Cyient DLM is an electronics manufacturer that builds the brains and nerve systems inside things that cannot fail - cockpit displays, patient monitors, radar sensors - for the world’s aerospace, defence, medical and industrial giants. It began in 1993 as a small Indian electronics shop, was acquired and reshaped by engineering firm Cyient Ltd., and listed independently in 2023, adding a US factory in 2025. The recurring idea is “Design-Led Manufacturing”: the company gets involved at the drawing board, not just the assembly line, so it becomes embedded in its customers’ products for decades. # Business segments A single integrated electronics manufacturing engine, organised around four product lines that customers typically buy together - circuit boards, finished boxes, cable harnesses and precision metal parts - all built to the same safety-critical standards for the same regulated industries. ## 1. Printed circuit board assembly: the core factory floor **Half the company’s output is populated circuit boards, built to the aerospace industry’s toughest soldering and reliability standard.** - **The largest slice, deliberately shrinking** - PCBA (printed circuit board assembly) contributed 52% of revenue in FY26, down from 72% the year before, as the company deliberately diversifies into higher-value box builds and mechanical work. - **NADCAP is the entry ticket** - every assembly line holds NADCAP AC7120 certification, the gold-standard process audit for aerospace and defence electronics, which competitors cannot obtain quickly. - **Both surface-mount and through-hole** - the company runs scalable lines for both modern surface-mount devices and older plated-through-hole components, because defence and aerospace programmes often use legacy parts that consumer factories cannot handle. - **Half a billion placements a year** - the Mysuru facility alone places roughly 500 million components annually across its PCBAs, giving a sense of the precision-repeat scale even in a high-mix environment. ## 2. Box build: from bare board to finished system **The company takes its own circuit boards, adds enclosures, cabling, power supplies and sub-assemblies, and delivers a complete working unit - and this is the fastest-growing part of the business.** - **A third of revenue and rising** - box builds contributed 31% of revenue in Q3 FY26, up from 21% in the third quarter of FY25, because customers who trust the company with their boards increasingly ask it to finish the whole system. - **Everything in one crate** - a box build can range from a single board in a small housing to a multi-rack cabinet integrating electromechanical systems, power storage, cabling and multiple sub-assemblies, all tested as a unit before shipping. - **Boards and boxes travel together** - PCBA and box build are typically sourced together by clients, so winning a board contract naturally pulls through the box-build opportunity. ## 3. Cable harnesses: the wiring that survives extremes **A small but strategically distinctive line - the company makes the custom wiring looms that connect systems inside aircraft, medical devices and industrial machinery, and it has won a world championship doing it.** - **NADCAP for cables too** - the harness assembly process holds NADCAP AC7121 accreditation, meaning the wiring is built to withstand airframe vibration, surgical-grade cleanliness or continuous industrial duty. - **World champions on the bench** - the company secured first place in the World Wire Harness Championship against competitors from eight countries, a signal of bench-level skill that matters when customers audit the factory floor. - **From captive to commercial** - harness work began as an in-house need, but now serves external customers and is expected to expand, particularly in complex aerospace looms. ## 4. Precision mechanical parts: metal for mission-critical applications **The company machines structural and functional metal components - engine parts, avionics housings, space components - in a dedicated defence-licensed facility.** - **Aerospace-grade machining** - the Bengaluru facility runs advanced CNC platforms producing structural components, engine components, avionics packages and space components, with an industrial licence authorising defence equipment manufacture. - **60,000 machining hours a year** - the facility delivers roughly 1,000 assemblies over two years and 25 new qualified assemblies, with capacity designed to triple to 180,000 hours per annum as demand grows. - **Vertical integration in progress** - the company is actively pursuing deeper in-house capability in cable and sheet metal, so it can offer a more complete mechanical package alongside its electronics. # Group structure and partners **Cyient DLM is a publicly listed Indian company, majority-held by its former engineering parent, with a recently acquired US subsidiary that gives it an onshore American factory and ITAR clearance.** - **Listed, with a strong parent** - Cyient DLM Limited trades on the BSE and NSE; Cyient Limited, a global engineering firm whose clients include 40% of the world’s top 100 innovators, held 66% of shares as of the FY24 filing date and remains the strategic anchor. - **Altek Electronics in Connecticut** - acquired in October 2024 for an upfront $23.4 million plus an earnout, this 81,000-square-foot ITAR-certified facility has operated for over 50 years, places roughly 450 million components annually, and brings Fortune 500 medical, industrial and defence clients into the portfolio. - **Cyient DLM Inc. in Delaware** - a wholly owned US subsidiary incorporated in March 2024, which took the term loan to fund the Altek acquisition and serves as the American holding vehicle. - **Techno Tools legacy** - the Bengaluru precision machining facility was integrated through the 2018 merger of Techno Tools Precision Engineering, previously a wholly owned subsidiary. - **Skills and sustainability partnerships** - a joint initiative with Boeing called “Kaushal” trains people from disadvantaged backgrounds for advanced manufacturing, and a solar partnership with Arcedo helps the Mysuru facilities run 80% on renewable energy.