CYIENTDLM
Cyient DLM share price & financials
- Price
- ₹473.65
- Market cap
- ₹5.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 8
Cyient DLM Q1 FY27
What went well
- Revenue of INR 373.8 crores, reflecting a robust 34.3% year-on-year growth.
- EBITDA increased to INR 39.2 crores, registering a strong 56.2% year-on-year growth.
- EBITDA margin improved to 10.5%, representing an expansion of 147 basis points year-on-year.
What to watch
- Inventory days outstanding increased to 162 days in Q1 FY27 compared to 153 days in Q4 FY26.
- Net working capital days stood at 161 days in Q1 FY27 compared to 145 days in Q4 FY26.
What Cyient DLM does
Cyient DLM (a subsidiary of Cyient Ltd) is an electronics manufacturing services (EMS) provider that builds high-mix, high-reliability electronics and mechanical assemblies for OEMs in safety- and mission-critical industries. It designs and manufactures printed circuit board assemblies (PCBA), cable harness assemblies, box builds/system integration, and precision-machined parts, taking products from design-for-manufacturability through prototyping, production and end-of-life support. Its clients are largely 'A-list' original equipment manufacturers in aerospace, defence, medical/healthcare, industrial and automotive electronics, sourced through a global supply chain of vendors. It holds a leading position by value in India's Aerospace & Defence EMS market, and expanded into North America in FY25 by acquiring Connecticut-based Altek Electronics.
Segments
- Aerospace & Defence
- Industrial
- Medical & Healthcare
- Automotive
- Others (incl. Telecom, Rail, B2S)
- Manufacturing facilities
- 5: Mysuru + Mysuru Expansion, Hyderabad (SEZ), Bengaluru (India) and Torrington, Connecticut (USA, via Altek Electronics)
- Total manufacturing area
- ~4.45 lakh sq ft (Hyderabad 1,70,000 sq ft; Mysuru 1,15,000 + 43,400 sq ft; USA 81,000 sq ft; Bengaluru 36,000 sq ft)
- Associates (workforce)
- 1,600+ (FY25 annual report)
- Track record
- 30+ years in design-led electronics and mechanical manufacturing
- Supplier network
- 700+ vendors in global supply chain
- Market position
- Leading EMS provider by value in India's Aerospace & Defence segment
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 2 delivered 7 missed 11 open- Overall EBITDA Margin delivered said Q3 FY25 Promised: Consistently deliver 10% EBITDA margin Q1 FY27: EBITDA margin reported at 10.5%, continuing the trend of staying above the 10% target, reinforcing the achievement.
- FY26 Revenue Growth missed said Q4 FY25 Promised: A good year ahead in FY26 (after a soft start) Q1 FY27: Promise pertains to FY26, which has concluded. The promise was missed.
- Working Capital Days at risk said Q4 FY26 Promised: 100 to 120 days Q1 FY27: Net Working Capital days increased to 161 in Q1 FY27 from 145 in Q4 FY26, moving further away from the 100-120 day target. Management cited strategic inventory build-up for growth.
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 34.5%, net profit up 128.6% 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 | 389 | 444 | 428 | 278 | 311 −20% | 303 −32% | 369 −14% | 374 +35% |
| EBITDA | 32 | 28 | 57 | 25 | 31 −3% | 28 +0% | 43 −25% | 39 +56% |
| Net profit | 15 | 11 | 31 | 7 | 32 +113% | 11 +0% | 22 −29% | 16 +129% |
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 +96.4% 1Y
1Y: ₹460.45 on 10 Sept 2025 → ₹904.4. High ₹976.25 (8 Sept 2026), low ₹272.3 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +4.5%
- 21 Jul
- Q4 FY26
- +3.5%
- 21 Apr
- Q3 FY26
- −4.7%
- 20 Jan
- Q2 FY26
- −4.1%
- 14 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 2.9% a year over 2 years, FY24 to FY26. Operating margin widened to 10.1%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.5k Cr | ₹1.3k Cr |
| Operating profit | ₹111 Cr | ₹137 Cr | ₹127 Cr |
| Operating margin | 9.3% | 9.0% | 10.1% |
| Interest | ₹34 Cr | ₹38 Cr | ₹28 Cr |
| Depreciation | ₹22 Cr | ₹34 Cr | ₹44 Cr |
| Net profit | ₹61 Cr | ₹68 Cr | ₹72 Cr |
| Net margin | 5.1% | 4.5% | 5.7% |
| ROCE | 14.0% | 11.0% | 10.0% |
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 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹53 Cr | ₹79 Cr | ₹79 Cr | ₹79 Cr |
| Reserves | ₹145 Cr | ₹830 Cr | ₹907 Cr | ₹933 Cr |
| Borrowings | ₹356 Cr | ₹192 Cr | ₹211 Cr | ₹172 Cr |
| Other liabilities | ₹551 Cr | ₹502 Cr | ₹483 Cr | ₹458 Cr |
| Total liabilities | ₹1.1k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.6k Cr |
| Fixed assets | ₹161 Cr | ₹192 Cr | ₹342 Cr | ₹355 Cr |
| Capital work in progress | ₹1 Cr | ₹1 Cr | ₹4 Cr | ₹2 Cr |
| Investments | ₹90 Cr | ₹66 Cr | ₹27 Cr | ₹30 Cr |
| Other assets | ₹853 Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Total assets | ₹1.1k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.6k 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 Jun 2026
Since Jun 2025, FIIs trimmed −2.24 pp while the public added +1.22 pp. The shareholder count shrank 11% to 98,926.
