Mumbai, June 25 -- The brokerage said it no longer expects to cut its earnings estimates for Dixon, as the company's joint venture with Vivo is nearing regulatory approvals and is expected to start contributing to earnings in the coming quarters of FY27.

According to the brokerage, Vivo sells around 35-37 million smartphones annually in India. It expects nearly two-thirds of these phones to be manufactured through the Dixon-Vivo joint venture, creating a significant growth opportunity for the company.

During the company's Q4 earnings call, managing director and CEO Atul Lall said Dixon was "deeply engaged with the government" and remained "very, very close" to securing approvals for the proposed Vivo joint venture. He added that Vivo so...