NSE: CYIENT · BSE: 532175
CYIENT LIMITED
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
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 | 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 43,370 | 32.9 | 6.68 | 20.0 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 28,839 | 37.0 | 10.30 | 26.2 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,430 | 47.4 | 6.74 | 28.7 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 25,071 | 95.9 | 34.66 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,192 | 21.4 | 2.19 | 12.0 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,968 | 41.7 | 5.47 | 27.3 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,418 | 61.8 | 11.20 | 28.7 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED ◆ | 12,888 | 33.8 | 2.09 | 11.7 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.8 | 17.9 | 56 of 76 | 27% |
| P/B | 2.1 | 2.2 | 34 of 70 | 52% |
| ROCE | 9.7 | 9.6 | 43 of 86 | 51% |
| ROE | 7.5 | 9.2 | 37 of 70 | 48% |
| Debt / Equity | 0.0 | 0.0 | 34 of 70 | 52% |
| 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 | 12888 | 325 | 8 of 87 | 92% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Cyient Q2 FY27: record orders, higher margin and Rs 12 dividend | investor communications | medium | — | — |
| 28 Oct 2026 · Cyient Semiconductors to showcase AI power and custom chip solutions | investor communications | low | — | — |
| 26 Oct 2026 · Cyient Q2 FY27 revenue rises 25 percent; quarterly profit dips | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 earnings call recording now available | investor communications | low | — | — |
| 22 Oct 2026 · Cyient to acquire remaining 49% in CSSPL and make it wholly owned | strategic transactions | medium | — | — |
| 22 Oct 2026 · Cyient Q2 FY27: revenue and profit rise, dividend declared | compliance | low | — | — |
| 22 Oct 2026 · Cyient reconstitutes four board committees | management changes | medium | — | — |
| 22 Oct 2026 · Cyient grants 49,400 stock options and RSUs to associates | capital market events | low | — | — |
| 22 Oct 2026 · Cyient declares Rs 12 per share interim dividend, record date 28 Oct 2026 | corporate actions | high | — | — |
| 22 Oct 2026 · Cyient declares Rs 12 interim dividend, record date Oct 28 | corporate actions | high | — | — |
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.