We have changed our FY26E/FY27E EPS by -1.2%/+2.4% led by weakness in global demand in the short-term. Hence, we have reduced P/E multipleto 30x (34x earlier). We value Cyient DLM at 30x P/E on FY27E EPS, implying a target price of INR 661.0 per share and reiterate our “BUY” rating on the stock.