### **Overview** Cyient Ltd (NSE: CYIENT), established in 1991, is a global engineering, digital technology, and manufacturing solutions provider. Operating in over 30 countries with 48 delivery centers and serving more than 300 customers—including 30% of the top 100 global innovators—the company serves as a **Design, Build, and Maintain partner** across product, plant, and network value chains. With over 16,000 associates worldwide and significant local leadership (over one-third based outside India), Cyient integrates deep domain expertise with digital innovation to solve complex business challenges. The company has strategically restructured into **three core growth vectors**: 1. **Digital Engineering & Technology (DET)** 2. **Design-Led Manufacturing (DLM)** 3. **Cyient Semiconductors** This focus enables targeted growth amid macroeconomic volatility, geopolitical shifts, and rising demand for intelligent, sustainable, and connected products. --- ### **Strategic Business Units & Growth Vectors** #### **1. Cyient Semiconductors** Formed as a standalone subsidiary in 2025, **Cyient Semiconductors Private Limited (CSPL)** is positioned to capture high-growth opportunities in the global semiconductor market, projected to reach **$1 trillion by 2030**. It aligns with India’s national semiconductor mission to build a $100 billion domestic ecosystem. - **Focus Areas**: - High-performance analog, mixed-signal, RF, and digital ASICs/ASSPs - Applications: Data centers, AI computing, electric mobility, humanoids, industrial automation - **Business Model**: Fabless, end-to-end turnkey silicon services from architecture to production enablement - **Revenue & Growth**: - Achieved **12% QoQ revenue growth in Q2 FY26**, recovering from a strategic exit from low-value contracts in Q1 - ASIC solutions now constitute **66% of semiconductor segment revenue**, with a **pipeline exceeding $100 million** - EBIT loss in Q2 due to investments in R&D and sales; expects **EBIT neutrality by FY27** - **Key Partnerships**: - **GlobalFoundries** and **Anora** (U.S.-based test/validation firm) to enhance design-to-manufacturing scalability - **MIPS** for RISC-V-based custom ASICs targeting automotive, robotics, and data centers - **Facilities**: - State-of-the-art **semiconductor validation and production test facility in Bangalore** (clean rooms, ATE, probers) - Complementary site in **Allen, Texas** for high-volume manufacturing transition - **Leadership**: Suman Narayan, seasoned semiconductor executive, appointed CEO - **Talent & Investments**: - Hired senior leaders from Navitas, Cadence, Allegro, and Amkor - Over **600 proprietary IP blocks** across technology nodes - Positioned as **top three bidder** for Indian government’s semiconductor complex modernization program --- #### **2. Digital Engineering & Technology (DET)** Led by newly appointed CEO **Sukamal Banerjee (from Feb 2025)**, DET is experiencing sustained recovery and growth driven by digital transformation demand across aerospace, automotive, medical devices, and utilities. - **Core Strategy**: **Domain + AI** — combining decades of engineering expertise with data, AI, and digital platform solutions - **Revenue Segmentation**: - 38% Transportation, 27% Energy & Sustainability, 20% Connectivity, rest in Semiconductors, Healthcare, etc. - **Geographic Reach**: 45% North America, 33% Europe, 18% APAC, 4% India - **Key Wins (2024–2025)**: - **Digital transformation contract** with a leading aircraft OEM to unify siloed operations using AI-driven intelligence - Expanded from initial AI use cases to **200+ potential applications**, reflecting growing client trust - Won multi-year deal with private jet manufacturer to digitize technical publications, **displacing a Big 4 firm** - Major contract with APAC communications provider for **wireless infrastructure rollout (nearly $23 million)** - **Vodafone adopted VISMON**, Cyient’s AI-powered network visibility platform, at corporate level for global deployment - **Innovation & Platforms**: - **VISMON**: Reduces configuration errors and resolution time by ~50%, cuts reporting time by 70% - **CyARC**: AI-powered regulatory compliance platform; reduces compliance costs by up to 40% - **CyMedge**: Modular 5G/Edge AI platform for smart healthcare and industrial IoT devices - **EnGENeer CoE with Microsoft**: Leverages Azure OpenAI for AI-powered engineering solutions (e.g., GenAI for aerospace aftermarket) - **Platform-X**: Cloud-native engineering platform for digital transformation --- #### **3. Design-Led Manufacturing (DLM)** With **over 52% ownership by Cyient Ltd**, DLM focuses on engineering-led, high-complexity electronic manufacturing for safety-critical sectors. - **Growth & Performance**: - **27% YoY revenue growth**, with **130% YoY increase in order intake in H1 FY26** - Now operating with double-digit operating margins - **Key Contracts**: - **Multi-year B2S contract** with a Japanese eVTOL (electric vertical takeoff and landing) firm for flight control system parts - **Electric charging systems manufacturing contract**, expanding presence in sustainable mobility - **Capabilities & Investments**: - **Metal additive manufacturing facility in Jupiter, Florida**, equipped with SLM®280 system for aerospace, medical, and defense applications - **Build-to-Spec (B2S)** offerings integrating DET design and DLM manufacturing, especially in aerospace (e.g., cabin management system for D328eco aircraft) - **Strategic Positioning**: One of the few Indian EMS providers for **aerospace, defense, and medical** safety-critical systems --- ### **Sector Highlights & Strategic Partnerships** #### **Aerospace & Defense** - Core competitive advantage across **design, manufacturing, aftermarket, and MRO** - Strong relationships with **Airbus, Honeywell, Deutsche Aircraft, and Pratt & Whitney** - Landmark contract to manufacture **Honeywell Anthem**, the aviation industry’s first **cloud-connected cockpit system** - Developed AI-powered technical documentation platform for **D328eco turboprop aircraft** - Security-cleared facilities enable work on sensitive defense programs #### **Sustainable & Intelligent Mobility** - Strategic entry into **Urban Air Mobility (UAM)** as **India’s first partner of SkyDrive (Japan)** - Partnership with **Allegro MicroSystems** to co-develop magnetic sensors and power ICs for EVs and ADAS - Center of Excellence launched in Hyderabad (Manikonda Campus) with 100+ engineers - Contracts in **eVTOL flight control systems, EV charging, and electric powertrains** #### **Healthcare & Life Sciences** - **Leadership recognition in Medical Devices (Zinnov Zones 2024)** - Partnered with **Molbio Diagnostics** to manufacture *Trunat*, an indigenous RT-PCR platform for point-of-care diagnostics - Supports OEMs in **AI-driven surgical robotics, connected diagnostics, and regulatory compliance (CyARC)** - Secured contract with a **global MedTech leader to co-develop an AI Center of Excellence** #### **Energy & Sustainability** - Restructured into verticals: **Energy, Mining & Minerals, Utilities** - Provides **sustainability advisory, grid modernization, carbon capture, and green hydrogen solutions** - Partnered with **GreenH** on engineering for a **green hydrogen plant in Bodø, Norway** - Supports transition from DNO to DSO through digital asset management --- ### **Innovation & Strategic Enablers** #### **GenAI & Data Engineering** - Launched **CyientifiQ EnGeneer - GenAI**, a conversational AI platform that achieved: - **40% reduction in customer service queries** - **90% match to human resolution accuracy** for aerospace OEM - 50% lower operational costs - Over **2,000 employees trained in AI**, with 1,500 certified in GenAI - Implemented **GenAI tools for cost-efficient rail operations, document workflows, and project management** #### **Strategic Collaborations** - **Zinier**: AI-powered FSM platform for telecom, utilities, and energy clients - **Telstra**: Accelerating AI integration into products and services - **AICTE**: Building ER&D talent pool beyond Tier-1 cities in India - **Microsoft**: Strategic collaboration on GenAI, cloud platforms, and digital engineering #### **Digital Platforms & IP-led Solutions** - **CyFAST**: AI-powered test automation framework; reduces testing time by 50–60% - **Industrial Data Fabric (IDF)**: For smart operations and analytics - **INTELLICYIENT**: Suite of six Industry 4.0 solutions focused on smart automation, intelligent supply chain, and workforce enablement - **Platform-X**: Cloud services platform integrating edge computing, 5G, and real-time analytics --- ### **Financial & Operational Strengths** - **Diversified Revenue Base**: Resilient across industries and geographies - **Backlog**: Consistently 6–7 months of work, with ~65% of guidance backed by existing orders - **New Customer Acquisition**: Added **14 new logos in Q1 FY26**; **25+ new customers in FY24** - **Key Accounts Growth**: - Top 36 key accounts: +11% YoY - Top 20 accounts: +10% YoY - **Employee & Customer Satisfaction**: 90/100 in 2025 employee satisfaction survey (top quartile); highest CSAT since 2011