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Revenue
₹1,781 Cr
verified against source
Revenue YoY
4.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Cyient D segment delivered a steady Q2 with revenue of ₹1,438 crore, up 3.3% QoQ and 4.5% YoY in INR terms, driven by strong recovery in Transportation (+3.9% QoQ) and Network & Infrastructure (+3.6% QoQ). EBIT margin expanded 16 bps QoQ to 12.2% despite wage hikes and restructuring costs, aided by cost optimization. PAT fell 16% QoQ to ₹137 crore due to lower unrealized gains. Management highlighted a 10% QoQ pipeline increase, 50% rise in new business order intake share, and doubled technology pipeline. Guidance: H2 stronger than H1 in both revenue and margins, with a commitment to reach 15% EBIT margin by Q4 FY27. Risk: macro uncertainty remains, though improved from Q1; ramp-down of a large program in strategic units may persist.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the second half of FY26 to deliver stronger revenue growth and margin expansion compared to H1.
- The company is committed to achieving a 15% EBIT margin by the fourth quarter of FY27 through cost optimization and operational improvements.
- The semiconductor segment is expected to become EBIT neutral sometime in FY27, with maximum organic investment of $15 million.
- The semiconductor business targets a revenue run rate of $50 million and an ACV pipeline of over $100 million by the end of FY27.
Risks flagged
- Persistent macroeconomic and geopolitical uncertainties, including trade tariffs, could impact customer decision-making and deal closures.
- A large program ramp-down in the strategic units cluster is expected to continue into Q3, though materiality has reduced.
- Restructuring costs of ~200 bps impacted EBIT in Q2; further restructuring activities may continue, affecting margins.
- The semiconductor segment reported negative EBIT due to ongoing investments; achieving EBIT neutrality by FY27 depends on revenue growth and cost control.
Key quotes
- We are now over that phase [of stabilization]. The results have been strong moving from a revenue degrowth of 1.9% in Q4 of FY25 to a degrowth of 1.5% in Q1 of FY26 to a growth of 0.5% in Q2 in constant currency terms.
- Our uniqueness is not just being part of the AI bandwagon but being a domain first and AI infused company.
- We have the opportunity to create a DLM like situation here [in semiconductors].
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