Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Sep - Allotment of shares upon exercise of stock options
Source: Bse
Cyient Limited (CYIENT)
Large CapIT stocks · Large cap · NSE
Cyient is an Indian IT services company reporting group performance across four segments: DET (Design-led Engineering & Technology), DLM (Design-led Manufacturing), Semiconductor, and others. The company focuses on lifecycle engineering capabilities, expanding beyond ER&D to cover the full product lifecycle, and integrates deep domain expertise with AI solutions.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result23 Jul, 11:02 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
91Strong Bullfull bull SMA stack · SMA20 +5.0% / mo · MACD + · near 52W high · sector +14.5pp vs Nifty 500 (3M)
Stock trend: 85
Sector RS: 100
Sector 3M: +8.9% vs Nifty 500 -5.6%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CYIENTD candles · FIT view+34.3%Latest close ₹1172.40 on 2026-10-19
Bar
-1.9%
RSI
61
MACD hist
3.72
52W pos
89%
2026-10-19O ₹1194.50H ₹1204.90L ₹1162.50C ₹1172.40Vol 3.0L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CYIENTNifty ITNifty 500
- CYIENT
- +38.0%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +43.6 pp
Chart stats
19 Oct 2026- From 52W high
- -4.2%
- 52W range position
- 89%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.38x
- Avg traded value
- ₹88.2 Cr
- 20D price channel
- ₹1,032 - ₹1,224.4
₹1,224.4
₹750.3 - ₹1,224.4
₹48
Latest completed session
20-session average
39.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST33
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad2
Revenue +21.3% · PAT -30.6% YoY
Technical
Strong Bull91
Price trend and sector-relative-strength timing.
Valuation
Legacy model-179.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Mixed Trust60
high confidence · 16/28 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 2/100PAT -31% YoY · margin compression · Rev +21% YoY · +8% QoQ
Filed 23 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,076 Cr | +21.3% | +7.7% |
| EBITDA | ₹263 Cr | +15.4% | +18.5% |
| Operating margin | 13.0% | +0 bps | +100 bps |
| PAT | ₹109 Cr | -30.6% | +65.2% |
| PAT margin | 5.3% | -392 bps | +182 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 32.70
- P/B
- 2.34
- EV/EBITDA
- 11.26
- Market Cap
- 13320.00Cr
Profitability
- ROE
- 8.61%
- ROCE
- 12.30%
- ROA
- 5.02%
- Dividend Y
- 1.34%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 5.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- -5.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- 14.15×
- Altman Z
- 5.61
- Book Value
- 511.00
Cash Flow
- FCF Yield
- 7.09%
- FCF Positive Y
- 10/5
- OCF
- 787.00 Cr
- EPS TTM
- 34.04
Shareholding
- Promoter Hold
- 24.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 94%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 2,076+7.7% vs prev
Net Profit
₹ CrLatest: 109+65.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 61.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~4.8% over last month) — short-term momentum positive.
- RSI(14) at 61 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 4% off 52W high · 56% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
82
RS percentile
Stage 2 UptrendRecent S2
1M return
+9.2%
3M return
+38.0%
6M return
+21.9%
1Y return
-1.3%
RS 1D
+1
RS 20D
+17
Sector rank
#2
Industry rank
#5
Stage evidence
- Price is 26.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
24 Sept 2026
S2 age
17 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 106.53-0.83%
RS vs Nifty 500107
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 33 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth8/25
Quality0/20
Balance Sheet9/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
-1
Raw sum
33
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
33/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 7.1%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -179.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
32.7
PB
2.3
EV/EBITDA
11.3
ROE
8.6%
ROCE
12.3%
FCF Yield
7.1%
Debt/Equity
0.1
MoS
-179.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
33
Previous: 33
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-179.6%
Previous: -179.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
35
33
34
34
33
33
33
33
33
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹625.6
-87.4% MoS
Growth-justified P/E
12.3
Growth-justified Value
₹419.37
-179.6% MoS
PEG
6.54
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
E2E
Small
E2E Networks Limited
IT Services / Digital
match 130
32
433.0
-0.9%
-1280%
WATCHLIST
MAPMYINDIA
Large
C.E. Info Systems Limited
IT Services / Digital
match 129
38
36.7
12.0%
-8%
WATCHLIST
INTELLECT
Large
Intellect Design Arena Limited
IT Services / Digital
match 129
35
24.4
12.4%
-55%
WATCHLIST
NEWGEN
Large
Newgen Software Technologies Limited
IT Services / Digital
match 129
63
19.8
19.6%
+32%
UNDERVALUED
FRACTAL
Small
Fractal Analytics Limited
IT Services / Digital
match 129
44
37.9
12.0%
-5%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-13T03:43:04.986Z
Management commentary snapshot
Q1 FY27 saw muted DET revenue growth (-0.5% QoQ CC) but strong EBIT margin expansion (+79 bps QoQ to 13.2%). Group revenue grew 4.5% QoQ CC. Semiconductor organic growth was 5% QoQ, while DLM achieved its highest-ever order book. The 15% DET EBIT target is deferred to H1 FY28 due to slower revenue ramp-up.
