Larsen & Toubro Ltd.
NSE: LT
Industrials · Engineering & Construction
₹3,627.10 last close on 16 Oct 2026 −0.13%
Research updated
Cyient Ltd.
NSE: CYIENTIndustrialsConglomerates
- Last close
- ₹1,194.50
- Day change
- +₹4.70 (+0.40%)vs
- Market cap
- ₹12,435 crIndian rupees
- Research updated
- 1 report
About Cyient
Cyient Ltd. is a leading provider of technology solutions and services worldwide. Primarily focused on the engineering, manufacturing, geospatial, network, and operations spheres, Cyient partners with clients to design, build, and maintain innovative solutions for a wide array of industries such as aerospace, defense, energy, resources, utilities, communications, transportation, and medical. Known for its expertise in electronic manufacturing and engineering design services, Cyient aids companies in improving productivity and enhancing performance. Cyient's role in the market is significant as it bridges the gap between technological innovation and practical application, enabling companies to meet complex engineering challenges with efficiency. With its broad global footprint and a workforce of highly skilled engineers and technologists, Cyient has established itself as a crucial player in driving technological advancements across various sectors.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: CYIENT
- Chief executive
- Mr. Sukamal Banerjee Mirnal
- Employees
- 12,049
- Headquarters
- Hyderabad, India
- ISIN
- INE136B01020
- Website
- cyient.com
Public research · Report of
Business model & financial foundation
Cyient (NSE: CYIENT), Engineering and technology services; electronics manufacturing; semiconductors: revenue of ₹7,268 crore in FY26 (-1.3% on FY25), an EBITDA margin of 12.9%, net profit of ₹427.9 crore and net cash of ₹1,341 crore.
- Revenue, FY26 (₹ crore)
- 7,268
- consolidated
- Revenue growth, FY26
- -1.3%
- on FY25
- EBITDA margin, FY26
- 12.9%
- EBITDA derived from statutory cost stack before impairment / revenue
- Net profit, FY26 (₹ crore)
- 427.9
- to owners
- Return on equity, FY26
- 7.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -1,341
- Net debt incl leases less cash, bank and treasury investments
- Market capitalisation (₹ crore)
- 10,978
- at the close of 17 Oct 2026
Company profile
Cyient provides engineering and technology services including utilities/spatial intelligence, communications, energy, transport, healthcare, data analytics and semiconductors. The consolidated group also includes listed electronics manufacturer Cyient DLM and global subsidiaries. Registered office: 4th Floor, A Wing, Plot 11, Software Units Layout, Infocity, Madhapur, Hyderabad 500081, Telangana, India.
| Item | Value |
|---|---|
| Legal name | Cyient Limited |
| Exchange and ticker | NSE: CYIENT; BSE: 532175 |
| ISIN | INE136B01020 |
| CIN | L72200TG1991PLC013134 |
| Sector | Information Technology |
| Industry | Engineering and technology services; electronics manufacturing; semiconductors |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Associates LLP |
| Market capitalisation | ₹10,978 crore (17 Oct 2026) |
| Shares outstanding | 11.10 crore shares (FY26) |
| Price | ₹1,195 (close, 17 Oct 2026) |
| 52-week range | ₹750.3 - ₹1,224 (to 17 Oct 2026) |
| Website | https://www.cyient.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Cyient Inc. | 100% | US engineering and technology services |
| Cyient Europe Limited | 100% | UK/European engineering services and subsidiary holding platform |
| Cyient DLM Limited | 52.12% | Listed electronics manufacturing and aerospace/defence component manufacturing; FY25 holding 52.17% |
| Cyient Semiconductors Private Limited | 100% | Global semiconductor carve-out platform; FY26/FY25 holding 100% |
| Cyient Singapore Private Limited | 100% | Singapore group services/holding platform |
