Cyient DLM Ltd
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]
- Market Cap ₹ 3,578 Cr.
- Current Price ₹ 451
- High / Low ₹ 744 / 350
- Stock P/E 47.5
- Book Value ₹ 123
- Dividend Yield 0.00 %
- ROCE 12.3 %
- ROE 8.23 %
- Face Value ₹ 10.0
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 68.2% CAGR over last 5 years
Cons
- Stock is trading at 3.68 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 10.5% over last 3 years.
- Company's cost of borrowing seems high
- Working capital days have increased from 50.5 days to 108 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 480 | 457 | 628 | 721 | 832 | 1,192 | 1,345 | 1,140 | |
| 462 | 443 | 582 | 636 | 744 | 1,081 | 1,206 | 1,000 | |
| Operating Profit | 19 | 14 | 46 | 84 | 88 | 111 | 139 | 140 |
| OPM % | 4% | 3% | 7% | 12% | 11% | 9% | 10% | 12% |
| 2 | 8 | 9 | 8 | 6 | 28 | 28 | 19 | |
| Interest | 14 | 18 | 21 | 22 | 32 | 34 | 36 | 29 |
| Depreciation | 8 | 11 | 18 | 19 | 19 | 22 | 28 | 29 |
| Profit before tax | -1 | -7 | 16 | 51 | 43 | 82 | 103 | 101 |
| Tax % | -43% | -7% | 24% | 22% | 26% | 25% | 26% | |
| -1 | -7 | 12 | 40 | 32 | 61 | 77 | 75 | |
| EPS in Rs | -5.78 | -49.01 | 86.39 | 291.15 | 6.00 | 7.72 | 9.67 | 9.49 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 24% |
| 3 Years: | 23% |
| TTM: | -14% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 68% |
| 3 Years: | 25% |
| TTM: | 12% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -27% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 10% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 53 | 79 | 79 | 79 |
| Reserves | 34 | 24 | 36 | 76 | 145 | 830 | 876 | 894 |
| 160 | 308 | 279 | 337 | 356 | 192 | 196 | 103 | |
| 271 | 260 | 328 | 363 | 551 | 502 | 370 | 413 | |
| Total Liabilities | 466 | 593 | 645 | 777 | 1,105 | 1,603 | 1,521 | 1,490 |
| 48 | 106 | 186 | 172 | 161 | 192 | 203 | 200 | |
| CWIP | 1 | 77 | 2 | 3 | 1 | 1 | 6 | 4 |
| Investments | 0 | 0 | 0 | 0 | 90 | 66 | 156 | 153 |
| 417 | 410 | 457 | 601 | 853 | 1,344 | 1,156 | 1,133 | |
| Total Assets | 466 | 593 | 645 | 777 | 1,105 | 1,603 | 1,521 | 1,490 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| 29 | 16 | 35 | 49 | 54 | -71 | -62 | |
| -10 | -88 | -1 | -32 | -142 | -428 | 119 | |
| -2 | 72 | -43 | 46 | 72 | 479 | -66 | |
| Net Cash Flow | 17 | 0 | -9 | 62 | -16 | -19 | -10 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 91 | 44 | 132 | 77 | 71 | 69 | 81 |
| Inventory Days | 170 | 223 | 115 | 181 | 240 | 184 | 175 |
| Days Payable | 92 | 105 | 140 | 129 | 161 | 123 | 82 |
| Cash Conversion Cycle | 170 | 161 | 106 | 129 | 150 | 131 | 175 |
| Working Capital Days | 52 | -107 | -48 | -25 | -32 | 76 | 108 |
| ROCE % | 4% | 11% | 20% | 16% | 14% | 12% |
Documents
Announcements
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Announcement Under Regulation 30 - Update On SMP Of The Company
1d - Appointed Kaushal Jadia as CTO and Mujeeb Rahiman as Head of Operations, disclosed 24 Oct 2025.
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Announcement under Regulation 30 (LODR)-Change in Management
1d - R M Subramanian appointed CFO effective 24 Oct 2025; Shrinivas Kulkarni transitioning to strategic Cyient Group role.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
21 Oct - Q2 FY26: revenue ₹310.6cr, order intake ~₹500cr, orderbook ₹2,291cr, double-digit EBITDA.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
14 Oct - Earnings conference call recording for Q2 financial results dated 14 Oct 2025 posted.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
14 Oct - Q2 revenue INR 311Cr, EBITDA INR 31.2Cr (10%), reported PAT INR 32.2Cr; H1 order intake >INR1000Cr.
Concalls
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Oct 2025Transcript PPT
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Jul 2025Transcript PPT REC
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Apr 2025Transcript PPT REC
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Jan 2025Transcript PPT REC
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Oct 2024Transcript PPT REC
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Jul 2024Transcript PPT
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Apr 2024Transcript PPT REC
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Jan 2024Transcript PPT
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Jan 2024TranscriptNotesPPT
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Oct 2023Transcript PPT
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Jul 2023Transcript PPT
Business Profile[1]
Co. develops Low volume, high mix (LVHM) products which is a type of contract manufacturing setup, having a high emphasis on quality and customization according to customer requirements. Company enters into 3-5 year master service agreements (MSA) with its customers.