Motilal Oswal said it has reiterated its Sell rating on Cyient, noting that Q3FY26 reflects a phase of gradual stabilisation
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India's software exports rose 12.7% in FY25, yet listed IT groups saw only 3.8% growth, with market share slipping as unlisted firms and GCCs expand faster
The sector is trading at a discount to the BSE Sensex and trailing price/earning (P/E) multiple for the first time in the past four years
Historically, the combination of narrowing earnings differential, high valuations and prolonged outperformance, Nuvama said, has led to a large period of underperformance for SMIDs (2018-19)