Deven Choksey Recommends 'Accumulate' for Cyient DLM; Sets Rs 421 Target

• Cyient DLM's Q3 FY26 revenue was INR 3,033 million, a 31.7% year-on-year decline, missing estimates by 9.0%.
• The revenue dip is attributed to the completion of a large defense order in FY25 and temporary shipment push-outs.
• Despite soft revenue, the company reported a record order backlog of INR 23.5 billion and a strong book-to-bill ratio of 1.56x.
• EBITDA stood at INR 275 million, down 11.9% quarter-on-quarter, with a margin of 9.1%, below estimates due to higher cost absorption.
• Deven Choksey reiterates an 'Accumulate' rating with a target price of INR 421, based on December 2027 EPS estimates.

Why It Matters: Deven Choksey recommends accumulating Cyient DLM shares, projecting a target price of Rs 421 despite recent revenue dips.