By BullScreen Editorial Team 
Cyient DLM Limited reported a mixed performance in its Q4 results 2026, with declining revenue but stable profitability supported by strong margins and a record order book.
For the fourth quarter, revenue fell 27.6% year-on-year to ₹3,691 million, reflecting the completion of large defense orders and softer demand in certain segments. However, EBITDA stood at ₹431 million, down 13.8% YoY, while margins improved to 11.7%, indicating better cost control and a shift toward higher-value offerings. Net profit for the quarter declined 24.9% to ₹224 million.
For the full financial year under its Q4 results 2026, revenue dropped 17% YoY to ₹12,615 million. Despite this, reported profit after tax rose 7.7% to ₹733 million, supported by lower finance costs and higher other income, including favorable foreign exchange gains. Normalized EBITDA margin improved to 10.3%, up 78 basis points year-on-year.
A key highlight of the Q4 results 2026 was the company’s order book, which reached ₹24,166 million, the highest in the last 10 quarters. Annual order intake stood at 1.5 times revenue, maintaining a strong book-to-bill ratio above 1 across all quarters, signaling healthy demand visibility.
Geographically, APAC contributed 40% of Q4 revenue, followed by North America at 35% and EMEA at 25%. Aerospace remained the largest segment with a 39% share, while industrial and medical technology contributed 28% and 21%, respectively. The defense segment saw a sharp 68% decline due to the completion of large contracts.
Cyient DLM is increasingly focusing on high-growth segments such as automotive electronics and AI infrastructure, as part of its long-term strategy. The company has outlined a phased roadmap through 2032, targeting expansion into AI-driven infrastructure and deeper integration in manufacturing capabilities.
The global EMS market is expected to grow from $650 billion in 2025 to $1.1 trillion by 2033, driven by rising digitization and defense spending. Against this backdrop, Cyient DLM’s strategic shift and strong order pipeline position it well for recovery and long-term growth, despite near-term revenue pressures seen in its Q4 results 2026.
| Metric | FY26 (Full Year) | YoY Change | Q4 FY26 (Quarter) | YoY Change |
|---|---|---|---|---|
| Revenue | ₹12,615 Mn | -17.0% | ₹3,691 Mn | -27.6% |
| Reported EBITDA | ₹1,268 Mn | -12.6% | ₹431 Mn | -13.8% |
| Normalized EBITDA | ₹1,302 Mn | -10.2% | — | — |
| EBITDA Margin | 10.3% | +78 bps | 11.7% | — |
| Profit After Tax | ₹733 Mn | +7.7% | ₹224 Mn | -24.9% |
| Order Book | ₹24,166 Mn | +₹5,105 Mn | ₹24,166 Mn | Highest (10 Qtrs) |
| Category | Segment | Contribution |
|---|---|---|
| Geography | APAC | 40% |
| North America | 35% | |
| EMEA | 25% | |
| Industry | Aerospace | 39% |
| Industrial | 28% | |
| Medical Tech | 21% | |
| Defense | 10% | |
| Product Mix | PCBA | 48% |
| Box Build | 36% | |
| Mechanical/Others | 15% | |
| Business Split | Rest of World | 92% |
| India | 8% |
| Parameter | Details |
|---|---|
| Order Intake | 1.5x of annual revenue |
| Book-to-Bill Ratio | >1 across all quarters |
| Finance Cost | ↓ 34.4% YoY |
| Other Income | ↑ 54.8% YoY (Forex gains + earnout reversal) |
| Free Cash Flow | ₹281 Mn (Operating), ₹91 Mn (Reported) |
Strategic Roadmap (2026–2032)
| Phase | Focus Areas |
|---|---|
| Strengthen (2026–27) | Operational efficiency, domestic growth, B2S capabilities |
| Expand (2027–29) | AI infrastructure, Europe defense entry, vertical integration |
| Transform (2027–32) | Product platforms, tech partnerships, product-led growth |
Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/e7a12b1b-7b23-40f8-886f-4ecd878344e6.pdf