While DET margins improved and DLM/Semiconductor segments show strong operational momentum, the core DET revenue growth remains muted in constant currency. The deferral of the 15% EBIT target due to revenue ramp-up challenges, coupled with persistent weakness in the energy vertical and cash consumption in the high-power ASSP business, indicates stress on the growth thesis.
Growth engines
Semiconductor Business Expansion
Pipeline now stands at more than $100 million, building fast with new design wins and blue-chip clients. Launched seven new GaN powered chips.
Cyient DLM Momentum
Highest ever order book, book-to-bill > 1.5, strong revenue growth YoY, and sustained double-digit EBITDA margins.
Transportation and Mobility Segment
Grew 3% QoQ CC and 14.8% YoY CC, delivering its fifth consecutive quarter of growth across aerospace, rail, and automotive.
Lifecycle Engineering & AI Adoption
Expanding into a market 20 times larger than ER&D outsourcing. TAO Digital Solutions acquisition adds depth in data and software engineering for AI adoption.
Capacity and execution
DLM Leadership Hires
Key leadership hires in strategy, sales, and operations are substantially complete, strengthening the go-to-market engine.
DET Leadership Additions
Baskar Nagarajan joined as Global Head of Avionics Delivery; Rahul Sarkar to lead alliances and partnerships.
Semiconductor Development
High power ASSP business research phase completed, development is in full swing.
Tailwinds
Semiconductor Demand
Strong pipeline powered by new design wins and growing demand for high-efficiency, high-power density solutions across AI data centers, telecom, and e-mobility.
DLM Structural Drivers
Rising electronic content, supply chain diversification, and broader outsourcing strength remain firmly intact.
Lifecycle Engineering Opportunity
The full product lifecycle opportunity is close to 20 times the ER&D market, with data volume doubling every quarter in target segments.
Favorable Currency
Divergence between dollar and rupee growth explained by currency tailwinds from a stronger USD.
Headwinds
Geopolitical Uncertainties
Continued geopolitical uncertainties, evolving demand patterns, and global supply chain disruptions, including the West Asia crisis.
Discretionary Project Slowness
Some slowness in awarding of discretionary projects as customers were cautious on starting new programs due to uncertainty.
Energy Business Contraction
Strategic units suffered -8.2% QoQ degrowth primarily due to contraction in the energy business.
Delayed Program Starts
Network and infrastructure growth could have been higher had it not been for delayed start to some programs won in Q4 FY26.
Risk radar
Semiconductor Profitability
High power ASSP business development consumes cash, leading to lower operating profitability. Breakeven expected only in FY28 due to R&D and Kinetic amortization ($3M/quarter).
DET Revenue Ramp-up
The plan for 15% EBIT rested on a certain revenue growth trajectory, and the company is running a little behind on the revenue ramp-up.
Macro Overhang on Aerospace
If the West Asia disruption continues longer, it could affect flying hours in aerospace, potentially translating to some revenue compression.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both QoQ and YoY comparisons are crucial. QoQ reflects sequential momentum, project execution, and the immediate impact of market conditions, which management frequently references. YoY provides insight into structural growth trends and performance against prior year's base, especially relevant for a services business with potential seasonality.
Sector KPIs management disclosed
DET Revenue (Constant Currency)
Down 0.5% sequentially and 0.9% on a year-on-year basis.
DET EBIT Margin (Normalized)
13.2%, up 79 basis points sequentially and 114 basis points on a year-on-year basis.
Group Revenue (Constant Currency)
Up 4.5% sequentially and 9.1% year-on-year.
