Cyient DLM LimitedQ2 FY27 Results & Financial Update
Cyient DLM Limited: Q2 FY27 consolidated results and company financials – revenue ₹393.09 Cr, PAT ₹34.01 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Cyient DLM Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Cyient DLM delivered robust financial and operational expansion in the second quarter of fiscal year 2027, propelled by healthy order book execution and sustained demand across core segments. Consolidated revenue from operations reached INR 393.09 crore, marking a solid 26.5% increase compared to the corresponding period of the previous year.
Profitability metrics showed strong underlying momentum, although headline figures were influenced by specific accounting items. Reported profit after tax for the quarter stood at INR 34.01 crore, supported by a one-off earnout liability reversal of INR 18.2 crore included within other income. Excluding this one-off item, normalized net profit for the quarter was INR 15.8 crore, reflecting a 25.8% year-on-year growth.
Operating performance remained characterized by shifting product mixes and continued investments in capability building. Material consumption costs expanded alongside top-line growth, while employee benefit expenses increased as the company reinforced its sales, strategy, and engineering talent base to support long-term expansion agendas.
Demand visibility reached historic highs during the quarter, underpinned by robust order inflows across aerospace, defense, industrial, and medical technology sectors. The total order book expanded to an all-time high of INR 2,813.7 crore, supported by a quarterly book-to-bill ratio of 1.6x and a sequential order book increase of INR 214.8 crore.
Global operational capabilities were further reinforced during the period with the completion of the integration of Altek Electronics in Connecticut, United States, which has been renamed Cyient DLM Electronics Inc. This integration expands the company's geographic reach and enhances its capability to service multinational customers locally.
Cash generation showed positive improvement during the quarter, with operational free cash flow standing at INR 17.2 crore. Working capital disciplines remained stable, with inventory days and debtor days reflecting disciplined operational execution amidst scaling business volumes.
01 · Business model
What does Cyient DLM do?
Cyient DLM Limited is an integrated electronic manufacturing solutions provider specializing in Design-Led Manufacturing (DLM) for safety-critical and high-reliability electronic systems. The company operates across high-barrier sectors including aerospace, defense, industrial, medical technology, and automotive applications.
The operational model covers full product lifecycles, taking complete ownership of design, manufacturing, testing, precision machining, and regulatory certification support. Its manufacturing footprint is anchored by key facilities in India, supplemented by international reach following strategic overseas integration.
Revenue streams are diversified across multiple product categories, led by printed circuit board assembly (PCBA) and complex box-build integration. The business captures value by serving both domestic and international original equipment manufacturers, with a heavy concentration of business derived from overseas customers in North America and other regions.
To capture future growth, the company is deliberately expanding its addressable market into high-technology structural domains such as artificial intelligence and data center infrastructure, semiconductor capital equipment, and robotics and automation.
02 · Historical context
What shaped the business before this quarter
Previously initiated and recently completed during Q2 FY27, the integration of Connecticut-based Altek Electronics (renamed Cyient DLM Electronics Inc.) expanded the company's geographic footprint and localized manufacturing presence in the United States.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹393.09 Cr | ₹310.63 Cr | ₹373.80 Cr |
| Total income | ₹415.71 Cr | ₹333.30 Cr | ₹374.07 Cr |
| Profit before tax | ₹39.31 Cr | ₹36.48 Cr | ₹22.21 Cr |
| Profit after tax | ₹34.01 Cr | ₹32.15 Cr | ₹16.29 Cr |
| EPS | ₹4.28 | ₹4.05 | ₹2.05 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Aerospace and industrial segments led top-line growth during the quarter, delivering year-on-year revenue increases of 62% and 29% respectively.
The PCBA business maintained a high share of total revenue while growing 19% year-on-year, whereas box-build integration surged by 86% year-on-year, driving a structural shift toward higher-value system integration.
Rest of the World (ROW) markets accounted for 93% of the revenue mix, driven by sustained customer demand across aerospace, medical, and industrial verticals outside India.
What drove margins
Cost of materials consumed rose to INR 255.87 crore for the quarter, reflecting variance due to one-off revenue mix impacts and dedicated purchases toward product development.
Employee benefit expenses expanded to INR 67.89 crore, driven by deliberate organizational investments into sales, strategy, and build-to-specification capabilities.
Finance costs declined 10.4% year-on-year to INR 6.10 crore, supported by lower utilization of working capital borrowings during the quarter.
05 · Demand, customers & order book
Where demand is coming from
The order book reached an all-time high of INR 2,813.7 crore (INR 28,137 million), expanding by INR 214.8 crore sequentially over the previous quarter.
Order intake grew 11% sequentially and 15.4% year-on-year, resulting in a healthy book-to-bill ratio of 1.6x for the quarter.
