Cyient DLM Limited is a prominent player in the electronics system design and manufacturing (ESDM) sector, offering end-to-end solutions that encompass system design, integration, testing, and manufacturing of electronic components and subsystems. The company primarily serves Original Equipment Manufacturers (OEMs) in the demanding aerospace and defense sectors, as well as other high-tech engineering segments.
Originally incorporated as Rangsons Electronics Private Limited in Mysuru, Karnataka, on June 30, 1993, the company underwent name changes to Cyient DLM Private Limited and subsequently to Cyient DLM Limited upon its conversion to a public limited company. Cyient DLM was listed on the stock exchanges on July 10, 2023.
The company leverages a Design Led Manufacturing (DLM) approach, employing an integrated manufacturing strategy to support the entire product lifecycle from concept to manufacturing and certification. Cyient DLM serves a global clientele across India, Europe, North America, China, and Japan. It specializes in Low Volume, High Mix (LVHM) products, a contract manufacturing model that places a strong emphasis on quality and customization tailored to specific customer requirements. The company typically enters into 3-5 year Master Service Agreements (MSAs) with its clients.
Cyient DLM has demonstrated significant growth in its financial performance. The company's market capitalization stands at ₹3,848 crore. In the latest fiscal year (FY25), Cyient DLM reported consolidated net profit of ₹68.08 crore, marking an increase of 11.24% from FY24. Revenue surged by 27.49% to ₹1,519.63 crore in FY25 compared to the previous fiscal year.
- Net Profit: ₹31.04 crore (up 36.50% from Q4 FY24)
- Sales: ₹428.06 crore (up 18.30% from Q4 FY24)
- Profit Before Tax: ₹41.67 crore (up 35.73% from Q4 FY24)
- EBITDA: ₹57.4 crore (up 51.05% from Q4 FY24), with EBITDA margin improving to 13.4% from 10.5% in Q4 FY24.
- Net Profit: ₹68.08 crore (up 11.24% from FY24)
- Revenue: ₹1,519.63 crore (up 27.49% from FY24)
The company's order book stood at ₹1,906.1 crore as of March 31, 2025. Promoter holding in Cyient DLM Ltd has decreased to 52.16% as of March 2025 from 66.66% as of June 2024.
- Market Capitalization: ₹3,848 Crore (as of 2025)
- Promoter Holding: 52.16% (as of March 2025)
- EPS (Latest Financial Year): ₹7.5
- EPS (Most Recent Quarter): ₹1.4
- PE Ratio: 52.10 (at current price of ₹392.8)
- PB Ratio: 3.28
Cyient DLM provides comprehensive electronic manufacturing services through two primary models:
- Build to Print (B2P): Clients provide the product design, and Cyient DLM offers agile and flexible manufacturing services.
- Build to Specification (B2S): Utilizing its promoters' design capabilities, Cyient DLM designs and manufactures products based on client specifications.
The company's core offerings include Printed Circuit Board Assembly (PCBA), cable harnesses, and box build solutions, which are critical for safety-critical systems in areas such as cockpits, inflight systems, landing systems, and medical diagnostic equipment. Cyient DLM also provides mechanical manufacturing and additive manufacturing services, supporting the entire product lifecycle from concept through certification.
Cyient DLM's manufacturing facilities are recognized for their adherence to global quality and safety standards. The company's electronic manufacturing facility is among the first to achieve AS9100 aerospace certification and the first in India to obtain the National Aerospace and Defense Contractors Accreditation Program (NADCAP) certification for circuit card assembly (CCA). Its mechanical manufacturing facility is also AS9100-certified.
The company's assemblies comply with international standards such as J-STD-001, IPC-A-610, and IPC-WHMA-A-620 Class II/III. Cyient DLM also adheres to RoHS directives, Canadian Standards Association (CSA), Factory Mutual (FM) standards, and TÜV Rheinland product safety specifications. These certifications and compliances underscore its position as a trusted partner for critical aerospace, defense, and space projects.
- Avionics Manufacturing Program with Thales: At Aero India 2025, Cyient DLM was awarded a strategic avionics manufacturing program by Thales. Under this agreement, Cyient DLM will manufacture high-reliability Printed Circuit Board Assemblies (PCBAs) for Thales's next-generation flight avionics systems, reinforcing its role as a trusted manufacturing partner in the global Aerospace & Defense ecosystem.
- Leadership Appointment: Rajendra Velagapudi has been appointed as the Managing Director and CEO, effective July 1, 2025, having previously served as MD in the company.
According to analyst reports, Cyient DLM Ltd has a target price of ₹552.17, indicating a potential upside of 13.92% from its current price of ₹484.7. Antique Stock Broking has initiated coverage with a 'buy' rating and a target price of ₹567, citing attractive valuations post a stock price correction.
The company's specialized focus on high-reliability, safety-critical electronic manufacturing for aerospace and defense, coupled with strong technical capabilities, strategic global partnerships, and a robust order book, positions Cyient DLM to capitalize on the increasing demand for sophisticated electronic systems in these sectors.
