CYIENT
Cyient share price & financials
- Price
- ₹859.05
- Market cap
- ₹9.4k Cr
- Sector
- Information Technology
- Calls analysed
- 8
Cyient Limited Q1 FY27
What went well
- Group revenue at $219 million, up 4.5% sequentially and 9.1% year-on-year in constant currency.
- DET EBIT margin at 13.2%, up 79 bps sequentially and 114 bps year-on-year, normalized for M&A expenses.
- Cyient DLM achieved its highest ever order book with a strong order inflow and a book-to-bill ratio of in excess of 1.5.
What to watch
- Overall constant currency degrowth of -0.5% QoQ and -0.9% YoY, impacted by a sharp reversal in one market and slowness in discretionary projects.
- The target of 15% EBIT for FY27 may take longer than originally aimed for due to slower revenue ramp-up.
What Cyient Limited does
Cyient is a global lifecycle engineering company, founded in 1991, that designs, builds and modernizes products, plants and networks for customers across aerospace, rail, automotive, telecom/utilities, mining, energy and healthcare. It earns revenue mainly from long-term engineering-services and manufacturing contracts with global OEMs and enterprises, delivered through three business lines: Cyient DET (digital engineering and technology services), Cyient DLM (engineering-led electronics manufacturing), and Cyient Semiconductors (custom chip/ASIC design and IP, including power semiconductor products following its Kinetic Technologies investment). Within DET, work is organized into Transportation & Mobility (aerospace, rail, automotive), Networks & Infrastructure (connectivity, utilities) and Strategic Units (mining & minerals, energy, healthcare & life sciences). The company layers AI and its proprietary Engineering Intelligence Platform on top of decades of domain expertise to deliver engineering across the full product/plant/network lifecycle, from design through aftermarket support.
Segments
- Cyient DET (Digital Engineering and Technology)
- Cyient DLM
- Cyient Semiconductors
- Cyient Others
- Global delivery centres
- 26 centres (India 8, Europe 9, North America 6, APAC 3)
- Countries of operation
- 30+
- Global customers
- 300+
- Employees (Associates), group-wide
- 15,000+
- Industry ranking
- Top 10 pure-play global engineering services provider (per company disclosure)
- Share of customers among top global innovators
- 30% of the top 100 global innovators are customers
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 3 delivered 5 missed 10 open- CEO Transition Plan delivered said Q3 FY25 Promised: A clear plan for a new CEO by end of Q4 FY25 Q1 FY27: Verdict final from Q2 FY26. Target was met.
- FY25 DET Revenue Growth went quiet said Q3 FY25 Promised: -2.5% to -2.7% degrowth for FY25 Q1 FY27: The final FY25 performance remains unaddressed.
- Semiconductor EBIT Breakeven delayed said Q2 FY26 Promised: EBIT-neutral sometime in FY27 Q1 FY27: Management explicitly pushed the breakeven timeline to FY28, a further delay from the previous revision. Quote: 'it looks like breakeven will happen only in FY28'.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 21.3%, net profit down 30.6% against the same quarter last year.
