Cyient’s Q2 FY27 revenue rose while shareholder profit fell, and its semiconductor segment posted a loss as management’s FY28 breakeven target remained vulnerable to supply delays.
Cyient’s revenue growth and group EBIT margin did not extend to shareholder profit. Its Q2 investor presentation put revenue for the quarter ended Sept. 30, 2026, at ₹22.35 billion ($233.9 million), 25.5% above the year-earlier period, and group EBIT margin at 10.2%, up 83 basis points. A BSE filing showed profit attributable to shareholders fell 4.8% to ₹1.214 billion from ₹1.275 billion. The margin is the company’s investor-presentation measure, which uses its internal reporting format.
Cyient DET generated ₹16.64 billion in revenue, up 15.7%, and had a 14.2% EBIT margin, an increase of 206 basis points. Organic DET revenue grew 0.4% year over year in constant-currency terms. The presentation reported DET order intake, excluding TAO Digital, of $158 million, up 20.8%; it also noted that some orders may take more than 12 months to execute.
The semiconductor segment recorded ₹1.847 billion in revenue, including $11.8 million from Kinetic Technologies. It posted an EBIT loss of ₹300 million and a net loss of ₹474 million, while its EBIT margin improved to negative 16.2% from negative 43.5% a year earlier. Cyient’s investor annexures said product research and development (R&D) accounted for the EBIT loss and put its custom ASIC pipeline above $100 million. Executive Vice-Chairman and Managing Director Krishna Bodanapu said that, excluding product R&D, the core business “is EBIT-neutral and self-sustaining.”
Cyient DLM, the group’s electronics manufacturing business, reported revenue of ₹3.931 billion, up 26.5%, and an order book of ₹28.137 billion. Its EBIT margin narrowed to 5.8% from 6.6% a year earlier. The company’s results release said reported profit after tax of ₹340 million included a one-time ₹182 million earn-out reversal; normalized profit after tax was ₹158.2 million, up 25.8%. DLM management linked margin pressure to investment in sales, strategy and product development. It forecast EBITDA margins of 9% to 10% in FY27 and double-digit margins from FY28, and said orders typically take 18 to 24 months to convert into revenue.
Management expects first customer samples for its high-voltage power products in late 2026 or early 2027, with substantial revenue in FY28. Cyient is targeting semiconductor breakeven that year, although Bodanapu said supply constraints could delay it by one or two quarters. The company has also cited tight supply, higher wafer prices and memory shortages as near-term constraints.
