Cyient DLM share price today

Cyient DLM Ltd's share price was ₹753.65 at the close on 4 November 2026. It has been rising for 20 weeks. That is 19.4% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹279 and ₹952, and at that close it sat 70% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Cyient DLM Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 36 weeks in a row.

Over the last 3.3 years the share price moved +50% while the NIFTY 500 moved +29%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: highest quarterly profit in 16 quarters.

1. Highest quarterly profit in 16 quarters

   Profit of ₹34 crore in the September 2026 quarter is the highest of the last 16 quarters.

   Why: The reported profit was lifted by a one-time reversal of an earnout, a payment tied to future performance, not by stronger day-to-day operations.

   Next results: check profit without the one-time earnout gain, since the reported figure included it.

   From the earnings call on 15 Oct 2026.

For July to September 2026 (the quarter ended 30 September 2026), Cyient DLM reported revenue of ₹393 crore, up 26.4% from ₹311 crore a year earlier, and a profit of ₹34.0 crore, up 6.3% from ₹32.0 crore.

Cyient DLM results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Cyient DLM's management discussed these results on a call held on 15 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Revenue and profit in ₹ crore.

Cyient DLM closed at ₹753.65 on 4 November 2026, up 69.9% from ₹443.70 a year earlier (7 November 2025) and up 18.3% over three years. Its highest weekly close since July 2023 was ₹952.35 on 9 October 2026.

Cyient DLM share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

181 weekly closes from 14 July 2023 to 4 November 2026.

4 Nov 2026: Cyient DLM closed at ₹753.65, up 0.5% on the week and down 15.7% on the month. 15 Oct 2026: Cyient DLM held its results call for July to September 2026. Management guided: Overall FY27 revenue growth 30-35% with second-half growth above 30%.

Earlier

• Results for July to September 2026: Revenue up 26.4% and profit up 6.3% on a year earlier.

Cyient DLM has paid no dividend on the NSE since its first NSE close in our records (14 July 2023), the start of the period we checked.

No. Cyient DLM Ltd paid out 0% of its profit as dividends in each of its last 8 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 15 October 2026, Cyient DLM's management guided: Overall FY27 revenue growth 30-35% with second-half growth above 30%.

“Even without any further effort, simply by executing the revenue from the backlog into FY28, our margins will move above 10%.”Krishna Bodanapu, closing remarks, on the call for July to September 2026

What management guided

• FY27 operating margin 9-10% on fully loaded sales and development spend.
• Double-digit operating margin from FY28 onwards on sustained revenue absorption.
• Expansion-phase margin 11-13% through FY27-29 and transformation-phase 13-18% from FY30 on mix upgrade.
• Electronic-product programs around $1Bn over 7-9 years with production in FY29 and full ramp in FY30.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 15 October 2026.

Record order backlog of ₹24,156 million (₹2,416 crore), book-to-bill 1.5x for FY26, order intake $208 million, sales pipeline $1 billion.

⚠ estimate

Our read after the latest results, written 27 June 2026.

Two consecutive quarters of FY27 revenue below the corresponding FY26 quarter, which would signal the backlog deferral chain has extended beyond the West Asia narrative, or a fifth management commitment miss on the stated goal of year-on-year growth in each FY27 quarter would indicate the forecasting problem is structural rather than cyclical.

Each change stops working if

• : Backlog conversion rate falls below 40% of ₹2,416 crore in FY27, implying revenue below ₹966 crore, which would signal customer deferrals are structural, not timing-related.
• : B2S revenue remains below 8% of total revenue by January to March 2027, indicating the high-specification customer co-development model is not converting to manufacturing volume at the pace described.
• : Indian defense customers' mass manufacturing ramp is delayed beyond April to June 2027, or the automotive IATF win remains a single program, leaving the defense/auto vertical story as future potential rather than current revenue.
• : Revenue remains below ₹1,200 crore in FY27, the breakeven utilization level where operating margin drops below 9%, reversing the January to March 2026 operating leverage demonstration.

