Motilal Oswal's research report on Cyient DLM
Cyient DLM’s (CYIENTDL) 2QFY26 consolidated revenue/EBITDA declined ~20%/1% YoY to INR3.1b/INR312m. However, EBITDA margins expanded 190bp YoY to 10% (est. 9.7%), led by a better business mix (higher Aerospace mix of 37%). The order book rose 16% YoY/7% QoQ to INR23b, boosted by an order intake of ~INR5b. About 1/4th of this order inflow is executable in FY26. With this addition, the company’s book-to-bill ratio stands at ~1.6x, and it
aims to maintain the ratio at ~1.4-1.5x in FY26.
Outlook
We estimate a CAGR of 14%/27%/37% in revenue/EBITDA/adj. PAT over FY25-28. We reiterate our BUY rating on the stock with a TP of INR550 (27x Sep’27E EPS).
For all recommendations report, click here
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