Dixon Tech, IEX: Analysts see up to 43% upside in these beaten-down stocks

Analysts at JM Financial have maintained 'ADD' rating on Dixon Technologies and Indian Energy Exchange; while Nomura retained 'BUY' on Dixon. Here's how these 2 beaten-down stocks are placed on charts

Dixon Technologies and Indian Energy Exchange (IEX) have tumbled up to 46 per cent in the last 4 - 17 month period owing to persistent selling pressure at these 2 counters.  Dixon Technologies stock has shed 38 per cent from a high of ₹18,471 hit in September 2025 to a low of ₹11,480 hit today. This is the lowest point for the stock in the last 17 months, shows historical data.  Meanwhile, IEX shares have dropped up to 46 per cent from a high of ₹243.45 in September 2024 to a low of ₹131.27 in December 2025. This month the stock hit a low of ₹132.84, and has since bounced back to the present levels.  At 9:45 AM on Wednesday, Dixon Technologies traded with a loss of 0.8 per cent at ₹11,636, while IEX was up 1.5 per cent at ₹151.  READ LATEST STOCK MARKET UPDATES TODAY LIVE 

Brokerages view on Dixon, IEX

  Dixon Technologies stock has been under pressure on fears of weak Q3 earnings amid risk to volume and margin growth owing to lack of requisite government approvals and the company losing market share in smartphones market.  Analysts at JM Financial Institutional Securities believe that Dixon has a strategy in place to mitigate risk to margin and volumes, even as execution has been delayed. Following the sharp fall in Dixon share price, the brokerage firm has maintained 'ADD' rating on the stock, with a revised target price of ₹13,800. This translates into an upside potential of 18.6 per cent from current levels.  Meanwhile, analysts at Nomura have also retained 'BUY' rating on Dixon stock given strong medium-term growth drivers. The Japan-based brokerage firm expects a target price of ₹16,598 - this implies a potential upside of up to 42.7 per cent.  ALSO READ | Dixon, Kaynes crack up to 8% in 2 days, hit 52-week lows; here's why  In case of IEX, JM Financial has maintained 'ADD' rating with a target price of ₹160 - projecting 6 per cent upside from here.  Analysts believe that the matter of CERC's suo moto instructions to implement market coupling beginning Jan'26 remains sub judice. They reckon coupling is not likely before Dec'27 in light of the challenges to its implementation.  Further, given IEX's technological prowess and organisational capabilities, JM Financial estimates its market share may taper from 75 per cent in FY28E to 60 per cent in FY30E. New initiatives can increase the share of short-term power from 7 per cent+ presently to 10 per cent+ by FY30E; hence maintain 'ADD' rating. 

Dixon Technologies, IEX on technical charts

Dixon Technologies stock chart

 

 

  Dixon Technologies daily chart shows that the stock has witnessed a sustained fall post the breakdown below the 20-day moving average (20-DMA) in September 2025.  The above chart shows that the 20-DMA now stands at ₹12,600 levels, above which exists the supertrend line indicator at ₹12,977. In general, both these indicators - the 20-DMA and the supertrend line help in determining the near-term trend of the stock.  Dixon's monthly chart shows that the supertrend line indicator stands at ₹10,485. The stock has been holding above this indicator since August 2023. 

Indian Energy Exchange (IEX) stock chart

 

 

  IEX stock has been hovering around its 20-DMA post the sharp breakdown in July 2025. In the last two trading sessions, the stock has not only bounced back strongly above the 20-DMA, but also above the supertrend line indicator and the 100-DMA.  The above IEX chart shows that the 100-DMA and the 20-DMA now stand at ₹141.36 and ₹139.58, respectively. The green line above is the 200-DMA, which stands at ₹162.59.  Disclaimer: The views expressed by the brokerage/ analyst in this article are their own and not those of the website or its management. Business Standard advises users to check with certified experts before taking any investment decisions.