Cyient Limited (CYIENT) · mywealthgrid

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About

Cyient Limited provides IT-enabled services, with a market capitalisation of ₹9,632.93 Crores. The company reports both standalone operations (₹595–₹680 Cr quarterly revenue) and consolidated group operations (₹1,750–₹2,075 Cr), reflecting a diversified business structure within India's IT services segment.

Face value: ₹5

Market cap

₹12,272 Cr

P/E

32.4×

P/B

2.2×

Dividend yield

3.8%

ROE

7.8%

ROCE

12.4%

Debt / equity

0.03

OPM

12.5%

EPS (TTM)

₹34.0

Book value

₹511.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Standalone net profit swung to -₹145.7 Cr loss (EPS -₹13.20) in Dec 2025 from ₹143.4 Cr profit in Sep 2025, indicating significant earnings volatility requiring explanation

Operating margins are inconsistent across quarters (11.61% to 28.56%), suggesting execution variability or cost-structure instability

Stock has underperformed −26.95% over 12 months while valued at PE 25.47; assess valuation sustainability given earnings swings

ROE of 7.79% trails typical IT services benchmarks; verify whether this reflects operational headwinds or capital structure constraints

Generated analysis · source review pending

Growth drivers

Standalone revenue stability in ₹595–₹680 Cr per quarter indicates consistent base; verify underlying growth trajectory, client concentration, and contract renewal rates

Consolidated operations at ₹1,750–₹2,075 Cr quarterly (3x standalone) show diversified revenue base; clarify whether organic or M&A-driven and their profitability profile

Dividend payments (Oct 2025, Jul 2025) and buyback (Jun 2026) signal cash generation capability; verify capex and growth reinvestment plans

Debt-to-equity of 0.03 provides unused borrowing capacity; assess whether management plans deployment for acquisitions, capex, or shareholder returns

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,104.6+4.7%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 13.3×
+Dividend yield of 3.8%

Cons

−Low promoter holding of 23.3%

Research score

Structured signal from quality, growth, valuation and momentum.

46/100

Business quality: 49
Growth: 28
Valuation: 60

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	3,607	3,918	4,618	4,427	4,132	4,534	6,016	7,147	7,360	7,268
COGS	274	307	419	392	526	571	696	966	1,139	786
Gross profit	3,332	3,610	4,199	4,035	3,606	3,964	5,320	6,181	6,221	6,482
	2,855	3,075	3,566	3,489	3,031	3,146	4,316	4,879	5,083	5,583
	477	535	633	546	575	818	1,003	1,303	1,138	899
OPM %	13.2%	13.7%	13.7%	12.3%	13.9%	18%	16.7%	18.2%	15.5%	12.4%
Depreciation	95	105	111	188	195	192	257	267	267	278
Interest	17	20	33	49	43	39	100	116	93	61
	119	157	131	158	140	112	35	-2	97	84
Profit before tax	444	541	620	468	477	698	681	918	875	645
Tax	105	138	143	127	113	176	167	216	227	182
Tax %	23.5%	25.5%	23%	27.1%	23.8%	25.2%	24.5%	23.5%	25.9%	28.2%
	340	403	477	341	364	522	514	703	648	463
PAT margin %	9.4%	10.3%	10.3%	7.7%	8.8%	11.5%	8.6%	9.8%	8.8%	6.4%
EPS (₹)	30.6	36	42.4	31.1	33.1	47.8	47	62.2	56	38.8
EPS adjusted (₹)	30.5	36	43.3	31.1	33.1	47.3	46.5	61.5	55.5	38.5
	26.2%	36.1%	35.4%	48.2%	51.4%	50.3%	55.3%	48.2%	46.5%	—
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	56	56	55	55	55	55	55	56	56	56
Reserves	2,061	2,288	2,509	2,506	2,902	3,061	3,411	4,203	5,254	5,626
Minority interest	3	0	—	—	—	—	—	299	451	481
	165	63	325	374	318	326	1,218	453	214	166
	851	1,025	1,000	1,245	1,217	1,344	1,864	1,994	1,720	1,995
Total equity & liabilities	3,136	3,433	3,889	4,180	4,493	4,787	6,548	7,004	7,695	8,324
	751	798	978	1,035	1,361	1,345	2,825	2,826	2,929	3,084
CWIP	9	21	30	80	11	13	3	2	8	5
Investments	196	143	55	41	34	445	518	436	502	457
	2,181	2,471	2,826	3,024	3,086	2,984	3,203	3,740	4,257	4,778
Total assets	3,136	3,433	3,889	4,180	4,493	4,787	6,548	7,004	7,695	8,324

