CYIENTDLMIndustrials

Cyient DLM Limited

Aerospace & Defense · ISIN INE055S01018 · BSE 543933 · NSE EQ · FV ₹10
Last price
₹754
+1.32%today
What this company does

Cyient DLM Limited operates in Aerospace & Defense, part of the Industrials sector. It booked ₹393 cr of revenue in its latest quarter (Q2 FY27) and kept 8.7% of sales as profit.

In the report:
58out of 100
Equitytale Health Score
Mixed

Healthier than 58% of companies in Industrials, on the 5 of 6 measures we could read for it. Each measure is ranked against the 227–284 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
37

At close. Not part of the score.

Profitability & returns65

How much profit it earns on the money it employs

Balance sheet69

How much it owes, and whether earnings cover the interest

Cash quality43

Whether reported profit actually arrives as cash

Valuation18

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
✓ Makes a profit
✓ Sales up 27% vs last year
✓ Profit up 6% vs last year
✓ Promoters hold 52%
✓ No promoter shares pledged
✓ Turns profit into real cash
Watch-outs
None flagged from our data

What if I invest in CYIENTDLM?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹754▲ +1.32%
latest close · 2026-11-04
52-wk low ₹58774 sessions so far52-wk high ₹1,061
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio44.0High
LowAverageHigh
P/B ratio5.60High
Below bookModerateHigh
EV / EBITDA26.6High
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity12.7%Fair
WeakFairStrong ▸15%
Return on capital15.6%Strong
WeakFairStrong
Net margin8.7%Decent
ThinDecentStrong
EBITDA margin14.4%Decent
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.12Comfortable
LowModerateHigh ▸1
Interest cover7.4×Strong
RiskyOkayStrong ▸5×
Current ratio2.26Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹5,983 cr
Book value
₹135
EPS
₹4.28
latest quarter
Net debt
₹49 cr
owes more than its cash
Enterprise value
₹6,032 cr
EBITDA
₹227 cr
annualised
EBIT
₹182 cr
annualised
Operating margin
11.6%
Return on assets
7.8%
Earnings yield
2.27%
P/S
3.80
Sales / share
₹198.1
Tax rate
13.5%
Face value
₹10
Shares
7.9 cr
Working capital
₹738 cr
Current assets
₹1,322 cr
Current liabilities
₹584 cr
Delivery %
39.7%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.

Worth vs price · from the FY 2026 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹61–₹161, midpoint ₹111

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY27 (consolidated)
Revenue from Operations₹393 cr
Other Income₹23 cr
Total Income₹416 cr
Cost of Materials₹256 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-10 cr
Employee Benefit Expense₹68 cr
Finance Costs₹6 cr
Depreciation & Amortisation₹11 cr
Other Expenses₹45 cr
Total Expenses₹376 cr
Profit before Tax₹39 cr
Tax Expense₹5 cr
Net Profit₹34 cr
Net margin on total income8.2%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹246 cr59.2%
Employee benefit expense₹68 cr16.3%
Finance costs₹6 cr1.5%
Depreciation & amortisation₹11 cr2.7%
Other expenses₹45 cr10.8%
Tax expense₹5 cr1.3%
Profit for the period₹34 cr8.2%
Total income ₹416 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue369 cr374 cr393 cr
Total income374 cr374 cr416 cr
Expenses343 cr352 cr376 cr
Profit before tax32 cr22 cr39 cr
Tax9 cr6 cr5 cr
Net profit (owners' share)22 cr16 cr34 cr
Net margin (owners' share, on revenue)6.1%4.4%8.7%
EPS (₹)2.832.054.28
YoY (latest quarter): total income +24.7% · net profit +5.8%
Balance sheet & cash flow · as of Sep 2026
Low debt
Total assets
₹1,748 cr
Shareholder equity
₹1,068 cr
parent shareholders
Total debt
₹132 cr
Cash
₹83 cr
Cash flow · H1 FY27
Operating
₹15 cr
Investing
₹-18 cr
Financing
₹6 cr
Peer comparison
Aerospace & Defense · by market value
CompanyPriceMarket capP/E
Hindustan Aeronautics Limited₹4,959₹3.32 L cr52.2
Bharat Electronics Limited₹380₹2.78 L cr45.0
Centum Electronics Limited₹4,154₹57,594 cr136.5
Bharat Dynamics Limited₹1,017₹37,279 cr78.5
Garden Reach Shipbuilders & Engineers Limited₹2,131₹24,411 cr35.3
Data Patterns (India) Limited₹3,950₹22,120 cr250.6
AXISCADES Technologies Limited₹1,844₹16,398 cr—
SIGMA ADVANCED SYSTEMS LIMITED₹895₹15,764 cr111.3
Zen Technologies Limited₹1,711₹15,445 cr42.9
Same industry · latest reported numbers · not a recommendation.
Who owns it · 2026-09-30
No pledge
Promoter
52.1%
FII / Foreign
2.4%
DII / Domestic
27.1%
Retail / others
18.3%
Promoter stake down 14.5% over the last 12 quarters.
Smart-money activity
Insider trades
SoldCyient Limited · Promoters1.15 cr · ₹873.9 cr21 Aug 24
SoldManjunath Das · Employees/Designated Employees1,960 · ₹14.1 L18 Jun 24
Bulk / block deals
short— · NSE121 Sep 26
short— · NSE21 Sep 26
short— · NSE526 Aug 26
Stake changes
SoldNippon India Mutual Fund (through Nippon Life India Trustee Limited A/c)→ 6.39% · 75,00029 Jan 26
BoughtHDFC Mutual Fund→ 9.85% · 17.35 L22 Nov 24
SoldMorgan Stanley Asia (Singapore) Pte.→ 2.73% · 4.37 L30 Sep 24
What shareholders were asked to approve
2 proposals passed only on promoter votes

