Cyient DLM Limited — Q2 FY26
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...
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Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered4Evaded / deflected11Questions audited
Partial answer
Medium priority
EV segment focus and margins
Asked by Balas Subramanyan, Aryant Capital
Answered segment but did not provide margin specifics as asked.
margin not quantifiedonly described segment
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Question
which are the seg sub segments we are focusing on uh within EV like uh charge charging infrastructure power train and I just want to understand what kind of margins uh uh uh we are getting in the EV space
Management (unidentified)
the EV charging so there basically EV charging stations so we are working out in terms of some of the uh assembly sub assemblies which goes into the electric charging stations
Evasive
High priority
Altech profitability timeline and synergies
Asked by Balas Subramanyan, Aryant Capital
Spoke about quotes and orders but did not address profitability timeline.
no timeline givenno profitability target
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Question
when we can expect uh uh our tech operations uh will achieve profitability and what kind of synergies uh uh we can expect uh maybe what kind of time frame
Management (unidentified)
some of our existing customers we have submitted some of the quotes and they are in the positive uh direction. We will be affecting some of those orders will be coming in this quarter
Partial answer
Medium priority
Build-to-spec scaling factors and timeline to 15%
Asked by Balas Subramanyan, Aryant Capital
Acknowledged it will take time but did not quantify scaling factors or timeline to 15%.
no specific timeline for 15%vague on factors
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Question
what are the factors to scaling uh uh in this business and we when we can expect uh it's more than 15% kind of contributions
Management (unidentified)
I think uh the contribution going to the number what you said will take lot of time. Okay. But what we have currently is the contribution I mean whatever the share of the business the BTS so it will increase in FI27
Evasive
High priority
Defense order delays and new program visibility
Asked by Balas Subramanyan, Aryant Capital
Only mentioned one customer's delay, did not address broader cycles or new awards.
no broader contextno visibility on new awards
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Question
is there any broader delays in defense recruitment cycles and what is the visibility on new defense program awards
Management (unidentified)
So right now I think we are still working out with the customer uh whom we worked in the past. So still they did not get their orders from the Indian MOD. So we are just working with them.
Answered
Medium priority
Margin improvement despite lower high-margin segment contribution
Asked by Pravin Sahai, PL Capital
Directly answered that margins are comparable across segments.
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Question
while the contribution from the aerospace or medtech which I believe is a higher margin business contribution is declined QQ. So is that the industrial business which you are doing have a higher margin as compared to the other segments?
Management (unidentified)
No, I think most of the businesses are quite homogeneous. I think the margin profiles across the industries that we have have are quite comparable.
Answered
High priority
Reason for standalone business 40% decline
Asked by Pravin Sahai, PL Capital
Directly confirmed the decline is due to one large defense order.
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Question
standalone business which is 40% down and that is only because of the one large defense order or is there something else too also?
Management (unidentified)
That's completely because of that one particular order only. There's no other event leading to that.
Answered
Medium priority
Execution timeline of Q1 order intake
Asked by Pravin Sahai, PL Capital
Directly confirmed execution timeline for Q1 order intake.
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Question
last quarter you highlighted around 500 515 odd cr of order intake and out of that 50% was executable in FY26. So is that the part you started executing the last quarter Q1 order intake?
Management (unidentified)
Yeah, the Q1 order intake will be executed over this Q2, Q3, Q4. That's what we said around 50% of that order of the $60 million will be executed between Q2 to Q4.
Evasive
High priority
Altech underperformance, tariff impact, and B2S investments
Asked by Summit SA, Mquari
Did not address underperformance or tariff exposure directly; spoke vaguely about working with customers.
no specifics on underperformanceno tariff exposure quantified
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Question
Can you talk about Altech in the broader context of the geopolitical environment? I know you mentioned about Israel but can you just talk about the new tariff situation and your exposure to that and what's the underperformance at Altech
Management (unidentified)
So on um on the historic so what know what I think for some of our customers we're also working out with them in terms of executing some of the work from alte okay so we we are just working with them
Evasive
Low priority
Reason for increase in customer advances
Asked by Vipra Shastav, Philip Capital
Did not provide a specific reason for the increase; gave a generic answer.
no specific reason givengeneral statement
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Question
the other current liabilities which has gone up which is the customer advances which has gone up. So you know that last time it went up because of the particular kind of order we had from the defense client. So this time any specific reason why it has gone up
Management (unidentified)
No, I mean we constantly look for opportunities to seek advances from our customers. It's not unique and specific to one different customer that we had.
Answered
Medium priority
Order book duration and conversion to revenue
Asked by Bhavik Ma, JP Morgan
Directly answered that most orders are 18-24 months.
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Question
how should we think about the duration of this order book in terms of you know conversion to revenues? Are this more like 18 to 24 months order which leads to faster conversion or these are like more longer duration
Management (unidentified)
I think the one which means some of the orders most of the orders are 18 months to 24 months and where wherever we have the B2S orders which we just said there that is initially the design work
Partial answer
Medium priority
Order book split by verticals
Asked by Bhavik Ma, JP Morgan
Did not provide a numerical split by vertical; only gave qualitative similarity and B2S share.
no numerical split by verticalonly mentioned B2S share
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Question
can you break out the order book in terms of the different verticles like which vertical is driving a lot more orders compared to others just you know rough split of the order book as per your four verticles
Management (unidentified)
I think it's quite similar to our current revenue mix I don't see we don't see any significant shift in the composition of the order compared to our current mix today the only addition is the about 20% of the orders are coming in from the built to spec
Declined
High priority
Order book execution in next two quarters
Asked by Adira Singh, Amus Capital
Declined to provide the specific execution amount, citing revenue guidance.
refused to provide numbercited guidance concern
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Question
in the next 6 months how much of the order book are we planning to execute? I mean from the Q2 whatever we got it you said yes outstanding. So 2300 is what I see. So how much of this would be executed in the next two quarters QCQ4?
Management (unidentified)
No, we will not be able to provide that specific number because that would then amount to giving the guidance guidance on the revenue itself.