Cyient DLM (CYIENTDLM) Q4 25/26 earnings summary

Executive summary

• FY26 revenue performance was subdued following completion of a large A&D order in FY25 and supply-chain disruption linked to geopolitical events, especially in West Asia.

• Q4 ended with the highest order book in 10 quarters and the highest quarterly EBITDA and PAT in the last four quarters.

• Sales leadership and operational-excellence investments strengthened customer engagement and order-pipeline quality.

Financial highlights

• Q4 FY26 revenue was INR 3,691M, down 13.8% YoY; EBITDA was INR 431M, down 25.0%, and PAT was INR 224M, down 27.7%.

• FY26 revenue was INR 12,614.85M, down 17.0% YoY; normalized EBITDA was INR 1,302M, down 10.3%, with normalized margin of 10.3%, up 77 bps.

• FY26 reported EBITDA was INR 1,268M, down 7.5%, with margin of 10.1%, up 103 bps; normalized PAT was INR 563M, down 24%, while reported PAT was INR 733M, up 7.6%.

• Audited consolidated FY26 revenue from operations was INR 15,196.26M and net profit was INR 917.24M; basic EPS was INR 9.23.

• Net cash generated from operating activities was INR 539.02M; year-end cash and cash equivalents were INR 800.33M.

Outlook and strategy

• Management expects YoY growth in every FY27 quarter and reiterated confidence in sustaining double-digit EBITDA margins; no specific revenue or margin guidance was provided.

• Strategy for 2026–27 centers on strengthening key markets and operational excellence; 2027–29 priorities include Automotive and India Defense, followed by a shift toward products and platforms in 2027–32.

• Priorities include large deals and new logos, B2S expansion, automation, product platforms, vertical integration, AI infrastructure and potential Europe Defense M&A.