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IDBI Capital Report
The brokerage IDBI Capital has maintained its rating on Cyient Ltd. to Hold, by valuing stock at 13x FY27E EPS with a revised target price of Rs 909.
Cyient Ltd.'s core DET (Design, Engineering and Technology) segment reported a soft quarter; revenue of $162.5 million, down 0.5% QoQ / 0.9% YoY in CC terms, dragged by a sharp reversal in the Strategic Units segment (-8.2% QoQ, energy vertical contraction) and continued discretionary spending delays tied to West Asiarelated supply chain disruption.
Transportation and mobility remained the standout, growing 3% QoQ/14.8% YoY (CC) across aerospace, rail and auto; its fifth straight growth quarter.
Network and infrastructure rebounded modestly (+0.3% QoQ CC) post the Q4 quota-specific setback. Despite muted topline, DET EBIT margin expanded to 13.2% (+79bps QoQ, normalised), aided by cost optimisation and FX tailwinds; management pushed out its 15% Ebit exit target from Q4 FY27 to H1 FY28, as revenue ramp lags cost discipline.
Order intake grew 5.3% YoY with a $300 million+ qualified large-deal pipeline. Capital allocation was active; the Rs 720 crore buyback concluded, and the TAO Digital Solutions acquisition (AI/data engineering, $40–50 mn revenue) is on track to close by August, alongside a $500 mn Semiconductor business fundraise ($30 mn raised).
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