The main risks

• : Management has missed or contradicted four stated commitments in the last three concalls, making the FY27 on the previous quarter growth guidance difficult to treat as a credible forecast. ⚠ estimate
• : Israel exposure is material, West Asia customers disrupted supply chain in January to March 2026 and the conflict remains unresolved, with no quantified revenue-at-risk disclosed. ⚠ estimate
• : Inventory days of 314 vs a historical norm of 130-190 days represent ₹370-400 cr of excess working capital tied up, suppressing free cash flow and exposing the balance sheet to program-timing risk. ⚠ estimate
• : FY25 revenue of ₹1,520 crore was inflated by one large defense order; the underlying run-rate without that order is closer to ₹1,100-1,200 cr, making the on a year earlier 'recovery' story relative to an elevated base. ⚠ estimate

Our read after the latest results, written 27 June 2026.

When Cyient DLM reports October to December 2026, these are the 3 checks that show whether the story is still on course. First: Order intake having at flagged quarterly pace with book-to-bill above unity - verify intake disclosure and backlog growth.

Cyient DLM is on one of our India lists: Semiconductor stocks.

Cyient DLM Ltd earned ₹34.0 Cr of net profit in the Sep 2026 quarter, +6.3% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹73.0 Cr. That is 8.7% of the quarter's revenue. The same quarter a year earlier earned ₹32.0 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹73.0 Cr (+7.4% on the year before).

Why profit moved: revenue changed +26.4% on a year earlier and the margin moved −1.0 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +26.5% and revenue +3.8%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Cyient DLM Ltd reported ₹393 Cr of revenue in the Sep 2026 quarter, +26.4% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 7 years it has grown 14.8% a year on average. The last full year, FY26, came in at ₹1,261 Cr.

Revenue is everything the company billed its customers in the period.

Why this happened. The company ended FY26 with Rs 2,416 cr backlog, up Rs 511 cr year-on-year, representing book-to-bill of 1.5x for the full year with book-to-bill above 1x in every quarter. Order intake of $208 million in FY26 was achieved despite the revenue decline, demonstrating customer demand was present even as execution timing slipped. At historical 50-60% conversion per year, this backlog implies Rs 1,200-1,450 cr of FY27 revenue, consistent with the management's QoQ growth guidance. The 18-24 month execution cycle is longer than typical EMS, reflecting the complex, multi-layer PCBA and box-build nature of Cyient DLM's programs.

The last four reported quarters add to ₹1,439 Cr.

FY26 revenue was ₹1,261 Cr, −17.0% on the year before.

Recent pace: the last four quarters grew +3.8% on average, against 14.8% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew −1.5%, against +4.0% a year over the last 8 quarters (rolling over); profit over the last 12 months grew +2.5%, against +11.3% a year (rolling over).

Cyient DLM Ltd's operating margin was 9.0% in the Sep 2026 quarter, 1.0 percentage points lower than the same quarter a year ago. Across 8 years it has been between 3.0% and 12.0%. The latest quarter is within that range.

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

Why this happened. Management stated in the July 2025 call that capacity utilization was approximately 55-60% on a full-year basis. The Q4 FY26 quarter (Rs 369 cr revenue, 12% OPM) demonstrates what happens when the lines are loaded, at that revenue level, fixed cost absorption pushed OPM 300 basis points above the Dec 2024 trough of 6%. Additional PCBA line capability is deployable within 3-6 months per management. If FY27 revenue recovers toward Rs 1,500 cr, the same operating leverage would sustain OPM at 10-12% without incremental fixed cost addition.

Why the margin moved: operating margin changed −1.3 percentage points on the year while gross margin changed −3.8 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years Cyient DLM Ltd's operations used more cash than they brought in, so cash conversion was −39%, a gap worth watching. In FY26 it brought in ₹54.0 Cr of operating cash against ₹73.0 Cr of profit. After ₹48.0 Cr of spending on assets, ₹6.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why −39% of profit came in as cash: the cash cycle got 164 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 164 days longer. The next section looks at where the cash is stuck.

