Cyient DLM - Navigating Growth In The Aerospace, Defence Sector: Motilal Oswal

Motilal Oswal Report

Cyient DLM Ltd., an integrated EMS and solutions provider, with strong presence in high-margin and rapidly growing critical end-user industries, is likely to capture its share of the pie, on the back of its strong core competencies and high technical capabilities.

The company’s focus on the domestic defence offset opportunities, alongside its efforts to scale up exports in the aerospace sector, is poised to drive the growth for the company.

Going ahead, we expect Cyient DLM to sustain its growth momentum, aided by:

1. strong order book coupled with healthy order inflows;

2. high customer stickiness; and

3. strong promoter heritage.

We estimate Cyient DLM to report a compound annual growth rate of 39%/42%/79% in revenue/Ebitda/ adjusted profit after tax over FY23-26  We reiterate our Buy rating on the stock with a target price of Rs 810 (35 times FY26 earnings per share).

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