Cyient DLM Ltd.Record order book and 34% revenue growth as EMS margins keep climbing

Cyient DLM opened FY27 with its strongest first quarter yet, growing revenue 34.3% YoY to Rs. 373.8 crore and PAT more than doubling to Rs. 16.3 crore, while EBITDA margin expanded 147 basis points to 10.5% -- the fourth consecutive quarter of double-digit margins.

The order book hit an all-time high of Rs. 2,599 crore on a healthy 1.5x book-to-bill ratio, with Aerospace (42% of revenue, +40% YoY) and Industrial (32%, +90% YoY) leading growth. Management laid out a three-phase strategy to widen beyond its current four core industries into robotics and AI data centre infrastructure by FY29, and further into owned build-to-spec products by FY30, targeting a step-up from today's 9-11% EBITDA margins to 13-18% over time.

The company more than doubled its build-to-spec lab footprint, added Nadcap aerospace certification, and onboarded two new customer logos, even as it continued navigating West Asia-related logistics disruption through proactive inventory build-up. Working capital remains a watch item -- net working capital days rose to 161 from 145 sequentially on higher inventory, keeping operating cash flow negative -- but management expects it to normalize as growth stabilizes, and reiterated similar momentum into Q2 without offering hard full-year numeric guidance.