1. FY26 growth linear over four quarters with margin expansion Missed - At the Q1 FY27 announcement, management had guided FY26 growth to be linear over the four quarters along with margin expansion. FY26 DET revenue ran Q1 $162.7M, Q2 $164.4M, Q3 $167M, Q4 $163.5M - not linear, with Q4 declining - and FY26 DET EBIT margin was 12.2%, down 67 bps YoY.
2. TAO Digital Solutions closing by August 2026 Pending - At the Q1 FY27 call, the CFO said TAO Digital Solutions closing conditions were expected to be satisfied by August 2026, with closing anticipated "sometime in the late Q2 timeframe". No closing has been disclosed in our record as of 1 September 2026.
3. TAO Digital Solutions revenue closer to $40-50 million range if closed on stated timelines Pending - At the Q1 FY27 call, management said TAO Digital Solutions revenue "definitely will be closer to about $40-50 million range" if closed on the stated timelines. Q1 FY27 saw the acquisition agreement announced with $1.4 million of transaction costs expensed, but closing was not yet complete.
4. FY27 DET outlook - mid- to high single-digit organic growth On track - At the Q4 FY26 call, management aspired for mid- to high single-digit organic growth year-over-year for FY27. By Q1 FY27 the CFO stated "there was no guidance from us" on the earlier mid-single-digit aim, now "challenged", and Q1 FY27 DET revenue declined 0.9% YoY in constant currency.
5. Semiconductor revenue of $100 million for FY27 On track - At the Q4 FY26 call, management expected the semiconductor business to reach "$100 million kind of a number" in revenue for FY27. In Q1 FY27, combined Cyient + Kinetic semiconductor revenue was $17.9 million, an annualized run rate of \~$72 million, with Kinetic consolidation just begun.
6. ASIC pipeline of over $100 million by Q4 FY26 Delivered - At the Q3 FY26 call, semicon markers included an ASIC pipeline of over $100 million by Q4. By Q1 FY27, Cyient Semiconductors' custom ASIC pipeline stood at more than $100 million, "building fast".
7. Semiconductor breakeven in FY27 On track - At the Q3 FY26 call, management reiterated "our goal is to break even in FY27, and we are on track for that" on an organic basis, with Cyient Semiconductors to stabilize its burn by next quarter and become EBIT-neutral in FY27, organic investment capped at $15 million. In Q1 FY27, Krishna Bodanapu guided breakeven "only in FY28" at PAT level; the segment posted EBIT of ₹-284 million (-16.7%) and PAT of ₹-362 million (-21.0%).
8. Kinetic deal structure - 70-75% stake at end of deal Delivered - At the Q2 FY26 call, Ramya Mohan stated the deal was structured to get anywhere between 70%-75% stake at the end of the deal. In Q4 FY26, Cyient closed a 74% majority stake in Kinetic Technologies.
9. Kinetic acquisition EBIT accretive from year one (FY27) Pending - At the Q2 FY26 call, management stated the Kinetic acquisition was expected to be EBIT accretive right from year one, which will be FY27. In Q1 FY27, the semiconductor segment including Kinetic posted revenue of $10.4 million and EBIT of -17.7%, so Kinetic was not EBIT accretive in the first quarter.
10. Semiconductor business back to at least DET-level margins by Q2 or Q3 FY26 Missed - At the Q1 FY26 call, management was "quite confident that if not in the second quarter, then definitely in the third quarter" of FY26 the semiconductor business would deliver in line with DET margins. Q2 FY26 semiconductor revenue and EBIT margin degrew, Q3 FY26 semicon was still loss-making with margins stabilized, and Q4 FY26 posted negative EBIT of $2.8 million.
11. CSPL financials reported as separate segment from Q1 FY26 Delivered - At the Q4 FY25 call, management said CSPL financials would be reported as a separate segment starting Q1 FY26 onwards. From Q1 FY26, the group reported four segments: DET, DLM, Semiconductor, and Others.
12. 15% EBIT margin over next 24 months On track - At the Q4 FY25 call, management revised the margin target to touching and staying steady at 15% over the next 24 months. The target was reiterated through Q3 FY26 (timeline Q4 FY27) and Q4 FY26, then in Q1 FY27 pushed to H1 FY28; Q1 FY27 DET EBIT margin was 13.2%.
13. 16% EBIT margin again in FY26 Missed - At the Q3 FY25 call, management committed to reaching 16% EBIT margin again in FY26. At Q4 FY25 the target was revised down to 15% over 24 months; FY26 DET normalized EBIT margin came in at 12.2%, and Q1 FY27 stood at 13.2%.
