Global brokerage firm Goldman Sachs has a ‘Sell’ recommendation on Dixon Technologies, with a price target of ₹10,500 per share.
Goldman Sachs’ price target implies a potential downside of 20% from current levels.
The brokerage in its note wrote that Dixon Technologies will increase value addition in the Mobile and Electronic Manufacturing Services (EMS) segments starting next year by setting up capacities for display modules, camera modules, and precision components over FY26-28E.
Goldman Sachs has incorporated these factors into its estimates, raising estimates slightly.
However, the brokerage mentioned that the margin benefits from increased value addition are offset by the loss of PLI benefits for the mobile phone segment, which will end in FY26.
Goldman Sachs sees limited potential for the company to outperform already optimistic estimates.
2024 has been a stellar year for Dixon Technologies, with the stock having gained 180%. That was the second-best calendar year return that the stock has had since it was listed in 2017.
| Calendar Year | Dixon Tech Share Returns |
| 2018 | -51% |
| 2019 | 84% |
| 2020 | 254% |
| 2021 | 105% |
| 2022 | -29% |
| 2023 | 68% |
| 2024 | 180% |
| 2025 (YTD) | -27% |
Dixon Technologies shares had earlier touched levels of ₹20,000 in 2021 before the company carried out a stock split, where it divided one share of ₹10 into five shares of ₹2 each.
Shares of Dixon Technologies are currently trading 1.06% lower on Monday, off the highs of the day, at ₹13,182.90.
