Cyient DLM Limited — Q4 FY26
Cyient DLM reported Q4 FY26 revenue of ₹369.1 crore, down 13.8% YoY, impacted by a large order completion in FY25 and West Asia crisis disruptions.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
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.
29%Questions answered7Evaded / deflected12Questions audited
Answered
High priority
Why was FY26 revenue target missed?
Asked by VBO Mishra, Film Investor
Management clearly listed three reasons for the miss: West Asia war delays, Israeli defense program approvals, and NPI approvals.
Read the exchange
Question
if you see the yi uh revenue I think in the quarter three call uh we were confident of uh getting our re revenue yi as well. So uh what could be the reason I think I mean US tariff or west Asia war or any other reason for that?
Rajendra (CEO)
the challenge I mean the headwind what we had is one is the west Asia war impact. So because of that the materials got delayed... we also had um other headwinds in terms of u the Israelis uh where we are working some of the mean some of the programs defense programs uh we could not get some of the approvals clearances
Evasive
High priority
What is exposure to West Asia and FY27 targets?
Asked by VBO Mishra, Film Investor
Management declined to quantify exposure or provide FY27 targets, only gave qualitative growth expectation.
no number givendeferred to next quarter
Read the exchange
Question
how much exposure we have uh in Asia in terms of our supply chain or deliveries and uh going ahead we expected very strong FI27. So uh how is it going to affect our targets or what are the targets that we have set in terms of revenue and margin for 27
Rajendra (CEO)
I think the revenue I think we are not giving any of the guidance right now on the revenue side but we definitely I mean whatever FIA 26 has gone by so that is a year which was a not a good year for us I think now FA27 you'll be starting seeing the growth
Answered
Medium priority
How is order book defined and has it been consistent?
Asked by Samit sa, mquery
Management clearly defined order book as executable purchase orders and confirmed consistency.
Read the exchange
Question
can you pro give us some sense of how do you define order book and backlog uh and has that definition stayed consistent uh uh over the last few quarters?
Rajendra (CEO)
when we say order book so those are the purchase orders which we got from our customers okay only that we will take it where we can take material actions that's where we will consider as a order book
Evasive
Medium priority
What structure for acquisitions given IPO proceeds used?
Asked by Samit sa, mquery
Management did not address how acquisitions would be funded given IPO proceeds are fully used.
no structure givenvague on funding
Read the exchange
Question
IPO proceed that you've used up over 100%. any thoughts on uh what structure are you uh are you thinking about as you look to make acquisitions?
Krishna (CEO)
we continue to look for both organic inorganic growth and uh as uh as science DNA which is you know we continue to look at opportunistic one we will look at both from a uh product perspective in terms of what we don't have and geographically
Partial answer
Medium priority
What products in semiconductor and AI, and timeline?
Asked by Samit sa, mquery
Management described products but did not provide a timeline for revenue contribution.
no timeline givendeferred to next quarter
Read the exchange
Question
you identified some new product areas you then spoke about semiconductors spoke about AI... can you spend a minute talking about what what products are are you contemplating building there and uh give us a sense of you know when we should start to uh see the results
Rajendra (CEO)
on the particularly um on the equipment manufacturing for semiconductor equipment manufacturings. So we are doing a lot of the power boxes uh for the customers... we are seeing a lot of uh traction from the existing customer and also from the new customers in semiconductor area
Declined
High priority
Can you quantify revenue lost due to West Asia?
Asked by Disha, Sappire Capital
Management explicitly declined to provide a specific number despite having it.
refused to quantify
Read the exchange
Question
you mentioned that some of our revenue was impacted due to the West Asia. What will it be possible for you to quantify the amount that was the amount that was there for and I believe that's the reason our inventory has gone up
Rajendra (CEO)
No, I think yeah I think as I said there are basically three uh areas where we have just impact uh impacted our Q4 revenues. So I think we we don't have uh I mean yes we have the numbers probably I think um uh we mean it is uh maybe I I can get in here you know we don't want to get into exact quantification
Evasive
High priority
What is the order pipeline and expected inflows for FY27?
Asked by Disha, Sappire Capital
Management gave only qualitative confidence, no quantitative pipeline or inflow expectations.
no numbers givenvague confidence
Read the exchange
Question
Is there any color on the order pipeline that we have and what sort of inflows will we expect for F27?
Rajendra (CEO)
we are looking at um the order book I mean the book to build ratio is greater than one as as we said I think we'll be focusing on that. I think we are very very confident by looking at the current order pipeline what we have.
Declined
Medium priority
What was BTS segment contribution this quarter?
Asked by Disha, Sappire Capital
Management declined to provide segment-level revenue contribution.
refused to disclose segment numbers
Read the exchange
Question
what was the contribution from the BTS segment this quarter?
Krishna (CEO)
We're not getting into the specifics of section wise thing. I I think uh B2S is a long-term play. Uh last year we did not have this is the first year we are having it. Uh for the first year it has done well
Evasive
High priority
Can we expect 25-50% growth for FY27?
Asked by Disha, Sappire Capital
Management refused to confirm or deny the growth range, only gave qualitative confidence.
no guidance givenvague on growth range
Read the exchange
Question
given the strong order book that we have like can we expect some some more like 25 to 50% sort of growth for FI27 would that be a fair assumption
Rajendra (CEO)
on revenue guidance we clear that we will not be giving any guidance on that but having said that part what I can say is you know Q4 was a good quarter in terms of the growth Q1 Q and also The order book and the visibility what we have gives us the confidence it will be going to be a strong year
Partial answer
Medium priority
How does Altech's shorter cycle impact consolidated FY27 revenue?
Asked by Adital, MSA Capital Partners
Management gave Altech conversion rate but did not quantify impact on consolidated FY27 revenue.
no consolidated revenue impact given
Read the exchange
Question
Altech historically operates on a much shorter uh book and ship cycle compared to the 18 24 month gestation... So how do you see u this impacting our projected uh 27 uh consolidated revenue
Rajendra (CEO)
we see we usually get it order and take in the same year most of the things getting converted uh in that year almost 50% I can say get converted I think we are seeing a good I mean we also have a good order backlog right now available
Partial answer
Medium priority
Why did standalone EBITDA margins decline in Q4?
Asked by Adital, MSA Capital Partners
Management attributed margin decline to US business mix, not directly to employee investments as asked.
did not confirm employee expense reason
Read the exchange
Question
when I look at uh the standalone IITA margins visav the uh difference between the console and standalone the margins IITA margins has gone down it has in in Q4 specifically this is purely because of our investments that we made in Altech in employee benefit in employee expenses correct?
Krishna (CEO)
In terms of the the uh average margin between the India and US business, US business is going to be lower and that's something which is expected because US manufacturing will have a lower AITA margin. So this is in terms of the expected lines.
Evasive
High priority
Why did other expenses increase despite revenue decline?
Asked by Kiran, table tree capital
Management did not explain the specific drivers of the increase, only gave generic comments.
no specific reason givenvague on fixed nature
Read the exchange
Question
other expenses have significantly gone this year even this quarter despite the year on year uh despite the significant drop in revenue or other expenses have gone from 29 cr to 44 cr... So what accounts for these other expense increases despite severe degrowth in revenue?
Krishna (CEO)
the the in terms of other expenses what we are seeing is is a mix of both uh US and India operations all put together what you're seeing that uh effect and and moving forward you know uh once we see the revenue growth okay these other expenses in terms of you know uh will have the operating leverage effect