Cyient DLM Share Price Crashes 19% After Q2 Results but Up 213% From 52-Week Low: Should You Buy? Check Target Prices

Cyient DLM is an electronics manufacturing services (EMS) company that serves aerospace, defence, industrial and medtech customers. The Cyient DLM share price had risen about 300% from its 30 March 2026 low to a record Rs 1,060.10 on 14 October, so the Cyient DLM share price went into the results priced for strong delivery.

This guide explains what the Cyient DLM share price fall means: the Q2FY27 numbers, why margins missed, what the order book and guidance say, what each brokerage target implies and the risks. It is educational and not a recommendation to buy or sell.

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Cyient DLM Share Price Today: How Far It Has Fallen

Item	Level	Note
Previous close (15 Oct, NSE)	Rs 1,030.10	Before the Q2FY27 reaction
Record high	Rs 1,060.10 on 14 Oct 2026 (BSE)	NSE 52-week high shows Rs 1,061
Intraday low	Rs 832.20 (NSE), Rs 830.35 (BSE)	Down about 19%
Cyient DLM share price at 11:41 am	Rs 865.10 (NSE)	Down about 16% (live quote)
52-week low	Rs 264.95 on 30 March 2026 (BSE)	NSE shows Rs 265.20
Gain from the 52-week low at the day's low	About 213%	830.35 / 264.95, my calculation; matches the headline
Gain from the 52-week low at Rs 865.10	About 226%	865.10 / 265.20, my calculation
Fall from the record high at Rs 865.10	About 18.4%	My calculation
Market capitalisation	About Rs 6,930 crore	NSE data around 10:50 am

The Cyient DLM share price traded about 24.8 lakh shares on the NSE by 11:41 am, a heavy volume for a stock of this size. Business Standard linked the fall in the Cyient DLM share price to profit booking, while Whalesbook pointed to investor caution about EMS valuations. Both can be true at once: the stock had tripled and the margin miss gave holders a reason to sell.

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Cyient DLM Q2FY27 Results: The Numbers

Metric (consolidated)	Q2FY27	Change
Revenue from operations	Rs 393.09 crore	Up 26.5% YoY and 5.2% QoQ
EBITDA	Rs 34.2 crore	Up 9.5% YoY
EBITDA margin	8.7%	Down 135 bps YoY; Antique expected 10.4%
Gross margin	37.4%	Down 380 bps YoY and 53 bps QoQ
Net profit	Rs 34.01 crore	Up 5.8% YoY from Rs 32.15 crore; up 108.9% from Rs 16.29 crore in Q1
Order book	Rs 2,810 crore (record)	Up 23% YoY per Motilal Oswal; book-to-bill 1.6x
Half-year net profit	Rs 50.30 crore	Up 27.0% from Rs 39.61 crore

The headline mentions a 43% rise in net profit and 25% revenue growth. Those match the standalone numbers (profit of Rs 19.38 crore against about Rs 13.5 crore, revenue near Rs 294.8 crore), not the consolidated figures above. Consolidated results include overseas units such as Altek Electronics in Connecticut, now Cyient DLM Electronics Inc., and are the numbers most brokerages use. This reading of the headline is my inference.

Revenue of Rs 393 crore was also below Antique's estimate of Rs 400 crore. A 26.5% sales rise with a 5.8% profit rise shows that growth did not reach the bottom line, which is why the Cyient DLM share price reacted so sharply.

Risk: Sources differ on the order book (Rs 2,810 crore, Rs 2,813.7 crore and Rs 2,814 crore), so check the company presentation.

Why Margins Missed and What It Means for the Cyient DLM Share Price

Segment	Q2FY27 revenue	Share of revenue	YoY growth
Aerospace	Rs 185 crore	47%	Up 61%
Industrials	Rs 122 crore	31%	Up 31%
Medtech	Rs 55 crore	About 14% (my calculation)	Up 11%
Defence	Rs 28 crore	About 7% (my calculation)	Up 11%

Aerospace and industrials carried the growth behind the Cyient DLM share price, while defence and medtech grew only 11%. The company cited an adverse revenue mix, product development purchases, supply chain lead times, higher sales and marketing staff costs and a one-off raw material expense for developmental orders. Development costs are expensed in full and not capitalised, which hits reported margin today but keeps the balance sheet cleaner.

Motilal Oswal noted that box-build work rose to 37% of revenue from 25% a year earlier. Box-build carries lower margin than component-level work, so growth in it can lower margin even when demand is good, which is one reason the Cyient DLM share price fell on a quarter with strong sales.

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Guidance Cut: What Management Expects for the Cyient DLM Share Price

Item	Updated view	Earlier view or note
FY27 EBITDA margin	9% to 10%	Cut from 10% to 11%
FY28 EBITDA margin	Double digit	Margin gains expected as investments are done
H2FY27 revenue growth	Over 30% YoY	Management expectation
Quarterly order intake	Above Rs 600 crore for the next two quarters	Management expectation

ICICI Securities said the build-to-spec pipeline is about $1 billion with a historical win rate near 40%, and that semiconductor capital equipment programmes are ramping up. It also called AI data centres and robotics early-stage opportunities. Antique cut its FY27 and FY28 EPS estimates by 10% and 2%, and Motilal Oswal cut FY27 EPS by 16% while keeping FY28 and FY29 unchanged.