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Postal ballot · 8 Mar 2026
See the official result
1
Variation in the Objects / terms of utilisation of the Initial Public Offering (“IPO”) proceeds and extension of time limit for utilisation of the IPO proceeds
Backed by 100% of shareholders other than promotersneeded 75%
2.23 cr votes for, 2,104 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 1 named members
owning 52.1% between them · as of 2026-09-30
CYIENT LIMITED52.11%
Business done with them
FY2026 · 1 of the group
The company paid ₹579 cr to companies in the promoter group last year — about 45.9% of its ₹1,261 cr revenue and received ₹3 cr back from them.
Cyient Limited
Contribution made to them · Revenue from operations , Purchases of goods, Reimbursement of expenses, Loans received, Loans paid, Interest on loan from holding company, Corporate guarantee received and Interest on loan from holding company
also owns 52.11% of the company
₹522 cr
company paid
Cyient Limited
Other payments to them · Revenue from operations , Purchases of goods, Reimbursement of expenses, Loans received, Loans paid, Interest on loan from holding company, Corporate guarantee received and Interest on loan from holding company
also owns 52.11% of the company
₹54 cr
company paid
Cyient Limited
Paid them for services · Revenue from operations , Purchases of goods, Reimbursement of expenses, Loans received, Loans paid, Interest on loan from holding company, Corporate guarantee received and Interest on loan from holding company
also owns 52.11% of the company
₹3 cr
company paid
Cyient Limited
Sold goods to them · Revenue from operations , Purchases of goods, Reimbursement of expenses, Loans received, Loans paid, Interest on loan from holding company, Corporate guarantee received and Interest on loan from holding company
also owns 52.11% of the company
₹2 cr
company received
Cyient Limited
Contribution received from them · Revenue from operations , Purchases of goods, Reimbursement of expenses, Loans received, Loans paid, Interest on loan from holding company, Corporate guarantee received and Interest on loan from holding company
also owns 52.11% of the company
₹1 cr
company received

The company also transacted with 8 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it
1 fundraise spent differently than promised

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹700 cr raised in Jun 2023 by selling shares to the public
⚑ company reported a change of plan

As of Mar 2026, the company says it has spent 95% of what it set aside, leaving ₹37 cr still to be spent. ICRA watches the spending on the exchange’s behalf.

“Reallocation of the IPO proceeds from funding capital expenditure to funding incremental working capital requirements by ₹ 368.47 Million.”the company’s own explanation, as filed · shareholders approved the change
Funding incremental working capital requirements of our Company
originally ₹291 cr
budget changed
100%
₹328 cr of ₹328 cr
Funding capital expenditure of our Company
15%
₹7 cr of ₹44 cr
Repayment/prepayment, in part or full, of certain of our borrowings
100%
₹161 cr of ₹161 cr
Achieving inorganic growth through acquisitions
100%
₹70 cr of ₹70 cr
General corporate purposes
originally ₹93 cr
budget changed
100%
₹98 cr of ₹98 cr

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.