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Cyient DLM Ltd

| Audited Consolidated & Standalone Results – Q4 & FY Ended Mar 31, 2026

Report Source

⬤21st Apr 26

Summary : Cyient DLM reported decreased revenue but improved net profit and operating cash flow, with strategic IPO utilization and re-appointment of a key director.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Cost of materials consumed, changes in inventories, employee benefits.
  2. Finance costs, depreciation, amortization, and other expenses.
  3. Consolidated Revenue from operations: 12,614.85M (FY26) vs 15,196.26M (FY25).
  4. Standalone Revenue from operations: 9,426.52M (FY26) vs 13,449.60M (FY25).
  5. Consolidated Net cash from operating activities: 539.02M (FY26) vs (623.94M) (FY25).
  6. Consolidated Net cash from investing activities: 1,636.10M (FY26) vs 1,266.60M (FY25).
  7. Consolidated Net cash from financing activities: (1,875.67M) (FY26) vs (587.28M) (FY25).
  8. Consolidated Total Assets: 16,421.86M (Mar 26) vs 16,939.13M (Mar 25).
  9. Consolidated Total Equity: 10,121.08M (Mar 26) vs 9,494.35M (Mar 25).
  10. Consolidated Total Liabilities: 6,300.78M (Mar 26) vs 7,444.78M (Mar 25).
  11. Both standalone and consolidated results are presented.

Corporate Overview

  1. Operations in India and United States of America.
  2. Reduction in fair value of IP-based investment due to delays.
  3. Increased defined benefit obligation from new labor codes.
  4. Engaged in manufacturing and providing Electronic Manufacturing Services.
  5. Factual and compliant with regulatory requirements.
  6. Only one reportable segment: Electronic Manufacturing Services.
  7. Funding incremental working capital requirements.
  8. Funding capital expenditure.
  9. Achieving inorganic growth through acquisitions.

Risk Factors

  1. Revenue from operations decreased year-on-year.
  2. Investment valuation reduced due to delays.
  3. New labor codes increase obligations.
  4. Potential impact of regulatory changes.

Key Drivers

  1. Strong cash flow from operations.
  2. Net profit increased for the year.
  3. IPO proceeds utilized for growth.
  4. Key independent director re-appointed.

Auditor’s Report

  1. Unmodified opinion on consolidated and standalone financial results.

Board Commentary

  1. Re-appointment of Mr. B.V.R Mohan Reddy as Non-Executive, Non-Independent director.
  2. Reduction in fair value of IP-based investment.
  3. Increased defined benefit obligation due to labor codes.
  4. Compliance with SEBI Listing Regulations, 2015.
  5. Impact of new Indian labor codes on employee benefits.
  6. IPO proceeds for working capital, capex, debt repayment, acquisitions.

Corporate Governance

  1. Auditors adhere to ICAI Code of Ethics.
  2. Re-appointment of Non-Executive, Non-Independent director.
  3. Audit Committee recommended cost auditor appointment.

Management Discussion & Analysis

Future Strategy

  1. Utilizing IPO proceeds for working capital and capex.
  2. Pursuing inorganic growth opportunities.

Operational Focus Areas

  1. Monitoring and adapting to new labor code regulations.

Risk Control Measures

  1. Monitoring finalization of new labor code rules.
  2. Expects IP investment value to improve with product launch.

Critical Risks

  1. Fair value reduction of IP-based investment.
  2. Increased provision for defined benefit obligation.