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Digital, Engineering & Technology (DET)	5,818.9	691.1	3,907.1	1,093.8	2,813.3	24.57
Design Led Manufacturing (DLM)	1,261.5	107.5

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	90.9%	91.1%	87.3%	87.4%	88.4%	86.5%	84.5%	89.2%
EBITDA margin %	13.7%	12.4%	13.9%	18%	16.7%	18.2%	15.5%	12.5%
EBIT margin %	11.3%	8.2%	9.2%	13.8%	12.4%	14.5%	11.9%	8.7%
PAT margin %	10.3%	7.7%	8.8%	11.5%	8.6%	9.8%	8.8%	6.4%
Working capital
Receivable days	64	60	71	59	68	64	70	66
Inventory days	160	211	110	178	228	177	185	303
Payable days	1	—	314	336	374	260	126	249
NWC days	223	—	-133	-99	-78	-19	128	119
Leverage
Current ratio	2.61	2.24	2.57	2.3	1.58	2.15	3	2.93
Debt to EBITDA	0.51	0.68	0.55	0.4	1.21	0.35	0.19	0.18
Debt to equity	0.13	0.15	0.11	0.1	0.35	0.11	0.04	0.03
Interest coverage	20.1	10.7	12	18.8	8.3	9.5	10.5	13.3
Asset turnover	1.19	1.06	0.92	0.95	0.92	1.02	0.96	0.87
Return ratios
Return on assets %	12.3%	8.2%	8.1%	10.9%	7.9%	10%	8.4%	5.6%
Return on capital employed %	24%	17.4%	16.1%	21.4%	20.6%	22.3%	16.7%	12.4%
Return on equity %	18.6%	13.3%	12.3%	16.8%	14.8%	16.5%	12.2%	8.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23.2%	23.2%	23.16%	23.16%	23.15%	23.14%	23.29%	23.28%	23.28%	23.29%	23.28%	23.28%
	35.71%	34.1%	31.05%	29.47%	28.38%	28.23%	23.85%	21.37%	17.56%	15.28%	15.32%	14.52%
	21.56%	22.69%	25.92%	27.09%	29.72%	30.32%	34.12%	35.63%	38.41%	39.49%	40.97%	38.99%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0.01%
	18.63%	19.12%	18.98%	19.45%	17.93%	17.5%	17.95%	19.04%	20.11%	21.33%	19.84%	22.73%
No. of shareholders	—	—	—	—	—	—	—	—	2,12,929	2,14,071	2,06,248	2,61,505

Promoter holding up 0.08 percentage points since Sep 2023.

41 deals · 19 Sept 2022 – 26 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
26 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Buy	5,28,376	₹1,041.80	₹55.05 Cr
26 Aug 2026	QE SECURITIES LLP	Bulk	NSE	Sell	5,22,908	₹1,034.93	₹54.12 Cr
18 Aug 2026	HDFC MUTUAL FUND	Bulk	NSE	Sell	5,32,526	₹854.01	₹45.48 Cr
7 Nov 2025	AMANSA HOLDINGS PRIVATE LIMITED	Bulk	BSE	Sell	9,44,693	₹1,101.23	₹104.03 Cr
25 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	7,09,596	₹1,159.73	₹82.29 Cr
25 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	7,09,596	₹1,160.48	₹82.35 Cr
7 Apr 2025	NWBP AS DP OF FIRST STATE INDIAN SUBCONT FD A SUB FD OF FS INVTS ICVS	Bulk	NSE	Sell	6,79,655	₹1,099.72	₹74.74 Cr
7 Apr 2025	HDFC MF	Bulk	NSE	Buy	6,23,896	₹1,099.00	₹68.57 Cr
27 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	10,60,536	₹1,363.74	₹144.63 Cr
27 Jan 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	9,92,436	₹1,364.82	₹135.45 Cr

