Cyient DLM
Cyient DLM
Capital GoodsKey Fundamentals
MicrocapIndustrial ProductsCapital GoodsTapetide Score
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Key Insights
Strengths
1- Company has reduced debt.
Weaknesses
5- Stock is trading at 7.09 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 8.23% over last 3 years.
- Promoter holding has decreased over last 3 years: -14.6%
- Working capital days have increased from 118 days to 169 days
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoCyient DLM Ltd operates in the capital goods sector with a market cap of ₹5,473 Cr and trades at a PE of 65.5x. The company has shown strong profit compounding at 32% CAGR over 3 years but TTM sales have declined 12%, while ROE remains modest at around 7-8%.
- Compounded profit growth of 32% CAGR over 3 years indicates strong earnings trajectory
- TTM profit growth of 26% shows continued earnings momentum despite revenue headwinds
- Company has reduced debt, improving balance sheet health and financial flexibility
- Compounded sales growth of 15% over 3 years demonstrates medium-term revenue expansion capability
- Stock CAGR of 51% over 1 year reflects strong market confidence and re-rating in the capital goods space
- 3-year stock CAGR of 10% suggests sustained investor interest since listing
- Operating in the electronics manufacturing and design-led manufacturing space which is a structural growth theme in India's capital goods sector
- PE of 65.5x is elevated, demanding significant future growth to justify current valuation
- TTM sales have declined 12%, signaling near-term revenue contraction and potential demand softness
- ROE of only 7-8% over last 3 years indicates poor capital efficiency relative to the premium valuation
- Promoter holding has decreased by 14.6% over 3 years, raising governance and alignment concerns
- Working capital days have increased from 118 to 169 days, indicating deteriorating cash conversion cycle
- Price-to-book of 5.31x is expensive for a company generating single-digit ROE
- Zero dividend yield despite repeated profitability suggests capital is not being returned to shareholders
- Disconnect between profit growth (26% TTM) and sales decline (-12% TTM) warrants scrutiny on earnings quality and sustainability
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 42d ago- Investor meet with major MFs Jul 25
Cyient DLM hosting in-person investor/analyst meeting on July 28, 2026 with CEO and CFO addressing Axis MF, Bandhan MF, Moti MF, and DSP MF.
- Q1 FY27 earnings call scheduled Jul 15
Q1 FY27 results to be announced on July 21, 2026 with earnings conference call at 5:30 PM IST. Board meeting formally scheduled for the same date.
- Independent Director tenure ends Jul 20
Yadama Muralidhar ceased to be Independent Director on July 20, 2026 upon completion of his tenure. Routine board composition change.
TL;DR: A quiet period for Cyient DLM with no material positive or negative catalysts — only routine corporate governance updates and scheduled earnings disclosures. The investor meet with four mutual funds signals continued institutional interest. Key focus shifts to Q1 FY27 results for any operational or financial signals on the company's trajectory.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 217 | 292 | 321 | 362 | 258 | 389 | 444 | 428 | 278 | 311 | 303 | 369 | 374 |
| Expenses | 197 | 268 | 292 | 324 | 238 | 358 | 416 | 371 | 253 | 279 | 276 | 326 | 335 |
| Operating Profit | 20 | 24 | 29 | 38 | 20 | 32 | 28 | 57 | 25 | 31 | 28 | 43 | 39 |
| OPM % | 9% | 8% | 9% | 11% | 8% | 8% | 6% | 13% | 9% | 10% | 9% | 12% | 10% |
| Other Income | 1 | 9 | 9 | 8 | 9 | 7 | 7 | 3 | 4 | 23 | 4 | 5 | 0 |
| Interest | 9 | 8 | 8 | 9 | 8 | 11 | 10 | 9 | 9 | 7 | 6 | 6 | 6 |
| Depreciation | 5 | 5 | 6 | 6 | 7 | 7 | 10 | 10 | 11 | 11 | 11 | 11 | 11 |
| PBT | 7 | 20 | 25 | 31 | 14 | 21 | 15 | 42 | 10 | 36 | 15 | 32 | 22 |
| Tax % | 23% | 26% | 25% | 26% | 25% | 26% | 27% | 26% | 26% | 12% | 25% | 29% | 27% |
| Net Profit | 5 | 15 | 18 | 23 | 11 | 15 | 11 | 31 | 7 | 32 | 11 | 22 | 16 |
| EPS in Rs | 0.94 | 1.85 | 2.33 | 2.87 | 1.34 | 1.95 | 1.39 | 3.91 | 0.94 | 4.05 | 1.41 | 2.83 | 2.05 |
Profit & Loss
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|
| Sales | 832 | 1,192 | 1,520 | 1,261 | 1,357 |
| Expenses | 744 | 1,081 | 1,382 | 1,135 | 1,216 |
| Operating Profit | 88 | 111 | 137 | 127 | 141 |
| OPM % | 11% | 9% | 9% | 10% | 10% |
| Other Income | 6 | 28 | 26 | 36 | 32 |
| Interest | 32 | 34 | 38 | 27 | 25 |
| Depreciation | 19 | 22 | 34 | 43 | 43 |
| PBT | 43 | 82 | 92 | 93 | 105 |
| Tax % | 26% | 25% | 26% | 21% | — |
| Net Profit | 32 | 61 | 68 | 73 | 82 |
| EPS in Rs | 6 | 7.72 | 8.58 | 9.23 | 10.34 |
| Div. Payout % | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 53 | 79 | 79 | 79 |
| Reserves | 145 | 830 | 870 | 933 |
| Borrowings | 356 | 192 | 301 | 172 |
| Other Liabilities | 551 | 502 | 443 | 458 |
| Total Liabilities | 1,105 | 1,603 | 1,694 | 1,642 |
| Fixed Assets | 161 | 192 | 346 | 355 |
| CWIP | 1 | 1 | 6 | 2 |
| Investments | 90 | 66 | 31 | 30 |
| Other Assets | 853 | 1,344 | 1,311 | 1,255 |
| Total Assets | 1,105 | 1,603 | 1,694 | 1,642 |
Cash Flow
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Operating | 54 | -71 | -62 | 54 |
| Investing | -142 | -428 | 127 | 167 |
| Financing | 72 | 479 | -59 | -188 |
| Net Cash Flow | -16 | -19 | 5 | 33 |
| Free Cash Flow | 46 | -104 | -112 | 9 |
| CFO/OP | 81 | -46 | -27 | 60 |
Ratios
| Particulars | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Debtor Days | 71 | 69 | 83 | 89 |
| Inventory Days | 240 | 184 | 188 | 314 |
| Days Payable | 161 | 123 | 82 | 133 |
| Cash Conversion Cycle | 150 | 131 | 189 | 270 |
| Working Capital Days | -32 | 76 | 111 | 169 |
| ROCE % | — | 14% | 11% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY22–FY27.
Documents
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Company Information
Cyient DLM is a leading electronics system design and manufacturing player, which provides system design, integration, testing, and manufacturing of electronic components and subsystems for original equipment manufacturers (OEMs) in the aerospace and defense sectors and other high-tech engineering segments. It has customers in India, Europe, North America, China and Japan.[1]
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