Quarterly Financial Results
Cyient DLM Q1 FY27 Results: Revenue Rises 34% YoY, PAT More Than Doubles; Order Book Hits Record High
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- Cyient DLM reported a strong start to FY27 with double-digit revenue growth, significant margin expansion, and more than doubling of profit after tax.
- The company also achieved its highest-ever order book since listing, supported by healthy order intake, new customer additions, and continued momentum across aerospace, industrial and electronics manufacturing services (EMS).Â
PRICE-SENSITIVE TRIGGER
Event: Q1 FY27 Financial Results and Investor Presentation
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect: The company delivered its strongest first-quarter performance to date with higher revenue, improved profitability, expanding margins and a record order book, strengthening revenue visibility for the coming quarters.Â
Metrics:
Financial Metrics:
- Revenue: ₹3,738 million (+34.3% YoY)
- EBITDA: ₹392 million (+56.2% YoY)
- EBITDA Margin:Â 10.5% (+147 bps YoY)
- Profit Before Tax: ₹222 million (+119.9% YoY)
- PAT: ₹163 million (+118.2% YoY)
- PAT Margin:Â 4.4% (+168 bps YoY)
- Order Book: ₹25,989 million (Highest since IPO)
- Order Intake: ₹5,519 million
- Book-to-Bill Ratio:Â 1.5x
Revenue Mix:
- Industry Contribution
- Aerospace: 42%
- Industrial: 32%
- MedTech: 16%
- Defence: 9%
- Auto & Others: 1%
- Product Mix
- PCBA: 48%
- Box Build: 41%
- Mechanical & Others: 10%
- Cables: 1%
- Geographical Mix
- Rest of World (ROW): 94%
- India: 6%
Highlight:
- Record Order Book: ₹25,989 million — the highest in the company’s history since its IPO.
What Happened ?
Cyient DLM delivered a robust Q1 FY27 with broad-based improvement across financial and operational parameters. Revenue increased by 34.3% year-on-year, while EBITDA grew faster than revenue due to better operating leverage and an improved business mix.
Profit after tax more than doubled compared to the corresponding quarter last year, reflecting higher profitability and margin expansion. During the quarter, the company secured healthy order inflows, resulting in its highest-ever order book. It also expanded its Build-to-Specification (B2S) engineering capabilities, added new customers, and strengthened manufacturing quality through NADCAP certification for its Mysore facility.Â
key details
Business & Operational Highlights:
- Highest-ever order book of ₹2,598.9 crore since IPO.
- Order intake stood at ₹551.9 crore.
- Book-to-bill ratio remained healthy at 1.5x.
- Added two new customers across Industrial and Automotive segments.
- Mysore facility achieved NADCAP certification for cable harness assembly.
- Expanded B2S engineering laboratory capacity from 6,000 sq. ft. to 15,000 sq. ft.
- Continued strong pipeline for Build-to-Specification (B2S) platforms.
- Aerospace and Industrial remained the largest revenue contributors.
Segment Performance:
- Aerospace revenue grew approximately 40% YoY.
- Industrial business expanded approximately 90% YoY.
- Defence segment recorded 35% YoY growth.
- MedTech business remained largely flat compared to last year.
- PCBA continued to be the largest product category with 21% YoY growth.
- Box Build business recorded strong 85% YoY growth.
Industry Outlook:
Management highlighted several long-term structural growth drivers for the Electronics Manufacturing Services (EMS) industry, including:
- Growing AI infrastructure investments.
- China+1 supply-chain diversification.
- Rising semiconductor complexity.
- Increasing electronics content across industries.
- Higher demand from aerospace, defence, industrial and medical customers.
The company also reiterated its long-term strategy to expand into AI infrastructure, robotics and higher-value Build-to-Specification platforms over the coming years.Â
Risk Analysis
Summary:
- Although business momentum remains strong, sustaining growth will depend on successful execution of the expanding order book, maintaining profitability while scaling operations, and converting the company’s strong pipeline into revenue.
Key Risks:
- Higher employee costs due to capacity expansion.
- Increased material procurement for B2S programs.
- Negative operating free cash flow of ₹171 million during Q1 FY27.
- Continued dependence on export markets, with 94% revenue coming from overseas customers.
- Lower other income because of forex losses.
- Execution risk associated with record order backlog.
Worst Case:
- Delays in executing large orders, slower conversion of the B2S pipeline, margin pressure from input costs or prolonged weakness in global manufacturing demand could affect earnings growth despite the strong order book.
Risk Level: Medium
Company Commentary
- Q1 FY27 marked the strongest first-quarter performance in the company’s history.
- Strong order intake supported both revenue growth and margin expansion.
- Order book reached its highest level since IPO.
- PAT more than doubled because of strong revenue growth and a healthier business mix.
- The company continues to focus on expanding into AI infrastructure, robotics and higher-value electronics manufacturing opportunities.
- Management sees long-term opportunities from China+1 manufacturing shifts and increasing demand for high-reliability electronics manufacturing.
Official Exchange Filing: Cyient DLM Limited
