Google Pixel-maker Dixon to double revenue

Dixon Technologies India, which assembles Google’s Pixel smartphones, is set to more than double its revenue this fiscal year, driven by rapid growth in local electronics manufacturing, a top executive told Reuters.

Electronics manufacturing has gained momentum in India as global giants, including Alphabet’s Google and Apple, expand their supply chain away from China.

“(For) the sector and Dixon, the growth path is going to be extremely aggressive in the coming future,” Managing Director Atul Lall said on Wednesday.

The contract manufacturer reported a revenue of 177.13 billion rupees ($2.04 billion) for the 2024 financial year that ended in March, up 45% from a year earlier. Its revenue stood at 285.77 billion rupees for the nine months ended December 31.

Noida-based Dixon, which also assembles smartphones for firms such as China’s Xiaomi and Oppo, has branched out into component manufacturing as India plans to offer billions of dollars in incentives to make parts for mobiles and laptops.

India’s electronics manufacturing sector is set to grow to 6 trillion rupees in fiscal year 2027, from 1.46 trillion rupees in 2022, brokerage Motilal Oswal said in a note in December.

However, US President Donald Trump’s threat to impose reciprocal tariffs from early April could pose a risk, with analysts estimating potential losses at about $7 billion a year for India’s export sectors.

Lall said Dixon, which has invested heavily to cater to rising export demand for electronics, is awaiting more details on the issue as the U.S. has made only broader statements so far.

($1 = 86.8580 Indian rupees)