Cyient DLM (CYIENTDL IN) – Q1FY27 Result Update – Diversification into New Verticals to Drive Growth – HOLD
Published on 22 Jul 2026
CYIENTDL delivered a strong start to FY27, with Q1FY27 revenue and EBITDA growing 34.3% and 56.3% YoY, respectively, while EBITDA margins expanded by ~150bps to 10.5%. The company ended the quarter with a record order book of INR 26.0bn and a healthy book-to-bill ratio of 1.5x, providing strong revenue visibility ahead. While management has refrained from providing specific revenue growth guidance for FY27, it expects order momentum to remain robust, supported by continued growth across the segments. The company is also expanding into AI Data Centres, Robotics and Semiconductor Equipment, leveraging its high-reliability electronics manufacturing capabilities, while its B2S business is expected to support further margin expansion. We estimate FY26-28E revenue/EBITDA/PAT CAGR of 31.4%/38.4%/34.1%, with EBITDA margin expansion of 110bps. We upward revise our earnings estimates by 2.7%/7.7% for FY27/FY28E. Maintained our ‘HOLD’ rating with a TP of INR 635 (INR 532 earlier), based on 38x Mar’28 earnings.
