Motilal Oswal Lifts Dixon Target to INR16,100 After 51:49 Vivo JV Approval

1 articles · Updated · Moneycontrol · Jul 10

INR16,100 is Motilal Oswal’s revised target for Dixon Technologies, with the brokerage retaining a Buy call after PN3 approval cleared the company’s 51:49 joint venture with Vivo.
PN3 approval removes a long-pending overhang on the stock and is expected to start adding incremental volumes from 3QFY27 through the Vivo partnership.
Vivo holds about 23% of India’s smartphone market, and Dixon expects nearly 67% of Vivo’s volumes to flow to the JV, boosting its Android manufacturing scale and market position.
Motilal Oswal said the next catalysts are demand revival, deeper backward integration and any fresh announcements tied to PLI 2.0, while noting it had already built JV volumes into its estimates.