Cyient Ltd(CYIENT)

NSE: CYIENTBSE: 532175

₹ 1,229.25+7.40%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 12,878 crWebsite: www. cyient.comUpdated: 23 Oct 2026

About

Cyient Ltd is a global engineering and technology solutions company. It provides engineering, manufacturing, geospatial, network and operations management services. It reports three segments: Digital, Engineering & Technology (DET), Design Led Manufacturing (DLM) and Semiconductors. Group revenue for FY26 was ₹7,268.2 crore, and DET contributed 79.2% of it. As of FY25 it served over 300 customers, including 30% of the top 100 global innovators.^[1][2][3]

Business segments

Digital, Engineering & Technology (DET): 79.2% of FY26 revenue (₹5,818.9 cr), EBIT margin 11.9%. It provides engineering services and technology-led transformation.^[2][3]
Design Led Manufacturing (DLM): 17.2% of FY26 revenue (₹1,261.5 cr), EBIT margin 8.5%. It provides electronics manufacturing services. DLM's share of group revenue rose 5.1 pp over FY2019-FY2026.^[2]
Semiconductors: 3.1% of FY26 revenue (₹228.3 cr), with an EBIT loss of ₹107.8 cr. It covers custom ASIC design, ASSP products (through Kinetic Technologies) and semiconductor services.^[2]

Customers and reach

In FY25, Cyient served over 300 customers, including 30% of the top 100 global innovators.^[3]
FY25 revenue by industry: 38% Transportation, 27% Energy & Sustainability, 20% Connectivity.^[3]
FY25 revenue by geography: 45% North America, 33% Europe, 18% APAC, 4% India. Exports were 81.35% of the standalone entity's turnover.^[3]
In FY25, revenue from one DET customer was ₹9,566 (as printed in the annual report).^[3]
In FY25, Cyient won Raytheon Technologies' Premier Award for the third year in a row.^[3]

Operations and people

As of FY25, Cyient operated in 30 countries with 48 delivery centers and a global workforce of 16,000+ associates.^[3]
DET headcount was 14,175 in Q1 FY27 vs 14,236 in Q4 FY26. Voluntary LTM attrition was 4.4% in Q1 FY27 vs 14.5% in Q4 FY26.^[4]
In FY25, Cyient set up a Center of Excellence in Hyderabad with Allegro Microsystems for magnetic sensors and power semiconductors.^[3]

Key operating numbers

DET order intake was $168.2 Mn in Q1 FY27, up 5.3% YoY. New and expansion business order intake grew 64% YoY and 49% QoQ.^[4]
DET normalised EBIT margin was 13.2% in Q1 FY27, up 79 bps QoQ and 114 bps YoY. For full-year FY26 it was 12.2%, down 67 bps YoY.^[4]
DET conversion of free cash flow to normalised PAT was 80.5% in Q1 FY27, vs 163% in Q4 FY26 and 157.6% in Q3 FY26.^[4]
Cyient DLM's book-to-bill ratio exceeded 1.5x in Q1 FY27, its highest-ever order book. DLM held double-digit EBITDA margins for four consecutive quarters as of Q1 FY27.^[4]
Combined semiconductor revenue (Cyient + Kinetic Technologies) was $17.9 Mn in Q1 FY27. Organic semiconductor revenue grew 5% QoQ to $7.5 Mn.^[4]

Vertical mix within DET

Transportation & Mobility grew 3.0% QoQ and 14.8% YoY in constant currency in Q1 FY27, its fifth consecutive quarter of growth. For full-year FY26 it grew 13.2% YoY in constant currency.^[4][5]
Strategic Units (Energy, Mining & Minerals, Healthcare) declined 8.2% QoQ and 26.2% YoY in constant currency in Q1 FY27. For full-year FY26 they declined 12.2% YoY.^[4][5]

Deal pipeline and order book

Five large deals were won across Q4 FY26 and Q1 FY27. Nine new large deals were created in Q1 FY27, and the qualified large-deal pipeline exceeded $300 Mn as of Q1 FY27.^[4]
DET order intake grew 23% YoY in Q4 FY26. H2 FY26 order intake grew 5.5% YoY over H2 FY25.^[5]
DLM order intake grew 130% YoY in H1 FY26. DLM's book-to-bill ratio was 1.5x for FY26.^[6]
Semiconductor order intake rose 36% YoY in Q3 FY26. The ASIC pipeline was over $100 Mn as of Q2 FY26.^[7]

Semiconductor build-out

Cyient Semiconductors acquired a 74% stake in Kinetic Technologies, which has 250+ ASSP products and 100+ patents. The deal closed in Q4 FY26.^[5]
Cyient Semiconductors closed $30 Mn of fresh capital from EAAA India Alternatives at a post-money valuation of $500 Mn in Q1 FY27.^[4]
In Q3 FY26, Cyient Semiconductors was selected as preferred partner to modernise SCL under MeitY, and it launched the ARKA GKT-1 smart utilities chip.^[7]
Cyient had delivered more than 40 turnkey silicon solutions as of FY25.^[3]
PAT-level breakeven for the semiconductor business is targeted for FY28. FY27 combined revenue was targeted at approximately $100 Mn as of Q4 FY26.^[4][5]

Acquisitions and corporate actions

Cyient agreed to acquire TAO Digital Solutions for up to $218 Mn ($130 Mn upfront). TAO had about $80 Mn of CY25 revenue and about 3,500 staff.^[5]
As of Q1 FY27, the TAO deal was expected to close in late Q2 FY27 (August 2026).^[4]
TAO is expected to raise technology revenue (digital, data & AI) from high single digits to high teens as a percentage of DET revenue.^[5]
The board approved a tender-offer buyback of up to 6.4 Mn shares at ₹1,125 per share, for no more than ₹720 crore. Promoters will not participate.^[5]
In FY25, Cyient acquired Altek Electronics (a US electronics manufacturer) and ADGCE (an Abu Dhabi energy-focused digital services firm).^[3]
As of Q1 FY27, the target of a 15% DET normalised EBIT margin was moved to H1 FY28. The FY27 DET organic growth aspiration is mid to high single digits.^[4][5]

Market Cap

₹12,878 Cr

High / Low

₹1,268 / 751

Stock P/E

34.4

Price / Book

2.3

Book Value

₹511

EPS

₹38.5

No. of Shares

11.11 Cr

ROCE

12.6%

ROE

7.8%

OPM

10.9%

Debt / Equity

0.03

Sales

₹7,268 Cr

Net Profit

₹463 Cr

Promoter holding

24.8%

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Cyient Ltd(CYIENT)

About

Business segments

Customers and reach

Operations and people

Key operating numbers

Vertical mix within DET

Deal pipeline and order book

Semiconductor build-out

Acquisitions and corporate actions

Signal history

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