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Deven Choksey Research Report
We believe Cyient DLM Ltd. is well-positioned to deliver profitable growth during FY24-FY26E, supported by its strong long-term customer relationships, a strengthening order book, expansion plans in the U.S., and increased focus on B2S.
Accordingly, we project revenue, Ebitda, and net profit growth of 30%, 49%, and 59%, respectively, over FY24-FY26E.
Based on these growth prospects, we initiate coverage with a price-toearnings multiple of 43 times on FY26E EPS (0.7 times PEG) and a Buy rating, offering an upside of 18% (target price: Rs 842) from the current market price.
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