Results reported 15 October 2026 | Electronics manufacturing services
The Quick Take
Cyient DLM’s Q2 FY27 revenue rose 26.5% to Rs 393.1 cr, on a record order book of Rs 2,813.7 cr. Normalised PAT was Rs 15.82 cr, up 25.8%. Reported PAT of Rs 34.0 cr includes a one-off gain of Rs 18.2 cr from an earnout reversal, so the normalised figure is the better guide.
Q2 FY27 snapshot (Rs crore)
| Metric | Q2 FY27 | Comparison |
|---|---|---|
| Revenue | 393.1 | +26.5% YoY |
| EBITDA (margin) | 34.2 (8.7%) | +9.5% YoY |
| Normalised PAT (margin) | 15.82 (4.0%) | +25.8% YoY |
| Reported PAT | 34.0 | Includes Rs 18.2 cr one-off |
Order book and outlook
- Order book of Rs 2,813.7 cr, up Rs 214.8 cr QoQ; book-to-bill of 1.6.
- Order intake up 11% QoQ and 15.4% YoY.
- Free cash flow of Rs 17.2 cr.
- No numeric guidance, but the company remains positive on the year.
Initiatives
Three new customer logos; growth led by aerospace and industrial, with defence and medical contributing. Altek Electronics in Connecticut has been integrated and renamed Cyient DLM Electronics Inc.
Risks
- EBITDA growth is lagging revenue growth, so margin is the watch item.
- Reliance on one-offs for headline PAT.
- Customer concentration and end-market cyclicality.
Setup
Neutral. Growth and order book are at highs; the margin trajectory is what to watch.
This is educational analysis, not personalized investment advice. Do your own research before investing.
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