Cyient DLM Records ₹500 Crore Order Intake in Q2 FY26 with Robust Margins

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reported strong order intake of around ₹500 crore in Q2 FY26, achieving a book-to-bill ratio of 1.6—well above its target of 1.0. Despite a 20% YoY revenue decline to ₹310.6 crore, the company delivered double-digit EBITDA margins of 10% (₹31.2 crore), expanding 100 bps sequentially and 192 bps YoY. Order backlog rose to ₹2,291 crore, driven by new contracts, including a build-to-spec project from a Japanese eVTOL company and business from an EV charging solutions client. Management expects growth to resume by Q4 FY26, with a full-year book-to-bill ratio projected at 1.4–1.5.