Stock to BUY: This semi-conductor company share could rise 47%: Macquarie, Nomura, JP Morgan turn bullish

Dixon Technologies Share Price Target: The last few months have been uncertain for the investors of Dixon Technologies. The electronics manufacturing services space has been under pressure, and ongoing geopolitical tensions haven’t helped the Indian markets either.

Dixon’s stock felt the heat, dropping over 40 per cent in the past six months. But now, things are looking up—or at least, some brokers think so.

Brokers spot opportunity in the Dip

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Three major brokerage houses—Macquarie, Nomura, and JP Morgan—see the recent weakness as a chance to buy. Dixon is currently trading around Rs 10,191. Here’s what the experts are saying:

Macquarie has kept its “Outperform” rating and is aiming for Rs 15,000, which is nearly 47 per cent higher than the current price.

Nomura has given a “Buy” rating with a target of Rs 14,678.

JP Morgan remains bullish with a target of Rs 13,700.

Clearly, these brokerages see strong potential in Dixon despite the recent market downturn.

Why JP Morgan is bullish

JP Morgan recently addressed investor concerns around the Mobile PLI (Production Linked Incentive) scheme. When the 2026 budget didn’t mention an expansion, the market feared the scheme might be discontinued.

But JP Morgan believes that fear is already reflected in Dixon’s stock price. Basically, the worst-case scenario is priced in, reducing the risk of further losses.

The brokerage also highlighted that the new Mobile PLI 2.0 could focus more on local value addition, component manufacturing, and exports—boosting Dixon’s business if implemented.

Margins and EPS could see a lift

Even if the PLI expansion doesn’t happen, Dixon’s mobile business might only see a small dip of 50 basis points in margins starting FY27. On the flip side, if the scheme moves ahead, the company could maintain a 50 bps margin benefit.

This small change could translate into a 12–16 per cent increase in earnings per share (EPS) in FY27–28—a meaningful boost for investors looking at the long term.

What this means for investors

Yes, the recent months have been challenging, but the positive stance of top brokerages shows that Dixon Technologies’ fundamentals remain strong. The PLI plan and potential margin improvements could be a game-changer.

For investors who are looking for long term gains, the present situation could be the best opportunity to buy the dip before the market catches up with its underlying strength.

Strong Q3FY26 results support sentiment

Dixon Technologies announced its December quarter results on January 30, 2026. The company reported decent growth in revenue and profit. Total income rose to Rs 10,80,291 lakh, up from Rs 10,46,018 lakh in Q3 FY25. The net profit also jumped 48 per cent year-on-year to Rs 32,056 lakh. Earnings per share stood at Rs 53.06, up from Rs 36.12.

Growth was led by strong performance in mobile and EMS divisions, supported by expansions in IT devices and microelectronics. In strategic moves, Dixon transferred its lighting business to a joint venture, Lightanium Technologies Pvt. Ltd., acquired a 51 per cent stake in Kunshan Q Tech Microelectronics (India) Pvt. Ltd., and invested in Dixon IT Devices Pvt. Ltd. with Inventec Corporation.

The company is also navigating the impact of new labour codes, with initial estimates showing no material liability. Statutory auditors S N Dhawan & CO LLP issued an unmodified review opinion on the results.