Dixon’s Q3 revenue grew 117% YoY to Rs104.5bn (down 9% QoQ, on seasonality), with margin stable QoQ at 3.7%; growth continued to be led by the Mobile & EMS segment (84% of 9M sales), with segment margin up by ~20bps QoQ. Backed by its strong order book, Dixon expects near double smartphone volume at ~60mn units in FY27E vs ~30mn in FY25E which would thus address ~60-65% of the outsourced opportunity