14. Q4 FY25 will be a growth quarter, not a decline Missed - At the Q3 FY25 call, management committed that Q4 FY25 would be a growth quarter, not a decline: "we will not decline under any circumstance in Q4. Q4 will be a growth quarter.". Q4 FY25 DET revenue came in at $170 million, -1.9% QoQ and -3.4% YoY in constant currency.
15. Majority of DLM stake-sale proceeds deployed into semiconductor business Delivered - At the Q2 FY25 call, management committed that a significant majority of the DLM stake-sale proceeds - close to $100 million - would be deployed into the semiconductor business, mostly towards acquisitions. The \~INR875 crore part divestment concluded in Q2 FY25, followed by the Azimuth AI 27.3% stake agreement in Q2 FY25 and the Kinetic Technologies majority acquisition signed in Q3 FY26 and closed at 74% in Q4 FY26.
16. Fabless semiconductor subsidiary update by end of calendar year, execution by end of FY25 Delivered - At the Q1 FY25 call, Krishna said a better update on timelines and funding requirements for the new fabless semiconductor subsidiary would come "towards the end of the calendar year", with execution targeted "towards the end of the financial year" (FY25). CSPL was set up as a wholly owned subsidiary in Q2 FY25, and by Q4 FY25 the Board approved the semiconductor spin-off with the CSPL carve-out concluded and Suman Narayan appointed CEO.
17. $6 million antitrust provision expected to cover all future costs until final closure Pending - At the Q3 FY24 call, management said the $6 million provision taken for the $7.4 million civil antitrust settlement (without admission of liability) was anticipated to be adequate to cover all upcoming costs, with no further provision intended from Q4. No later filing or disclosure in our record confirms whether any further provision was taken, so the outcome remains unverified.
18. Margin expansion framework - adjusted margins to 18-20% Missed - At the Q3 FY24 call, the margin expansion framework from Investor Day - adjusted margins that can be further increased to 18% to 20% - was reiterated as intact. FY24 DET EBIT margin was 16.1%, FY25 13.5%, and FY26 12.2%, with no disclosure of adjusted margins reaching 18-20%.
19. Medium-term DET revenue growth outlook of 10-20% over 3-5 years Missed - At the Q3 FY24 call, the medium-to-long-term DET revenue growth outlook of 10% to 20% over the next three to five years was reiterated as "still intact". It was reaffirmed at Q4 FY24 and Q1 FY25, but FY25 DET revenue declined 3% cc, FY26 declined 0.7% cc, and Q1 FY27 declined 0.9% YoY cc.
20. FY25 DET EBIT margin of \~16% Missed - At the Q4 FY24 call, management guided FY25 DET EBIT margin at \~16%. The target was revised to 16% by Q4 FY25 exit, reiterated at Q2 FY25, then cut to a 13.5% range for Q4 exit; FY25 DET EBIT margin was 13.5%, down 261 bps YoY, with Q4 FY25 at 13%.
21. FY25 DET revenue growth - high single-digit Missed - At the Q4 FY24 call, management guided FY25 DET revenue growth in the "high single-digit" range. Guidance was revised to flattish cc at Q1 FY25, reiterated at Q2 FY25, then to \~2.5% degrowth with 2.7% worst-case at Q3 FY25; FY25 DET revenue was $687.7 million, -3% YoY cc (INR 5,816 crores, -1.6%), below even the revised view.
22. US legal case outcome known within the quarter Delivered - At the Q4 FY23 call, management said the outcome of the US legal case would be known within the quarter. In Q1 FY24, the US Department of Justice case against Cyient's executive was dismissed in April 2023 - the criminal element closed, the civil case continuing.
23. Sustainability, connectivity and transport verticals to grow double digits in FY24 Partial - At the Q4 FY23 call, management expected sustainability, connectivity and transport verticals to grow in double digits in FY24. FY24 outcomes: Transportation $216 million, +14.5% YoY cc; Sustainability $204.1 million, +45.6% YoY; Connectivity $169 million, -7.1% YoY.
24. FY24 consolidated services normalized EBIT margin improvement of 100-200 bps Delivered - At the Q4 FY23 call, management guided consolidated services normalized EBIT margin to improve by at least 100-200 basis points year-on-year in FY24. Guidance was raised to 150-250 bps at Q1 FY24 and reiterated at Q2 FY24; FY24 DET EBIT margin was 16.1%, up 246 bps YoY.
25. FY24 consolidated services revenue growth of 15-20% Missed - At the Q4 FY23 call, management guided FY24 consolidated services revenue growth of 15-20% year-on-year in constant currency. It was reiterated at Q1 FY24, expected around the lower end at Q2 FY24, then downgraded to 13-13.5% at Q3 FY24; FY24 DET revenue was $713.9 million, +12.6% YoY cc, below the guided range.
