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CYIENTDLM - Cyient DLM

📊 NSE: CYIENTDLM 🏢 Electronics - Components 📅 Last Updated: 12/13/2025 21:18

📢 Recent Corporate Announcements

Cyient DLM Shareholders Approve Variation in IPO Proceeds Utilization with 99.99% Majority

🟡 NEUTRAL ⭐ 7/10

REGULATORY 📅 09 Mar 2026, 01:28 PM

Cyient DLM shareholders have passed a special resolution to vary the objects and terms of utilization of the company's Initial Public Offering (IPO) proceeds. The resolution also includes an extension of the time limit for utilizing these funds, providing the company with greater operational flexibility. The proposal received overwhelming support, with 99.99% of the total votes cast in favor. This approval allows the management to reallocate capital or adjust timelines based on current business requirements and market conditions.

Special resolution passed to vary IPO objects and extend the utilization timeline for proceeds.
The resolution received 99.9967% approval, with 63,704,092 votes in favor and only 2,104 against.
100% of the promoter group (41,366,502 votes) and 100% of public institutions (22,290,857 votes) supported the move.
The voting process was conducted via remote e-voting from February 7 to March 8, 2026.
A total of 63.7 million valid votes were cast out of a shareholder base of 104,162.

💡 Investors should monitor the company's future disclosures to understand the specific changes in how the IPO funds will now be deployed. The near-unanimous institutional support suggests confidence in the management's revised capital allocation strategy.

Cyient DLM Schedules Investor Meeting with Unifi Capital for March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 04:43 PM

Cyient DLM Limited has announced a scheduled meeting with Unifi Capital on March 11, 2026. The meeting is set to take place between 10:00 AM and 12:00 PM in a hybrid format, including both face-to-face and virtual interactions. Senior management, including MD & CEO Rajendra Velagapudi and AVP Suresh Narayan, will represent the company. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be shared during this interaction.

Meeting scheduled with Unifi Capital on March 11, 2026, from 10:00 AM to 12:00 PM
Top management representation including MD & CEO Rajendra Velagapudi
Interaction to be conducted via hybrid mode (Face-to-Face and Virtual)
Compliance filing under SEBI (LODR) Regulation, 2015
Company confirms no unpublished price sensitive information will be disclosed

💡 This is a routine regulatory disclosure. Investors should look for any subsequent investor presentations or transcripts that may provide qualitative insights into the company's operational outlook.

Cyient DLM to Meet Top Institutional Investors at Axis Capital Conference on Feb 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Feb 2026, 10:49 AM

Cyient DLM Limited has announced its participation in the 'Advantage India' conference hosted by Axis Capital in Mumbai on February 11, 2026. The company's top leadership, including the MD & CEO and CFO, will engage in one-on-one and group meetings with over 25 major institutional investors. Key participants include HDFC Mutual Fund, Nippon India Mutual Fund, ICICI Prudential, and Tata Mutual Fund. These meetings are part of routine investor relations and will not involve sharing unpublished price-sensitive information.

Scheduled participation in Axis Capital's Flagship India Conference on February 11, 2026, in Mumbai.
One-on-one meetings confirmed with HDFC MF, Nippon India MF, and Axis Max Life Insurance.
Group interactions scheduled with over 20 marquee funds including Abakkus, Aditya Birla AMC, and Mirae MF.
Top management representation including MD & CEO Rajendra Velagapudi and CFO RM Subramanian.

💡 Investors should monitor for any investor presentations or post-meet disclosures that may provide updated insights into the company's growth strategy. The significant interest from top-tier mutual funds and PMS houses indicates strong institutional focus on the stock.

