Cyient (532175) Q4 24/25 earnings summary

Executive summary

• Q4 and FY25 results were below expectations due to global uncertainties, but customer programs and relationships remain strong and committed.

• FY25 marked the highest-ever group revenue, with revenue doubling in seven years and tripling in twelve, supported by a diversified portfolio across DET, semiconductor, and DLM businesses.

• Leadership transition to Sukamal Banerjee as CEO and Suman Narayan as CEO of Cyient Semiconductors, strengthening leadership in ER&D and semiconductor sectors.

• Notable wins include a major green hydrogen project in Norway and a partnership in intelligent mobility, supporting growth in energy and automotive sectors.

• Board approved audited financial results for Q4 and FY25, recommended a final dividend of Rs. 14 per share, and granted stock options.

Financial highlights

• Group FY25 revenue: INR 73,604 million (Rs. 7,360 crore), up 3% YoY (highest ever); PAT: INR 6,483 million (Rs. 622 crore), down 15.4% YoY; FCF: INR 688 crore, up 6% YoY.

• Q4 FY25 DET revenue: $170M, down 1.9% QoQ and 3.4% YoY in constant currency; EBIT margin: 13%, down 48 bps QoQ; PAT: INR 163 crore, up 32% QoQ but down 6% YoY.

• Group Q4 FY25 revenue at $220.4M, up 0.1% YoY in constant currency; EBIT margin declined 211 bps YoY.

• Basic EPS for FY25 was Rs. 55.95, compared to Rs. 62.24 in FY24.

• Final dividend of INR 14 per share, full year dividend INR 26 per share.

Outlook and guidance

• Guidance has been suspended temporarily to focus on building predictability and stability in FY26 amid macro uncertainty.

• Q1 FY26 expected to be soft due to project delays, with some impact from Q4 carrying over, but not seen as a crisis.

• Margin target recalibrated to 15% over the next 24 months, down from the previous 16% target.

• Board initiated the carveout of the semiconductor business into a wholly owned subsidiary to pursue sector opportunities.

• Focus on expanding in digital, Industry 4.0, AI/ML, and sustainable solutions across key sectors.