Order intake growth (H2 YoY)
5.5%
+5.5% YoY
H2 FY26 order intake grew 5.5% YoY, with Q4 up 23% YoY.
CYIENT
Other
2026-04-??
Cyient Limited — Q4 FY26
Cyient's D segment Q4 FY26 revenue was $163.5M (₹1,500 Cr), down 2.4% QoQ CC and 1.5% YoY CC, impacted by client budget delays and geopolitical headwinds in West Asia.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
Cyient's D segment Q4 FY26 revenue was $163.5M (₹1,500 Cr), down 2.4% QoQ CC and 1.5% YoY CC, impacted by client budget delays and geopolitical headwinds in West Asia. Gross margin expanded 114bps QoQ to 38.9%, while EBIT margin held at 12.4% despite revenue softness. PAT fell 9.1% YoY to ₹138 Cr due to lower other income. The board approved a ₹720 Cr buyback at ₹1,125/share, signaling confidence. Management guided for mid-to-high single-digit organic growth in FY27 and reiterated a 15% EBIT margin target by Q4 FY27. Key risks include prolonged geopolitical uncertainty and AI-driven compression in software services.
Key Numbers
Gross margin
38.9%
+114bps QoQ
Sequential improvement driven by operational efficiencies and forex.
Free cash flow conversion
163%
+163% of PAT
Strong cash generation from working capital discipline.
Semiconductor revenue (Q4)
$7.2M
+5% QoQ
Fourth consecutive quarter of growth; full year $27.5M.
Management Guidance
Mid-to-high single-digit organic growth in FY27
Management expects D segment revenue to grow mid-to-high single digits YoY in constant currency.
Management guidance growth15% EBIT margin target by Q4 FY27
Reiterated aspiration to reach 15% EBIT margin by Q4 FY27, subject to geopolitical volatility.
Management guidance marginsSemiconductor revenue run rate of ~$100M in FY27
Expects semiconductor business to reach approximately $100 million annual run rate in FY27.
Management guidance revenueKey Risks
Geopolitical uncertainty in West Asia
Energy deals in West Asia pushed out, impacting Q4 and expected to continue in Q1 FY27.
medium · management_commentaryAI-driven compression in software services
AI productivity improvements (20-30%) could reduce demand for traditional software engineering work.
medium · analyst_questionClient budget delays
Three key customers delayed program starts, causing Q4 revenue miss; recovery timing uncertain.
medium · management_commentaryNotable Quotes
We have therefore made a conscious decision not to walk away but to pro this transaction and come back with a more educated decision in the coming quarters.
The company that will win in our sector are the ones that layer AI and digital on top of deep domain knowledge and the human expertise.
We want to establish an independent value because we believe there is a huge value unlock in science semiconductor.
Frequently Asked Questions
What was Cyient's revenue in Q4 FY26?
Cyient reported revenue of ₹1,927 Cr in Q4 FY26, representing a +7.4% change compared to the same quarter last year.
What guidance did Cyient management give for FY27?
Mid-to-high single-digit organic growth in FY27: Management expects D segment revenue to grow mid-to-high single digits YoY in constant currency. 15% EBIT margin target by Q4 FY27: Reiterated aspiration to reach 15% EBIT margin by Q4 FY27, subject to geopolitical volatility. Semiconductor revenue run rate of ~$100M in FY27: Expects semiconductor business to reach approximately $100 million annual run rate in FY27.
What are the key risks for Cyient in FY27?
Key risks include Geopolitical uncertainty in West Asia — Energy deals in West Asia pushed out, impacting Q4 and expected to continue in Q1 FY27.; AI-driven compression in software services — AI productivity improvements (20-30%) could reduce demand for traditional software engineering work.; Client budget delays — Three key customers delayed program starts, causing Q4 revenue miss; recovery timing uncertain..
Did Cyient meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Cyient Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.