Cyient DLM FY26 Financial Results – Investor Brief

Date: 21 April 2026 | Source: Press Release, BSE/NSE filings

Key Financial Metrics

Revenue (FY26): INR 1,261.5 crore (‑17% YoY)
Q4 Revenue: INR 369.1 crore (+21.7% QoQ, ‑13.8% YoY)
Normalized EBITDA: INR 130.2 crore (10.3% margin, +78 bps YoY)
Q4 EBITDA: INR 43.1 crore (11.7% margin)
Normalized PAT: INR 56.3 crore (4.5% margin, ‑41 bps YoY)
Reported PAT (FY26): INR 73.3 crore (5.8% of revenue) – boosted by one‑off other income in Q2
Free Cash Flow (FY26): INR 28.1 crore (normalized)
Order Intake FY26: INR 1,843 crore (+INR 510.5 crore YoY)
Order Book (end‑FY26): INR 2,416.6 crore – highest in the last 8 quarters
Book‑to‑Bill Ratio: >1 in all quarters, 1.5 for the year

Strategic Discipline: Continued focus on cost efficiency and working‑capital optimisation lowered finance costs.
Quality & ESG: Successful global quality and ESG audits reinforce the company’s compliance and sustainability credentials.
Automotive Momentum: Completed IATF audit, received Letter of Confirmation, and began series production for automotive product lines.
Diversification: Growing contribution from Industrial and Medical segments; six new logos added during FY26.
Capacity Expansion: Ongoing investments in engineering capabilities and testing infrastructure.

Resilient Margins: Double‑digit EBITDA margins despite revenue pressure indicate strong operational leverage.
Robust Pipeline: A record order book and >1 book‑to‑bill ratio suggest revenue upside in FY27.
Sector Exposure: Increased exposure to automotive, industrial and medical markets diversifies risk but also ties performance to sector‑specific cycles.
One‑off Items: FY26 PAT includes a non‑recurring income boost; future earnings may revert to normalized levels.
Liquidity: Positive free cash flow supports dividend sustainability and potential capex.

Risks	Opportunities
Continued macro‑economic headwinds affecting demand, especially in aerospace & defense.	Conversion of the large order backlog into revenue as projects progress.
Revenue contraction YoY may pressure valuation multiples.	Automotive series production and new medical contracts could drive higher‑margin growth.
Potential volatility in foreign exchange (export‑oriented business).	ESG and quality certifications may open doors to premium customers and new geographies.

Short‑Term: Expect FY27 revenue to stabilize as the order book materialises; EBITDA margins likely to stay in the 10‑12% range given cost discipline.
Long‑Term: Strategic focus on high‑growth, high‑margin segments (automotive, medical) and continued ESG compliance position Cyient DLM for sustainable growth.

Contact: For further queries, investors may reach out to the company secretary, S. Krithika, or the listed contacts in the press release.