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Cyient Limited
(CYIENT)
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Rating:71Outperform
Price Target:
₹1,358.00
▲(29.03% Upside)
Action:Reiterated
Date:10/24/26
The score is led by steady financial quality (low leverage and solid free cash flow) and supportive technical momentum (price above key moving averages with positive MACD). Offsetting factors are the recent profitability compression and growth slowdown flagged in FY2026 results, plus a relatively expensive valuation (P/E ~36). Earnings-call commentary is supportive on order intake and H2 outlook but includes identifiable near-term margin and demand risks.
Positive Factors
Conservative balance sheet
Low leverage reduces financial risk and preserves flexibility to fund strategic investments, acquisitions, and shareholder returns. The improvement versus FY2023 also provides a stronger base for navigating demand volatility while maintaining capacity to pursue longer-term growth opportunities.
Negative Factors
FY2026 growth and margin slowdown
The simultaneous revenue slowdown and broad margin compression indicate weaker operating leverage and cost pressure rather than an isolated earnings fluctuation. If this trajectory persists, it could constrain reinvestment, reduce earnings growth, and make management's margin-expansion roadmap harder to deliver.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage reduces financial risk and preserves flexibility to fund strategic investments, acquisitions, and shareholder returns. The improvement versus FY2023 also provides a stronger base for navigating demand volatility while maintaining capacity to pursue longer-term growth opportunities.
Read all positive factors
Cyient Limited (CYIENT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹123.85B
Dividend Yield1.01%
Average Volume (3M)110.59K
Price to Earnings (P/E)36.4
Beta (1Y)1.49
Revenue Growth10.34%
EPS Growth-34.28%
CountryIN
Employees12,151
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)34.27
Shares Outstanding104,759,150
10 Day Avg. Volume246,437
30 Day Avg. Volume110,590
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)1.46
Price to Sales (P/S)1.14
P/FCF Ratio11.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,085.00Price Target Upside3.09% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)55.37
Revenue Forecast (FY)₹90.78B
Cyient Limited Business Overview & Revenue Model
Company Description
Established in 1991 and headquartered in Hyderabad, India, Cyient Limited (formerly Infotech Enterprises Limited until May 2014) is a global technology and engineering services company. It delivers a wide array of solutions, including geospatial, ...
How the Company Makes Money
Cyient makes money primarily by delivering engineering and technology services to enterprise customers under contracted commercial arrangements. Key revenue streams include: (1) Engineering and R&D services: fees earned for engineering design, dev...
Cyient Limited Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by strong DET growth, record order intake, higher margins, robust cash flow, a record DLM order book, continued semiconductor demand, and early contribution from TAO Digital. Management also expressed confidence in second-half growth and long-term opportunities in defense, semiconductors, AI, lifecycle engineering, and recurring revenue. The main challenges were semiconductor supply constraints and related margin pressure, planned wage increases, weakness in networks and strategic markets, commercial aviation risks, and the gradual ramp-up required for the large framework agreement.Positive Updates
Strong DET Quarterly Performance
DET revenue was $174.2 million, up 7.5% quarter-over-quarter and 6.3% year-over-year in constant currency. Revenue in rupee terms was INR 1,664 crores, up 8.1% quarter-over-quarter and 15.7% year-over-year.
Negative Updates
Semiconductor Supply Constraints and Near-Term Margin Pressure
Foundries are operating at full utilization, capacity is constrained across the ecosystem, wafer prices are higher, and planning cycles are longer. Management expects these conditions to continue weighing on semiconductor margins in the immediate term.
Read all updates
Q2-2027 Updates
Positive
Negative
Strong DET Quarterly Performance
DET revenue was $174.2 million, up 7.5% quarter-over-quarter and 6.3% year-over-year in constant currency. Revenue in rupee terms was INR 1,664 crores, up 8.1% quarter-over-quarter and 15.7% year-over-year.