Risk: Guidance depends on supply chains and new programmes ramping on time, and one more margin miss would hurt the Cyient DLM share price again.

Cyient DLM Target Price: What Brokerages Say

Brokerage	Rating	Target price	Versus Rs 865.10 (my calculation)
JPMorgan	Underweight	Rs 530	Down 38.7% (48% below the Rs 1,030.10 close)
Kotak Institutional Equities	Sell	Rs 790	Down 8.7%
Antique Stock Broking	Hold (cut from Buy)	Rs 1,025 (from Rs 1,031)	Up 18.5%
Motilal Oswal	Buy (reiterated)	Rs 1,320	Up 52.6%
PL Capital	Reduce (per the headline)	Not found	Not available

The Cyient DLM target price range of Rs 530 to Rs 1,320 is a 2.5 times spread, which shows how little agreement there is on the next few years. Motilal Oswal values the stock at 50 times September 2028 EPS (0.8 PEG), which implies EPS of about Rs 26.4 (my calculation). At Rs 865.10 that is about 32.8 times the same EPS, so the Cyient DLM share price still depends on Motilal Oswal's 30% revenue CAGR for FY26 to FY29.

Motilal Oswal also sees four Electronic Products programmes worth about $1 billion over 7 to 9 years driving growth from FY30, with EBITDA margin rising from 9% to 11% today to 13% to 18%. PL Capital's Reduce rating is from the headline, and I could not find its target price.

Risk: Targets are opinions made on earnings estimates that can change, and the Cyient DLM target price from one broker can be far from another.

Should You Buy the Cyient DLM Share Price Dip?

Situation	What to weigh	Main risk
Already holding	Order book, H2 growth guidance and FY28 margin recovery against a cut in FY27 margin	A second miss could extend the fall
Waiting on the sidelines	Whether the Cyient DLM share price stabilises above the Rs 830 low on lower volume	Missing a rebound if one comes
Thinking of a fresh entry	Valuation of about 33 times Motilal Oswal's September 2028 EPS and four brokers who disagree	Paying a high multiple for growth that is yet to arrive

A 19% one-day drop does not tell you whether the Cyient DLM share price is good value or fair. It shows that expectations were high. Investors who act on a dip should size the position small, avoid averaging down without new evidence and compare the stock's growth plan with its multiple.

What to Watch Next

1. Whether the Cyient DLM share price holds above the Rs 830 intraday low in the next sessions
2. Q3FY27 gross margin and EBITDA margin against the 9% to 10% guidance
3. Quarterly order intake against the Rs 600 crore guidance and the book-to-bill ratio, a key driver of the Cyient DLM share price
4. Progress on the Electronic Products and semiconductor equipment programmes
5. Target price changes from brokerages after the earnings call

Conclusion

The Cyient DLM share price fell about 16% to 19% because the margin fell short and guidance was cut, even with 26.5% revenue growth and a record order book. Brokerage views range from Underweight to Buy, so treat the stock as high risk and do your own research.

Frequently Asked Questions

Why did the Cyient DLM share price crash 19%?

Ans. Q2FY27 EBITDA margin fell 135 bps to 8.7%, missing Antique's 10.4% estimate, and FY27 margin guidance was cut to 9% to 10%. The Cyient DLM share price had also gained about 300% from its March low.

What is the Cyient DLM share price target after Q2 results?

Ans. JPMorgan Rs 530 (Underweight), Kotak Institutional Equities Rs 790 (Sell), Antique Rs 1,025 (Hold) and Motilal Oswal Rs 1,320 (Buy). PL Capital's Reduce rating has no target price in the sources I found.

What were the Cyient DLM Q2FY27 results?

Ans. Consolidated revenue was Rs 393.09 crore (up 26.5%), EBITDA margin 8.7% and net profit Rs 34.01 crore (up 5.8%). The order book was a record Rs 2,810 crore.

Why does the headline on the Cyient DLM share price say profit rose 43%?

Ans. That figure appears to be the standalone profit of Rs 19.38 crore against about Rs 13.5 crore. Consolidated profit rose only 5.8%.

Is the Cyient DLM share price up 213% from the 52-week low?

Ans. At the day's low of Rs 830.35 it was about 213% above the 52-week low of Rs 264.95 (my calculation). At about Rs 865 it is nearly 226% above.

How does the order book support the Cyient DLM share price?

Ans. A record Rs 2,810 crore with a book-to-bill ratio of 1.6x. Some sources give Rs 2,813.7 crore or Rs 2,814 crore.

What are the risks of the Cyient DLM share price?

Ans. Margin pressure, a guidance cut, supply chain delays, a high multiple and large gaps between brokerage targets.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell.