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PL Captial Report
PL Capital has downgraded Cyient DLM Ltd. to ‘Hold' from ‘Accumulate' following a weak Q4 FY26 performance, even as it raised the target price to Rs 370 from Rs 327.
Cyient DLM reported soft performance in Q4 FY26, with margin contraction. The company has recorded an order book of Rs 2,420 crore and a healthy book-to-bill ratio, providing strong revenue visibility ahead. While revenues in Q4 were impacted by geopolitical disruptions in Middle East, supply chain delays and pending customer approvals, a part of this is expected to be recognized in FY27.
Cyient DLM remains well positioned for a recovery-led growth in FY27, backed by strong order momentum and structural demand tailwinds across key segments. The brokerage estimates FY26-28E revenue/Ebitda/PAT CAGR of 30.0%/30.5%/29.2%, with flat Ebitda margin.
PL Capital cuts our earnings estimates by 13.6% for FY27E and tweak our estimates for FY28 mainly due to lower growth in revenue.
The brokerage downgraded its rating to ‘Hold' from Accumulate due to uptick in the share prices with a target price of Rs 370 (Rs 327 earlier), based on 24x Mar'28 earnings.
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