Cyient DLM Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹311Cr
- −20.1% YoY
- Net profit
- ₹32Cr
- +113.3% YoY
- Margin
- 10%
- +2 pp YoY
Guidance rank: #7 of 21 in Aerospace & Defense
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The short version
Q4 FY26 expected to see year-on-year growth, driven more by Industrial side than Defence. Confidence in maintaining and growing double-digit EBITDA margins in the foreseeable future, with current margins just above 10%.
From Cyient DLM Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Q4 FY26 expected to see year-on-year growth, driven more by Industrial side than Defence.
- Build to Spec (B2S) business is a key focus area with healthy growth and sales pipeline; though mass production primarily starts FY28 onwards, some small orders already in production.
- Order book refreshed with better margin revenue, supporting confidence in maintaining and growing double-digit EBITDA margins.
- Long-term B2S contracts (some up to 20 years) provide business stability and growth visibility.
- Q1 and Q2 have shown good growth momentum expected to accelerate in the rest of FY26 and into FY27.
- Diversification efforts targeted at non-A&D sectors including industrial, automotive (especially EV infrastructure), and medical, aiming to broaden customer base.
2 more points from Cyient DLM Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Cyient DLM has nearly exhausted IPO funds raised three years ago, with about 93% utilized so far.
- The remaining capital expenditure related to the land acquisition in Mysore for building their own factory is still to be spent.
- The company is well-positioned with healthy cash reserves to fund future growth opportunities.
- Ongoing investments continue in the Build-to-Spec (B2S) business and product-led IP development.
2 more points from Cyient DLM Ltd's call on capex
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Top-ranked in Aerospace & Defense
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Current order book stands at approximately INR 2,300 crores.
- The order book has shown continuous growth for the third consecutive quarter.
- Order intake in H1 FY26 crossed INR 1,000 crores, reflecting 130% YoY growth.
- Book-to-bill ratio for the quarter was 1.6; expected to sustain around 1.4 to 1.5 for the full year.
- Over 10% of the current order book is from build-to-spec (B2S) projects, which are long-term and design-led.
- Most orders have a duration of 18 to 24 months; B2S orders have a longer gestation but extend up to 9-20 years in some cases.
- Approximately 50% of Q1 order intake is expected to be executable in H2 FY26.
2 more points from Cyient DLM Ltd's call on order book
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Cyient DLM Ltd — Quarterly revenue & net profit
Cyient DLM Ltd Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 311 | 389 | -20.1% | 278 | +11.9% |
| Operating profit (EBITDA) | 31 | 32 | -3.1% | 25 | +24% |
| Operating margin | 10% | 8% | +2 pp | 9% | +1 pp |
| Profit before tax | 36 | 21 | +71.4% | 10 | +260% |
| Net profit (PAT) | 32 | 15 | +113.3% | 7 | +357.1% |
| EPS (₹) | 4.05 | 1.95 | +107.7% | 0.94 | +330.9% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹393 Cr, net profit ₹34 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Cyient DLM's management said in earlier quarters
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Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Cyient DLM Ltd Q2 FY26 results?
Q4 FY26 expected to see year-on-year growth, driven more by Industrial side than Defence. Confidence in maintaining and growing double-digit EBITDA margins in the foreseeable future, with current margins just above 10%.
What is Cyient DLM Ltd share price analysis?
Cyient DLM Ltd currently shows a neutral. The stock trades at a P/E of 64.3 with a market cap of ₹5,278 Cr. Investors should review the full earnings analysis for detailed insights.
Is Cyient DLM Ltd planning capital expenditure?
Cyient DLM has nearly exhausted IPO funds raised three years ago, with about 93% utilized so far.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.