| Line item | 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 −4% | 1,848 −4% | 1,927 +1% | 2,076 +21% |
| EBITDA | 297 | 278 | 298 | 228 | 214 −28% | 235 −15% | 222 −26% | 263 +15% |
| Net profit | 187 | 128 | 186 | 157 | 143 −24% | 97 −24% | 66 −65% | 109 −31% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −13.8% 1Y
1Y: ₹1,228.9 on 10 Sept 2025 → ₹1,059.4. High ₹1,272.2 (16 Sept 2025), low ₹752.85 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.5%
- 23 Jul
- Q4 FY26
- −2.7%
- 23 Apr
- Q3 FY26
- +1.0%
- 22 Jan
- Q2 FY26
- −3.6%
- 16 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 12.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹6.0k Cr | ₹7.1k Cr | ₹7.4k Cr | ₹7.3k Cr |
| Operating profit | ₹1.0k Cr | ₹1.3k Cr | ₹1.1k Cr | ₹899 Cr |
| Operating margin | 16.7% | 18.2% | 15.5% | 12.4% |
| Interest | ₹99 Cr | ₹116 Cr | ₹93 Cr | ₹60 Cr |
| Depreciation | ₹257 Cr | ₹267 Cr | ₹268 Cr | ₹278 Cr |
| Net profit | ₹514 Cr | ₹703 Cr | ₹649 Cr | ₹463 Cr |
| Net margin | 8.5% | 9.8% | 8.8% | 6.4% |
| ROCE | 20.0% | 22.0% | 17.0% | 12.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹55 Cr | ₹55 Cr | ₹55 Cr | ₹56 Cr | ₹56 Cr | ₹56 Cr |
| Reserves | ₹2.9k Cr | ₹3.1k Cr | ₹3.4k Cr | ₹4.2k Cr | ₹5.5k Cr | ₹5.6k Cr |
| Borrowings | ₹577 Cr | ₹573 Cr | ₹1.2k Cr | ₹788 Cr | ₹436 Cr | ₹431 Cr |
| Other liabilities | ₹940 Cr | ₹1.1k Cr | ₹1.8k Cr | ₹1.9k Cr | ₹1.9k Cr | ₹2.1k Cr |
| Total liabilities | ₹4.5k Cr | ₹4.8k Cr | ₹6.5k Cr | ₹6.9k Cr | ₹7.9k Cr | ₹8.3k Cr |
| Fixed assets | ₹1.4k Cr | ₹1.3k Cr | ₹2.8k Cr | ₹2.8k Cr | ₹3.1k Cr | ₹3.1k Cr |
| Capital work in progress | ₹88 Cr | ₹13 Cr | ₹44 Cr | ₹57 Cr | ₹8 Cr | ₹5 Cr |
| Investments | ₹34 Cr | ₹445 Cr | ₹518 Cr | ₹436 Cr | ₹508 Cr | ₹457 Cr |
| Other assets | ₹3.0k Cr | ₹3.0k Cr | ₹3.1k Cr | ₹3.6k Cr | ₹4.3k Cr | ₹4.7k Cr |
| Total assets | ₹4.5k Cr | ₹4.8k Cr | ₹6.5k Cr | ₹6.9k Cr | ₹7.9k Cr | ₹8.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jul 2026
Since Jun 2025, FIIs trimmed −6.84 pp while the public added +3.71 pp. The shareholder count grew 8% to 2,26,950.
- Promoters
- 24.7%
- FIIs
- 14.5%
- DIIs
- 37.5%
- Government
- 0.0%
- Public
- 22.7%
- Others
- 0.5%
Since Jun 2025
- FIIs −6.84 pp
- Public +3.71 pp
- DIIs +1.86 pp
How it drifted, 12 quarters
Over this window FIIs fell from 34.1% to 14.5% — −19.6 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 23.2%, FIIs 34.1%, DIIs 22.7%, Public 19.1%, Others 0.9%.Mar '24: Promoters 23.2%, FIIs 31.0%, DIIs 25.9%, Public 19.0%, Others 0.9%.Jun '24: Promoters 23.2%, FIIs 29.5%, DIIs 27.1%, Public 19.4%, Others 0.8%.Sep '24: Promoters 23.1%, FIIs 28.4%, DIIs 29.7%, Public 17.9%, Others 0.8%.Dec '24: Promoters 23.1%, FIIs 28.2%, DIIs 30.3%, Public 17.5%, Others 0.8%.Mar '25: Promoters 23.3%, FIIs 23.9%, DIIs 34.1%, Public 17.9%, Others 0.8%.Jun '25: Promoters 23.3%, FIIs 21.4%, DIIs 35.6%, Public 19.0%, Others 0.7%.Sep '25: Promoters 23.3%, FIIs 17.6%, DIIs 38.4%, Public 20.1%, Others 0.6%.Dec '25: Promoters 23.3%, FIIs 15.3%, DIIs 39.5%, Public 21.3%, Others 0.6%.Mar '26: Promoters 23.3%, FIIs 15.3%, DIIs 41.0%, Public 19.8%, Others 0.6%.Jun '26: Promoters 23.3%, FIIs 14.5%, DIIs 39.0%, Government 0.0%, Public 22.7%, Others 0.5%.Jul '26: Promoters 24.7%, FIIs 14.5%, DIIs 37.5%, Government 0.0%, Public 22.7%, Others 0.5%.
