NSE: CYIENTDLM · BSE: 543933
CYIENT DLM LIMITED
Operates as an integrated Electronics Manufacturing Services (EMS) provider focused on high-reliability, high-complexity assemblies for aerospace, defense, medical, industrial and automotive customers, with manufacturing at facilities including a Nadcap-certified cable harness line in Mysore. Aerospace anchors the revenue mix and grew 40% year-on-year in Q1 FY27, while industrial grew 90% year-on-year in the same quarter. Key aerospace customers include Honeywell, Thales and Safran, with Honeywell and Thales wins set to ramp over the next 18 months, and the business is using existing capabilities to expand into AI data centre and robotics adjacencies through a Build-to-Spec (B2S) platform expected to contribute revenue in 12-18 months. Materials are the largest cost at 62.2% of revenue and employees account for 18.0%, reflecting a labour- and parts-intensive assembly model. The international revenue mix is heavy, exposing results to currency moves, and working capital stood at 161 days in Q1 FY27. For FY26, revenue was ₹1,261.485 crore at a 12.93% EBITDA margin, with net profit of ₹73.282 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aerospace (42%), Industrial (32%), Defense, Medical, Automotive. High-reliability, order-book-driven EMS assembly business with high working capital and heavy international exposure
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,192 | 1,520 | 1,261 |
| EBITDA (ex other income) | 111 | 137 | 127 |
| margin % | 9.3 | 9.0 | 10.1 |
| Owners' profit | 0 | 0 | 0 |
| EPS, as reported (₹) | 7.75 | 8.58 | 9.23 |
| ROE % · ROCE % | 6.7 · 11.0 | 7.2 · 11.1 | 7.2 · 10.5 |
| Debt / equity (x) | 0.15 | 0.26 | 0.10 |
| Cash from operations | (71) | (62) | 54 |
| Capex | (34) | (50) | (45) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 389 | 444 | 428 | 278 | 311 | 303 | 369 | 374 |
| Profit before tax | 21 | 15 | 42 | 10 | 36 | 15 | 32 | 22 |
| Net profit | 15 | 11 | 31 | 7 | 32 | 11 | 22 | 16 |
| EPS (₹) | 1.95 | 1.39 | 3.91 | 0.94 | 4.05 | 1.42 | 2.83 | 2.05 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HINDUSTAN AERONAUTICS LTD | 3,24,693 | 34.8 | 7.91 | 23.8 | 22.2 | 13.7 | 7.8 | 44.0 |
| BHARAT ELECTRONICS LTD | 2,68,964 | 43.8 | 11.20 | 31.0 | 25.3 | 31.9 | 14.4 | 28.1 |
| BHARAT DYNAMICS LIMITED | 36,876 | 70.8 | 8.70 | — | 9.9 | 7.2 | — | 32.6 |
| DATA PATTERNS INDIA LTD | 23,139 | 86.3 | 13.33 | — | 15.6 | 20.3 | — | 33.3 |
| GARDEN REACH SHIP&ENG LTD | 21,994 | 27.5 | 8.38 | — | 28.5 | 36.2 | — | 13.7 |
| APOLLO MICRO SYSTEMS LTD | 15,810 | 123.0 | 12.08 | 72.4 | 8.2 | 10.4 | 34.8 | 22.3 |
| ASTRA MICROWAVE LTD | 14,906 | 78.8 | 11.34 | 42.6 | 14.7 | 17.2 | 12.7 | 20.1 |
| AEQUS LIMITED | 14,647 | — | 9.86 | 93.0 | (7.6) | (3.8) | — | 5.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 73.0 | 70.8 | 13 of 23 | 46% |
| P/B | 5.9 | 9.9 | 6 of 23 | 77% |
| ROCE | 8.1 | 13.6 | 20 of 26 | 24% |
| ROE | 7.2 | 10.9 | 18 of 23 | 23% |
| Debt / Equity | 0.1 | 0.0 | 14 of 23 | 41% |
| EBITDA margin | 10.6 | 22.3 | 19 of 23 | 18% |
| Revenue growth | 34.3 | 24.9 | 11 of 23 | 55% |
| Profit growth | 118.2 | 14.9 | 3 of 21 | 90% |
| Market cap | 5993 | 6484 | 15 of 26 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Cyient DLM to meet Avener Capital and Carnelian Capital on 27 Oct 2026 | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Record backlog and growth outlook offset by near-term margin pressure | investor communications | medium | — | — |
| 17 Oct 2026 · Newspaper Publication of Q2 FY27 Financial Results | compliance | minimal | — | — |
| 16 Oct 2026 · Cyient DLM grants 2.73 lakh stock options to associates | capital market events | low | — | — |
| 16 Oct 2026 · Earnings Call recap recording for Q2 FY27 now available | investor communications | low | — | — |
| 15 Oct 2026 · Cyient DLM Board reconstitutes CSR Committee | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Cyient DLM Q2 FY27: Revenue up 26.5% YoY, Order Book at all-time high | results | high | — | — |
| 15 Oct 2026 · Q2 FY27: Consolidated revenue rises 27% YoY, H1 PAT up 27% | results | high | — | — |
| 15 Oct 2026 · Cyient DLM Q2 FY27 Investor Presentation: Revenue up 26.5% YoY | investor communications | medium | — | — |
| 15 Oct 2026 · Cyient DLM Q2 PAT up 5.8% YoY, new CHRO appointed, 2.73L stock options granted | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.