Cyient financials and balance sheet

NSE: CYIENTBSE: 532175IT - ServicesSmall Cap

Formerly Infotech Enterprises

₹1,233.00₹89.30 (7.81%)BSE ₹1,229.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,143.70.

52-week range of traded prices to 23 Oct 2026

₹750.30Low, 30 Mar 2026₹1,268.00High, 23 Oct 2026

Market cap: ₹12,917 Cr538th largest listed
P/E: 34.7
P/E without one-offs: 26.6
P/B: 2.5
Dividend yield: 1.30%
ROE: 7.0%
ROE without one-offs: 9.1%
ROCE: 9.1%
Debt to equity: 0.44
Volume, NSE: 1,98,88,72410.5% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Cyient annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹7,360 Cr, year to Mar 2025

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 16.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue7,268
Materials and goods−786
Employee costs−4,034
Other expenses−1,538
Operating profit910
Depreciation−278
Other income+177
One-off items−93
Finance costs−61
Profit before tax656
Tax−182
Joint ventures−11
Net profit463

What the company owns

Plant, investments and other assets₹4,650 Cr
Cash and bank₹1,506 Cr
Receivables₹1,306 Cr
Inventory₹653 Cr
Current investments₹209 Cr

What pays for it: net worth and liabilities

Net worth₹6,163 Cr
Other liabilities₹1,459 Cr
Owed to suppliers₹537 Cr
Borrowings₹166 Cr

Cyient business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Cyient segment results by quarter

Revenue by segment

₹7,343 CrTotal

Digital, Engineering & Technology (DET)₹5,819 Cr79.2% of total
Design Led Manufacturing (DLM)₹1,262 Cr17.2% of total
Semiconductors₹228 Cr3.1% of total
Others₹34 Cr0.5% of total

