Dixon Technologies shares slipped 2.1% to ₹13,070 on Tuesday as Nuvama trimmed the FY27 EPS forecast by 7% and raised FY28 by 9%, keeping a hold rating and a ₹14,800 target price.
The downgrade stems from a projected delay in the Dixon‑Vivo joint venture commercialization, now expected in Q3 FY27 instead of Oct 2026, which weakens the second half and pushes up costs.
Management reiterated a FY27 unit target of 33 million, noting export revenue pressure, while projecting telecom revenue of ₹6.5–7.0 trn (up 40%) and IT‑hardware revenue of ₹6 trn (up 275%) YoY.
Sector peers Kaynes Tech and PG Electroplast also traded down 3–4%, reflecting broader EMS market softness, while 33 analysts on Dixon keep a mix of 24 buy, 4 hold, 5 sell ratings.
With a 10.9% upside from the closing price, analysts expect the stock to benefit from the telecom and IT hardware upside, though the delayed Vivo JV and export headwinds add caution ahead of the next earnings release.