Cyient DLM to reallocate ₹36.85 crore of IPO proceeds to working capital

🟡 NEUTRAL ⭐ 7/10

FUNDRAISE 📅 06 Feb 2026, 07:34 PM

Cyient DLM is seeking shareholder approval via a postal ballot to modify the utilization of its IPO proceeds. The company proposes to reallocate ₹36.85 crore originally earmarked for Capital Expenditure to meet incremental Working Capital requirements. Additionally, the timeline for the utilization of these funds has been extended to Fiscal Year 2026-27. This move indicates a strategic shift toward prioritizing operational liquidity over immediate fixed asset investments.

Reallocation of ₹36.85 crore from Capital Expenditure to Working Capital requirements
Revised Working Capital allocation increased to ₹327.94 crore from the original ₹291.09 crore
Capital Expenditure budget significantly reduced to ₹6.72 crore following the transfer
Utilization timeline for remaining IPO proceeds extended through Fiscal Year 2026-27
General Corporate Purposes budget increased by ₹4.20 crore due to lower-than-expected IPO issue expenses

💡 Investors should evaluate whether the shift toward working capital reflects higher inventory requirements or slower-than-expected execution of capital projects. Monitor the upcoming voting results and management's commentary on the revised growth timeline.

Cyient DLM Q3 FY26: Strong Order Intake of ₹387 Cr and 1.3 Book-to-Bill Ratio

🔵 WATCH ⭐ 8/10

EARNINGS 📅 27 Jan 2026, 02:51 PM

Cyient DLM reported a robust order intake of ₹387 crores in Q3 FY26, achieving a book-to-bill ratio of 1.3 for the quarter and 1.56 YTD. While revenue was soft due to holiday-related push-outs and tariff uncertainties, management expects these shipments to recover in Q4. The company maintained double-digit EBITDA margins, though results were impacted by one-time labor code adjustments and aborted M&A-related expenses. Strategic focus remains on high-margin Build-to-Spec (B2S) programs and expansion into European and defense markets.

Reported a healthy order intake of ₹387 crores with a book-to-bill ratio of 1.3 for the quarter.
Year-to-date (YTD) book-to-bill ratio stands strong at 1.56, providing high revenue visibility for coming quarters.
Added 2 new strategic logos in the medical and industrial sectors and commenced revenue from B2S programs.
EBITDA margins were impacted by one-time costs related to a new labor code and expenses from a non-materialized M&A deal.
Management noted revenue softness was temporary, driven by customer wait-and-watch modes regarding global tariff uncertainties.

💡 Investors should monitor the execution of the ₹387 crore order book in Q4 to confirm that the Q3 revenue softness was indeed temporary. The increasing mix of Build-to-Spec (B2S) and defense contracts suggests long-term margin expansion potential.

Cyient DLM Q3 FY26: Revenue Drops 31.7% YoY to ₹3,033 Mn; EBITDA Margins Expand to 10.2%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 22 Jan 2026, 03:44 PM

Cyient DLM reported a 31.7% YoY decline in revenue to ₹3,033 million for Q3 FY26, primarily due to the completion of a large defense order in the previous fiscal year. Despite the revenue contraction, normalized EBITDA margins improved significantly by 207 bps to 10.2%, demonstrating operational resilience and a better product mix. The order backlog remains robust at ₹23,494 million, bolstered by a strong quarterly order intake of ₹3,871 million. The company is actively diversifying its portfolio, adding new logos in the Medical and Industrial sectors and increasing its Box Build revenue share to 31%.

Revenue decreased 31.7% YoY to ₹3,033 Mn due to a high base effect from a large order completion in FY25.
Normalized EBITDA margin expanded by 207 bps YoY to 10.2%, reflecting improved efficiency and revenue quality.
Order backlog stands at a healthy ₹23,494 Mn with a strong quarterly intake of ₹3,871 Mn.
Box Build share of revenue increased to 31% compared to 23% in Q3 FY25, indicating a shift towards higher value-add services.
Defense segment saw an 86% YoY degrowth, while the Aerospace segment grew by 13% YoY.

