IT - Software
IT - ER&D
from 979 today
We attended Cyient's Investor Day 2026, noting expanded TAM, improved DET EBIT margins, and semiconductor growth targets. We retain 'HOLD/SN' with a TP of INR1,050 as inexpensive valuations limit downside potential.
We continue to maintain our BUY rating with an SOTP-based TP of INR 1,125, reflecting our 11x 1HFY29E EPS target multiple for Cyient’s DET business following its Investor Day 2026 roadmap updates.
We maintain our BUY rating on CYL and raise our TP to INR 1,200, supported by improved large-deal momentum in DET, a scaling fabless semiconductor growth lever, and an on-track margin recovery path.
The mgmt seems to have addressed the primary growth impediments, with a strategy and levers now in place; revision of our stance and rating, though, is contingent on execution. We retain REDUCE and SOTP-based TP of Rs900.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
