Cyient Q2 FY27: PAT ₹141 Cr & Rev ₹1,540 Cr

Investor Takeaways

EBIT margin expanded 79 bps QoQ to 13.2% despite restructuring costs

Record order book with book-to-bill ratio >1.5

6.4 million shares repurchased at Rs.1,125/share (Rs.720 Crores, 5.76% of capital)

$30 million raised via EAAA at $500 million post-money valuation

TAO Digital Solutions acquisition expected to contribute $40-50 million revenue

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1540 Cr	N/A
Net Profit	₹141 Cr	N/A
EBITDA	N/A	N/A
EPS	N/A	N/A
OPM	13.2%	N/A

What Changed

The filing highlights a significant EBIT margin expansion of 79 basis points quarter-on-quarter to 13.2%, achieved despite restructuring costs. The record order book drove a book-to-bill ratio exceeding 1.5, signaling strong demand visibility. A $30 million capital raise at a $500 million post-money valuation was executed via an Equity Access Attenuated Agreement (EAAA), alongside a 5.76% share buyback (6.4 million shares at Rs.1,125/share, totaling Rs.720 crores). The TAO Digital Solutions acquisition is projected to contribute $40-50 million in revenue. However, EBIT margin trajectory remains deferred due to muted growth delaying absorption, with recovery to 15%+ expected only by H1 FY27. Mid-single digit revenue growth is targeted for FY27, with growth resuming in H2 2026. Wage hike decisions were deferred to H2 FY26, and the EBIT margin trajectory was deferred as muted growth impedes absorption.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Cyient Limited	15.09	N/A	N/A	9,676.03
Tata Consultancy Services Limited	17.17	50.36%	67.57%	8,19,135.01
Infosys Limited	16.55	29.19%	40.82%	4,53,824.26
HCL Technologies Limited	18.64	23.63%	31.85%	3,07,349.71

Cyient's P/E ratio of 15.09 is lower than TCS (17.17), Infosys (16.55), and HCL Technologies (18.64), suggesting potential relative valuation discount compared to peers.

Risks & Concerns

No specific risks identified in the filing beyond muted growth delaying EBIT margin absorption

EBIT margin trajectory deferred due to muted growth

Wage hike decisions deferred to H2 FY26, potentially impacting cost management

Quarterly Trend

[Not available in provided data]

CRITICAL: Quarterly trend data was not provided in the context, so this section is omitted per instructions.

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About Cyient Limited (CYIENT)

Information Technology · IT - Services · Listed on NSE

Market Cap: ₹9,676.03 Cr P/E: 15.1

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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