'Buy' Cyient DLM Stock Maintains Motilal Oswal Post Inline Q2 Operating Performance — Check Target Price

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Motilal Oswal Report

Cyient DLM Ltd.'s revenue decline in Q2 was offset by margin expansion. We expect margin expansion momentum to continue going ahead, driven by an improved product mix and increasing orders of box-build and build-to-spec.

Macro tailwinds such as the end of the Israel-Gaza conflict, opportunities in the EV space, and B2S customer additions will drive growth in the medium term.

For Cyient DLM, we estimate a compound annual growth rate of 14%/27%/37% in revenue/Ebitda/adjusted profit after tax over FY25-28.

We reiterate our Buy rating on the stock with a target price of Rs 550 (27x Sep’27E earnings per share).

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