Cyient DLM zooms 106% from March low; brokerages see more upside

Share price of Cyient DLM hit a 52-week high of ₹546.55, rallying 9 per cent on the BSE in Tuesday's intra-day deals.

Cyient DLM share price movement

 

Share price of Cyient DLM hit a 52-week high of ₹546.55, rallying 9 per cent on the BSE in Tuesday’s intra-day trade on expectations of a healthy business outlook. In comparison, the BSE Sensex was up 0.14 per cent at 78,392 at 02:33 PM.

 

The stock price of the aerospace & defence company surpassed its previous high of ₹523.65 touched on July 3, 2026. It hit a record high of ₹882.90 on February 26, 2024.

 

The market price of Cyient DLM has more than doubled or zoomed 106 per cent from its 52-week low of ₹264.95 touched on March 30, 2026.

 

 

Brokerages see more upside in Cyient DLM stock price

 

Cyient DLM is an integrated Electronics Manufacturing Services (EMS) provider and Design-Led Manufacturing (DLM) provider. As a subsidiary of Cyient Limited, Cyient DLM specializes in design-led manufacturing, printed circuit board assemblies (PCBA), box builds and mission-critical systems. It serves highly regulated sectors with a diversified revenue mix: aerospace & defense (48 per cent), industrials (26 per cent), medtech (20 per cent), and others (7 per cent).

 

According to analysts at YES Securities, Cyient DLM is positioned for a strong growth revival after a transitional financial year 2025-26 (FY26), supported by a record order book of over ₹2,400 crore, a healthy book-to-bill ratio above 1x, and delayed revenues set to flow into FY27. Its focus on high-reliability sectors such as aerospace, defence, medtech and rail builds sticky, high-barrier customer relationships, while the shift from build-to-print towards higher-value build-to-specification work lifts both margins and business quality. 

“With facilities running at just 50-60 per cent utilisation, China+1 tailwinds and rising defence and aerospace spends, the company can nearly double revenues with limited capex, reinforcing BUY recommendation,” the brokerage firm said with a 12-month target price of ₹580 per share.

 

Analysts at ICICI Securities expects Cyient DLM financials to improve from here on as impact of large order completion is now out of the base while the order book and client additions have been healthy. 

 

Further, the company is involved in high mix low volume (HMLV) category with complex offerings which coupled with rising B2S proportion, shall structurally enable it to command better margin. Revenue is estimated to grow 24 per cent compound annual growth rate (CAGR) over FY26-28E along with 35 per cent profit after tax CAGR. Relative valuation is reasonable and has room for improvement, depending on execution going ahead, the brokerage firm said. It recommend BUY on Cyient DLM, with a target price of ₹650 (38x FY28E EPS). 

 

Cyient DLM closed with a 10-quarter high order book of ₹2,420 crore and a healthy book-to-bill ratio of 2x, providing strong revenue visibility and supporting expectations of broad-based growth across FY27. The company is expanding beyond aerospace and defense into automotive, semiconductor equipment, AI infrastructure, and domestic defense opportunities, creating multiple long-term growth drivers and reducing dependence on any single segment, reckon analysts at Motilal Oswal Wealth Management Research.

 

With an improving product mix, rising contribution from higher-value box-build and build-to-spec programs, and better operating leverage, the company is well-positioned for margin expansion going ahead. The brokerage firm estimates a CAGR of 24 per cent/36 per cent/61 per cent in revenue/Ebitda/ adjusted PAT over FY26-28.    ========================================  Disclaimer: View and outlook shared on the stock belong to the respective brokerages and are not endorsed by Business Standard. Readers discretion is advised.