'Buy' Cyient DLM Shares Maintains Motilal Oswal Post Q1 Results; Sees 25% Upside
With an increased order book size and improving visibility of its execution over the medium term, Motilal Oswal expects Cyient DLM to show healthy growth going forward.

(Source: Company official website)
With a current book-to-bill ratio of ~2x, Cyient DLM aims to maintain a ratio above 1x by the end of FY26. It has also guided for a revenue CAGR of ~30% over the next five years.
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Motilal Oswal Report
We expect the growth momentum to continue, supported by macro tailwinds in the form of the China + 1 strategy, significant opportunities in the renewable energy space, and new customer additions in the industrial and med tech segments.
With an increased order book size and improving visibility of its execution over the medium term, we expect the company to show healthy growth going forward.
We estimate Cyient DLM to report a CAGR of 18%/34%/47% in revenue /Ebitda/adjusted profit after tax over FY25-27.
We reiterate our Buy rating on the stock with a target price of Rs 600 (30x FY27E EPS).
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