CDCyient DLM543933Electronics manufacturing services

Cyient DLM shares fell sharply even as Q2 revenue grew 27% on Aerospace and Industries demand, as margins missed street estimates

By ScoutQuest · Fri 16 Oct 2026, 10:38 AM IST · 1 min read

Q2 revenue growth

27 percent

H1 EBITDA margin

under 10 percent

Expected Q3-Q4 margin

9 to 10 percent

FY28 margin target

11 to 13 percent

Working capital days H2

140 to 150 days

Heard on business television between 10:47:38 - 10:50:38 IST.

• MD & CEO Rajendra Velagapuri said gross margin contraction was due to investments in salesforce and build-to-spec electronic products, which he called largely behind the company now.
• H1 EBITDA margin was just under 10%, below guided band; management expects 9-10% in Q3 and Q4, improving beyond 11% from FY28, eventually reaching 11-13%.
• Net working capital days rose nearly 20 days to 140-150 due to higher inventory built to secure materials amid supply challenges; company aims to bring it back to 120 days by FY28.
• Order book stood at a record 2,814 crore rupees, to be executed over 18-24 months.
• H1 revenue growth was 30%, at the lower end of the 30-35% guided range; stock fell 15% on the day as street focused on margin miss despite strong top-line growth.

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