| Cyient Australia Pty Limited | 100% | Australian engineering/services and subsidiary holding platform |
| Celfinet – Consultoria em Telecomunicações, S.A. | 100% | Portuguese telecom consulting/network engineering |
| Citec Group Oy Ab | 100% | Engineering consulting group through Sentiec Oyj |
| Altek Electronics Inc. | 100% | Cyient DLM group EMS acquisition; ownership shown through DLM Inc, not parent's effective economic interest |
| Cyient Project Management Consultancy - L.L.C | 100% | UAE platform; owns Abu Dhabi & Gulf Computers digital/energy consulting |
Structure at 31 March 2026; holdings follow direct/indirect group ownership in Note32 (DLM downstream holdings not parent's effective economic interest). Associate Azimuth AI 27.62%; Infotech HAL former 50% JV deconsolidated 22 August 2025. Kinetic acquired 8 April 2026, outside FY26 boundary. CSR Section8 entity excluded.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 23.28% | 23.28% | 23.28% | 23.28% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 17.56% | 15.28% | 15.33% | 14.52% |
| Domestic institutions | 38.42% | 39.51% | 40.98% | 38.99% |
| of which mutual funds | 31.65% | 31.99% | 33.29% | 31.79% |
| Retail | 12.92% | 14.42% | ||
| Other | 7.49% | 8.79% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Cyient sells engineering services (DET: design, digital, network and plant engineering for transport, aerospace, communications, energy, utilities and healthcare clients; FY26 segment revenue INR5,818.9cr, 80% of group), electronics manufacturing through its 52.12%-owned listed subsidiary Cyient DLM (INR1,261.5cr), and fabless semiconductors (INR228.3cr, loss-making). DET is people-based and USD-priced: top 5 clients are 35.1% of DET revenue and 54% is billed in USD. TAO Digital (US data/AI engineering, CY25 revenue USD79.1m) was bought for USD218m EV and closed 4 Sep 2026; Kinetic (power semis) was consolidated from 8 Apr 2026.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Digital Engineering and Technology | 5,819 | 79.2% | 691.1 | 105.1% |
| Design Led Manufacturing | 1,262 | 17.2% | 107.5 | 16.3% |
| Semiconductors | 228.3 | 3.1% | -107.8 | -16.4% |
| Others including aerospace tooling | 34.3 | 0.5% | -33.1 | -5.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| L&T Technology Services (LTTS) | Largest listed Indian ER&D pure play; overlapping transportation, industrial and telecom engineering |
| Tata Technologies (TATATECH) | Listed engineering services peer, mobility/aerospace product engineering |
| Tata Elxsi (TATAELXSI) | Design and engineering services peer; transportation and healthcare overlap |
| KPIT Technologies (KPITTECH) | Mobility software engineering peer competing for automotive ER&D budgets |
| Sasken Technologies (SASKEN) | Smaller product engineering peer in communications and semiconductors |
| Zensar Technologies (ZENSARTECH) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from contracts with customers | 4,534 | 6,016 | 7,147 | 7,360 | 7,268 |
| Cost of revenue (vendor classification) * | 2,669 | 3,470 | 4,166 | 4,456 | 4,433 |
| Other operating costs (vendor classification) * | 844.2 | 1,226 | 1,303 | 1,333 | 1,452 |
| EBITDA (vendor classification) * | 884.0 | 1,054 | 1,376 | 1,224 | 1,082 |
| Statutory operating profit after depreciation and impairment | 737.7 | 781.2 | 1,036 | 876.1 | 632.2 |
| Finance costs | 39.3 | 100.0 | 116.0 | 92.8 | 60.8 |
| Profit before tax including associates and exceptional items | 698.4 | 681.2 | 918.4 | 875.0 | 644.5 |
| Total statutory tax expense | 176.1 | 166.8 | 215.6 | 226.7 | 181.5 |
| Statutory profit after tax before non-controlling interests | 522.3 | 514.4 | 702.8 | 648.3 | 463.0 |
| Reported diluted earnings per share (₹) | 47.54 | 46.71 | 61.71 | 55.51 | 38.54 |
