Want to see IN:CYIENTDLM full AI Analyst Report?
Top Page
Cyient DLM Limited
(CYIENTDLM)
Select Model
Select Model
Rating:53Neutral
Price Target:
₹759.00
▼(-6.32% Downside)
Action:Reiterated
Date:10/20/26
The score is held back primarily by weak cash-flow conversion/volatility and a near-term revenue/margin reset, alongside bearish technical positioning (below key moving averages). These are partially offset by a healthier balance sheet and a constructive earnings-call outlook (record backlog and upbeat growth/margin guidance), but the high P/E limits valuation support.
Positive Factors
Backlog Visibility
The record backlog and book-to-bill above 1.6x provide meaningful forward revenue visibility for a design-led EMS business. With typical order conversion over 18–24 months, sustained backlog momentum can support production growth and customer retention across coming quarters.
Negative Factors
Weak Cash Conversion
Thin and volatile free-cash-flow conversion means reported profits are not consistently translating into internally generated cash. This can constrain funding for expansion, increase reliance on working-capital facilities, and make financial performance more sensitive to execution timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Visibility
The record backlog and book-to-bill above 1.6x provide meaningful forward revenue visibility for a design-led EMS business. With typical order conversion over 18–24 months, sustained backlog momentum can support production growth and customer retention across coming quarters.
Read all positive factors
Cyient DLM Limited (CYIENTDLM) vs. iShares MSCI India ETF (INDA)
Market Cap
₹60.28B
Dividend YieldN/A
Average Volume (3M)58.97K
Price to Earnings (P/E)71.7
Beta (1Y)1.03
Revenue Growth-1.51%
EPS Growth2.80%
CountryIN
Employees913
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)10.58
Shares Outstanding79,383,370
10 Day Avg. Volume99,924
30 Day Avg. Volume58,973
Financial Highlights & Ratios
PEG Ratio3.89
Price to Book (P/B)2.14
Price to Sales (P/S)1.71
P/FCF Ratio222.37
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)11.19
Revenue Forecast (FY)₹16.65B
Cyient DLM Limited Business Overview & Revenue Model
Company Description
Operating both within India and across global markets, Cyient DLM Limited specializes in delivering comprehensive electronic manufacturing solutions. Its extensive service portfolio encompasses integrated, electronic, mechanical, and additive manu...
How the Company Makes Money
Cyient DLM makes money primarily by delivering design-led electronics manufacturing services to enterprise and OEM customers. Its core revenue stream is the sale of manufacturing and related services for electronic products and subsystems, which c...
Cyient DLM Limited Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q2-2027)
| % Change Since: |
Next Earnings Date:Jan 19, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. The company reported record order backlog, a book-to-bill ratio above 1.6x, 26.5% Q2 revenue growth, 30.2% H1 revenue growth, significant normalized PAT growth, improving working capital, new customer wins, and a substantial long-term electronic-products pipeline. The main challenges were near-term EBITDA margin pressure from explicitly stated sales, marketing, and product-development investments, material-availability delays, quarterly revenue variability, and the early stage of AI data-center and robotics initiatives.Positive Updates
Record Order Book and Strong Pipeline
Order backlog reached an all-time high of INR 2,813 crore (INR 28.1 billion), increasing by approximately INR 2.1 billion sequentially and INR 5.2 billion year-on-year. The book-to-bill ratio remained above 1.6x, with a sales pipeline in excess of $1 billion. Order-book momentum has been positive for six consecutive quarters.
Negative Updates
Q2 EBITDA Margin Decline
Q2 EBITDA was INR 342 million, up 9.5% year-on-year, but EBITDA margin declined to 8.7% from 10% in the same quarter last year, a 135-basis-point year-on-year reduction.
Read all updates
Q2-2027 Updates
Positive
Negative
Record Order Book and Strong Pipeline
Order backlog reached an all-time high of INR 2,813 crore (INR 28.1 billion), increasing by approximately INR 2.1 billion sequentially and INR 5.2 billion year-on-year. The book-to-bill ratio remained above 1.6x, with a sales pipeline in excess of $1 billion. Order-book momentum has been positive for six consecutive quarters.
