Cyient DLM Ltd(CYIENTDLM)

NSE: CYIENTDLMBSE: 543933

₹ 750.85-0.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,961 crWebsite: www.cyientdlm.comUpdated: 24 Oct 2026

About

Cyient DLM Ltd is an Indian electronics manufacturing services (EMS) provider specialising in high-mix, low-to-medium volume, high-reliability solutions for aerospace, defence, industrial and medical technology customers. According to its FY25 annual report, it holds the leading position by value in India's Aerospace and Defence EMS market. Revenue was Rs 1261.48 Cr in FY26, and its order book reached an all-time high of ₹28,137 Mn in Q2 FY27.^[1][2][3]

Business segments

Aerospace: 42% of revenue in Q1 FY27, the largest single segment. It grew 62% YoY in Q2 FY27, after 40% YoY in Q1 FY27.^[4][3]
Industrial: 32% of revenue in Q1 FY27, with 90% YoY growth in Q1 FY27 and 29% YoY growth in Q2 FY27.^[4][3]
MedTech: 16% of revenue in Q1 FY27, broadly flat YoY then. It grew 14% YoY in Q2 FY27.^[4][3]
Defence: 9% of revenue in Q1 FY27, up 35% YoY then, and up 13% YoY in Q2 FY27. The segment shrank sharply in FY26 after a large cyclical order was completed in FY25.^[4][3]
By geography in FY25: India ₹7,256.92 Mn, NAM ₹3,906.97 Mn, EMEA ₹3,761.77 Mn and APAC excluding India ₹270.60 Mn, out of revenue from operations of ₹15,196.26 Mn.^[1]

Products and services

As of FY25, the company's products fall into four categories: PCBA, cable harness assembly, box builds and precision machining.^[1]
Box Build revenue grew 86% YoY in Q2 FY27, making it the second-largest product category. It made up 31% of revenue in Q3 FY26, up from 23% in Q3 FY25.^[3][5]
Build-to-Specifications (B2S) is co-development of next-generation products with anchor customers. B2S was ~6-7% of FY26 revenue, above the earlier guidance of ~5%.^[6]
B2S was more than 10% of the total order book and ~20% of Q2 FY26 order intake. Four anchor customers are co-developing products, with volume revenues expected from FY28.^[5]
As of FY25, the company is certified to NADCAP, AS9100D, IRIS and ISO 13485 standards.^[1]

Operations and capacity

As of FY25, it runs nine SMT lines and seven PTH lines with a capacity of 936100 components per hour.^[1]
Mysuru facility (FY25): 1,15,000 sq. ft., making PCBAs, cable harnesses and box builds for aerospace and defence. Land for a new factory in Mysore was acquired in Q2 FY26.^[1]
Hyderabad SEZ facility (FY25): 1,70,000 sq. ft., making PCBAs, cable harnesses and box builds.^[1]
Bengaluru precision machining facility (FY25): 36,000 sq. ft. Its capacity has doubled, and it is designed for 3x expansion to 180,000 hours per annum.^[1]
USA facility (FY25): 81,000 sq. ft., serving defence and medical customers.^[1]
Capacity utilisation was ~50-60% in Q3 FY26.^[6]
The B2S lab grew from 6,000 sq ft to 15,000 sq ft in Q1 FY27.^[4]
As of FY25, the company has a global supply chain of 700+ vendors.^[1]

Order book and book-to-bill

The order book hit an all-time high of ₹28,137 Mn in Q2 FY27, up ₹2,148 Mn QoQ from ₹25,989 Mn in Q1 FY27. It was ₹19,061 million as of 31 March 2025.^[3][4]
Book-to-bill was 1.6x in Q2 FY27, against 1.5x in Q1 FY27, when order intake was ₹551.9 Cr.^[3][4]
FY26 order intake exceeded $208 Mn, with a book-to-bill of 1.5x. Book-to-bill was above 1x in every quarter of FY26.^[7]

Customers

Three new logos were added in Q2 FY27 across core and new growth areas. Two were added in Q1 FY27, in industrial and automotive.^[3][4]
About 70% of Q1 FY27 order intake came from existing customers.^[4]
Contracts include a 16-year agreement with Honeywell Aerospace for liquid cooling loops and a Boeing contract for Battery Diode Modules for the 787 Dreamliner (FY25).^[1]
Management expects a Honeywell Aerospace ramp-up and growth from the Thales account within 18 months of Q1 FY27.^[4]
The IATF automotive audit was completed in FY26. Series supply began for an automotive product line, and series production began for a semiconductor equipment partner.^[7]
Revenue from the top 3 clients combined grew over 32% in FY25. Six new global customers were onboarded in FY25.^[1]

Expansion and strategy

The SET strategy has three phases: Strengthen, Expand (FY27-29) and Transform (FY30+). The Expand phase targets growth from 4 to 7 industries by adding AI data centre, robotics and semicap equipment.^[4][3]
Management targets EBITDA margins of ~11-13% in the Expand phase (FY27-29) and ~13-18% in the Transform phase (FY30+), the latter from the B2S platform.^[3]
The Transform phase (FY30+) is built around B2S products and owning IP.^[4]
Maintenance capex is guided at ~1.75-2% of revenue, with no additional capex needed for the Expand phase (FY27-29).^[4]
Vertical integration into cables, sheet metal and machining is planned for the Expand phase (FY27-29).^[7]
M&A continues on an opportunistic basis, focused on product gaps and new geographies, with European defence named as a priority.^[7]

Recent developments

By Q2 FY27, the integration of Altek Electronics was complete and the unit was renamed Cyient DLM Electronics Inc., extending reach to customers in other geographies.^[3]
Altek Electronics, a Connecticut, USA-based, ITAR-registered EMS company founded in 1972, was acquired in October 2024, adding 80,000 sq ft of manufacturing capacity.^[1]
As of December 2025, 93.2% of IPO proceeds (₹6,180 Mn of ₹6,632 Mn) had been used. Only 15.4% of the ₹436 Mn capex tranche had been deployed.^[6]

Market Cap

₹5,961 Cr

High / Low

₹1,060 / 265

Stock P/E

70.8

Price / Book

5.6

Book Value

₹128

EPS

₹9.2

No. of Shares

7.94 Cr

ROCE

9.9%

ROE

7.5%

OPM

9.3%

Debt / Equity

0.10

Sales

₹1,261 Cr

Net Profit

₹73 Cr

Promoter holding

52.1%

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