Profit by segment

Digital, Engineering & Technology (DET)₹691 Cr86.5% of total
Design Led Manufacturing (DLM)₹108 Cr13.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Digital, Engineering & Technology (DET)
Revenue, ₹ crore
5,911
5,816
5,819
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
943
787
691
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Design Led Manufacturing (DLM)
Revenue, ₹ crore
559
532
709
782
921
1,192
1,520
1,262
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
18
−16
58
65
72
91
106
108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Semiconductors
Revenue, ₹ crore
228
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−108
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
47
36
34
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−6
−8
−33
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	4,618	4,432	4,134	4,536	6,017	7,151	7,371	7,343
Company revenue, as in its results	4,618	4,427	4,132	4,534	6,016	7,147	7,360	7,268
Revenue	–	–	–	–	–	5,911	5,816	5,819
Revenue growth	–	–	–	–	–	–	−1.6%	0.1%
Profit	–	–	–	–	–	943	787	691
Profit growth	–	–	–	–	–	–	−16.6%	−12.1%
Margin	–	–	–	–	–	15.9%	13.5%	11.9%
Return on capital	–	–	–	–	–	31.2%	25.2%	24.6%
Assets	–	–	–	–	–	4,131	4,035	3,907
Liabilities	–	–	–	–	–	1,109	912	1,094
Capital employed	–	–	–	–	–	3,023	3,124	2,813
Revenue	559	532	709	782	921	1,192	1,520	1,262
Revenue growth	–	−4.9%	33.3%	10.2%	17.8%	29.4%	27.5%	−17.0%
Profit	18	−16	58	65	72	91	106	108
Profit growth	–	–	–	10.6%	12.1%	25.8%	16.1%	1.6%
Margin	3.3%	−3.1%	8.2%	8.3%	7.9%	7.6%	7.0%	8.5%
Return on capital	–	−2.8%	–	–	–	10.8%	8.6%	8.1%
Assets	–	848	–	–	–	1,222	1,602	1,724
Liabilities	–	261	–	–	–	381	370	389
Capital employed	–	587	–	–	–	841	1,232	1,334
Revenue	–	–	–	–	–	–	–	228
Profit	–	–	–	–	–	–	–	−108
Margin	–	–	–	–	–	–	–	−47.2%
Return on capital	–	–	–	–	–	–	–	−36.4%
Assets	–	–	–	–	–	–	–	366
Liabilities	–	–	–	–	–	–	–	70
Capital employed	–	–	–	–	–	–	–	296
Revenue	–	–	–	–	–	47	36	34
Profit	–	–	–	–	–	−6	−8	−33
Margin	–	–	–	–	–	−13.5%	−21.4%	−96.5%
Return on capital	–	–	–	–	–	−11.8%	−12.7%	−115.7%
Assets	–	–	–	–	–	59	62	33
Liabilities	–	–	–	–	–	4	2	5
Capital employed	–	–	–	–	–	54	60	29
Revenue	–	3,900	3,425	3,754	5,096	–	–	–
Revenue growth	–	–	−12.2%	9.6%	35.8%	–	–	–
Profit	–	417	410	575	678	–	–	–
Profit growth	–	–	−1.8%	40.4%	17.9%	–	–	–
Margin	–	10.7%	12.0%	15.3%	13.3%	–	–	–
Return on capital	–	25.6%	–	–	–	–	–	–
Assets	–	2,181	–	–	–	–	–	–
Liabilities	–	551	–	–	–	–	–	–
Capital employed	–	1,631	–	–	–	–	–	–
Revenue	4,059	–	–	–	–	–	–	–
Profit	618	–	–	–	–	–	–	–
Margin	15.2%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Cyient quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 8 May	Mar 2021Filed 23 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 24 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Revenue from operations	3,607	3,918	4,618	4,427	4,132	4,534	6,016	7,147	7,360	7,268
	3,129	3,382	3,985	3,879	3,557	3,717	5,013	5,844	6,217	6,358
Materials and goods bought	274	307	419	392	526	571	696	966	1,139	786
Employee costs	–	–	2,537	2,478	2,161	2,267	3,026	3,512	3,690	4,034
Other expenses	–	–	1,029	1,009	870	880	1,290	1,367	1,388	1,538
Operating profit before depreciation	477	535	633	549	575	818	1,003	1,303	1,143	910
Operating margin	13.2%	13.7%	13.7%	12.4%	13.9%	18.0%	16.7%	18.2%	15.5%	12.5%
Materials, % of revenue	–	–	9.1%	8.9%	12.7%	12.6%	11.6%	13.5%	15.5%	10.8%
Employee costs, % of revenue	–	–	55.0%	56.0%	52.3%	50.0%	50.3%	49.1%	50.1%	55.5%
Other expenses, % of revenue	–	–	22.3%	22.8%	21.1%	19.4%	21.4%	19.1%	18.9%	21.2%
Depreciation and amortisation	95	105	111	188	195	192	257	267	267	278
Operating profit after depreciation	382	430	521	361	381	626	747	1,036	876	632
Other income	93	152	134	158	140	112	81	66	97	177
Finance costs	17	20	33	49	43	39	100	116	93	61
Profit before one-off items and tax	458	562	623	471	477	698	728	986	880	749
One-off items	−26	−21	−4	0	0	0	−47	−68	0	−93
Profit before tax	432	541	619	471	477	698	681	918	880	656
	105	138	143	127	113	176	167	216	227	182
Current tax	93	149	151	118	135	169	202	239	252	260
Deferred tax	12	−11	−9	9	−22	7	−35	−23	−25	−79
Share of profit of joint ventures and associates	12	–	1	−3	–	–	–	–	−5	−11
	340	403	477	341	364	522	514	703	648	463
Belonging to the company's shareholders	340	403	479	343	364	522	514	683	616	428
Belonging to outside owners of subsidiaries	–	–	−1	−1	0	0	0	20	33	35
Other comprehensive income	–	–	33	13	23	2	60	−11	30	245
Total comprehensive income	–	–	510	355	387	524	575	692	678	708
Net margin	9.4%	10.3%	10.3%	7.7%	8.8%	11.5%	8.6%	9.8%	8.8%	6.4%
Net margin without joint ventures and associates	9.1%	–	10.3%	7.8%	–	–	–	–	8.9%	6.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 26 Apr	Mar 2020Filed 8 May	Mar 2021Filed 23 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 24 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 22 Oct
	2,562	2,558	2,954	3,113	3,464	4,557	5,760	6,163	5,606
	2,564	2,561	2,957	3,117	3,467	4,258	5,310	5,682	5,098
Share capital	55	55	55	55	55	56	56	56	52
Reserves	2,509	2,506	2,902	3,061	3,411	4,203	5,254	5,626	5,046
Belonging to outside owners of subsidiaries	−2	−3	−3	−3	−3	299	451	481	508
	325	374	276	326	1,218	453	214	166	2,480
Repayable after a year	112	86	45	2	690	278	98	78	2,251
Repayable within a year	214	288	230	324	528	174	116	88	229
	990	1,114	1,109	1,262	2,023	1,658	1,380	1,593	1,930
Trade payables	371	373	453	526	714	688	393	537	619
Other financial liabilities	87	169	134	116	204	345	406	501	611
Other liabilities	246	213	223	220	407	280	277	259	259
Provisions	29	38	38	41	114	114	136	163	160
Tax owed	42	33	30	35	57	56	52	45	52
	338	509	430	412	1,062	789	555	568	4,049
Other financial liabilities	70	267	221	208	127	247	208	177	1,386
Other liabilities	2	2	17	26	–	0	0	–	–
Provisions	114	115	129	135	162	180	175	239	244
Deferred tax	41	38	18	35	83	84	73	74	168
Trade payables	0	–	0	6	0	0	0	0	0
Total assets	3,889	4,180	4,493	4,787	6,548	7,004	7,695	8,324	11,585
	1,304	1,715	1,641	1,890	3,357	3,445	3,549	3,658	6,611
Plant in use, after depreciation	353	691	718	679	725	773	757	720	–
Plant being built	30	80	11	13	3	2	8	5	–
Intangible assets	99	77	60	48	463	384	368	393	997
Goodwill	526	537	583	619	1,636	1,669	1,804	1,972	4,241
Intangible assets being developed	74	66	76	0	42	56	71	0	12
Investments	27	41	34	358	346	360	280	198	215
Stakes in joint ventures and associates	0	0	0	–	0	0	56	50	48
Loans given	0	30	27	26	0	0	0	0	0
Other financial assets	32	1	0	–	25	35	32	31	33
Deferred tax	29	40	32	25	48	75	86	184	187
Other assets	134	152	100	123	68	91	88	106	96
	2,585	2,465	2,852	2,897	3,191	3,559	4,146	4,666	4,974
Inventories	183	227	159	279	436	468	577	653	768
Trade receivables	814	726	803	733	1,127	1,262	1,407	1,306	1,445
Cash and cash equivalents	907	900	1,441	1,216	622	485	1,071	1,458	1,245
Other bank balances	63	52	24	51	98	499	244	49	76
Current investments	28	0	0	87	172	76	165	209	325
Loans given	0	0	0	0	0	0	0	133	0
Other financial assets	423	441	426	532	453	478	435	13	30
Other assets	167	119	–	–	285	293	248	846	1,086
Net debt	−673	−578	−1,190	−1,027	327	−607	−1,266	−1,550	834

