Dixon Q2 FY27: Record revenue, thinner margins, and a pivot to components

Dixon Technologies posted record revenue of ₹21,794 cr in Q2 FY27, up 47%, while profit attributable to owners fell 49% to ₹344 cr. The profit fall is mostly an accounting comparison, not a weaker business. The real issue is margin: operating EBITDA margin fell to about 2.7% from 3.8%. Figure 1: Dixon Technologies Q2 FY27 headline metrics. Figure 2: Five-quarter revenue and operating EBITDA margin. Why profit fell The year-ago quarter carried a large one-off gain. Q2 FY26 other income was ₹496 cr, almost all of it non-operating, including a fair-value gain…