Cyient DLM Q1: consolidated PAT more than doubles YoY to ₹16.3 Cr, revenue up 34%

Cyient DLM reported consolidated revenue of ₹373.8 Cr for Q1 FY27, up 34.3% YoY (and 1.3% QoQ), with net profit of ₹16.3 Cr — up 118% from ₹7.5 Cr a year ago. The profit surge is entirely operating-driven: PBT more than doubled YoY to ₹22.2 Cr from ₹10.1 Cr even as other income collapsed to ₹0.27 Cr (from ₹4.18 Cr a year earlier), so none of the improvement leans on non-operating income. EBITDA margin expanded to ~10.5% from 9.0% YoY on operating leverage as volumes scaled.

Sequentially the picture is softer — PAT fell 27% from ₹22.4 Cr in Q4 FY26 and NPM eased to 4.4% from 6.0%, with EBITDA margin down from 11.7% to 10.5%. But Q4 is seasonally the strongest quarter and carried ₹5.1 Cr of other income (including earnout fair-value gains) that did not recur; the QoQ dip is seasonality plus normalization of other income rather than operating deterioration. Standalone PAT (₹16.7 Cr on ₹282.9 Cr revenue) tracks consolidated closely — the US subsidiaries (Cyient DLM Inc., Altek) add topline but are roughly profit-neutral this quarter.

The stock went into the print at ₹623, up 31.5% over the past month of trading.

Against its own framing, the print delivers: on the Q4 concall management withheld quantitative revenue guidance but projected a return to growth and sustained double-digit EBITDA margins off a record order book (₹2,416.6 Cr, ~50% earmarked for short-to-medium-term execution) — this quarter shows both, +34% YoY growth at a 10.5% EBITDA margin. No brokerage consensus is on record for a company this size, so the result cannot be scored against street. The quarter also carried management churn — Ramakanth Alapati appointed President & Chief Strategy Officer in May, and director Y. Muralidhar's tenure ended in July — while a ₹16.9 Cr fair-value decline on an IP-communications investment sits in Q4's OCI, below the profit line, with no bearing on reported earnings.