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Mysuru EMS subsidiary of Cyient making PCB assemblies, cable harnesses and precision machined parts.
Mysuru EMS subsidiary of Cyient making PCB assemblies, cable harnesses and precision machined parts.
Builds electronics to customers' designs and is paid per unit, so margin is the conversion work on top of materials. Parent Cyient is both controlling shareholder and a customer, and the company is trying to rely less on that captive work by winning outside aerospace, defence and medical customers.
In one line: A small, aerospace-focused Indian Celestica.
Moat: narrow (customer qualification, process know-how). Aerospace/defence-grade certifications and Cyient's engineering pedigree provide qualification barriers.
Headquarters: Mysuru, India · Founded: 1993 · Employees: 914
Size Cyient DLM (CYIENTDLM.NS) is an India Industrials company (Electronic Production Equipment) with a market value of $649M, the 749th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹772.30 on 6 Nov 2026.
Performance Over six months the shares gained 81.8%, against -4.7% for the median peer and 0.0% for the India market (cap-weighted) — highest of 7 in its peer set.
Growth Revenue fell 1.5% over the last twelve months (peer median +39.6%); the operating margin is 6.9% (peer median 10.9%).
Valuation It trades at 73.3× forward earnings against a peer median of 60.2× (2nd most expensive of 6).
Price implies For today's price to make sense, revenue must grow about 58% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +43 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 11.4 points below its cost of capital (18.0% WACC).
Next results Next results expected around 19 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹14.4B | ₹12.6B | ₹15.2B | ₹11.9B | ₹8.32B |
| Revenue growth | — | -17% | +27% | +43% | — |
| Gross profit | ₹2.66B | ₹2.12B | ₹1.71B | ₹1.20B | ₹938M |
| EBITDA | ₹1.44B | ₹1.28B | ₹1.38B | ₹1.12B | ₹882M |
| Net income | ₹840M | ₹733M | ₹681M | ₹612M | ₹317M |
| Free cash flow | n/a | ₹97.2M | -₹1.38B | -₹1.13B | ₹303M |
| Capital expenditure | n/a | ₹447M | ₹500M | ₹338M | ₹76.2M |
| Total debt | ₹2.04B | ₹1.72B | ₹3.01B | ₹1.92B | ₹3.56B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Cyient DLM CYIENTDLM.NS | $649M | +82% | -2% | 7% | 73.3× | 58.4% |
| Kaynes Technology India KAYNES.NS | $2.30B | -26% | +35% | 12% | 55.5× | n/a |
| Syrma SGS Technology SYRMA.NS | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% |
| Avalon Technologies AVALON.NS | $1.34B | +51% | +44% | 10% | 69.4× | n/a |
| Data Patterns (India) DATAPATTNS.NS | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% |
| Dixon Technologies (India) DIXON.NS | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CYIENTDLM.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.9% | -11.0% | 4th lowest of 8 |
| 6-month return | +81.8% | -4.7% | highest of 7 |
| Distance from 52-week high | -27.2% | -27.7% | 4th highest of 8 |
| Revenue growth (TTM) | -1.5% | +39.6% | lowest of 7 |
| Operating margin | 6.9% | 10.9% | 2nd lowest of 7 |
| Forward P/E | 73.3× | 60.2× | 2nd most expensive of 6 |
| Growth the price implies (Req g, 7 yrs) | 58.4% | n/a | — |
| Growth delivered (Del g) | +15.0% | n/a | — |
| Hurdle (Req g minus delivered) | +43.4 pp | n/a | — |
| ROIC minus cost of capital | -11.4 pp | -5.7 pp | lowest of 7 |
| EV / EBITDA | 42.9× | 45.9× | 4th cheapest of 7 |
| Net debt / EBITDA | 0.3× | 0.6× | 3rd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Cyient DLM CYIENTDLM.NS | India | $649M | +82% | -2% | 7% | 73.3× | 58.4% | +15.0% |
| Coreintelligence 3718.TWO | Taiwan | $518M | n/a | n/a | n/a | n/a | n/a | n/a |
| Avalon Technologies AVALON.NS | India | $1.34B | +51% | +44% | 10% | 69.4× | n/a | n/a |
| Apollo Micro Systems APOLLO.NS | India | $1.63B | +32% | +77% | 21% | 92.7× | n/a | n/a |
| PG Electroplast PGEL.NS | India | $1.65B | +2% | +21% | 6% | 49.3× | n/a | n/a |
| L&F 066970.KS | South Korea | $2.15B | -62% | +81% | 8% | n/a | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | India | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% | +32.8% |
| Kaynes Technology India KAYNES.NS | India | $2.30B | -26% | +35% | 12% | 55.5× | n/a | n/a |