26. Doubling automotive business compared to last year Missed - At the Q3 FY23 call, management reaffirmed the target of doubling the automotive business compared to last year. Automotive grew 30% in Q2 FY24 and 25% YoY year-to-date in Q3 FY24, with no explicit doubling disclosure in our record.
27. Four acquisitions accretive at EBIT level in medium term Pending - At the Q3 FY23 call, management committed to making the four acquisitions accretive at the EBIT level "in the medium term". At Q3 FY23 they were accretive at EBITDA but not yet at EBIT; Q1 FY24 DET normalized EBIT margin reached 16.1%, the highest in nine years, with no explicit disclosure of EBIT-level accretion achieved.
28. Board subcommittee to evaluate options for Cyient DLM - IPO, strategic partnership, or spin-off Delivered - At the Q2 FY23 call, management said the Board approved forming a subcommittee to evaluate options for Cyient DLM - IPO, strategic partnership, or spin-off. A draft red-herring prospectus was filed on 9 January 2023, and Cyient DLM Limited listed on 10 July 2023.
29. DLM business to grow about 5x within five years Pending - At the Q2 FY23 call, management said the DLM business could grow about 5x within the next five years at current margins, with Krishna saying he would be "quite disappointed" otherwise. DLM grew about 27% YoY in FY25, and in Q1 FY27 closed with its highest-ever order book and book-to-bill above 1.5, with no explicit 5x disclosure yet.
30. FY24 $1 billion revenue run-rate visibility Missed - At the Q2 FY23 call, management guided FY2024 visibility to a $1 billion revenue run rate, hoping to reach it "in the middle of the year rather than the later of the year", reiterated at Q3 FY23 as the "base case scenario" / "minimum case". FY24 group revenue was $863 million, +15.6% YoY cc - the highest ever - with Q4 FY24 revenue of $224 million implying a \~$896 million annualized run rate.
31. FY24 EPS of at least Rs.60 Delivered - At the Q2 FY23 call, management guided FY2024 EPS of "at least Rs.60", stated with confidence, and reiterated at Q3 FY23 that FY24 EPS would "at least be INR 60". FY24 DET normalized EPS was ₹62.84, +31.1% YoY.
32. Q4 FY23 normalized EPS of Rs.14-15 Delivered - At the Q2 FY23 call, management guided Q4 FY2023 normalized EPS of Rs.14 to Rs.15. At Q3 FY23 the range was revised up to INR 15 to INR 16; Q4 FY23 normalized PAT was INR 176 crores, with Q3 FY23 normalized EPS already at INR 14.9.
33. FY23 normalized EBITDA margin of 16-17% Delivered - At the Q2 FY23 call, management guided FY2023 normalized EBITDA margin for the group at 16% to 17%. At Q3 FY23 management was "quite confident, we'll be at the higher end of that range"; FY23 normalized group EBITDA margin was 17%, with Q4 FY23 at 18.4%.
34. FY23 margin commitment - 13-14% organic EBIT margin Delivered - At the Q1 FY23 call, management was confident of returning to margins "in the next three quarters" and delivering the full-year 13% to 14% margin commitment, reiterated at Q2 FY23 with confidence on "at least the lower end" and at Q3 FY23 "towards the higher end". FY23 normalized group EBIT was 12.8%, with normalized consolidated services EBIT margin at 13.7% and core services EBIT margin reaching 16.1% in Q4 FY23.
35. FY23 revenue guidance - 13-15% organic growth plus 6-7% from acquisitions Partial - At the Q1 FY23 call, management reiterated FY23 guidance of 13% to 15% constant-currency organic growth for the group plus another 6% to 7% from announced acquisitions; acquisitions were later raised to 14-15% at Q2 FY23, and at Q3 FY23 management said "we will be close to that, I'd say, 13% number just realistically". FY23 revenue was INR 6,016 crores, +32.7% YoY ($746.3 million, +26.9% cc), with core services growing 12.1% YoY cc.
36. Citec acquisition to close in Q2 FY23 Delivered - At the Q1 FY23 call, management expected the Citec acquisition to close that quarter (Q2 FY23), with two remaining regulatory issues to be resolved in the next couple of months. All four acquisitions were concluded in Q2 FY23, with one month of Citec consolidated in the quarter.
37. FY23 DLM revenue growth of 15-20% for sure Missed - At the Q3 FY22 call, management committed to FY23 DLM revenue growth of "15% to 20% growth… for sure". Guidance was revised to high single digit at Q1 FY23 and "high single digits up to 10%" at Q2 FY23; actuals showed Q1 FY23 DLM up 1% YoY and Q2 FY23 DLM down 7.3% YoY, with no explicit FY23 DLM revenue stated in our record.
