Cyient DLM (CYIENTDL IN) – Visit Update – Focus on B2S & new-age electronics to drive growth – HOLD
Published on 17 Sep 2026
The company indicated revenue growth of 25–30% for FY27/FY28, with EBITDA margin expected to remain at ~10% and improve to 11–13% over the next 2–3 years. Operating leverage and increasing contributions from newer sectors are expected to support margin expansion. B2S programs are expected to expand margins by 300–400bps, with higher B2S contribution from FY30 potentially becoming a meaningful margin driver. We estimate FY26-29E revenue/EBITDA/PAT CAGR of 30.9%/35.9%/35.0%, with EBITDA margin expansion of 120bps. We roll forward our TP to Sep’28 and introduce FY29 earnings. We maintain our ‘HOLD’ rating with TP of INR871 (INR635 earlier), based on 45x Sep’28 earnings.