Cyient DLM Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 270 days in FY26, up from 106 days in FY21. It spent ₹294 Cr on assets over the last 3 years. Customers take 89 days to pay, and stock sits for 314 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹1,261 Cr, each day of that cycle ties up about ₹3.5 Cr, so roughly ₹933 Cr is tied up in the business at any time.

FY26: customers took 89 days to pay and stock sat for 314 days, about 10.3 months of sales sitting as stock, for a full cycle of 270 days, longer than FY21's 106.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 314 days. Customers pay about 89 days after that. Suppliers are paid at 133 days. Together that makes the 270-day cycle.

Spending on assets: ₹294 Cr over the last 3 years, against ₹99.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹2.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Cyient DLM Ltd's P/E is 71.3×, in the middle of its own history: higher than 51% of past readings. Its usual P/E (the middle reading) is 70.6×, over 3.3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved +7.6% while the price moved +69.9%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +5.8% a year; about +38.3% a year came from earnings growth and about −32.5 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is about average against its own past, so the earnings trend underneath matters more than the multiple.

Cyient DLM Ltd's business is giving mixed signals. Growth is slowing from a very fast pace: profit growth has eased from +92.3% at its peak to +2.5%, but the business is still expanding, with ROCE steady at 11.4%. This is based on 12 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: when the lines disagree, each line above matters more than any single label.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Cyient DLM Ltd's story is not scored yet against the checks our research set on 27 June 2026.

NOT YET CHECKED

From the numbers. However, the most recent…

From the price. Price stage 2, week 20, above its 200-day line, relative strength falling.

Where they disagree. The…

What is not proven yet. Two consecutive quarters of FY27 revenue below the corresponding FY26 quarter, which would signal the backlog deferral chain has extended beyond the West Asia narrative, or a fifth management commitment miss on the stated goal of year-on-year growth in each FY27 quarter would indicate the forecasting problem is structural rather than cyclical.

What would change our mind. Two consecutive quarters of FY27 revenue below the corresponding FY26 quarter, which would signal the backlog deferral chain has extended beyond the West Asia narrative, or a fifth management commitment miss on the stated goal of year-on-year growth in each FY27 quarter would indicate the forecasting problem is structural rather than cyclical.

What the surface reading misses. The surface reading is: PAT Rs 32 cr represents 113% YoY growth, apparent earnings acceleration The research reads it further: Other income of Rs 23 cr constituted 64% of PBT (Rs 36 cr); operating profit was only Rs 31 cr. The one-off ledger flags this as a high-severity other-income spike. Clean operational PAT is approximately Rs 16 cr, the operating business earned Rs 16 cr, not Rs 32 cr. The 113% PAT YoY is an artifact of non-operating income, not an earnings inflection.

Sources: our stock research file (27 June 2026) · quarterly results through Sep 2026 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

What Cyient DLM Ltd's management promised, against what actually happened: 4 promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

EMS Market Growth Horizon Changed · 15 October 2026. Both Apr 2026 and Jul 2026 placed the global EMS market at about $1.1 trillion by 2033, with Jul 2026 describing a roughly 6% plus CAGR. In Oct 2026, management instead said the same endpoint would be reached over the next few years, which implies a materially faster market growth rate; management did not explain whether this was a revised forecast or a change in wording.

FY27 EBITDA Margin Outlook Lowered · 15 October 2026. In Apr 2026 and Jul 2026, management portrayed double-digit margins as sustainable, with the Jul 2026 roadmap assigning the FY27-FY29 expansion phase an 11%-13% margin framework. In Oct 2026, Q2 EBITDA margin was 8.7% and FY27 expectations moved to the high single-digit or 9%-10% range;.