- Promoters
- 52.1%
- FIIs
- 0.2%
- DIIs
- 29.2%
- Public
- 18.4%
Since Jun 2025
- FIIs −2.24 pp
- Public +1.22 pp
- DIIs +1.03 pp
How it drifted, 12 quarters
Over this window DIIs went from 12.3% to 29.2% — +16.9 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.7%, FIIs 6.2%, DIIs 12.3%, Public 14.8%.Dec '23: Promoters 66.7%, FIIs 6.3%, DIIs 11.2%, Public 15.8%.Mar '24: Promoters 66.7%, FIIs 7.0%, DIIs 12.6%, Public 13.7%.Jun '24: Promoters 66.7%, FIIs 5.1%, DIIs 17.4%, Public 10.8%.Sep '24: Promoters 52.2%, FIIs 7.8%, DIIs 27.8%, Public 12.3%.Dec '24: Promoters 52.2%, FIIs 3.6%, DIIs 29.4%, Public 14.8%.Mar '25: Promoters 52.2%, FIIs 2.4%, DIIs 28.6%, Public 16.8%.Jun '25: Promoters 52.1%, FIIs 2.5%, DIIs 28.2%, Public 17.2%.Sep '25: Promoters 52.1%, FIIs 2.2%, DIIs 28.7%, Public 16.9%.Dec '25: Promoters 52.1%, FIIs 0.5%, DIIs 28.8%, Public 18.6%.Mar '26: Promoters 52.1%, FIIs 0.8%, DIIs 26.7%, Public 20.4%.Jun '26: Promoters 52.1%, FIIs 0.2%, DIIs 29.2%, Public 18.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Franklin India Multi Cap Fund Mutual fund +1.57 pp 3.52% held
- ICICI Prudential Multi-Asset Fund Mutual fund +0.74 pp 2.04% held
- Abakkus Flexi Cap Fund Mutual fund +0.28 pp 2.23% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Cyient DLM above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Cyient Limited | 52.11% | unchanged |
| HDFC Mutual Fund Mutual fund | 9.71% | unchanged |
| Nippon Life India Trustee Ltd Mutual fund | 5.74% | unchanged |
| Aditya Birla Sun Life Trustee Private Limited A/C Mutual fund | 4.35% | −0.05 pp |
| Franklin India Multi Cap Fund Mutual fund | 3.52% | +1.57 pp |
| Abakkus Flexi Cap Fund Mutual fund | 2.23% | +0.28 pp |
| ICICI Prudential Multi-Asset Fund Mutual fund | 2.04% | +0.74 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 CYIENTDLM
Filings to Aug 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −3.53 L shares (−2.9%).
- Held by funds
- ₹871 Cr
- 6 schemes
- Biggest holder
- HDFC Defence Fund
- ₹346 Cr · 3.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Defence Fund HDFC Mutual Fund | ₹346 Cr | −3.53 L | Jun '23 |
| HDFC Manufacturing Fund HDFC Mutual Fund | ₹147 Cr | held | May '24 |
| Nippon India Power & Infra Fund Nippon India Mutual Fund | ₹134 Cr | held | Jul '23 |
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹111 Cr | held | Aug '24 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹106 Cr | held | Jun '23 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹27 Cr | held | Aug '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
0 added, 1 trimmed — net −3.53 L shares (−2.9%)
- Funds are sitting on
- -25%
- vs est. average cost
- Held by funds
- ₹871 Cr
- 6 schemes · ≈ 11% of the company
- Biggest holder
- HDFC Defence Fund
- ₹346 Cr · 3.2% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 3y 3m · since Jun '23
Shares held by these funds +202%
Aug '23 1.18 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹904, this stock must grow earnings at 50% every year for 7 years. Our analysis caps realistic growth at ~-6%. At that growth it is worth ₹54 — downside of 94%.
- Growth the price implies
- 49.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -5.0% a year
- net profit, FY24–FY26 · EPS -5.9%
- The gap
- 0.6 pp
- -94% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Cyient DLM
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