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Revenue
₹310.6 Cr
verified against source
Revenue YoY
-20%
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 DLM reported Q2 FY26 revenue of ₹310.6 crore, down 20% YoY due to the completion of a large defense order, but EBITDA margin expanded 192 bps YoY to double digits, driven by a favorable revenue mix. PAT surged 108% YoY to ₹32.1 crore, boosted by a one-time earnout reversal. Order intake was strong at ₹500 crore (book-to-bill 1.6), with H1 cumulative intake up 130% YoY to over ₹1,000 crore. Management expects YoY revenue growth to resume in Q4 FY26, supported by a robust pipeline in industrial, automotive, and build-to-spec (B2S) segments. B2S now constitutes >10% of the order book. Key risks include geopolitical headwinds in Israel and tariff impacts on US operations, though management is actively managing these.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the full-year book-to-bill ratio to be in the range of 1.4 to 1.5x, indicating sustained order momentum.
- Management expects year-over-year revenue growth to resume in the fourth quarter of FY26, driven by order book execution.
- Management is confident of maintaining and improving double-digit EBITDA margins, supported by favorable revenue mix and scale.
- Build-to-spec revenue is expected to grow in FY27, with several projects in development and mass production starting from FY28.
Risks flagged
- The geopolitical situation in Israel has significantly impacted revenue quantum and predictability, though recent stability may help.
- Tariffs pose a risk to US operations; management is discussing solutions with customers but has no one-size-fits-all answer.
- Revenue decline is primarily due to the completion of a large defense order; new defense orders depend on Indian MOD awards.
- B2S orders have long design cycles (2-3 years), delaying revenue contribution from mass production until FY28.
Key quotes
- Our order book growth is now firmly on track supported by a robust book-to-bill ratio sustained for two consecutive quarters and with an outlook to sustain further into the rest of the year.
- Despite the year-on-year degrowth in revenue, we've been able to keep the EBITDA almost flat. The reason being the expansion in margins... more than 100 basis points increase sequentially and 192 basis points increase in margins year on year.
- We are not providing a formal guidance for FY26, but early indicators suggest that we are well on track to resume our growth trajectory.
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