Cyient DLM (CYIENTDL IN) – Q4FY26 Result Update – Robust Pipeline & B2S Momentum to Drive FY27 Growth – HOLD
Published on 22 Apr 2026
CYIENTDL reported soft performance in Q4FY26, with margin contraction. The company has recorded an order book of Rs24.2bn and a healthy book-to-bill ratio, providing strong revenue visibility ahead. While revenues in Q4 were impacted by geopolitical disruptions in West Asia, supply chain delays and pending customer approvals, a part of this is expected to be recognized in FY27. CYIENTDL remains well positioned for a recovery-led growth in FY27, backed by strong order momentum and structural demand tailwinds across key segments. We estimate FY26-28E revenue/EBITDA/PAT CAGR of 30.0%/30.5%/29.2%, with flat EBITDA margin. We cut our earnings estimates by 13.6% for FY27E and tweak our estimates for FY28 mainly due to lower growth in revenue. We downgraded our rating to ‘HOLD’ from Accumulate due to uptick in the share prices with a TP of Rs370 (Rs 327 earlier), based on 24x Mar’28 earnings.
