Cyient Limited (CYIENT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+78.1%

₹2,052.07

vs ₹1,152.50 price

Levered DCF

₹1,806.36

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.25

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.41×	22.08×	32.24×	21.16×	19.43×	19.57×	7.36×	15.31×
P/B	1.46×	2.58×	5.17×	3.14×	3.26×	2.41×	0.98×	2.86×
P/S	1.14×	1.86×	3.08×	1.81×	2.24×	1.72×	0.57×	1.59×
EV / EBITDA	7.39×	10.64×	17.09×	10.97×	10.22×	8.75×	3.31×	8.8×
Gross margin	29.9%	39.5%	41.7%	42.3%	41.1%	39.6%	50.6%	48.0%
Operating margin	9.1%	11.9%	14.5%	12.4%	14.0%	12.1%	10.1%	12.5%
Net margin	5.9%	8.4%	9.6%	8.6%	11.5%	8.8%	7.7%	10.4%
Current ratio	2.93×	3.03×	2.14×	1.57×	2.3×	2.57×	2.24×	2.61×
Debt / equity	0.08×	0.1×	0.18×	0.35×	0.18×	0.2×	0.28×	0.14×
Interest coverage	10.86×	9.44×	8.93×	7.47×	16.16×	11.49×	9.16×	17.75×
Dividend yield	4.0%	2.4%	1.4%	2.4%	2.9%	0.0%	10.4%	1.5%
Payout ratio	76.9%	53.5%	44.8%	51.1%	56.5%	0.3%	76.7%	23.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.5%	11.6%	16.0%	14.8%	16.8%	12.3%	13.4%	18.7%
Return on invested capital	6.9%	9.9%	14.2%	11.2%	12.1%	10.2%	9.4%	14.1%
Return on assets	5.1%	8.0%	9.8%	7.9%	10.9%	8.1%	8.2%	12.3%
Free cash flow yield	8.8%	5.0%	2.9%	4.5%	5.6%	10.6%	14.6%	3.0%
Earnings yield	5.2%	4.5%	3.1%	4.7%	5.1%	5.1%	13.6%	6.5%
Enterprise value	₹72.7B	₹131.5B	₹222.3B	₹113.8B	₹95.1B	₹62.6B	₹23.3B	₹67.3B
Net debt / EBITDA	-1.06×	-0.45×	0.17×	0.48×	-0.69×	-1.2×	-0.27×	-0.79×
Cash conversion cycle (days)	109	104	76	74	51	48	69	79