💡 Investors should focus on the company's ability to execute its strong ₹23.5 billion order book and the growth in the Aerospace and Med-Tech segments to compensate for the volatile Defense revenue. The expansion in EBITDA margins despite lower revenue is a positive indicator of underlying operational strength.

Cyient DLM Releases Audio Recording of Q3 FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 21 Jan 2026, 07:12 AM

Cyient DLM Limited has officially released the audio recording of its earnings conference call for the third quarter and nine months ended December 2025. The call, held on January 20, 2026, provides management's detailed perspective on the company's financial performance and strategic outlook. This disclosure is made in compliance with Regulation 46 of SEBI LoDR Regulations 2015. Investors can access the recording via the company's website to gain deeper insights into operational metrics and future guidance.

Audio recording of the Q3 and 9M FY26 earnings call is now accessible via the company website.
The conference call was held on January 20, 2026, following the release of financial results.
Compliance with SEBI LoDR Regulation 46 ensures transparency for all stakeholders.
The recording provides detailed management commentary on operational highlights and strategic outlook.

💡 Investors should listen to the recording to understand management's commentary on the order pipeline and margin sustainability. This qualitative data is essential for assessing the company's long-term growth trajectory.

Cyient DLM Q3 FY26: Revenue Drops 31.7% YoY, Normalized PAT Rises to INR 13.84 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 07:33 PM

Cyient DLM reported a significant revenue decline of 31.7% YoY to INR 303.3 crores in Q3 FY26, primarily due to customer-side slowdowns and temporary one-off items. Despite the top-line pressure, normalized EBITDA margins improved by 207bps to 10.2%, and normalized PAT rose to INR 13.84 crores. A key positive is the strong YTD order intake of over INR 1,400 crores, representing an 87% YoY growth, which suggests a robust recovery pipeline. The company also maintained positive YTD Free Cash Flow of INR 754 million.

Revenue for Q3 FY26 stood at INR 303.3 crores, a decrease of 31.7% YoY.
Normalized EBITDA margin expanded by 207bps YoY to 10.2%, reaching INR 30.94 crores.
YTD order intake surged 87% YoY to over INR 1,400 crores, with INR 387 crores secured in Q3.
Normalized PAT for the quarter was INR 13.84 crores (4.6% margin), while reported PAT was INR 11.2 crores.
Year-to-date Free Cash Flow remains healthy at INR 754 million.

💡 Investors should focus on the strong order book growth and margin expansion as indicators of long-term health, while monitoring if the Q4 volume ramp-ups materialize to offset the current revenue decline. The stock may experience volatility due to the sharp YoY revenue drop, but the operational resilience and new program wins provide a defensive cushion.

Cyient DLM Q3 FY26: Revenue Drops 31.7% YoY, Normalized EBITDA Margins Expand to 10.2%

🟡 NEUTRAL ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 04:27 PM

Cyient DLM reported a challenging Q3 FY26 with revenue declining 31.7% YoY to ₹3,033 million, primarily due to the completion of a large defense order in the previous fiscal year. However, the company demonstrated operational resilience as normalized EBITDA margins expanded by 207 bps to 10.2%, driven by a better product mix and cost management. The order backlog remains strong at ₹23,494 million, bolstered by a robust quarterly order intake of ₹3,871 million. The company is successfully pivoting towards higher-value segments, with Box Build share increasing to 31% of revenue.

Revenue decreased 31.7% YoY to ₹3,033 million due to high base effect from large order completion in FY25.
Normalized EBITDA margin improved by 207 bps YoY to 10.2%, reflecting improved operational efficiency and revenue quality.
Order backlog reached ₹23,494 million with a strong quarterly order intake of ₹3,871 million.
Box Build revenue share increased significantly to 31% compared to 21% in the same quarter last year.
Reported PAT stood at ₹112 million, while normalized PAT (excluding M&A and wage code one-offs) was ₹138 million.