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- HDFC Mutual Fund - HDFC Dividend Yield Fund Mutual fund newly disclosed 5.70% held
- DSP Multicap Fund Mutual fund newly disclosed 5.29% held
- ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund newly disclosed 3.49% held
- Bandhan Nifty Small Cap 250 Index Fund Mutual fund newly disclosed 3.05% held
- Tata Large Cap Fund Mutual fund newly disclosed 2.22% held
- Vineyard Point Software Private Limited +0.77 pp 13.37% held
- Infocad Enterprises Private Limited +0.38 pp 6.68% held
- Bodanapu Ganesh Venkat Krishna +0.11 pp 1.84% held
The same filing shows 4 holders trimming and 6 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Cyient Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Vineyard Point Software Private Limited | 13.37% | +0.77 pp |
| Infocad Enterprises Private Limited | 6.68% | +0.38 pp |
| HDFC Mutual Fund - HDFC Dividend Yield Fund Mutual fund | 5.70% | newly disclosed |
| DSP Multicap Fund Mutual fund | 5.29% | newly disclosed |
| Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund | 4.32% | −0.30 pp |
| ICICI Prudential Mutual Fund - ICICI Prudential Ni - 2 Mutual fund | 3.49% | newly disclosed |
| Kotak Small Cap Fund Mutual fund | 3.07% | −0.10 pp |
| Life Insurance Corporation Of India Insurer | 3.06% | unchanged |
| Bandhan Nifty Small Cap 250 Index Fund Mutual fund | 3.05% | newly disclosed |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 2.51% | −0.19 pp |
| Tata Large Cap Fund Mutual fund | 2.22% | newly disclosed |
| Bodanapu Ganesh Venkat Krishna | 1.84% | +0.11 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in CYIENT
Filings to Aug 2026
3 new, 1 added, 7 trimmed, 0 sold out — net +4.77 L shares (+4.3%).
- Held by funds
- ₹1.2k Cr
- 14 schemes
- Biggest holder
- HDFC Flexi Cap Fund
- ₹400 Cr · 0.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹400 Cr | −7.05 L | May '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹328 Cr | held | Sep '12 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹173 Cr | held | Nov '25 |
| Nippon India Focused Fund Nippon India Mutual Fund | ₹123 Cr | new | Aug '26 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹51 Cr | −0.76 L | May '24 |
| Nippon India Flexi Cap Fund Nippon India Mutual Fund | ₹35 Cr | held | Apr '24 |
| Nippon India Value Fund Nippon India Mutual Fund | ₹24 Cr | new | Aug '26 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹20 Cr | −0.18 L | Jul '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 7 trimmed — net +4.77 L shares (+4.3%)
- Funds are sitting on
- -26%
- vs est. average cost
- Held by funds
- ₹1.2k Cr
- 14 schemes · ≈ 11% of the company
- Biggest holder
- HDFC Flexi Cap Fund
- ₹400 Cr · 0.4% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 14y · since Sep '12
Shares held by these funds +246%
Aug '23 1.03 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1059, this stock must grow earnings at 21% every year for 7 years. Our analysis caps realistic growth at ~-14%. At that growth it is worth ₹158 — downside of 85%.
- Growth the price implies
- 20.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -11.6% a year
- net profit, FY23–FY26 · EPS -14.2%
- The gap
- 0.4 pp
- -85% downside if it only repeats history
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Cyient Limited
Guides on how to read this kind of business and the numbers that matter.