• Margin trajectory: EBITDA margins dipped to 3% in Q1 due to the Mobile PLI 1 expiration and commodity cost inflation, and are expected to remain around 3.0%–3.1% over the next 2–3 quarters. Margins are projected to expand next year driven by backward integration in components, targeting beyond 3.8% by FY28–FY29.
• Vivo JV impact: The joint venture with Vivo is expected to conclude within two months and add an annualized revenue of ₹35,000–₹40,000 crore next year, with about 40% of that annualized target flowing into H2 of this fiscal year.
• IT hardware expansion: The segment is projected to deliver nearly 300% revenue growth this year, supported by a 50:50 joint venture with Taiwan's Inventec that will operationalize within six months to enter server manufacturing and scale laptop production.
• Home appliances expansion: Refrigerator manufacturing capacity at Noida is expanding from 1.5 million to 3.2 million units, while new offerings such as front-loading washing machines, dishwashers, and microwave ovens will roll out across Q3 and Q4.
• Mobile volume guidance: High memory costs driven by global AI demand are elevating smartphone prices by 30%–40% and contracting overall market demand by 10%–15%, though Dixon expects to maintain its baseline volume of 32–33 million units excluding Vivo.