Motilal Oswal Recommends 'BUY' on Dixon Technologies, Sets Target at INR 16700

• Motilal Oswal maintains a 'BUY' rating for Dixon Technologies despite a 46% stock price correction from its peak.
• Dixon's Q3FY26 revenue and EBITDA met expectations, but smartphone demand was weak due to high memory prices and channel inventory.
• High memory prices are expected to continue impacting mobile volumes for several quarters.
• The company's backward integration efforts are on track, and it received ECMS approval for camera modules and electro transceivers.
• Approval for the Vivo JV is delayed but expected this quarter; Motilal Oswal revised its price target to INR 16,700.

Why It Matters: Motilal Oswal recommends 'BUY' on Dixon Technologies with a revised target of INR 16,700 despite short-term challenges.