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Cyient DLM Q3 Results Review —  Slowdown In Order Flows Dampens Growth Visibility; Motilal Oswal Retains 'Buy'

Cyient DLM maintains its guidance of a ~30% revenue CAGR over the next three to five years; however, FY26 consolidated revenue growth would be in mid-teens due to the lack of BEL orders: brokerage.

<div class="paragraphs"><p>Cyient DLM ’s Q3 FY25 consolidated revenue/Ebitda grew by ~38%/23% YoY. </p><p>(Photo source: Company official website)</p></div>
Cyient DLM ’s Q3 FY25 consolidated revenue/Ebitda grew by ~38%/23% YoY.

(Photo source: Company official website)

Going ahead, we expect Cyient DLM's growth momentum to slow down in the near term due to the lack of BEL orders and a delay in order flows from existing and new clients. However, the integration of Altek, should drive healthy financial performance due to synergy benefits and industry tailwinds.
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