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 23 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 24 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr	Sep 2026Half yearFiled 22 Oct
	856	635	554	726	790	787	267
	985	800	683	1,004	1,026	981	390
	269	−97	−349	−261	−158	131	−203
Receivables	−90	74	−227	−119	−114	118	39
Inventories	68	−120	−156	−32	−13	−66	−64
Payables	74	76	56	−27	−145	113	−45
Other working capital	217	−127	−21	−83	114	−34	−132
Tax paid	−129	−165	−129	−278	−255	−274	−116
Capital spending	99	65	68	85	104	98	66
Free cash flow	757	570	486	641	686	690	201
	−101	−382	−1,033	−533	−145	112	−1,800
Plant and property sold	4	2	2	7	2	4	5
Companies bought	−62	−18	0	−155	−284	8	−1,761
Interest received	40	55	41	35	66	86	24
Dividends received	0	0	3	0	0	0	0
	−211	−545	−109	−266	−58	−569	1,318
Borrowings raised	−65	0	383	0	103	0	2,159
Borrowings repaid	−39	−55	−32	−446	−447	−77	−22
Interest paid	−21	−17	−66	−93	−70	−45	−28
Lease payments	−93	−96	−140	0	−115	−119	−67
Dividends paid	1	295	263	306	330	329	0
Shares bought back	0	95	0	0	0	0	728
Shares issued	4	12	0	0	0	0	0
Net change in cash	544	−292	−588	−73	587	330	−215

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Cyient dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 8 May	Mar 2021Filed 23 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 24 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Earnings per share	₹30.55	₹36.00	₹42.43	₹31.14	₹33.08	₹47.75	₹47.03	₹62.24	₹55.95	₹38.78
Diluted earnings per share	₹30.55	₹35.85	₹42.36	₹31.14	₹33.06	₹47.54	₹46.71	₹61.71	₹55.51	₹38.54
Dividend per share	₹10.50	₹13.00	₹15.00	₹15.00	₹17.00	₹24.00	₹26.00	₹30.00	₹26.00	₹16.00
Book value per share	–	–	₹232.26	₹232.81	₹268.85	₹282.30	₹313.44	₹383.61	₹478.33	₹510.96
Dividend payout	34.8%	36.3%	34.6%	48.2%	51.4%	50.7%	55.9%	48.8%	46.9%	41.6%
Shareholder yield	–	–	–	–	0.0%	3.7%	2.4%	1.4%	2.3%	3.9%
Market cap at the year end (₹ crore)	5,262	7,823	7,342	2,522	7,120	10,231	10,999	22,122	14,042	8,364

