Dixon has ₹1,110-crore PLI incentive pending; chairman’s son named executive director

Dixon Technologies has an outstanding receivable of ₹1,110.06 crore under the government’s production-linked incentive (PLI) scheme, with formal determination and disbursement of the amount by the Project Management Agency still pending as of September 30, 2026. Separately, the company’s board has appointed Prithvi Vachani, son of executive chairman Sunil Vachani, as an executive director for five years, subject to shareholders’ approval.

The PLI incentive income was recognised by one of Dixon’s subsidiaries during the financial year ended March 31, 2026. According to the company’s filing, the subsidiary recognised the income for eligible revenues exceeding its prescribed annual ceiling, on the basis that other eligible applicants in the same target segment had not fully utilised their respective incentive entitlements.

The ₹1,110.06 crore receivable relates to such overperformance across different performance years and remains outstanding pending formal determination and disbursement by the Project Management Agency.


The subsidiary has also recognised a liability of ₹576.95 crore payable to its customer in connection with the same incentive, as per its arrangement with the customer.

Dixon said the subsidiary has made representations asserting its eligibility and entitlement and continues to engage with the Project Management Agency and other authorities. The management’s assessment of the recognition and recoverability of the receivable is supported by independent legal advice, which confirms the subsidiary’s eligibility upon meeting the scheme’s prescribed conditions.

The statutory auditor has drawn attention to the matter in its review report, noting that formal determination and disbursement remain pending. It also noted that the subsidiary’s recoverability assessment is based, among other things, on an independent legal opinion. The auditor’s review conclusion on the financial results was not modified in respect of this matter.

Management change

Separately, Dixon’s board has appointed Prithvi Vachani as an additional director in the capacity of executive director for five consecutive years with effect from October 30, 2026. The appointment and remuneration are subject to shareholder approval.

Vachani is the son of executive chairman Sunil Vachani and is currently a vice president at Dixon. According to the company’s regulatory filing, he has worked across its mobile and IT hardware businesses, managing key accounts such as Jio and Xiaomi and partnerships with Asus and HP. He has also been involved in Dixon’s collaboration with audio products company boAt and the establishment of its Chennai facility.

Quarterly performance

Dixon reported consolidated revenue from operations, including other income, of ₹21,863 crore in the September quarter, up 42% year-on-year. EBITDA fell 37% to ₹666 crore, while profit after tax declined 45% to ₹411 crore.

For the first half of FY27, revenue from operations rose 35% to ₹37,938 crore. EBITDA increased 8% to ₹1,657 crore and profit after tax grew 10% to ₹1,129 crore.