Dixon Tech Faces Worst Year Since 2018; CLSA Warns of FY26 Guidance Cut

• Dixon Technologies shares are down 34% YTD in 2025, marking their worst calendar year performance since 2018.
• The stock has seen its first-ever five consecutive months of negative returns, with a 19% drop in December alone.
• CLSA cut Dixon's price target to ₹15,800, citing a cloudy near-term outlook due to tapering smartphone sales and customer market share loss.
• CLSA expects flat Q3 revenue and a potential FY26 guidance cut, though it maintains an "outperform" rating for the medium term.
• Despite challenges and low price targets from some firms, 27 out of 35 analysts still recommend "buy" for Dixon, projecting a 51% upside.

Why It Matters: Dixon Tech faces significant stock decline and guidance cut warnings, yet most analysts remain bullish.