38. DLM EBIT margin target of about 10% Missed - At the Q2 FY22 call, management set a DLM EBIT margin target of about 10%, with about 200 basis points still to make up. DLM EBIT margin ran 6.8% in Q2 FY22, 6% in Q3 FY22, 4.2% reported (7% ex one-off) in Q1 FY23 and 8.3% in Q2 FY23, with no disclosure of reaching 10%.
39. FY22 services margin of 15-15.5%, return to 17% in next two years Partial - At the Q2 FY22 call, management guided services margins of 15-15.5% for FY22 and a return to 17% in the next two years, reiterated at Q3 FY22. Q2 FY22 services margin was 15.5% and Q3 FY22 15.6%; core services EBIT margin reached 16.1% in Q4 FY23 and FY24 DET EBIT margin was 16.1%, with no explicit 17% services margin disclosed.
40. Steady-state FCF conversion of 65-70% of EBITDA for Services, 50% for DLM Delivered - At the Q4 FY21 call, the CFO guided steady-state free cash flow conversion of 65% to 70% of EBITDA for Services and 50% for DLM, later raised at Q3 FY22 to "70% plus for the group and the services". FY24 DET FCF was ₹754 cr, best ever, +71% YoY; FY25 DET FCF ₹800 cr, best ever; Q1 FY27 DET FCF-to-normalized-PAT conversion was 80.5%.
41. FY22 normalized EBIT margin improvement of 200 bps Delivered - At the Q4 FY21 call, management guided FY22 normalized EBIT margin improvement of 200 basis points versus FY21's 10.1%, raised to at least 300 bps at Q2 FY22 and 350 bps at Q3 FY22. FY22 Group EBIT was INR 629.7 crores, +51.3% YoY - the highest ever - with Q3 FY22 group EBIT margin already up 272 bps YoY.
42. FY22 revenue growth - double digits, Services double digits, DLM \~20% Partial - At the Q4 FY21 call, management guided FY22 revenue growth in double digits, with Services growing double digits and DLM about 20% in constant currency; DLM was revised to 15-20% at Q2 FY22 and down to "low single digit kind of a growth" at Q3 FY22. FY22 revenue was INR 4,534.4 crores, +9.7% YoY, with Q3 FY22 DLM up 10.6% YoY and FY22 services growth not explicitly stated in our record.
43. DLM capacity to double business before significant capex Pending - At the Q2 FY21 call, management said DLM had capacity to at least double the business before any significant capex, with only ongoing capex on specialized equipment and testers. DLM revenue grew 28.3% YoY in FY21, and by Q2 FY23 management said DLM would need to build one or two more factories, with customers asking for options like Vietnam and Mexico; no explicit disclosure of doubling on existing capacity.
44. IG Partners acquisition - close in Q2 FY21 Delivered - At the Q2 FY21 call, management said the IG Partners deal was expected to be approved during the quarter (Q2 FY21), with upside in E&U expected from it. Integrated Global Partners Pty Ltd., Australia was acquired in August 2020 and was fully integrated by Q4 FY21.
45. Payout policy of 40-50% of PAT maintained Delivered - At the Q2 FY21 call, management maintained the payout policy of 40-50% of PAT for the year, in the form of dividend or buyback, with details to be finalized during the year. FY21 delivered the highest-ever dividend of Rs.17 per share, FY24 full-year dividend was ₹30 per share, FY25 ₹26 per share, and FY26 saw a ₹16 interim dividend treated as final plus the ₹720 cr buyback completed in Q1 FY27, with the Board asking management to stick with 40%-50% payout going forward.
46. FY21 revenue decline - low double-digit, closer to 10% than 15% Delivered - At the Q2 FY21 call, management revised full-year FY21 revenue decline guidance to "low double-digit", with consolidated top-line degrowth closer to 10% than 15% and 10% "might still be optimistic". FY21 revenue was $556.8 million, a degrowth of 10.9% YoY (12% cc), with management noting "we had guided for 15% to 20% kind of degrowth. We are happy that we are at below that".
47. FY21 exit margin - "a little shade higher" than 11% Q2, basis for FY22 Delivered - At the Q2 FY21 call, management expected margin at exit of FY21 to be "a little shade higher" than the 11% delivered in Q2, becoming the basis for FY22, with Q4 expected to get back to the Q2 margin of 11%. Q4 FY21 normalized EBIT margin was 12.6%, up 148 bps QoQ, and FY21 normalized group EBIT margin was 10.1%, up 85 bps YoY.