Provides engineering, digital, and technology services to global customers, organised in four segments. Digital, Engineering & Technology (DET) is the largest, contributing 79.2% of segment revenue (₹5,818.9 crore) in FY26 with an 11.9% segment EBIT margin; Q1 FY27 DET revenue was $162.5M with EBIT margin of 13.2%, and the company is working toward a 15% DET EBIT exit margin, now deferred to H1 FY28. Design Led Manufacturing (DLM) accounted for 17.2% of segment revenue (₹1,261.5 crore) at an 8.5% EBIT margin, with a highest-ever order book and book-to-bill above 1.5x in Q1 FY27. The Semiconductors segment, 3.1% of segment revenue (₹228.3 crore), is in build-up mode with a negative EBIT margin of -47.2% in FY26; it closed a $30M fundraise at a $500M post-money valuation, consolidated Kinetic Technologies, and carries a custom ASIC pipeline exceeding $100M, with breakeven now expected in FY28. Employee costs dominate the cost structure at ₹4,034 crore or 55.5% of revenue in FY26, followed by other operating expenses at 21.2% and materials at 11.2%. Completed a ₹720 crore buyback at ₹1,125 per share in July 2026 and announced the TAO Digital Solutions acquisition, expected to add $40-50M of revenue upon closing in August 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Digital, Engineering & Technology (DET) (79%), Design Led Manufacturing (DLM) (17%), Semiconductors (3%), Others (1%). Asset-light engineering and digital services with a building semiconductor and design-led manufacturing base; employee-cost intensive.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4,534 | 6,016 | 7,147 | 7,360 | 7,268 |
| EBITDA (ex other income) | 818 | 956 | 1,235 | 1,143 | 818 |
| margin % | 18.0 | 15.9 | 17.3 | 15.5 | 11.2 |
| Owners' profit | 0 | 514 | 683 | 616 | 428 |
| EPS, as reported (₹) | 47.75 | 47.03 | 62.24 | 55.95 | 38.78 |
| ROE % · ROCE % | 16.8 · 20.9 | 14.9 · 17.3 | 15.4 · 19.4 | 11.3 · 15.4 | 7.5 · 10.6 |
| Debt / equity (x) | 0.10 | 0.35 | 0.10 | 0.04 | 0.03 |
| Cash from operations | 635 | 554 | 726 | 790 | 787 |
| Capex | (65) | (68) | (85) | (104) | (98) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,849 | 1,926 | 1,909 | 1,712 | 1,781 | 1,849 | 1,927 | 2,076 |
| Profit before tax | 254 | 174 | 257 | 216 | 201 | 142 | 97 | 172 |
| Net profit | 187 | 128 | 186 | 157 | 143 | 97 | 66 | 109 |
| EPS (₹) | 16.28 | 11.11 | 15.47 | 13.95 | 11.55 | 8.32 | 4.96 | 9.42 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Digital, Engineering & Technology (DET) | 5,819 | 79.2 |
| Design Led Manufacturing (DLM) | 1,262 | 17.2 |
| Semiconductors | 228 | 3.1 |
| Others | 34 | 0.5 |
| Total, before eliminations | 7,343 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 35,510 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Postal ballot notice published; e-voting until 10 October 2026 | compliance | minimal | — | — |
| 10 Sept 2026 · Postal ballot to appoint Mr. Murali Yadama as Independent Director | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Postal Ballot notice for appointment of Independent Director | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Bandhan MF crosses 5 percent in Cyient via open market buy | ownership changes | medium | — | — |
| 4 Sept 2026 · Cyient completes 100% acquisition of Tao Digital Solutions Inc USA | strategic transactions | high | — | — |
| 4 Sept 2026 · Cyient's UK step-down subsidiary Blom Aerofilms dissolved | strategic transactions | low | — | — |
| 28 Aug 2026 · Cyient shares Investor Day 2026 presentation recordings | investor communications | medium | — | — |
| 28 Aug 2026 · Nippon India MF raises stake in Cyient to 5.22% via open market buys | ownership changes | high | — | — |
| 26 Aug 2026 · Cyient gets CCI approval for Tao Digital Solutions acquisition | strategic transactions | high | — | — |
| 25 Aug 2026 · Cyient Investor Day 2026: Margin Path to 15%, $300M Pipeline, TAO Deal | investor communications | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| 26.9 |
| 5.47 |
| 16.3 |
| 19.7 |
| 21.1 |
| 15.1 |
| 19.6 |
| TATA TECHNOLOGIES LIMITED | 31,087 | 55.8 | 7.92 | 33.8 | 13.9 | 14.3 | — | 18.3 |
| INVENTURUS KNOWLEDGE SO L | 29,665 | 38.0 | 10.59 | 27.0 | 25.8 | 27.7 | — | 33.6 |
| NETWEB TECH INDIA LTD | 28,723 | 109.9 | 39.71 | — | 28.5 | 37.5 | — | 15.7 |
| AFFLE 3I LIMITED | 22,105 | 46.2 | 6.05 | 30.4 | 12.5 | 15.2 | 39.3 | 25.8 |
| SAGILITY LIMITED | 21,150 | 21.3 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| BLACK BOX LIMITED | 14,299 | 61.3 | 11.11 | 28.4 | 16.9 | 9.5 | 6.2 | 8.4 |
| E2E NETWORKS LIMITED | 12,632 | 287.1 | — | — | — | — | — | 82.5 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.1 | 18.9 | 54 of 78 | 31% |
| P/B | 1.9 | 2.2 | 34 of 70 | 52% |
| ROCE | 9.7 | 9.7 | 44 of 87 | 50% |
| ROE | 7.5 | 9.4 | 39 of 72 | 47% |
| Debt / Equity | 0.0 | 0.0 | 36 of 72 | 51% |
| EBITDA margin | 13.0 | 13.0 | 35 of 69 | 50% |
| Revenue growth | 21.3 | 20.8 | 33 of 67 | 52% |
| Profit growth | (30.9) | 14.6 | 52 of 64 | 19% |
| Market cap | 11843 | 309 | 10 of 87 | 90% |
| 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 |
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.
