Cyient DLM Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹5,955 Cr
- P/E
- 70.92
- ROE
- 7.49%
- PEG
- 2.22
- Price to sales
- 4.14
- Debt to equity
- 0.19
- 52W high / low
- ₹1,039 / ₹272
- EBITDA margin
- 10.00%
- Net profit margin
- 5.82%
- Promoter holding
- 52.11%
- Sales (last year)
- ₹1,439 Cr
Cyient DLM is a leading electronics system design and manufacturing player, which provides system design, integration, testing, and manufacturing of electronic components and subsystems for original equipment manufacturers (OEMs) in the aerospace and defense sectors and other high-tech engineering segments. It has customers in India, Europe, North America, China and Japan.[1]
Guidance scorecard · Q2 FY27 call
What Cyient DLM's management guided
and where it ranks in Aerospace & Defense
RevenueQ1 FY27 call
20–40%- Cyient DLM aims for healthy revenue growth of 20%-30% in the near term (FY27).
- Order book to revenue ratio is maintained at around 1.5x, providing strong demand visibility.
- Growth is driven by both existing customers deepening engagements and new logos added in recent years.
- Expansion phase (FY27-FY29) targets growth by extending into two new sectors: robotics and AI data centres.
- Aerospace segment continues strong growth with expected ramp-up in orders from major customers like Honeywell over next 18 months.
- Semiconductor capital equipment segment is also expected to contribute to growth within 6-12 months.
2 more points from Cyient DLM's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
Up 2%+See what Cyient DLM said on margins — free account, 30 seconds.
CapexQ1 FY27 call
None planned- No major additional capex is planned beyond regular annual capex required to run the business.
- Current capex stands at about 1.75x to 2x of revenue, which is considered sufficient for existing and expansion needs.
- Expansion phase (FY27 to FY29) into AI data centres, robotics, and semiconductor capital equipment will leverage existing capabilities and infrastructure without requiring significant new capital investment.
2 more points from Cyient DLM's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
None plannedSee what Cyient DLM said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at approximately INR 2,600 crores (INR 25,989 million as per Q1 FY27).
- This reflects a healthy book-to-bill ratio of about 1.5x, maintained consistently throughout the year.
- The company reported the highest-ever order book level, providing strong revenue visibility.
2 more points from Cyient DLM's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Aerospace & Defense
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Aerospace & Defense companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹5,744 Cr | 216.9 | |
| 2 | 40%+ | Up 0–2% | ₹1,197 Cr | 55.6 | |
| 3 | 40%+ | Flat | ₹17,585 Cr | — | |
| 4 | 40%+ | Flat | ₹15,942 Cr | 131.4 | |
| 5 | 40%+ | Flat | ₹9,001 Cr | 274.4 | |
| 6 | 40%+ | Flat | ₹8,041 Cr | 111.6 |
Sign up free to see every company in the sector ranking and track Cyient DLM.
Pro shows every company guiding 40%+ revenue growth →Full Aerospace & Defense rankingFinancials of Cyient DLM
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Cyient DLM
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 66.66% | 66.66% | 66.66% | 52.16% | 52.16% | 52.16% | 52.12% | 52.12% | 52.12% | 52.12% | 52.11% | 52.11% |
| FIIs + | 6.32% | 7.04% | 5.14% | 7.76% | 3.64% | 2.38% | 2.48% | 2.19% | 0.47% | 0.79% | 0.24% | 2.43% |
| DIIs + | 11.22% | 12.56% | 17.44% | 27.77% | 29.41% | 28.64% | 28.16% | 28.74% | 28.81% | 26.67% | 29.19% | 27.12% |
| Government + | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.02% |
| Public + | 15.80% | 13.73% | 10.75% | 12.31% | 14.78% | 16.81% | 17.23% | 16.94% | 18.59% | 20.40% | 18.45% | 18.33% |
| No. of Shareholders | 59,711 | 57,978 | 77,906 | 93,934 | 1,05,489 | 1,08,911 | 1,10,618 | 1,06,970 | 1,03,765 | 1,04,644 | 98,926 | 1,06,855 |
Financials of Cyient DLM
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 292 | 321 | 362 | 258 | 389 | 444 | 428 | 278 | 311 | 303 | 369 | 374 | 393 |
| Expenses + | 268 | 292 | 324 | 238 | 358 | 416 | 371 | 253 | 279 | 276 | 326 | 335 | 359 |
| Operating Profit | 24 | 29 | 38 | 20 | 32 | 28 | 57 | 25 | 31 | 28 | 43 | 39 | 34 |
| OPM % | 8% | 9% | 11% | 8% | 8% | 6% | 13% | 9% | 10% | 9% | 12% | 10% | 9% |