The company added three new customer logos across its core business verticals and emerging growth domains during the quarter.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates entirely within a single reportable segment defined as Electronic Manufacturing Services (EMS), encompassing manufacturing and electronic solutions under Ind AS 108.
Geography and market mix
International markets (Rest of the World) generated 93% of total revenue during Q2 FY27, while the domestic Indian market contributed 7%, primarily led by aerospace, defense, automotive, and medical segments.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The operational integration of the US-based manufacturing facility under Cyient DLM Electronics Inc. enhanced global manufacturing capacity and localized service delivery for international clients.
Projects, capex and execution
Capital allocation during the period remained directed toward strengthening build-to-specification (B2S) infrastructure, precision machining capabilities, and advanced testing facilities.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued investments in intellectual property and B2S design capabilities are intended to deepen customer engagement across the entire product lifecycle and transition toward higher margin brackets over the long term.
09 · Reported developments
What changed operationally
The order book scaled to INR 2,813.7 crore, backed by strong order intake and a 1.6x book-to-bill ratio.
Normalized PAT grew 25.8% year-on-year to INR 15.8 crore, demonstrating solid underlying operational earnings expansion.
10 · Pressure points & risks
What is not going smoothly
Fair valuation changes on financial instruments in other comprehensive income reflected a decline in the value of an investment in an IP communications company due to long lead times in order realization.
11 · Items worth noticing
The line items that can distort a quick read
Other income for Q2 FY27 includes a one-off gain of INR 18.2 crore (INR 181.95 million) arising from the fair valuation reversal of an earnout liability.
Other income includes net foreign exchange gains of INR 19.01 million on consolidated results for the quarter.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Free cash flow for Q2 FY27 stood at INR 17.2 crore, reflecting an improvement in cash generation capabilities during the period.
Days sales outstanding (DSO) stood at 73 days, days inventory outstanding (DIO) at 162 days, and days payable outstanding (DPO) at 68 days, leading to a net working capital cycle of 153 days.
Capital allocation & funding
Non-current borrowings stood at INR 35.99 crore as of September 30, 2026, down from INR 77.83 crore as of March 31, 2026, reflecting structured debt repayments.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Senior management appointment
The board approved the appointment of Mr. Sandip Mishra as Senior VP and Chief Human Resources Officer, bringing over 29 years of global leadership experience across technology, services, and healthcare sectors.
Reported update
Strategic margin roadmap
Management outlined a long-term strategic pivot aiming to transition operating margins from the current ~9-11% range toward 13-18% through deeper B2S platform integration and expansion into new vertical markets.
14 · Previous-quarter changes
What changed since the previous quarter
Revenue increased sequentially from INR 373.80 crore in Q1 FY27 to INR 393.09 crore in Q2 FY27, while reported PAT expanded from INR 16.29 crore to INR 34.01 crore over the same period.
15 · Key Q&A
The quarter, answered directly
What does Cyient DLM do?
Cyient DLM Limited is an integrated electronic manufacturing solutions provider specializing in Design-Led Manufacturing (DLM) for safety-critical and high-reliability electronic systems. The company operates across high-barrier sectors including aerospace, defense, industrial, medical technology, and automotive applications.
What is the clearest takeaway from Q2 FY27?
Cyient DLM delivered robust financial and operational expansion in the second quarter of fiscal year 2027, propelled by healthy order book execution and sustained demand across core segments. Consolidated revenue from operations reached INR 393.09 crore, marking a solid 26.5% increase compared to the corresponding period of the previous year.
What drove revenue or demand?
Aerospace and industrial segments led top-line growth during the quarter, delivering year-on-year revenue increases of 62% and 29% respectively.
What mattered most for margins or profitability?
Cost of materials consumed rose to INR 255.87 crore for the quarter, reflecting variance due to one-off revenue mix impacts and dedicated purchases toward product development.
What changed operationally beyond the headline numbers?
The operational integration of the US-based manufacturing facility under Cyient DLM Electronics Inc. enhanced global manufacturing capacity and localized service delivery for international clients.
What are the main pressure points disclosed for the quarter?
Fair valuation changes on financial instruments in other comprehensive income reflected a decline in the value of an investment in an IP communications company due to long lead times in order realization.
16 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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17 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of record order book: Monitor quarterly conversion rates of the INR 2,813.7 crore order book into recognized revenue across aerospace and industrial segments.
- 02
Integration and scaling of US subsidiary: Track revenue contributions and operational synergy realization from Cyient DLM Electronics Inc. following the completion of the Altek Electronics integration.
- 03
New vertical traction: Observe progress in customer wins and prototype deliveries within emerging growth areas including AI data center infrastructure, robotics, and semiconductor capital equipment.
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