Defense momentum fuels growth trajectory

Company
22 Oct 2024
5 Min read 
  • Cyient DLM reported strong revenue growth in 2QFY25, led by defense and aerospace verticals.
  •  Margins remained flat YoY at 8.1%, with a downward trend in the order book.
  •  The company expects an uptick in the order book in 4QFY25.
  •  Revised estimates show a CAGR of 38%/51%/64% in revenue/EBITDA/Adj. PAT over FY24-27E.
  •  The Altek acquisition is expected to be EPS-accretive from FY26.
  •  The Middle East conflict is impacting the supply chain, but no significant impact on operations.
  •  The company maintains its guidance of ~30% revenue CAGR, with flat EBITDA margins YoY in FY25.
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