Cyient’s core business, which was under stress for the past six quarters, registered 5.3% growth and DNO and engineering grew 6.1/4.9% QoQ, mostly fueled by growth from the top-5/10 clients. Rangsons was down 22% QoQ (seasonality). The management is optimistic about revival in the core business (double digits) and guided for ~50% growth in Rangsons. However, a flat margin outlook for FY17E led by higher investments in the business (earlier guided for 150bps improvement for FY17E) was a disappointment.The stock is fairly valued at 12.6x FY18E EPS. HDFC Securities retain NEUTRAL with a TP of Rs 508 at 13x FY18E earnings.Trendlyne has 8 reports on CYIENT updated in the last year from 3 brokers with an average target of Rs 512.7. Brokers have a rating for CYIENT with 3 price upgrades in past 6 months.