Read all positive updates
Company Guidance
Management guided to FY 2027 EBITDA margins at the higher end of the single-digit range, “maybe close to around 9% EBITDA margin” and in the “9%-10% range,” with double-digit EBITDA margins for FY 2028 onwards; FY 2028 revenue growth was expected to continue at the same growth rate, while H2 FY 2027 was expected to deliver “30%-35% growth” and “definitely above 30% growth.” The order book typically converts over “18-24 months,” the pipeline win ratio was expected to be “close to around 40%,” and “$400 million-$500 million” of order intake was expected from the existing pipeline going forward. Strategic margin frameworks were approximately 9%-11% for the strengthen phase, approximately 11%-13% for FY 2027 through FY 2029, and approximately from 13%-18% from FY 2030 onward; four electronic product programs of “close to $1 billion” were expected to begin production in FY 2029, with full production and ramp-up from FY 2030 onwards, over “seven to nine years.”Cyient DLM Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.39B | 12.61B | 15.20B | 11.92B | 8.32B | 7.21B |
| Gross Profit | 2.66B | 2.40B | 1.71B | 2.66B | 1.87B | 965.58M |
| EBITDA | 1.48B | 1.27B | 1.63B | 1.39B | 922.34M | 919.91M |
| Net Income | 839.73M | 732.82M | 680.76M | 611.96M | 317.27M | 397.95M |
Balance Sheet | ||||||
| Total Assets | 17.48B | 16.42B | 16.94B | 16.03B | 11.05B | 7.77B |
| Cash, Cash Equivalents and Short-Term Investments | 1.55B | 1.46B | 2.82B | 4.58B | 773.41M | 768.59M |
| Total Debt | 2.04B | 1.72B | 3.01B | 1.92B | 3.56B | 3.37B |
| Total Liabilities | 6.80B | 6.30B | 7.44B | 6.94B | 9.07B | 7.00B |
| Stockholders Equity | 10.68B | 10.12B | 9.49B | 9.09B | 1.98B | 771.12M |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 97.22M | -2.28B | -1.04B | 445.03M | 401.23M |
| Operating Cash Flow | 0.00 | 543.85M | -623.94M | -705.41M | 521.05M | 485.37M |
| Investing Cash Flow | 0.00 | 1.40B | 1.27B | -4.28B | -1.42B | -324.14M |
| Financing Cash Flow | 0.00 | -1.64B | -587.28M | 4.79B | 721.78M | 460.67M |
Cyient DLM Limited Technical Analysis
Neutral
810.20
Price Trends
866.17
Negative
712.26
Positive
536.67
Positive
Market Momentum
-32.90
Positive
37.00
Neutral
16.02
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CYIENTDLM, the sentiment is Neutral. The current price of 810.2 is below the 20-day moving average (MA) of 897.87, below the 50-day MA of 866.17, and above the 200-day MA of 536.67, indicating a neutral trend. The MACD of -32.90 indicates Positive momentum. The RSI at 37.00 is Neutral, neither overbought nor oversold. The STOCH value of 16.02 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:CYIENTDLM.
Cyient DLM Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹292.88B | 78.90 | ― | 0.10% | 53.03% | 70.86% | |
63 Neutral | ₹145.13B | 108.33 | ― | ― | 44.38% | 65.57% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹224.46B | 65.34 | ― | ― | 34.85% | 4.08% | |
53 Neutral | ₹60.28B | 71.70 | ― | ― | -1.51% | 2.80% | |
49 Neutral | ₹60.33B | 113.73 | ― | 0.12% | -1.41% | 605.33% | |
47 Neutral | ₹11.10B | -74.58 | ― | 0.93% | 132.73% | -227.63% |
* General Sector Average
IN:CYIENTDLM
Cyient DLM Limited
763.90
308.15
67.61%
IN:AVALON
Avalon Technologies Limited
2,051.15
842.65
69.73%
IN:CENTUM
Centum Electronics Limited
3,995.85
1,452.55
57.11%
IN:KAYNES
Kaynes Technology India Ltd.
3,144.00
-3,788.65
-54.65%
IN:MICEL
MIC Electronics Limited
37.52
-17.44
-31.73%
IN:SYRMA
Syrma SGS Technology Limited
1,565.80
749.74
91.87%
Cyient DLM Limited Corporate Events
Cyient DLM Grants RSUs and Stock Options to Associates Under 2023 Plans
Oct 16, 2026
Cyient DLM Limited has granted 10,000 restricted stock units under its RSU 2023 scheme and 263,400 options under the Associate Stock Option Plan 2023 to company associates. The awards, disclosed under Indian listing regulations, underscore the fir...
Cyient DLM Revamps CSR Committee to Bolster Governance Oversight
Oct 15, 2026
Cyient DLM Limited has reconstituted its Corporate Social Responsibility Committee following a board meeting held on 15 October 2026, appointing independent director Jehangir Ardeshir as chair, alongside non-executive director B.V.R. Mohan Reddy a...
Cyient DLM Closes Trading Window Ahead of Q2 FY27 Results
Sep 29, 2026
Cyient DLM Limited has announced the closure of its trading window for company securities starting 1 October 2026, in line with SEBI’s Prohibition of Insider Trading Regulations and its own internal code of conduct. The restriction will rema...
Cyient DLM Plans Virtual Investor Meet With Citi on 15 September
Sep 3, 2026
Cyient DLM Limited has informed the stock exchanges that it will participate in an investor and analyst meeting scheduled for 15 September 2026, to be held virtually with Citi between 11:00 a.m. and 12:00 p.m., represented by Chief Financial Offic...
Cyient DLM Plans Analyst Meet With Aditya Birla on September 3
Aug 19, 2026
Cyient DLM Limited has notified the stock exchanges that it will participate in an investor and analyst meeting on September 3, 2026, with Aditya Birla, represented by AVP Suresh Narayan in an in-person and plant visit format. The company emphasiz...
Cyient DLM Plans In-Person Plant Visits for Key Mutual Funds in August 2026
Aug 12, 2026
Cyient DLM Limited will host a series of investor and analyst meetings at its Mysore plant in late August 2026, engaging major domestic mutual funds and institutional investors through in-person sessions and facility visits. The meetings, schedule...
Cyient DLM Posts Q1 FY27 Results, Strengthens Subsidiary Governance
Jul 21, 2026
Cyient DLM Limited’s board has approved the unaudited consolidated and standalone financial results for the quarter ended June 30, 2026, reporting consolidated revenue from operations of ₹3,738 million and net profit of ₹162.85 m...
Cyient DLM Publishes Q1 FY27 Investor Presentation
Jul 21, 2026
Cyient DLM Limited, an electronics manufacturing and engineering solutions provider with a focus on industrial and aerospace segments, maintains a broad operational footprint in India through facilities in Mysore and Hyderabad. The company is acti...
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.