Cyient DLM Q2 FY27 results: Revenue Rs 393.10 cr; Reported PAT Rs 34.00 cr, +5.8% YoY

What the numbers show

• Net margin was 8.65% of revenue, down 168 bps from 10.33%.
• Total expenses rose 28.5% while revenue rose 26.6%.
• Cost of materials accounted for Rs 63.40 cr of the Rs 79.50 cr rise in total expenses (79%).
• Cost of materials took 62.6% of revenue, against 58.8% a year earlier.

• Revenue (Q2 FY27): Rs 393.10 cr vs Rs 310.60 cr in Q2 FY26
• EBITDA (Q2 FY27): Rs 34.20 cr vs Rs 31.20 cr in Q2 FY26
• Profit before Tax (Q2 FY27): Rs 39.30 cr vs Rs 36.50 cr in Q2 FY26
• Reported PAT (Q2 FY27): Rs 34.00 cr vs Rs 32.10 cr in Q2 FY26
• Normalized PAT (Q2 FY27): Rs 15.80 cr vs Rs 12.60 cr in Q2 FY26

The Q2 FY27 numbers above are taken from the "Q2 FINANCIALS – DETAILED" section of the investor presentation, which presents the statement of financial results on a consolidated basis for the quarter ended 30 September 2026 and the corresponding quarter ended 30 September 2025 (labelled Q2 FY27 and Q2 FY26 respectively).

According to this statement of financial results, revenue for Q2 FY27 was Rs 393.10 cr, up from Rs 310.60 cr in Q2 FY26. EBITDA for the quarter was Rs 34.20 cr, compared with Rs 31.20 cr a year earlier. Profit before Tax stood at Rs 39.30 cr versus Rs 36.50 cr in Q2 FY26. Reported PAT for Q2 FY27 was Rs 34.00 cr, compared with Rs 32.10 cr in the same quarter of the previous year. The company also disclosed a Normalized PAT measure of Rs 15.80 cr for Q2 FY27, versus Rs 12.60 cr in Q2 FY26, after adjusting for one-off income from earnout reversals as described in the notes to the statement.

The notes to the Q2 financials in the investor presentation attribute the year-on-year movement in key lines to several factors. The company states that the material cost line (Rs 246.00 cr in Q2 FY27 vs Rs 182.60 cr in Q2 FY26) reflects a variance in direct material cost percentage due to a one-off revenue mix impact and purchases towards product development. Employee cost increased to Rs 67.90 cr from Rs 52.90 cr, which the company links to investment into sales, strategy and capabilities. Finance cost declined to Rs 6.10 cr from Rs 6.80 cr, which the company attributes to lower working capital borrowings. Other income was Rs 22.60 cr in Q2 FY27 versus Rs 22.70 cr in Q2 FY26, and the company notes that this line includes one-off earnout reversals in both quarters (Rs 19.60 cr in Q2 FY26 and Rs 18.20 cr in Q2 FY27). Tax expense rose to Rs 5.30 cr from Rs 4.30 cr over the same period. Reported PAT and Normalized PAT figures, as presented, incorporate these movements and the stated one-off adjustments.