💡 Investors should focus on the robust order book and margin expansion as indicators of long-term health despite the temporary revenue dip. Monitor the company's ability to convert the ₹23,494 million backlog into revenue in the upcoming quarters.

Cyient DLM Q3 FY26 PAT at ₹112.3M; Revenue Declines 31.7% YoY to ₹3,033M

🔴 NEGATIVE ⭐ 8/10

EARNINGS 📅 20 Jan 2026, 04:18 PM

Cyient DLM reported a consolidated revenue of ₹3,033.47 million for Q3 FY26, marking a significant 31.7% decline compared to ₹4,442.36 million in the same quarter last year. While Net Profit remained relatively flat YoY at ₹112.33 million, it witnessed a sharp sequential drop from ₹321.45 million in Q2 FY26. The company is seeking shareholder approval to vary the objects of its IPO funds, of which ₹451.27 million remains unutilised. Additionally, the company recognized a ₹16 million expense due to the implementation of new national labour codes.

Consolidated revenue for Q3 FY26 fell to ₹3,033.47 million from ₹4,442.36 million YoY.
Net profit for the quarter stood at ₹112.33 million, a marginal increase from ₹109.91 million YoY but down 65% QoQ.
Unutilised IPO proceeds as of December 31, 2025, stand at ₹451.27 million, with a proposal to vary fund objects.
Recognized a one-time provision of ₹16 million for defined benefit obligations following new Government labour codes.
9M FY26 consolidated revenue reached ₹8,924.08 million with a total net profit of ₹508.41 million.

💡 Investors should exercise caution due to the significant YoY revenue contraction and the sharp sequential decline in profitability. Monitor the upcoming shareholder vote regarding the change in IPO fund utilization for clues on the company's revised capital allocation strategy.

Cyient DLM to Announce Q3 FY26 Results and Host Earnings Call on January 20, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 14 Jan 2026, 01:30 PM

Cyient DLM Limited has scheduled its earnings conference call for the third quarter ended December 31, 2025, on Tuesday, January 20, 2026, at 05:15 PM IST. The company will release its un-audited Ind AS financial results prior to the call. Senior management, including the MD & CEO and CFO, will discuss the quarterly performance and provide business updates. This routine announcement allows investors to prepare for the upcoming financial disclosure and management commentary.

Q3 FY26 earnings conference call scheduled for January 20, 2026, at 05:15 PM IST.
Senior management including CEO Rajendra Velagapudi and CFO Subramanian RM will lead the 45-minute call.
The call will focus on un-audited financial results for the quarter ended December 31, 2025.
Dial-in details provided for multiple regions including India, USA, UK, Singapore, and Hong Kong.

💡 Investors should monitor the financial results on January 20 to evaluate the company's performance in the EMS sector. The conference call will be crucial for understanding the current order book status and future growth guidance.

Cyient DLM Shareholders Approve Appointment of Four Independent Directors with High Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 12 Jan 2026, 05:02 PM

Cyient DLM Limited has successfully passed four special resolutions via postal ballot for the appointment and re-appointment of Independent Directors. Dr. Ganesh Natarajan and Mr. Giridhar Aramane were appointed as new Independent Directors, receiving 98.72% and 99.99% support respectively. Dr. Vanitha Datla and Mr. Jehangir Ardeshir were re-appointed for second terms, both securing approximately 89.6% of the votes. The high voter turnout of nearly 80% reflects strong institutional and promoter engagement in the company's governance.

Appointment of Mr. Giridhar Aramane received near-unanimous approval with 99.99% votes in favor
Dr. Ganesh Natarajan's appointment as Independent Director approved with 98.72% majority
Re-appointments of Dr. Vanitha Datla and Mr. Jehangir Ardeshir passed with 89.60% and 89.61% support
Total voting turnout reached 79.90% of outstanding shares, involving 63.4 million votes
All resolutions were passed as Special Resolutions through a remote e-voting process ending January 11, 2026

💡 Investors should take confidence in the company's strengthened board and high level of shareholder participation. No immediate portfolio changes are required as these are positive governance-related developments.

