Dixon Technologies Q2 FY27 consolidated: Revenue Rs 21,793.64 cr, PAT Rs 410.87 cr

What the numbers show

• Net margin was 1.89% of revenue, down 313 bps from 5.02%.
• Total expenses rose 47.9% while revenue rose 46.7%.
• Cost of materials took 94.9% of revenue, against 90.9% a year earlier.

• Basis: consolidated statement of financial results for the quarter ended 30-Sep-26, compared with quarter ended 30-Sep-25.

• Revenue from operations (Q2 FY27): Rs 21,793.64 cr
Revenue from operations (Q2 FY26): Rs 14,855.04 cr
(Statement of consolidated financial results, line 1)

• Other income (Q2 FY27): Rs 68.73 cr
Other income (Q2 FY26): Rs 495.74 cr
(Line 2)

• Total income (Q2 FY27): Rs 21,862.37 cr
Total income (Q2 FY26): Rs 15,350.78 cr
(Line 3)

• Cost of materials consumed (Q2 FY27): Rs 20,679.03 cr
Cost of materials consumed (Q2 FY26): Rs 13,504.06 cr
(Line 4(a))

• Changes in inventories of finished goods, work-in-progress and stock-in-trade (Q2 FY27): Rs 9.82 cr
Changes in inventories of finished goods, work-in-progress and stock-in-trade (Q2 FY26): Rs 297.29 cr
(Line 4(b))

• Employee benefits expense (Q2 FY27): Rs 215.72 cr
Employee benefits expense (Q2 FY26): Rs 196.91 cr
(Line 4(c))

• Finance costs (Q2 FY27): Rs 25.95 cr
Finance costs (Q2 FY26): Rs 38.35 cr
(Line 4(d))

• Depreciation and amortisation expense (Q2 FY27): Rs 110.06 cr
Depreciation and amortisation expense (Q2 FY26): Rs 96.28 cr
(Line 4(e))

• Other expenses (Q2 FY27): Rs 292.20 cr
Other expenses (Q2 FY26): Rs 295.45 cr
(Line 4(f))

• Total expenses (Q2 FY27): Rs 21,332.83 cr
Total expenses (Q2 FY26): Rs 14,428.34 cr
(Line 4 total)

• Profit before share of profit of Joint Ventures and tax (Q2 FY27): Rs 529.54 cr
Profit before share of profit of Joint Ventures and tax (Q2 FY26): Rs 922.44 cr
(Line 5)

• Share of profit of Joint Ventures (Q2 FY27): Rs 2.81 cr
Share of profit of Joint Ventures (Q2 FY26): Rs 1.15 cr
(Line 6)

• Profit before exceptional item and tax (Q2 FY27): Rs 532.35 cr
Profit before exceptional item and tax (Q2 FY26): Rs 923.59 cr
(Line 7)

• Profit before tax (Q2 FY27): Rs 532.35 cr
Profit before tax (Q2 FY26): Rs 923.59 cr
(Line 9)

• Total tax expenses (Q2 FY27): Rs 121.48 cr
Total tax expenses (Q2 FY26): Rs 177.89 cr
(Line 10 total)

• Net Profit for the period (Q2 FY27): Rs 410.87 cr
Net Profit for the period (Q2 FY26): Rs 745.70 cr
(Line 11)

• Profit for the period attributable to owners of the Company (Q2 FY27): Rs 343.66 cr
Profit for the period attributable to owners of the Company (Q2 FY26): Rs 670.00 cr
(Line 14(a))

• Profit for the period attributable to non-controlling interests (Q2 FY27): Rs 67.21 cr
Profit for the period attributable to non-controlling interests (Q2 FY26): Rs 75.70 cr
(Line 14(b))

• Basic EPS (Q2 FY27): Rs 67.44
Basic EPS (Q2 FY26): Rs 123.60
(Line 19(a))

• Diluted EPS (Q2 FY27): Rs 67.37
Diluted EPS (Q2 FY26): Rs 122.73
(Line 19(b))

In the consolidated statement of financial results, Dixon’s revenue from operations for the quarter ended 30-Sep-26 rose to Rs 21,793.64 cr from Rs 14,855.04 cr in the corresponding quarter of the previous year. Total income, including other income, increased to Rs 21,862.37 cr from Rs 15,350.78 cr.

Total expenses moved up to Rs 21,332.83 cr in Q2 FY27 from Rs 14,428.34 cr in Q2 FY26, driven mainly by higher cost of materials consumed, which increased to Rs 20,679.03 cr from Rs 13,504.06 cr. Employee benefits expense, depreciation and amortisation expense, and finance costs were all higher year-on-year, while other expenses were slightly lower than the year-ago quarter.

Profit before tax, after including the share of profit of Joint Ventures, declined to Rs 532.35 cr for the quarter ended 30-Sep-26 from Rs 923.59 cr a year earlier. After total tax expenses of Rs 121.48 cr versus Rs 177.89 cr in the prior-year quarter, net profit for the period stood at Rs 410.87 cr compared with Rs 745.70 cr. Profit attributable to owners of the Company was Rs 343.66 cr, down from Rs 670.00 cr, while profit attributable to non-controlling interests was Rs 67.21 cr versus Rs 75.70 cr. Basic earnings per share for the quarter were Rs 67.44, compared with Rs 123.60 in the corresponding quarter of the previous year.