• Vivo JV outlook: Regulatory approval is expected soon for the 51:49 joint venture, which is projected to contribute 20–22 million units annualized at 20–30% higher realizations than the current portfolio. Overall mobile volumes are guided flat at around 33 million units, with an additional 4–5 million export upside expected once PLI 2.0 is announced.
• Specialty EMS expansion: Dixon is evaluating M&A opportunities in aerospace, defense, medical, and industrial EMS, representing a potential ₹3,000–4,000 crore revenue opportunity with 20%-plus margins. The acquisition is intended to be funded primarily through internal accruals, backed by a negative net debt position of approximately ₹700 crore.
• Telecom and lighting: Telecom revenue is targeted at ₹7,500–8,000 crore this year, driven by CPE products and new US export orders for microwave radios. Lighting revenue is projected to reach ₹2,500–3,000 crore over time, supported by product premiumization and export orders from US and European retail chains.
• QTech and ISmartU: QTech is targeted to grow to ₹2,500 crore in revenue this year and reach ₹6,000–7,000 crore over the next few years to support captive camera module demand. ISmartU is projected to generate ₹10,000–11,000 crore in revenue this year, supported by expanding export volumes into African markets.