Explained: Why UBS, Motilal, Nuvama see up to 45% upside on Dixon Tech

The mobile and other electronics manufacturing services (EMS) division remained the largest contributor, accounting for 92% of revenue against 90% a year ago. Revenue rose 50% YoY to ₹20,093 crore, while its profit before interest and tax (PBIT) margin declined to 2.5% from 3.5%.