1–10 of 41

1 / 5

Mr. MM MurugappanNon-Executive - Non Independent Director-Chairperson
Mr. Venkat Rama Mohan Reddy BodanapuNon-Executive - Non Independent Director
PNSV NarasimhamSenior Vice President & Global Head of Human Resource
Mr. Bodanapu Ganesh Venkat KrishnaExecutive Director-MD
Mr. Sukamal BanerjeeExecutive Director-CEO
Mr. Vikas SehgalNon-Executive - Independent Director
Mr. Nitin PrasadNon-Executive - Independent Director
Ms. Debjani GhoshNon-Executive - Independent Director
Mr. Pillutla Madan MohanNon-Executive - Independent Director
Mr. Prathivadibhayankara Rajagopalan RameshNon-Executive - Independent Director
Mr. Sunil Ramakant Bhumralkar

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

19.66%

of the company's equity

All mutual funds

31.79%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

52 schemes · 10 fund houses

		Shares
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	30.32 L	356.14	1.81%	2.729%	-0
SMALL CAP FUND	Nippon India Mutual Fund	27.92 L	327.99	0.4%	2.513%	-0
Small Cap Fund	DSP Mutual Fund	27.62 L	324.42	1.5%	2.486%	-0
Small Cap FundNEW	Axis Mutual Fund	25 L	293.7	0.93%	2.25%	—
Technology Fund	ICICI Prudential Mutual Fund	22.93 L	269.39	1.97%	2.064%	+4.5 L
DIGITAL INDIA FUND	Tata Mutual Fund	16.55 L	194.43	1.88%	1.49%	-2 L
ELSS Tax Saver Fund	Nippon India Mutual Fund	14.73 L	173.1	1.18%	1.326%	-0
Mid Cap Fund	DSP Mutual Fund	13.05 L	153.36	0.73%	1.175%	-0