Group EBIT Margin (Normalized)
9.7%, up 16 basis points sequentially and 19 basis points on a year-on-year basis.
Management forward view
EBIT Target Deferral
Still working towards a 15% EBIT, but now believe it may take a little longer than the Q4 FY27 original aim, likely into H1 FY28, due to revenue ramp-up.
Continued Investments
Decision not to cut back on investments critical for turnaround in service portfolio mix and future growth momentum.
Energy Vertical Turnaround
Rebuilt go-to-market team, prioritized offerings, and broadened service portfolio; confident of showing market comparable results in the next two to three quarters.
DLM Group Structure
Not considering a demerger of DLM due to significant dependence and mutual benefits between DLM and Cyient's engineering capability.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| DET Revenue Growth (Constant Currency) | -0.5% QoQ | Return to positive growth in Q2 and acceleration in H2 FY27. |
| DET EBIT Margin (Normalized) | 13.2% | Progress towards the 15% EBIT target by H1 FY28. |
| Energy Vertical Performance | -8.2% QoQ degrowth in Strategic Units (primarily energy) | Rebound and comparable market results in 2-3 quarters, as management expects. |
| Semiconductor Business Breakeven | Consuming cash due to R&D and amortization | Achievement of breakeven in FY28, as projected by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookcontradictedquantified
The acquisition of Kinetic Technologies is expected to be EPS accretive from year two and EBIT accretive from year one (FY27).
Timeframe: FY27 and year two onwardsDirection: positive
Outcome check: OPM moved from 13.0% to average 12.0% (-1.0 pp).
margin outlookdeliveredquantified
The company committed to delivering flat EBIT for the organic business by the end of next year.
Timeframe: by the end of next yearDirection: flat
Outcome check: OPM moved from 13.0% to average 12.0% (-1.0 pp).
margin outlookcontradictedquantified
At an EBIT margin level, the acquired business will be a few percentage points higher than the services business in the medium term.
Timeframe: medium termDirection: positive
Outcome check: OPM moved from 13.0% to average 12.0% (-1.0 pp).
margin outlookcontradictedquantified
The acquired business is expected to achieve mid 45% to 50% gross margins next year.
Timeframe: next yearDirection: positive
Outcome check: OPM moved from 13.0% to average 12.0% (-1.0 pp).
revenue outlookpartially deliveredquantified
Kinetic Technologies is expected to deliver around 15% to 20% revenue growth consistently year-over-year.
Timeframe: year-over-yearDirection: positive
Outcome check: Revenue YoY averaged 0.9% across 1 later quarter(s).
revenue outlookdelivered
The company maintains a clear line of sight for revenue and margin expansion.
Timeframe: futureDirection: positive
Outcome check: OPM moved from 13.0% to average 12.0% (-1.0 pp).
Trust Score
60Mixed Trust · high confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 50% delivered/partly-delivered outcomes on 16 checked claims, with 8 adverse claim outcomes. It ranks around the 28th percentile of the scored universe and 26th percentile within IT. Main check: results consistency is weak at 35/100.
Healthy Trust: 16/28 extracted management claims have outcome checks; 31% were fully delivered and 3 were partially delivered. 8 claim(s) were contradicted or failed. Key concern: 8/16 matched management claims were contradicted or failed.
Computed 21 Oct 2026
management-trust-v1
52 extracted concalls · 16/28 claims matched
Score band
Mixed Trust
Usable, but needs evidence. Treat guidance with a margin of safety.
Relative rank
28th percentile
overall median 67 · IT: 26th pctile, median 69 · Large: 16th pctile, median 73
Evidence depth
Medium sample
16/28 claims have outcome checks.
Claim delivery
50% delivered or partly delivered
16/28 claims checked · 8 contradicted/failed claims
How to read this Trust Score
Mixed Trust · high confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Enough evidence exists to treat this as a stronger reliability read.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
70
acceptable · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
50
watch · capital discipline
Results
35
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 1.4%.
- ▸FCF yield is 7.1%.
- ▸10 years of positive FCF.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸8/16 matched management claims were contradicted or failed.
- ▸Promoter holding is only 24.7%.
- ▸ROCE trend is -4.7%.
Continue researching Cyient Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 11 Sep - Newspaper Publication - Notice of Postal Ballot
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Aug - Allotment of shares upon exercise of stock options
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jul
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.