Many of the companies dominating India’s stock exchanges today began as modest enterprises, far smaller than their current market capitalisations. For a business to rise from small-cap to the large cap and midcap league — which is home to the companies listed from 1-250 on the bourses — it must deliver growth that consistently outpaces the broader market, since the benchmarks themselves keep moving higher as the market expands.
This week, we look at the story of Dixon Technologies: an Electronic Manufacturing Services (EMS) company with operations in a range of product verticals, from consumer electronics, lighting, and home appliances, to closed-circuit television cameras (CCTVs) and mobile phones.
How it started
What started as a small company in Noida on the outskirts of Delhi, has become India’s leading EMS and ODM (original design manufacturing) companies. Up until 2015, the company was involved mostly in manufacturing TVs, washing machines, and lighting, and handling repairs and refurbishment (reverse logistics). But after listing in 2017, Dixon caught the wave of the government’s PLI schemes and Make In India movement, expanding rapidly.
Key growth drivers and success factors
Dixon grew its business by expanding its offerings and moving into business verticals with stronger margins, along with capitalising on the government’s PLI schemes.
- Category expansion: Dixon has broadened its product mix significantly, moving beyond LED TVs into mobile phones, lighting, home appliances, telecom/ networking products, IT hardware, and more. This wide portfolio helps smooth cycles: when demand for one category (say, consumer electronics) weakens, others (like mobile phones or appliances) pick up. Also, expanding into higher-growth/ newer categories (IT hardware, display modules, camera/fingerprint modules) gives more upside. A wide portfolio smooths cycles and maximises utilisation.
- Shift to ODM and components: Dixon has been increasing the share of its ODM (Original Design Manufacturing) business, designing and manufacturing products for other brands. In other words, Dixon creates the blueprint, builds the product, and allows brands to market it under their own name. ODM allows the company to capture more margin versus just doing OEM/assembly. Also, the company is investing heavily in component manufacturing (display modules, camera/fingerprint modules, mechanical enclosures etc.), localising parts that were earlier imported. These moves improve both margin and supply-chain resilience, since a higher value-add for customers translates into stronger margins for the company.
- Reverse logistics and customer stickiness: Dixon’s investment in reverse‐logistics — repairing, refurbishing, and recovering components for products such as LED TVs, set-top boxes, mobile phones, modems, and computer peripherals — has become a strong differentiator that adds value in multiple ways. By establishing repair/rework and refurbishment facilities across India, the company not only lowers costs (by recovering usable components or re-selling refurbished units) but also ensures faster turnaround times and better after-sales support for its brand clients.
- Government support and PLI: The Production-Linked Incentive (PLI) scheme has enabled Indian manufacturers to become more competitive against Chinese counterparts. As global supply chains diversify away from China, Dixon Technologies — a leader in India’s electronics manufacturing services (EMS) sector — has capitalised on this shift by highlighting the capabilities of domestic production and reinforcing its leadership position.
- Collaboration and integration: Dixon’s growth has been driven by collaboration and strategic expansion. The acquisition of a majority stake in Ismartu India (the Indian arm of Chinese mobile phone manufacturer Ismartu) in 2024, along with partnerships with global players such as HKC, Nokia, Longcheer, and Compal, has broadened its technological and manufacturing capabilities. The company also boasts a strong order pipeline from brands including Tecno, Infinix, Intel, and Nothing, and Motorola. Rising export demand from North America and increasing volumes from Xiaomi and Oppo further underscore its market position.
Dixon Technologies today – and beyond
Dixon built its business by working behind the scenes as an OEM producing devices for well-known brands while those companies focused on design and sales. Over time, it expanded into the role of an ODM where it not only manufactured but also designed complete product lines. This evolution has made Dixon a central force in India’s rapidly expanding electronics sector.
From its modest beginnings assembling televisions in 1993, Dixon has steadily climbed the value chain to become one of India’s largest OEMs and ODMs. As India pushes for self-reliance in electronics manufacturing through initiatives like “Make in India” and the Production-Linked Incentive (PLI) schemes, Dixon may be well-positioned to capture new opportunities in smartphones, wearables, and emerging categories such as electric vehicle components. For Dixon, the next phase will likely be about scaling up further, deepening its technological capabilities, and solidifying its role as a partner of choice for global brands looking to manufacture in India.
Sources
Dixon Technologies (India) Limited – CORPORATE PRESENTATION
DIXON Q4-2025 Earnings Call – Alpha Spread
From ₹10,000 to ₹17,530 in six months: Know the key factors behind Dixon Technologies stellar rally
How Dixon Technologies Became India’s Electronics Powerhouse | Kotak Securities