Cyient DLM (CYIENTDLM) Q2 25/26 earnings summary

Executive summary

• Q2 FY26 revenue was ₹3,106.34M, down 20.2% YoY after completion of a large order; EBITDA was ₹312M, while backlog reached ₹22,911M.

• EBITDA margin improved 192 bps YoY to 10.0%; reported PAT was ₹321.45M, including a ₹195.75M earnout reversal.

• H1 order intake grew 130% YoY, and Q2 added two global customers in future mobility and EV charging.

• Unaudited consolidated and standalone results were approved; Dr. Ganesh Natarajan was appointed Independent Director for a three-year term, subject to shareholder approval.

Financial highlights

• H1 revenue declined 9.0% YoY to ₹5,891M; EBITDA rose 9.0% to ₹563M, with margin up 157 bps to 9.5%.

• Q2 reported PAT rose 108.0% YoY to ₹321M; normalized PAT was ₹126M, down 18.7% YoY.

• H1 reported PAT increased 52.1% to ₹396M; normalized PAT declined 23.1% to ₹200M.

• Q2 basic EPS was ₹4.05, versus ₹0.94 in Q1 FY26; total comprehensive income was ₹333.05M.

Outlook and guidance

• H2 outlook points to continued order momentum and margin improvement; year-on-year growth is expected to resume from Q4 FY26, with a positive FY27 setup.

• Large deals were at advanced pipeline stages; H1 order intake grew 130% YoY.

• Priorities include account mining, India-market focus, Build-to-Specification capabilities, and expansion in medical, industrial and EV markets.

• Acquisition targets in NAM and EMEA are being evaluated to expand client proximity, geographic footprint and capabilities; no formal FY27 guidance has been issued.