| Cost of materials consumed | 989.3 | 1,136 | 812.8 | ||
| Inventory change in finished goods and work in progress | -23.5 | 3.30 | -26.6 | ||
| Materials consumed plus inventory change | 965.8 | 1,139 | 786.2 | ||
| Employee benefits expense | 3,512 | 3,690 | 4,034 | ||
| Other expenses excluding separate impairment | 1,367 | 1,388 | 1,510 | ||
| Separate non-current asset impairment expense | 0.00 | 0.00 | 27.8 | ||
| Other income | 65.9 | 96.6 | 177.2 | ||
| Depreciation and amortisation | 266.7 | 267.2 | 278.2 | ||
| Signed share of associate and joint venture profit or loss | 0.00 | -4.90 | -11.3 | ||
| Signed exceptional items before tax | -67.6 | 0.00 | -92.8 | ||
| Current tax | 239.0 | 251.8 | 270.6 | ||
| Signed deferred tax expense or credit | -23.4 | -25.1 | -89.1 | ||
| Profit attributable to non-controlling interests | 20.0 | 32.6 | 35.1 | ||
| Profit attributable to owners of the parent | 682.8 | 615.7 | 427.9 | ||
| EBITDA derived from statutory cost stack before impairment | 1,303 | 1,143 | 938.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 3,113 | 3,464 | 4,557 | 5,760 | 6,163 |
| Interest-bearing borrowings excluding leases | 573.4 | 1,218 | 452.6 | 213.8 | 165.8 |
| Statutory cash and cash equivalents | 1,214 | 618.7 | 484.8 | 1,071 | 1,458 |
| Net trade receivables excluding contract assets | 733.3 | 1,127 | 1,262 | 1,407 | 1,306 |
| Inventories net of obsolescence allowance | 279.0 | 435.8 | 467.6 | 576.6 | 652.8 |
| Trade payables excluding reclassified accrued salaries | 525.9 | 714.2 | 500.1 | 393.4 | 536.8 |
| Net property plant equipment excluding ROU and intangibles | 82.2 | 87.2 | 446.2 | 474.5 | 474.7 |
| Capital work in progress excluding intangible development | 13.4 | 2.70 | 1.60 | 7.50 | 4.80 |
| Total assets | 4,787 | 6,548 | 7,004 | 7,695 | 8,324 |
| Bank balances other than cash equivalents | 498.7 | 243.6 | 48.8 | ||
| Cash plus other bank balances | 983.5 | 1,314 | 1,506 | ||
| Current investments | 75.8 | 165.4 | 209.4 | ||
| Non-current investments excluding equity-method associate | 359.8 | 279.8 | 198.1 | ||
| Current and non-current lease liabilities | 335.0 | 299.6 | 265.3 | ||
| Borrowings plus lease liabilities | 787.6 | 513.4 | 431.1 | ||
| Contract assets unbilled revenue | 436.2 | 391.8 | 574.6 | ||
| Treasury bonds and mutual funds at carrying value | n.r. | 317.2 | 266.0 | ||
| Gross cash bank and treasury investments not unrestricted cash | n.r. | 1,631 | 1,772 | ||
| Net debt incl leases less cash, bank and treasury investments | n.r. | -1,118 | -1,341 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 351.9 | 159.8 | 726.1 | 789.9 | 787.4 |
| Free cash flow (vendor definition) * | 569.8 | 486.4 | 640.8 | 686.0 | 689.5 |
| Dividends paid to parent shareholders (outflow, positive) | 295.2 | 263.0 | 305.8 | 329.7 | 329.1 |
| Purchase of PPE and intangibles (cash outflow, positive) | 62.6 | 65.2 | 85.3 | 103.9 | 97.9 |
| Free cash flow (CFO less cash capex) | 640.8 | 686.0 | 689.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Weighted average diluted shares used for EPS | 10.94 | 10.94 | 11.07 | 11.09 | 11.10 |
| Issued fully paid equity shares at year end | 11.09 | 11.10 | 11.11 | ||
| Weighted average basic shares net of treasury | 10.97 | 11.00 | 11.04 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from contracts with customers | 1,849 | 1,926 | 1,909 | 1,712 | 1,781 | 1,849 | 1,927 | 2,076 |
| Cost of revenue (vendor classification) * | 1,217 | 1,279 | 1,241 | 1,132 | 1,215 | 1,279 | 1,423 | |
| Other operating costs (vendor classification) * | 335.3 | 368.1 | 365.4 | 349.0 | 396.0 | 396.1 | 389.1 | |
| EBITDA (vendor classification) * | 347.8 | 261.6 | 339.5 | 297.9 | 265.8 | 276.4 | 269.5 | |
