Article

Cyient DLM Limited reported Q3FY26 revenue of Rs 3,033 million, a 31.7% year-on-year decline, primarily due to the completion of a large defense order in FY25 and temporary shipment deferrals linked to year-end holidays and US tariffs. Despite the revenue drop, the company holds a record order backlog of Rs 23.5 billion and a year-to-date book-to-bill ratio of 1.56x.

EBITDA was Rs 275 million, with an EBITDA margin of 9.1%, reflecting a year-on-year improvement in cost absorption and revenue mix. Reported PAT was Rs 112 million, up 2.2% YoY but down 65.1% QoQ, impacted by a decline in other income.

Cyient DLM's revenue is expected to recover to Rs 18,807 million by FY28, with EBITDA margins projected to improve to 12.0%. The company continues to diversify its revenue base, reducing dependence on defense and enhancing stability.