New Delhi, May 13 -- Dixon Technologies' consolidated revenues increased by just 2% year-on-year in the March quarter (Q4FY26) to Rs.10,511 crore, the same as Q3's growth rate. This contrasts with Dixon's earlier massive growth run. In fact, revenue growth for the full year stands at 26% to Rs.48,873 crore, primarily led by 95% growth in Q1, which slowed to 29% in Q2.

True, the base is higher now. Plus, the company is seeing weaker consumer demand and rising input costs. Q4FY26 Ebitda margin slipped to 3.9% from 4.3% in Q4FY25. Rising memory chip prices made smartphones pricier, thus hurting demand. Dixon's Q4FY26 smartphone volumes of around 5.6 million units were far below earlier expectations of 7 million units. So, Dixon's mobile and...