| Other Income + | 9 | 9 | 8 | 9 | 7 | 7 | 3 | 4 | 23 | 4 | 5 | 0 | 23 |
| Interest | 8 | 8 | 9 | 8 | 11 | 10 | 9 | 9 | 7 | 6 | 6 | 6 | 6 |
| Depreciation | 5 | 6 | 6 | 7 | 7 | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 11 |
| Profit before tax | 20 | 25 | 31 | 14 | 21 | 15 | 42 | 10 | 36 | 15 | 32 | 22 | 39 |
| Tax % | 26% | 25% | 26% | 25% | 26% | 27% | 26% | 26% | 12% | 25% | 29% | 27% | 13% |
| Net Profit + | 15 | 18 | 23 | 11 | 15 | 11 | 31 | 7 | 32 | 11 | 22 | 16 | 34 |
| EPS in Rs | 1.85 | 2.33 | 2.87 | 1.34 | 1.95 | 1.39 | 3.91 | 0.94 | 4.05 | 1.41 | 2.83 | 2.05 | 4.28 |
Financials of Cyient DLM
Profit & Loss
Annual income statement trend
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| Sales + | 832 | 1,192 | 1,520 | 1,261 | 1,439 |
| Expenses + | 744 | 1,081 | 1,382 | 1,135 | 1,295 |
| Operating Profit | 88 | 111 | 137 | 127 | 144 |
| OPM % | 11% | 9% | 9% | 10% | 10% |
| Other Income + | 6 | 28 | 26 | 36 | 32 |
| Interest | 32 | 34 | 38 | 27 | 24 |
| Depreciation | 19 | 22 | 34 | 43 | 44 |
| Profit before tax | 43 | 82 | 92 | 93 | 108 |
| Tax % | 26% | 25% | 26% | 21% | |
| Net Profit + | 32 | 61 | 68 | 73 | 84 |
| EPS in Rs | 6.00 | 7.72 | 8.58 | 9.23 | 10.57 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
Financials of Cyient DLM
Balance Sheet
Capital structure and asset base
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 53 | 79 | 79 | 79 | 79 |
| Reserves | 145 | 830 | 870 | 933 | 989 |
| Borrowings + | 356 | 192 | 301 | 172 | 204 |
| Other Liabilities + | 551 | 502 | 443 | 458 | 477 |
| Total Liabilities | 1,105 | 1,603 | 1,694 | 1,642 | 1,748 |
| Fixed Assets + | 161 | 192 | 346 | 355 | 358 |
| CWIP | 1 | 1 | 6 | 2 | 4 |
| Investments | 90 | 66 | 31 | 30 | 10 |
| Other Assets + | 853 | 1,344 | 1,311 | 1,255 | 1,376 |
| Total Assets | 1,105 | 1,603 | 1,694 | 1,642 | 1,748 |
Financials of Cyient DLM
Cash Flows
Operating, investing and financing cash movement
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Cash from Operating Activity + | 54 | -71 | -62 | 54 |
| Cash from Investing Activity + | -142 | -428 | 127 | 167 |
| Cash from Financing Activity + | 72 | 479 | -59 | -188 |
| Net Cash Flow | -16 | -19 | 5 | 33 |
| Free Cash Flow | 46 | -104 | -112 | 9 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 81% | -46% | -27% | 60% |
Financials of Cyient DLM
Ratios
Working capital efficiency and return ratios
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Debtor Days | 71 | 69 | 83 | 89 |
| Inventory Days | 240 | 184 | 188 | 314 |
| Days Payable | 161 | 123 | 82 | 133 |
| Cash Conversion Cycle | 150 | 131 | 189 | 270 |
| Working Capital Days | -32 | 76 | 111 | 169 |
| ROCE % | 14% | 11% | 10% |
Guidance history
How Cyient DLM's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Up 2%+ | None planned | None planned | Rising |
| Q4 FY26 call → | 20–40% | Flat | — | — | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
45 out of 100 — Steady
Over the past year its share price has moved roughly in the middle of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +62.7% | 89% |
| Last 6 months | +90.8% | 96% |
| Last 3 months | +12.0% | 83% |
The price is 27.8% below its all-time high of ₹1,038.55 (14 Oct 2026). Stocks more than 20% below their peak have their score halved, so 91 became 45.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Cyient DLM: 0.4 × 89 + 0.4 × 96 + 0.2 × 83 = 91, halved to 45 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Cyient DLM's management said in earlier quarters
Others in Aerospace & Defense this season
- Zen Technologies (Q2 FY27)
For the quarter ended 30 September 2026, the consolidated revenue from operations was ₹34,513.26 lakhs, up from ₹17,357.31 lakhs in the same quarter of the…
- Bharat Electronics Ltd (Q2 FY27)
Revenue from operations (consolidated) for the quarter ended 30 September 2026: ₹7,32,772 lakhs. Key results statement takeaways from Bharat Electronics Ltd's Q
- Krishna Defence & Allied Industries Ltd (Q2 FY27)
Year-on-year (YoY) growth: 55.7% (Q2 FY27 vs Q2 FY26) . Key investor presentation takeaways from Krishna Defence & Allied Industries Ltd's Q2 FY27 investor pres
- Paras Defence and Space Technologies Ltd (Q2 FY27)
Implied YoY increase significant (~65-70%, based on segment and other expenses data) . Key results statement takeaways from Paras Defence and Space Technologies