Cyient DLM Submits Routine SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 02:45 PM

Cyient DLM Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been processed. This data has been duly furnished to the National Stock Exchange and BSE Limited where the company's shares are listed. This is a standard procedural disclosure required for all listed entities in India.

Compliance certificate submitted for the quarter ended December 31, 2025
Issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited
Confirms reporting of dematerialized and rematerialized securities to stock exchanges
Adherence to SEBI (Depositories and Participants) Regulations, 2018
Standard regulatory filing with no impact on business fundamentals

💡 No action is required from investors as this is a routine administrative filing. Investors should monitor the company for upcoming quarterly financial results for material performance updates.

Cyient DLM: Postal Ballot for Director Appointments & Re-appointments

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 12 Dec 2025, 07:16 PM

Cyient DLM Limited is seeking shareholder approval via postal ballot for the appointment and re-appointment of several Independent Directors. Dr. Ganesh Natarajan is proposed as a Non-Executive Independent Director for 3 years starting October 14, 2025. Dr. Vanitha Datla and Mr. Jehangir Ardeshir are proposed for re-appointment as Independent Directors for a second term of five years commencing December 12, 2025. Mr. Giridhar Aramane is proposed as Non-Executive Independent Director for 3 years starting November 26, 2025. The e-voting period is from December 13, 2025, to January 11, 2026, with results announced by January 12, 2026.

Appointment of Dr. Ganesh Natarajan (DIN:00176393) as Non-Executive, Independent Director effective 14 October, 2025 for 3 years.
Re-Appointment of Dr. Vanitha Datla (DIN: 00480422) as Non-Executive, Independent Director for a second term of five years commencing from 12 December 2025.
Re-Appointment of Mr. Jehangir Ardeshir (DIN: 02344835) as Non-Executive, Independent Director for a second term of five years commencing from 12 December 2025.
Appointment of Mr. Giridhar Aramane (DIN: 00483130) as Non-Executive, Independent Director effective 26 November, 2025 for 3 years.
Remote e-voting period: December 13, 2025 to January 11, 2026.

💡 Shareholders should review the Postal Ballot Notice and cast their votes electronically between December 13, 2025 and January 11, 2026. Pay attention to the profiles of the directors being appointed/re-appointed.

View All CYIENTDLM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 44% YoY to INR 1,196 Cr in FY24, followed by 27.4% growth to INR 1,524 Cr in FY25. Growth is primarily driven by the Aerospace and Defense segments, which saw strong order execution. H1 FY24 revenue specifically grew 50% YoY to INR 509 Cr.

Geographic Revenue Split

The United States contributes approximately 25% of total revenue (excluding the Altek facility). The company also serves clients in Europe, North America, India, China, and Japan.

Profitability Margins

PAT margin was 5.1% in FY24 (INR 61 Cr) and moderated to 3.6% in FY25 (INR 68 Cr). Normalized PAT margin in Q2 FY26 was reported at 4%, though reported PAT was higher at 10.3% due to a one-time gain from performance conditions not being met in the Altek acquisition.

EBITDA Margin

EBITDA margin was 9.3% in FY24, a decrease from 11-12% in FY23. Q1 FY25 margin was 7.8%. The moderation is attributed to a substantial increase in employee headcount, ESOP expenses, and the delivery of a large low-margin order. The company targets a return to double-digit margins (10-11%) through better fixed cost absorption.

Capital Expenditure

The company utilized INR 700 Cr from IPO proceeds for debt repayment, working capital, and capital investments. The acquisition of Altek Electronics Inc was valued at approximately INR 248 Cr ($29.2 million), funded through INR 103 Cr of foreign exchange debt, INR 70 Cr from IPO proceeds, and internal accruals.