Ratios

Consolidated, years to March.Cyient PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 8 May	Mar 2021Filed 23 Apr	Mar 2022Filed 22 Apr	Mar 2023Filed 24 Apr	Mar 2024Filed 26 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 23 Apr
Revenue growth	16.5%	8.6%	17.9%	−4.1%	−6.7%	9.7%	32.7%	18.8%	3.0%	−1.3%
Operating profit growth	13.4%	12.2%	18.2%	−13.3%	4.8%	42.2%	22.7%	29.9%	−12.2%	−20.4%
Net profit growth	4.1%	18.7%	18.4%	−28.5%	6.6%	43.6%	−1.5%	36.6%	−7.8%	−28.6%
Earnings per share growth	5.3%	17.8%	17.9%	−26.6%	6.2%	44.3%	−1.5%	32.3%	−10.1%	−30.7%
	–	–	18.7%	13.4%	13.2%	17.2%	15.6%	17.7%	12.9%	7.8%
	–	–	–	−5.3 pts	−0.2 pts	4.0 pts	−1.6 pts	2.1 pts	−4.8 pts	−5.1 pts
From the net margin	–	–	–	−4.7 pts	1.8 pts	4.1 pts	−4.4 pts	1.8 pts	−2.2 pts	−3.8 pts
From asset turnover	–	–	–	−1.1 pts	−2.0 pts	0.4 pts	1.1 pts	−0.1 pts	−0.8 pts	−0.9 pts
From borrowing	–	–	–	0.5 pts	0.0 pts	−0.5 pts	1.8 pts	0.3 pts	−1.8 pts	−0.4 pts
Return on capital employed	–	–	18.1%	12.3%	11.8%	18.2%	15.9%	20.7%	14.7%	10.0%
Cash conversion	–	–	–	–	235.2%	121.5%	107.7%	103.3%	121.8%	170.1%
Interest cover	22.2	21.1	16.0	7.4	8.8	15.9	7.5	8.9	9.4	10.4
Debt to equity	–	–	0.13	0.15	0.09	0.10	0.35	0.10	0.04	0.03
Receivable days	–	–	64	60	71	59	68	64	70	66
Inventory days	–	–	160	211	110	178	228	177	185	303
Payable days	–	–	324	347	314	336	374	260	126	249
Cash conversion cycle, days	–	–	−100	−76	−133	−99	−78	−19	128	119
Working capital days	–	–	64	57	45	49	49	52	70	73
Asset turnover	–	–	1.19	1.10	0.95	0.98	1.06	1.05	1.00	0.91
Assets per rupee of net worth	–	–	1.52	1.57	1.57	1.53	1.72	1.75	1.54	1.46
Sales per rupee of plant	–	–	13.08	6.41	5.75	6.68	8.30	9.24	9.72	10.10
Capital spending to depreciation	–	–	–	–	0.51	0.34	0.26	0.32	0.39	0.35
Plant being built, % of plant in use	–	–	8.5%	11.6%	1.6%	2.0%	0.4%	0.2%	1.0%	0.7%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 5.3%
Cash from operations against operating profit: 86.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	8.9%	12.0%	6.5%
Profit growth, yearly rate	2.7%	3.3%	−6.0%
Return on equity, average	–	14.2%	12.8%
Return on capital employed, average	–	15.9%	15.1%
Operating margin, average	14.8%	16.2%	15.4%
Net margin, average	9.2%	9.0%	8.3%
Asset turnover, average	–	1.00	0.99
Cash conversion cycle, days, average	–	11	76
Interest cover, average	12.8	10.4	9.6
Debt to equity, average	–	0.12	0.05

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	3,492	2,303	787
Cash from investing	−1,981	−566	112
Cash from financing	−1,547	−893	−569
Capital spending	419	287	98
Dividends paid	1,523	965	329
Shares bought back	95	0	0
Shares issued for cash	12	0	0
Borrowings raised	485	103	0
Borrowings repaid	1,056	970	77

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	7	5	5	6	5
Altman Z-scorePublished threshold 1.1	–	–	7.95	6.57	7.44	7.31	4.85	6.68	8.56	8.20
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.87	−2.72	−1.87	−2.25	−2.35	−2.78
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−9.02	5.82	17.52	7.52	0.05	−5.44
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.46	1.10	1.11	1.27
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−6.64	17.18	−18.36	21.03	−6.86	8.51	−5.94
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	29.96	−64.23	67.50	34.15	−31.39	5.38	44.19
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.67	−3.26	2.34	3.42	0.47	−1.19	2.43
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.15	0.05	0.09	0.01	0.01	0.03	0.02
Effective tax ratePublished threshold 17.16 per cent	24.20	25.50	23.04	26.98	23.75	25.21	24.49	23.48	25.76	27.68
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.56	5.58	−6.74	−3.26	−14.03

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
9 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		10
9 Jun 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	30

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.