter are as below. Revenues for the quarter ended June 30, 2026, was INR15,557 crores. EBITDA, excluding fair value gain on the stake held by Dixon Aditya Infotech Limited for the quarter was INR472 crores. PAT after minority interest and excluding fair value gain on the stake held by Dixon in Aditya Infotech for the quarter is INR218 crores. During the quarter 1 financial year '26-'27, the global and domestic electronics manufacturing landscape navigated a very complex macroeconomic environment, characterized by persistent inflationary pressure across commodities and supply chain. Sharp price spikes in core input components exerted temporary cost pressures across the broader hardware ecosystem. However, Dixon's agile cost-plus contract structures and pass-through mechanisms enabled us to deliver a strong revenue growth even amid temporary volume friction. Operating margin for the quarter reflected temporary compression on account of expiry of Mobile PLI 1 in March '26 and from increased selling prices driven by elevated input costs and broader supply chain inflationary factors. As increased input costs were passed through increase in selling prices, percentage margins look optically lower, mostly in mobile and IT hardware business. While the sunset of Mobile 1 incentives impacted short-term percentage profitability, Dixon's strategic pivot towards component backward integration, including display and camera modules, along with participation in mobile PLI 2 and ECMS positions the company to drive absolute profit growth and restore operating margins from the next fiscal of '27, '28. Washing machine and refrigerator business witnessed temporary margin pressures on account of volatility in polymer prices, other related input costs and adverse foreign exchange Page 2 of 20 Dixon Technologies (India) Limited July 31, 2026 movements. These impacts are expected to normalize with cost pass-through through measures and operational efficiencies taking effect. Operationally, our execution continues to be strong with the stable manufacturing efficiencies, disciplined cost management and sustained customer demand across key businesses. We remain focused on driving absolute value creation through scale, productivity improvements and deeper backward integration. As we continue to expand our capabilities and benefit from the new growth opportunities, including strategic partnerships and increasing localization, we remain confident to deliver sustainable long-term value for all stakeholders. Our strategic focus on balance sheet optimization and capital efficiencies continue to yield strong results, driven by operational leverage, high asset turns and potential capital allocation with return on capital employed and return on equity at 34.1% and 23.4%, respectively. Enhanced working capital discipline resulted in an optimal working capital cycle of negative five days. We remain firmly committed to drive value-accretive expansion across all verticals while maintaining strict capital management discipline and preserving superior return metrics for our shareholders. The timing of the announcement of the mobile phone manufacturing scheme is well aligned with the objective of the ECMS policy. While ECMS is focused on building a robust domestic component ecosystem, the mobile phone manufacturing scheme is expected to create sustained demand for critical components by driving higher mobile production and greater value addition. We expect the contours of the scheme to be announced in a couple of weeks and remain excited about the opportunities in mobile and IT hardware business. Now I'll share with you the business performance insights in each of the segments. Mobile and other EMS business. Revenue for the quarter for mobile and other EMS business was INR14,179 crores with operating profit of INR373 crores. During the quarter, mobile industry experienced a structured evolution from volume-led expansion to value-driven growth. While total shipment volumes saw a modest decline amid elevated global memory and component prices, the total industry market value expanded securely into the positive territory. Mobile volume performance was aligned with temporary demand contraction seen across the broader smartphone market by 10% to 12%, while our top line witnessed a strong revenue growth due to higher input cost realization. Our market position, customer engagement and manufacturing capabilities remain intact, and we expect 20% to 25% volume growth quarter- on-quarter growth as consumer demand strengthens and we have a strong order book. We received the PN3 approval for our JV with Vivo in July '26, and we are now working towards the consummation of the transaction. We expect the JV to commence operations and start reflecting in our revenues from Q3 of the current fiscal. Construction of our 1 mi [Showing first 8,000 characters — download PDF for full document]