| Operating profit after depreciation and impairment | 230.7 | 211.4 | 234.8 | 162.7 | 146.6 | 167.1 | 155.8 | 187.1 |
| Finance costs | 27.5 | 20.5 | 19.1 | 16.3 | 15.9 | 14.1 | 14.5 | 21.7 |
| Statutory profit before tax including associates and exceptional | 254.3 | 173.6 | 252.5 | 213.6 | 196.6 | 139.3 | 95.0 | 171.1 |
| Total statutory tax expense | 67.7 | 45.9 | 66.1 | 56.2 | 53.7 | 42.1 | 29.5 | 62.4 |
| Statutory profit after tax before non-controlling interests | 186.6 | 127.7 | 186.4 | 157.4 | 142.9 | 97.2 | 65.5 | 108.7 |
| Reported diluted earnings per share not annualised (₹) | 16.14 | 11.02 | 15.35 | 13.86 | 11.48 | 8.26 | 4.93 | 9.37 |
| Cost of materials consumed | 289.3 | 339.1 | 282.4 | 161.8 | 187.2 | 198.1 | 265.7 | 292.9 |
| Signed inventory change finished goods and work in progress | 25.6 | -10.3 | 16.2 | 7.00 | 0.60 | -3.80 | -30.4 | 7.10 |
| Materials consumed plus signed inventory change | 314.9 | 328.8 | 298.6 | 168.8 | 187.8 | 194.3 | 235.3 | 300.0 |
| Employee benefits expense | 902.2 | 950.6 | 942.5 | 963.3 | 1,006 | 1,021 | 1,044 | 1,123 |
| Other expenses excluding separate impairment | 335.3 | 368.1 | 365.4 | 349.0 | 368.7 | 396.0 | 396.1 | 389.1 |
| Separate non-current asset impairment expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 27.8 | 0.00 |
| EBITDA derived from statutory cost stack before impairment | 296.7 | 278.9 | 302.7 | 230.7 | 218.8 | 237.2 | 251.5 | 263.8 |
| Other income | 51.1 | -16.6 | 41.0 | 69.7 | 50.0 | 30.9 | 26.6 | 6.90 |
| Depreciation and amortisation expense | 66.0 | 67.5 | 67.9 | 68.0 | 72.2 | 70.1 | 67.9 | 76.7 |
| Signed share of associate and joint venture profit or loss | 0.00 | -0.70 | -4.20 | -2.50 | -4.80 | -2.30 | -1.70 | -1.20 |
| Signed statutory exceptional items before tax | 0.00 | 0.00 | 0.00 | 0.00 | 20.7 | -42.3 | -71.2 | 0.00 |
| Current tax expense | 70.2 | 47.7 | 73.7 | 58.7 | 88.7 | 50.6 | 72.6 | 61.4 |
| Signed deferred tax expense or credit | -2.50 | -1.80 | -7.60 | -2.50 | -35.0 | -8.50 | -43.1 | 1.00 |
| Profit attributable to non-controlling interests | 7.50 | 5.40 | 16.0 | 3.60 | 15.4 | 5.40 | 10.7 | 4.60 |
| Profit attributable to owners of the parent | 179.1 | 122.3 | 170.4 | 153.8 | 127.5 | 91.8 | 54.8 | 104.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 9.7% | 32.7% | 18.8% | 3.0% | -1.3% |
| EBITDA margin | 18.2% | 15.5% | 12.9% | ||
| Net margin | 9.6% | 8.4% | 5.9% | ||
| Return on equity | 17.0% | 11.9% | 7.2% | ||
| Return on capital employed | 20.4% | 18.7% | 21.4% | 16.0% | 10.3% |
| Return on assets | 10.1% | 8.4% | 5.3% | ||
| Net debt (₹ crore) | -1,118 | -1,341 | |||
| Net debt / EBITDA | -0.98x | -1.43x | |||
| Interest cover | 18.8x | 7.81x | 8.93x | 9.44x | 10.4x |
| Asset turnover | 0.98x | 1.06x | 1.05x | 1.00x | 0.91x |
| Receivable days | 59 | 68 | 64 | 70 | 66 |
| Inventory days (on revenue) | 22 | 26 | 24 | 29 | 33 |
| Payable days (on revenue) | 42 | 43 | 26 | 20 | 27 |
| Cash conversion | 1.06x | 1.28x | 1.84x | ||
| Capex intensity | 1.4% | 1.1% | 1.2% | 1.4% | 1.3% |
| Free cash flow (₹ crore) | 289.3 | 94.6 | 640.8 | 686.0 | 689.5 |
| Dividend payout | 44.8% | 53.5% | 76.9% | ||
| EPS, diluted (₹) | 47.54 | 46.71 | 61.71 | 55.51 | 38.54 |
| Book value per share (₹) | 284.6 | 316.7 | 411.8 | 519.3 | 555.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA derived from statutory cost stack before impairment / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl leases less cash, bank and treasury investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA derived from statutory cost stack before impairment.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Reported diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Cyient includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Cyient
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