The company is witnessing a temporary softness led by the completion of large defense orders and muted PCBA volumes, however the growth trajectory is expected to revive meaningfully from Q4 FY26 onward.

we resume our coverage with a HOLD rating on the stock.

We cut our earnings estimates by 2.5% for both FY26/FY27E mainly with correction in OI. However, CYIENTDL is confident to report 10%+ EBITDA margin in FY26 with improvement in revenue through gradual pickup in orderbook. We have revised TP to Rs540 (Rs546 earlier), based on 30x FY27E earnings and maintain our recommendation to Accumulate'. CYIENTDL defense segment got impacted due to completion of contract from domestic client (BEL), with the order book remained flat YoY to Rs 21bn. However, the company remains positive on maintaining book to bill ratio to >1x in FY26. In...

the operating performance of the company at the fag end of the quarter. The impact was visible across verticals and geographies (ex-Europe). The management indicated that the softness should continue in the subsequent quarters, however the degree of impact would be lesser than that of Q4. We believe the combination of CYL's structural challenges along with the...

even after excluding the one off in Q4FY25, CYIENTDL is confident to report 10%+ EBITDA margin in FY26. We have revised TP to Rs546 (Rs692 earlier), based on 30x FY27E earnings and downgrade our recommendation to Accumulate' from BUY'. CYIENTDL defense segment got impacted due to completion of contract from domestic client, with the order book declining 12% YoY to Rs 19bn. However, company remains positive about securing robust orderbook from Q2FY26 onwards mainly from International clients. The management indicated that the contracts secured from Boeing Global Services...