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Swing Capital

Cyient DLM Ltd

NSE: CYIENTDLM BSE: 543933

Cyient DLM is a leading electronics system design and manufacturing player, which provides system design, integration, testing, and manufacturing of electronic components and subsystems for original equipment manufacturers (OEMs) in the aerospace and defense sectors and other high-tech engineering segments. It has customers in India, Europe, North America, China and Japan.[1]

₹415
52W: ₹265 — ₹506
PE 58.5 · Book ₹125 · +232% vs book
Market Cap₹3,297 Cr
Stock P/E58.5Price to Earnings
ROCE8.75%Return on Capital
ROE5.79%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 36.7% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 3.32 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −The company has delivered a poor sales growth of 8.46% over past five years.
  • −Company has a low return on equity of 7.90% over last 3 years.
  • −Debtor days have increased from 83.6 to 100 days.
  • −Company's cost of borrowing seems high
  • −Working capital days have increased from 130 days to 208 days

Shareholding Pattern

Promoters52.12%
FIIs0.79%
DIIs26.67%
Public20.4%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.66%52.16%▼14.552.16%52.16%52.12%▼0.052.12%52.12%52.12%
FIIs5.14%7.76%▲2.63.64%▼4.12.38%▼1.32.48%▲0.12.19%▼0.30.47%▼1.70.79%▲0.3
DIIs17.44%27.77%▲10.329.41%▲1.628.64%▼0.828.16%▼0.528.74%▲0.628.81%▲0.126.67%▼2.1
Public10.75%12.31%▲1.614.78%▲2.516.81%▲2.017.23%▲0.416.94%▼0.318.59%▲1.620.4%▲1.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales321362258389357340206236217283
Expenses292324238358328283181208199246
Operating Profit29382032305825271838
OPM %9%11%8%8%8%17%12%12%8%13%
Net Profit1823111616351114824
EPS ₹2.332.871.351.961.964.41.421.710.992.98

AI Insights

Revenue Trend

Mar 2026 revenue at ₹943Cr, down 29.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹50Cr. Debt-to-equity ratio: 0.05x. Healthy balance sheet.

Capex Cycle

CWIP at ₹2Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 26.67% (+14.49pp change). FIIs: 0.79% (-6.38pp change). Promoters hold 52.12%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 9% (Mar 2026). Working capital days: 208.

Valuation

PE 58.5x with 8.75% ROCE. Price is 232% above book value of ₹125. Dividend yield: 0%.

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