Read all positive updates
Company Guidance
Management said DET has a goal to reach about 70/30 mix, with 70 being more sticky, long-term annuity revenue versus project-based or short-term revenues, and estimated it is probably about 200-300 basis points away from that, or rather 20-30 percentage points away from that; it expects to retain margins at the current levels and as it grows through the year despite wage hikes over Q3 and Q4 with roughly an equal impact, expects the ETR to be around 28% for the rest of the year, and remains committed to the margin expansion roadmap provided there are no major surprises on the exchange rates. TAO Digital could be closer to $100 million-$110 million for the next 12 months, described as a very rough order of magnitude estimate, while the EUR 50 million framework agreement is expected to take one or two years to ramp up to full expectation. Semiconductor break-even remains in FY 2028, though it might be deferred a quarter or two, with substantial revenue from the high voltage chip during the course of FY 2028; the company expects some softening in the pace of growth in the coming quarters, while the demand remains strong. The company remains confident about growth in H2, expects mid-30s% net new order intake as a percentage, and said transportation and mobility momentum could continue for the next couple of quarters.Cyient Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 76.32B | 72.68B | 73.60B | 71.47B | 60.16B | 45.34B |
| Gross Profit | 23.81B | 21.70B | 29.04B | 29.82B | 25.46B | 18.66B |
| EBITDA | 9.60B | 9.84B | 12.35B | 13.01B | 10.38B | 9.30B |
| Net Income | 3.78B | 4.28B | 6.16B | 6.83B | 5.14B | 5.22B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 83.24B | 76.95B | 69.88B | 65.37B | 47.87B |
| Cash, Cash Equivalents and Short-Term Investments | 16.68B | 17.16B | 14.68B | 10.59B | 8.91B | 13.00B |
| Total Debt | 0.00 | 4.31B | 5.13B | 7.88B | 12.18B | 5.73B |
| Total Liabilities | -61.63B | 21.61B | 19.34B | 24.47B | 30.83B | 16.74B |
| Stockholders Equity | 61.63B | 56.82B | 53.09B | 42.58B | 34.67B | 31.17B |
Cash Flow | ||||||
| Free Cash Flow | 3.73B | 7.30B | 6.86B | 6.41B | 4.86B | 5.70B |
| Operating Cash Flow | 4.37B | 8.28B | 7.90B | 7.26B | 5.54B | 6.34B |
| Investing Cash Flow | -416.00M | 258.00M | -1.45B | -5.33B | -10.33B | -3.82B |
| Financing Cash Flow | -2.97B | -5.24B | -582.00M | -2.66B | -1.09B | -5.45B |
Cyient Limited Technical Analysis
Positive
1052.45
Price Trends
1082.16
Positive
971.73
Positive
966.58
Positive
Market Momentum
37.35
Negative
56.49
Neutral
64.28
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CYIENT, the sentiment is Positive. The current price of 1052.45 is below the 20-day moving average (MA) of 1150.92, below the 50-day MA of 1082.16, and above the 200-day MA of 966.58, indicating a bullish trend. The MACD of 37.35 indicates Negative momentum. The RSI at 56.49 is Neutral, neither overbought nor oversold. The STOCH value of 64.28 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:CYIENT.
Cyient Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹442.59B | 28.75 | ― | 1.44% | 2.45% | 20.32% | |
71 Outperform | ₹123.85B | 36.41 | ― | 1.04% | 10.34% | -34.28% | |
70 Outperform | ₹9.03B | 18.92 | ― | 1.97% | 13.11% | 18.12% | |
69 Neutral | ₹267.06B | 47.42 | ― | 1.24% | 21.87% | -18.85% | |
64 Neutral | ₹145.57B | 24.84 | ― | 1.42% | 9.55% | -27.98% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹28.90B | 41.73 | ― | 1.32% | 68.15% | 66.19% |
* General Sector Average
IN:CYIENT
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Cyient Limited Corporate Events
Cyient Publishes Q2 FY27 Earnings Call Recording for Investors
Oct 23, 2026
Cyient Limited has announced that the recording of its earnings conference call discussing Q2 FY27 financial results, held on 22 October 2026, is now available on the company’s website. The notification has been formally submitted to both BS...
Cyient Independent Director Vikas Sehgal Steps Down After Completing Tenure
Oct 18, 2026
Cyient Limited has announced that non-executive independent director Vikas Sehgal has completed his second consecutive five-year term on the board, and accordingly ceased to serve as an independent director as of 16 October 2026. As a result, he h...
Cyient shareholders overwhelmingly back appointment of independent director via postal ballot
Oct 10, 2026
Cyient Limited has announced that its shareholders have approved the appointment of Mr. Murali Yadama as a Non-Executive Independent Director through a special resolution conducted via postal ballot and remote e-voting. The approval follows the co...
Cyient Publishes Postal Ballot Notice in Leading Dailies to Meet SEBI Disclosure Norms
Sep 11, 2026
Cyient Limited has notified stock exchanges that it has published a postal ballot notice in leading English and Telugu newspapers in compliance with Regulation 47 of SEBI’s Listing Obligations and Disclosure Requirements. The notice, carried...
Cyient Completes Full Acquisition of U.S.-Based Tao Digital Solutions
Sep 4, 2026
Cyient Limited has completed the acquisition of 100 percent of Tao Digital Solutions Inc., a U.S.-incorporated company, marking a further step in its international expansion. The deal follows an earlier announcement in May 2026 and reinforces Cyie...
Cyient Shares Strategic Insights at Investor Day
Aug 25, 2026
Cyient Limited has updated investors following its scheduled Investor Day, where senior management shared insights on the company’s business and related matters, underscoring its strategic focus and growth ambitions.The company indicated tha...
Cyient publishes Q1 FY27 results notice in newspapers, reinforces disclosure compliance
Jul 26, 2026
Cyient Limited has published newspaper advertisements in the Business Standard (all English editions) and Mana Telangana (Telugu) for its financial results for the quarter ended June 30, 2026. The results, approved by the board on July 23, 2026, w...
Cyient names Andrew Smith as new Chief Operating Officer
Jul 24, 2026
Cyient Limited has appointed Andrew Smith as its new Chief Operating Officer, effective 24 July 2026, following the decision of current COO Prabhakar Atla to step down for personal reasons. Smith, who has spent nine years at Cyient in senior roles...
Cyient posts Q1 FY27 earnings call recording for investors
Jul 24, 2026
Cyient Limited has notified stock exchanges that the audio recording of its earnings conference call for the first quarter of fiscal year 2027, held on 23 July 2026, has been made available on the company’s website. The disclosure underscore...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.