Emkay initiated coverage on Dixon Tech last week with a “buy” rating and a price target of ₹20,000.

It said that there are further legs to the growth story.

Emkay is building in a 20% / 40% sales and EPS CAGR over financial year 2025 – 2035 with sustained high RoCE and cash flow.

Its FY27 EPS estimates are 17% above consensus amid accelerated share gains in smartphones and backward integration benefits.