Credit Rating & Borrowing

CRISIL A+/Positive for un-guaranteed facilities and CRISIL AA/Stable for facilities guaranteed by Cyient Ltd. The company maintains a net external debt-free status post-IPO, utilizing low-cost foreign exchange debt for acquisitions.

⚙️ Operational Drivers

Raw Materials

Specific materials include printed circuit boards (PCBs), electronic components, and subsystems for high-tech engineering, representing the bulk of the manufacturing cost base.

Import Sources

Sourced globally to support manufacturing units in India and the United States (via Altek facility in Connecticut).

Key Suppliers

Not specifically named in available documents; however, the company operates as a partner to major OEMs in Aerospace, Defense, and Medical sectors.

Capacity Expansion

Current capacity supports an order book of INR 2,127 Cr as of June 2024. Expansion is driven by the Altek acquisition in the US and enhanced hiring in FY24 to cater to medium-term demand.

Raw Material Costs

Raw material costs are susceptible to price fluctuations; the company manages this through an ongoing shift to higher-margin orders and benefits of operating leverage as scale increases.

Manufacturing Efficiency

Efficiency is driven by the 'design-led manufacturing' model, which integrates Cyient Ltd's engineering designs into production, improving fixed cost absorption as revenue scales toward INR 1,500 Cr+.

📈 Strategic Growth

Expected Growth Rate

30-40%

Growth Strategy

Growth will be achieved through the execution of a healthy order book (INR 2,127 Cr as of June 2024), the full-year integration of Altek Electronics (which contributed INR 174.66 Cr in FY25), and expanding the 'design-to-production' synergy with parent company Cyient Ltd. The company is focusing on high-margin export orders and new product mass manufacturing.

Products & Services

System design, integration, testing, and manufacturing of electronic components, subsystems, and printed circuit board assemblies (PCBA) for Aerospace, Defense, Medical, and Industrial OEMs.

Brand Portfolio

Cyient DLM.

New Products/Services

Expansion into the semiconductor business and complete engineering solutions (design-to-production) in collaboration with Cyient Ltd.

Market Expansion

Aggressive expansion into the US market via the Altek acquisition and increasing domestic sales in India driven by defense sector demand.

Market Share & Ranking

Not disclosed in available documents, but described as a 'moderate scale' player with revenues under INR 1,500 Cr.

Strategic Alliances

Strong parental support from Cyient Ltd, which holds a 52.12% stake as of June 2025 and provides managerial and financial backing.

🌍 External Factors

Industry Trends

The EMS (Electronic Manufacturing Services) industry is seeing a shift toward design-integrated manufacturing. Cyient DLM is positioning itself to provide end-to-end solutions rather than just assembly, moving from 15% historical growth to 30-40% projected growth.

Competitive Landscape

Competes with other Tier-II IT and EMS providers; market dynamics are currently impacted by industry-wide stock price volatility (38.6% dip in early 2025).

Competitive Moat

The primary moat is the synergy with Cyient Ltd's Engineering Research and Development (ER&D) services, allowing for a 'design-to-production' value proposition that is difficult for pure-play EMS providers to replicate.

Macro Economic Sensitivity

Sensitive to global aerospace and defense spending and US trade policies/tariffs.

Consumer Behavior

Shift in OEM behavior toward seeking partners who can handle both design and manufacturing to reduce supply chain complexity.

Geopolitical Risks

Exposure to US-China trade tensions; mitigated by acquiring a local US manufacturing unit (Altek) to handle US-based demand.

⚖️ Regulatory & Governance

Industry Regulations

Subject to stringent Aerospace and Defense manufacturing standards and US import/export tariffs which are currently a key monitorable.

Legal Contingencies

Goodwill of INR 63.84 Cr from acquisitions is being amortized over five years starting FY25. No specific pending court cases with values were disclosed.

⚠️ Risk Analysis

Key Uncertainties

Potential for 20-30% margin volatility if product mix shifts back to low-margin orders or if employee costs continue to rise faster than fixed cost absorption.