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Cyient DLM
SectorCapital Goods
In the news
Cyient DLM shares surge to ₹935, Prabhudas maintains ₹875 target
Cyient DLM and Centum Electronics Lead India's Defence EMS Growth
Cyient DLM Shares Rally to ₹683.20, Motilal Oswal Maintains Buy
Cyient DLM Q1 profit doubles to ₹16.3 crore, stock hits 52-week high
EMS stocks surge 7% on ₹1.9 lakh cr manufacturing scheme approval
India's ₹5.2L cr drone market may favor electronics firms
Cyient DLM Surges 106% from March Low, Brokerages See More Upside
Divergent Stock Performance: HCLTech Slumps, Nestle Soars, Adani Powers Up
Cyient DLM shares surge 6% on record order book despite Q4 profit dip
Cyient DLM Q4 profit drops 28% to ₹22 crore
Cyient DLM Q4 profit drops 27.7% to ₹22.4 crore
The Quarter story
The two most recent quarterly results, compared side-by-side.
Revenue and order book are rising, but margins are under pressure.
Revenue grew from ₹3,106 Mn in Q2 FY26 to ₹3,931 Mn in Q2 FY27 — demand is expanding
EBITDA margin fell from 10.0% in Q2 FY26 to 8.7% in Q2 FY27 — profitability is compressed
Order book rose from ₹22,911 Mn in Q2 FY26 to ₹28,137 Mn in Q2 FY27 — more future work is already booked
Employee cost rose from ₹529 Mn in Q2 FY26 to ₹679 Mn in Q2 FY27 — cost pressure is rising
Aerospace revenue share rose from 9% in Q2 FY26 to 47% in Q2 FY27 — largest segment
Material cost rose from ₹1,826 Mn in Q2 FY26 to ₹2,460 Mn in Q2 FY27 — input costs are rising
Industrial revenue share rose from 8% in Q2 FY26 to 31% in Q2 FY27 — growing mix
Defence revenue share fell from 16% in Q2 FY26 to 7% in Q2 FY27 — Defence is losing weight
Normalized PAT rose from ₹126 Mn in Q2 FY26 to ₹158 Mn in Q2 FY27 — underlying profit improved
Med Tech revenue share fell from 30% in Q2 FY26 to 14% in Q2 FY27 — Med Tech is losing weight
Company insights, generated from the most recent coverage.
Trades at 41.7x EV/EBITDA, similar to Centum Electronics (41.9x), despite better profitability and order book visibility. Market applies an execution risk premium due to geopolitical supply chain vulnerabilities and the need to scale capacity utilization from 55-60%.
Japanese eVTOL platform production entry Q2-Q3 FY28 with long-term product lifecycle management, providing sustained revenue visibility.
B2S revenue targeted to grow from 6-7% to double digits in FY27 and >15% in 2-3 years, shifting mix toward higher-margin design-led programs.