1–8 of 52

1 / 7

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

175 announcementsExport CSV

30 Sept 2026, 3:42 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	90.9%	91.1%	87.3%	87.4%	88.4%	86.5%	84.5%	89.2%
EBITDA margin %	13.7%	12.4%	13.9%	18%	16.7%	18.2%	15.5%	12.5%
EBIT margin %	11.3%	8.2%	9.2%	13.8%	12.4%	14.5%	11.9%	8.7%
PAT margin %	10.3%	7.7%	8.8%	11.5%	8.6%	9.8%	8.8%	6.4%
Working capital
Receivable days	64	60	71	59	68	64	70	66
Inventory days	160	211	110	178	228	177	185	303
Payable days	1	—	314	336	374	260	126	249
NWC days	223	—	-133	-99	-78	-19	128	119
Leverage
Current ratio	2.61	2.24	2.57	2.3	1.58	2.15	3	2.93
Debt to EBITDA	0.51	0.68	0.55	0.4	1.21	0.35	0.19	0.18
Debt to equity	0.13	0.15	0.11	0.1	0.35	0.11	0.04	0.03
Interest coverage	20.1	10.7	12	18.8	8.3	9.5	10.5	13.3
Asset turnover	1.19	1.06	0.92	0.95	0.92	1.02	0.96	0.87
Return ratios
Return on assets %	12.3%	8.2%	8.1%	10.9%	7.9%	10%	8.4%	5.6%
Return on capital employed %	24%	17.4%	16.1%	21.4%	20.6%	22.3%	16.7%	12.4%
Return on equity %	18.6%	13.3%	12.3%	16.8%	14.8%	16.5%	12.2%	8.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
L&T Technology Services LimitedLTTSLTTS	₹34,671 Cr	₹34,671 Cr	₹11,701 Cr	₹2,074 Cr	17.6%	₹1,320 Cr	11.7%	24.9%	20.4%	29
Inventurus Knowledge Solutions LimitedIKSIKS	₹30,483 Cr	₹31,124 Cr	₹3,347 Cr	₹1,149 Cr	34.2%	₹764 Cr	22.6%	33.8%	31.4%	39
Tata Technologies LimitedTATATECHTATATECH	₹28,378 Cr	₹29,044 Cr	₹5,926 Cr	₹920 Cr	15.5%	₹557 Cr	9.9%	19.3%	14.6%	33
Netweb Technologies India LimitedNETWEBNETWEB	₹25,721 Cr	—	₹724 Cr	₹103 Cr	14.2%	₹76 Cr	10.5%	—	—	—
Affle 3i LimitedAFFLEAFFLE	₹20,410 Cr	₹20,422 Cr	₹2,836 Cr	₹638 Cr	22.5%	₹478 Cr	16.8%	16.9%	13.8%	-51
Sagility LimitedSAGILITYSAGILITY	₹20,209 Cr	₹21,320 Cr	₹7,617 Cr	₹1,849 Cr	24.5%	₹993 Cr	12.9%	13.3%	10.3%	78
Esds Software Solution LimitedESDSESDS	₹16,809 Cr	—	₹208 Cr	₹47 Cr	22.9%	₹-22 Cr	-10.8%	0.8%	-10.9%	—
Black Box LimitedBBOXBBOX	₹14,134 Cr	₹14,961 Cr	₹6,654 Cr	₹614 Cr	9%	₹226 Cr	3.4%	21.7%	21.3%	-10
E2e Networks LimitedE2EE2E	₹13,323 Cr	₹13,482 Cr	₹366 Cr	₹234 Cr	51.4%	₹31 Cr	-6.3%	-0.5%	-1%	-45
Cyient LimitedCYIENTCYIENT	₹12,272 Cr	₹12,438 Cr	₹7,632 Cr	₹944 Cr	12.5%	₹378 Cr	6.4%	12.4%	7.8%	119
Amagi Media Labs LimitedAMAGIAMAGI	₹11,984 Cr	₹11,984 Cr	₹1,506 Cr	₹50 Cr	3.4%	₹72 Cr	4.8%	5.2%	4.1%	40
Emudhra LimitedEMUDHRAEMUDHRA	₹4,802 Cr	₹4,826 Cr	₹745 Cr	₹174 Cr	22.7%	₹115 Cr	15.7%	14.9%	13%	36

Date	Category	Subject	Filing
30 Sept 2026, 3:42 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
22 Sept 2026, 12:28 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management	PDF
17 Sept 2026, 4:47 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
16 Sept 2026, 8:21 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
16 Sept 2026, 8:17 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
11 Sept 2026, 5:19 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
10 Sept 2026, 7:28 pm	AGM/EGM Postal Ballot	Shareholder Meeting / Postal Ballot-Notice of Postal Ballot	PDF
7 Sept 2026, 3:39 pm	Insider Trading / SAST Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	420	296	370	582	856	1,061	554	726	790	787
	-180	-87	-220	-157	-101	-382	-1,033	-533	-145	112
	-93	-136	-232	-446	-211	-541	-109	-266	-58	-569
Net cash flow	146	74	-82	-21	544	138	-588	-73	587	330
Free cash flow	—	—	219	—	757	996	486	641	686	690
CFO / Operating profit %	88%	55.3%	58.5%	106.1%	148.8%	129.7%	55.2%	55.7%	69.1%	86.5%

Cyient Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

35

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Design Led Manufacturing · revenue

Cyient Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends35

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Design Led Manufacturing · revenue

35

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