B2S Production Timeline Delayed · 15 October 2026. In Apr 2026, management said the B2S inflection would occur at the end of FY27 and during FY28, and in Jul 2026 it expected substantial B2S revenue within the next 12-18 months. In Oct 2026, management moved production to FY29 and full production and ramp-up to FY30, a material schedule delay with no explanation for why the earlier timetable no longer applied.

Market Outlook Rebased · 21 July 2026. In April 2026, management projected the global EMS market would grow to nearly $1.1 trillion by 2033 from approximately $650 billion in 2025. In July 2026, management instead used a lower current market base of $625 billion but projected $1.13 trillion by 2030, implying a materially faster growth trajectory and a three-year acceleration in the endpoint without reconciling the change.

Every quote above is taken word for word from the company’s own earnings calls.

Cyient DLM Ltd earned a ROCE of 10% in FY26. That is up from a low of 4% in FY20. Its return on capital used (ROIC) is 5.0 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 5.8% net margin and 0.77× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 5.8% net margin × 0.77× asset turnover × 1.62× leverage (assets divided by equity) ≈ 7.2% on equity. The margin does its share; borrowing is a big part of it.

The key test, return on capital used minus the cost of capital: 7.0% − 12.0% = −5.0 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

The 7.0% ROIC above is the latest reading, as reported. The yearly chart below shows FY26 at 5.8%, and the quarterly chart works out each 12-month window from the quarterly figures, so the readings differ by date, not by method.

Cyient DLM Ltd has total debt of ₹204 Cr against shareholder equity of ₹1,068 Cr as of Sep 2026, so its debt is 0.19× its equity, which is very little. Year by year, that ratio went from 4.38 in FY22 to 0.17 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

Foreign institutions cut their stake in Cyient DLM Ltd by 5.3 percentage points over 8 quarters, the biggest change among its owners. Foreign institutions now own 2.4% of the company. Domestic institutions moved −0.6 points over the same period, to 27.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Foreign institutions: −5.3 points over 8 quarters, to 2.4%; Domestic institutions: −0.6 points over 8 quarters, to 27.1%; Promoters: +0.0 points over 8 quarters, to 52.1%.

Why the owners changed: foreign institutions drove it (−5.3 points), together with domestic institutions (−0.6 points). They reduced their stake.

For Cyient DLM Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

46.6 out of 100, rank 5 of 10 in Consumer Electronics - EMS, with 100% of the evidence available.

Cyient DLM Ltd scores 46.6 out of 100 against the 10 companies it is compared with in Consumer Electronics - EMS, ranking 5. Relative strength against the index is 51.6%, and revenue and profit growth are weak.

The four parts add up to the total exactly: 12.4 + 10.1 + 6.4 + 17.7 = 46.6. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Cyient DLM ranks 5 of 10 Consumer Electronics - EMS companies on the 4-Factor Sector Score, with 46.6 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Consumer Electronics - EMS, all 10 compared on one page.

Cyient DLM is the 8th largest of 10 Consumer Electronics - EMS companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Amber Enterprises India, PG Electroplast, Avalon Technologies and Optiemus Infracom. Just below it: Virtuoso Optoelectronics and Epack Durable.

Consumer Electronics - EMS companies close in size

4. Amber Enterprises India Ltd ₹20,685 crore
5. PG Electroplast Ltd ₹15,200 crore
6. Avalon Technologies Ltd ₹13,713 crore
7. Optiemus Infracom Ltd ₹7,495 crore
8. Cyient DLM Ltd ₹5,955 crore
9. Virtuoso Optoelectronics Ltd ₹1,654 crore
10. Epack Durable Ltd ₹1,490 crore

All 10 Consumer Electronics - EMS companies, largest first

Companies close in size in other industries

771. Birla Corporation Ltd ₹5,978 crore · Cement
772. Fedbank Financial Services Ltd ₹5,958 crore · Finance & Investments - Gold Loan
773. Cyient DLM Ltd ₹5,955 crore
774. Redtape Ltd ₹5,939 crore · Footwear
775. Sheela Foam Ltd ₹5,925 crore · Mattress

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

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