• Growth guidance: Dixon expects 15% to 17% revenue growth excluding Vivo, driven by mobiles, telecom, and IT hardware; if the Vivo joint venture receives government approval, growth could accelerate to 45% to 50% with an additional 12 to 14 million units this fiscal year.
• Backward integration: The QTech camera module expansion is expected to deliver optimal margins starting in Q3, while commercial display production with HKC is slated for Q4, targeting double-digit teen margins across mobiles, IT hardware, and automotive by FY28.
• Mobile segment outlook: Smartphone volumes are projected to remain flat at around 33 million units with a potential 3 to 5 million upside from exports, while high memory prices are expected to drive 12% to 15% value-led growth.
• PLI transition impact: A temporary 3- to 4-month gap before the rollout of the new mobile PLI scheme could impact mobile margins by 30 to 40 basis points, which management expects to offset through operational efficiencies and component localization.