Cyient Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Cyient Ltd trades at ₹854, in a downtrend and 77 weeks into that stage. That is −15.2% against its own 200-day average. It sits at 15% of a 52-week range of ₹785 to ₹1,242. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 77 of stage 4, confirmed. At ₹854 it trades −15.2% versus its 200-day average and sits at 15% of its 52-week range (₹785–₹1,242).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +111% while the NIFTY 500 moved +274% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 71st percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Cyient Ltd trades at 22.9× P/E, at the pricey end of its own range (71st percentile). Its long-run median P/E is 18.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 22.9× is at the pricey end of its own range (71st percentile), against a long-run median of 18.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −30.6% against a −33.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the −4.3%/yr price move, ~+0.3%/yr came from earnings growth and ~−4.6 pp from the multiple (compressing); over 10y, of the +6.1%/yr price move, ~+2.3%/yr came from earnings growth and ~+3.8 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Cyient Ltd reads as deteriorating on its fundamental arc. Deteriorating — profit and EPS growth are shrinking (profit growth −36.9% latest against +1.9% at its 12-quarter best), ROCE slipping at 12.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

33.9/100 — rank 7 of 7 in IT - ER&D · 77% evidence confidence

Cyient Ltd scores 33.9 out of 100 against the 7 companies it is compared with in IT - ER&D, ranking 7. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 8.7 + 10.6 + 8.6 + 6 = 33.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Cyient Ltd reported ₹2,076 Cr of revenue in the Jun 26 quarter, +21.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 8.9% a year. The last full year, FY26, came in at ₹7,268 Cr. The last four reported quarters add to ₹7,632 Cr.

Cyient Ltd reported ₹2,076 Cr of revenue in the Jun 26 quarter, +21.3% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at 8.9% a year. The last full year, FY26, came in at ₹7,268 Cr. The last four reported quarters add to ₹7,632 Cr.

FY26 revenue came in at ₹7,268 Cr (−1.2% on the year), capping 10 years at 8.9% compound. The latest quarter (Jun 26) printed ₹2,076 Cr, +21.3% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +3.6% growth against the decade's 8.9% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +3.2% over the last 4 quarters against +3.4%/yr over the last 8 — stabilising; TTM profit −36.9% vs −22.0%/yr — rolling over.

→ Revenue grew — did margins hold as it scaled? Next: 13.0% this quarter (+0.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Cyient Ltd's operating margin is 13.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0% to 19.0%. The current quarter sits inside that band.

Cyient Ltd's operating margin is 13.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0% to 19.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 12.0%–19.0%.

🚨 Why the margin moved: operating margin went −0.7 pp year on year while gross margin went −4.6 pp — the loss came mostly from the gross line: input costs and pricing.

→ Margins held — did that reach the bottom line? Next: profit −30.6% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Cyient Ltd earned ₹109 Cr of net profit in the Jun 26 quarter, −30.6% year on year. Full-year FY26 profit was ₹463 Cr. The 10-year compound rate is 3.8%. That is 5.3% of the quarter's revenue. The same quarter a year earlier earned ₹157 Cr.

Cyient Ltd earned ₹109 Cr of net profit in the Jun 26 quarter, −30.6% year on year. Full-year FY26 profit was ₹463 Cr. The 10-year compound rate is 3.8%. That is 5.3% of the quarter's revenue. The same quarter a year earlier earned ₹157 Cr.

Jun 26 profit was ₹109 Cr, −30.6% year on year. On the full year, FY26 printed ₹463 Cr (−28.5%), and the 10-year compound rate is 3.8%.

🚨 Why profit moved: revenue contributed +21.3% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit −35.7% vs revenue +3.6%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.

→ Profit rose — but did the cash follow? Next: 127% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 127% of Cyient Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹787 Cr of operating cash against ₹463 Cr of profit. After ₹359 Cr of capital spending, ₹428 Cr was left as free cash.

FY26: operating cash of ₹787 Cr against reported profit of ₹463 Cr, leaving free cash of ₹428 Cr after ₹359 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 127% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 127%: the cash cycle stretched 252 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

→ So follow the cash to where it goes. Next: a 119-day cycle and ₹1,032 Cr of building.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Cyient Ltd's cash conversion cycle runs 119 days in FY26, up from −133 days in FY21. Capital spending ran ₹1,032 Cr over the last 3 years. At FY26 sales of ₹7,268 Cr each day of that cycle holds about ₹19.9 Cr, so roughly ₹2,370 Cr sits inside the business at any moment.

FY26: debtors at 66 days, inventory at 303 days — roughly 10.0 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 119 days, looser than FY21's −133.

The full loop: cash goes out to suppliers and production on day 0; stock waits 303 days to sell; customers pay about 66 days after that; and suppliers themselves are paid at 249 days — netting out to the 119-day cycle.

In money terms: at FY26 sales of ₹7,268 Cr, each day of the cycle holds about ₹19.9 Cr — so the 119-day loop keeps roughly ₹2,370 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹1,032 Cr over the last 3 fiscal years against ₹812 Cr of depreciation — building somewhat ahead of wear-and-tear. Capital work-in-progress stands at ₹5.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Cyient Ltd earns a ROCE of 12% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 6.4% net margin on 0.88× asset turns.

FY26 ROCE is 12%.

Why the return is what it is — the wiring (FY26): 6.4% net margin × 0.88× asset turns × 1.45× balance-sheet leverage ≈ 8.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.08.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Cyient Ltd carries ₹431 Cr of borrowings against ₹5,682 Cr of equity in FY26, a debt-to-equity of 0.08. Operating profit covers the interest bill 15×. Over 5 years borrowings went from ₹577 Cr to ₹431 Cr. Capital spending ran ₹1,032 Cr across the last 3 of those years.

FY26: borrowings of ₹431 Cr against equity of ₹5,682 Cr — a debt-to-equity of 0.08. Operating profit covers the interest bill 15×. Over 5 years borrowings went from ₹577 Cr to ₹431 Cr while capital spending ran ₹1,032 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 16% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Foreign institutions cut 13.9 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions cut 13.9 points of Cyient Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 14.5% of the company. Domestic institutions moved +7.8 points over the same window, to 37.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −13.9 points over 8 quarters to 14.5%; Domestic institutions: +7.8 points over 8 quarters to 37.5%; Promoters: +1.6 points over 8 quarters to 24.7%.

Why the register moved: rotation — foreign institutions −13.9 points against domestic institutions +7.8 points over 8 quarters, with promoters +1.6 points — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Cyient Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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