Cyient DLM Ltd

Cyient DLM Limited reported Q2 FY27 results with revenue growing 26.5% year-on-year to INR3,931 million, driven by strong performance in aerospace, industrial, defense, and medical segments. The order book reached an all-time high of INR28.1 billion, with a book-to-bill ratio of 1.6x, reflecting robust demand and customer confidence. Management highlighted sustained momentum in the order book for six consecutive quarters, supported by large OEM orders. Revenue growth was 30% year-on-year for H1 FY27, with a shift toward higher-value box build solutions, which grew 86% year-on-year. The company also acquired Altek Electronics, expanding its global footprint. EBITDA for Q2 was INR342 million, up 9.5% year-on-year, though margins declined 135 basis points due to investments in sales, strategy, and new growth areas. Normalized PAT grew 25.8% year-on-year to INR158 million. Looking ahead, management outlined a three-phase strategy: strengthening existing segments, expanding into robotics, AI data centers, and semiconductor capital equipment, and transforming into a product and platform moat by FY30. The company expects EBITDA margins to reach double digits in FY28, with revenue growth of 30-35% for FY27. The $1 billion pipeline of build-to-specification projects is expected to contribute significantly from FY30 onwards, though current order book visibility is limited to 18-24 months. Management emphasized disciplined execution, profitable growth, and long-term margin improvement as priorities.

The document emphasizes strong revenue growth, record order books, and strategic expansion into high-growth areas, with management expressing confidence in future performance.