What Cyient DLM does

Cyient DLM Limited is a publicly listed (NSE/BSE: CYIENTDLM) electronic manufacturing services company founded in 1993 as part of the Cyient Group, headquartered in Hyderabad, India within the GMR Aerospace & Industrial Park, with manufacturing operations spanning 350,000 sq ft across Hyderabad, Bangalore, Mysuru, and Torrington, CT (post-Altek acquisition). The company delivers Design-Led Manufacturing (DLM) solutions that integrate electronics manufacturing (PCBA, cable assemblies, box-builds), precision mechanical manufacturing, additive manufacturing, and value-added services such as NPI and supply chain management, providing end-to-end product lifecycle ownership from concept through manufacturing and certification. Proprietary products include the CE-certified Cycero rail safety alarm system (16-trigger ARM microcontroller architecture) and the touchscreen-based Cabin Management System designed for Deutsche Aircraft's next-generation D328eco 40-seater regional turboprop.

The business model is anchored in long-term B2B contract manufacturing for Fortune 500 enterprise OEMs in aerospace & defence (Boeing, Thales, Deutsche Aircraft, Honeywell Aerospace, a major American aerospace manufacturer), healthcare & lifesciences, industrial electrification and automation, rail transportation, and telecommunications. Go-to-market is enterprise field sales targeting engineering and manufacturing decision-makers, with 87% of revenue from exports and a strategic build-out of automotive electronics (pursuing ACMA certification) and Indian defence (planned from FY28) as new growth vectors. The company leverages 7,000+ design associates through the parent Cyient Services arm to embed design-for-manufacturing into customer engagements. FY26 (ended March 2026) revenue was Rs 12,615 million (down 16.99% YoY) with 10.3% EBITDA margins and net profit of Rs 732.8 million (up 7.6% YoY); the order book reached Rs 24,166 million (26.78% YoY, 2x book-to-bill), signalling strong forward revenue visibility despite the recent revenue contraction.

Name

Cyient DLM

Legal name

Cyient DLM Limited

Website

https://cyientdlm.com

Company type

Public

Founded year

1993

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Cyient DLM is a publicly listed Indian Design-Led Manufacturing services provider offering integrated electronics, mechanical, and additive manufacturing for aerospace & defence, healthcare, industrial, and rail customers including Boeing, Thales, Honeywell, and Deutsche Aircraft, with 350,000 sq ft of capacity and 87% export revenue.

Ownership category

akta.pro rank

Product category

Electronic Manufacturing Services

NAICS

Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)

SIC

Aircraft Parts & Auxiliary Equipment, Nec (3728), Aircraft & Parts (3720), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

PCB Assembly (PCBA/EMS) (HDAHAOAI)

Keywords

• Electronic manufacturing services
• Design-led manufacturing
• Aerospace electronics manufacturing
• Contract manufacturing services
• PCBA assembly services

Headquarters

HQ city

Mysuru

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Electronics Manufacturing Services: Contract manufacturing of complex electronics systems including PCBA, cable assemblies, and box-builds for aerospace, defense, healthcare, industrial, and automotive sectors. Revenue generated through long-term manufacturing contracts with enterprise customers.
2. Mechanical Manufacturing: Precision mechanical manufacturing including machining, casting, and assembly for critical applications in aerospace and industrial sectors.
3. Additive Manufacturing: 3D modeling and additive manufacturing services for accelerated product design and tooling development across industries.
4. Design and Engineering Services: Design, development, and systems engineering expertise through 7,000+ design associates supporting product development and new product introduction (NPI).

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Cyient DLM is an integrated electronics and mechanical manufacturing company that delivers Design Led Manufacturing (DLM) solutions spanning the full product lifecycle from concept through manufacturing and certification. Core offerings include electronics manufacturing (PCBA, cable assemblies, box-builds), precision mechanical manufacturing (machining, casting, assembly), and additive manufacturing (3D modeling and tooling) for aerospace & defense, healthcare, industrial, and automotive customers. The company backs these with new product introduction, supply chain management, and proprietary products such as the Cycero rail safety system and aircraft Cabin Management Systems.

Product overview

Cyient DLM is an Integrated Electronics & Mechanical Manufacturing company offering Design Led Manufacturing (DLM) solutions. The company operates a platform-based architecture centered on five core manufacturing capabilities: Integrated Manufacturing, Electronics Manufacturing, Mechanical Manufacturing, Additive Manufacturing, and Value Added Services. These capabilities work together to support the entire product lifecycle from concept through manufacturing and certification. The company also offers specialized products including the Cycero rail safety system and aircraft Cabin Management Systems. Following the 2024 acquisition of Altek Electronics, the portfolio expanded to include US-based EMS services.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Produced RT-PCR units that touched lives of 30+ million people during COVID-19 pandemic
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered flagship and core.

• Deutsche AircraftflagshipStrategic or Co-development Partner · 10 April 2025Multi-year collaboration to design, develop, and manufacture the Cabin Management System (CMS) for the D328eco next-generation 40-seater regional turboprop aircraft. This is one of Deutsche Aircraft's first electronics programmes designed and manufactured entirely in India, supporting the 'Make in India' initiative. The touchscreen-based CMS controls cabin lighting, passenger signs, and lavatory operations with scalable and modular architecture.
• Altek Electronics Inc.coreStrategic or Co-development Partner · 1 October 2024Acquired US-based electronic manufacturing services provider Altek Electronics for $29.2 million. Deal includes upfront and performance-based payments. Acquisition strengthens North American presence, adds Fortune 500 clients, and enhances capabilities in medical, healthcare, defense, and industrial sectors. Altek had revenues of $37.2 million in 2023. David Altschuler continues as CEO of Altek Electronics.
• BoeingcoreStrategic or Co-development PartnerSecured production contract with Boeing for aerospace manufacturing. Long-term manufacturing relationship for aerospace components.
• ThalescoreStrategic or Co-development PartnerSecured long-term avionics manufacturing award from Thales. Received Thales Global Best Supplier Award. Deep partnership for aerospace electronics manufacturing.
• Honeywell AerospacecoreStrategic or Co-development PartnerAwarded Supplier Excellence Award from Honeywell Aerospace. Multi-million dollar contract awarded in 2022. Long-term aerospace manufacturing partnership.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Regional players

• Tata Advanced Systems: Indian aerospace and defense manufacturing arm of Tata Group, serving Boeing, Lockheed Martin, and Airbus. Competes for similar Indian aerospace manufacturing programs, particularly with government and large OEM customers.
• Aequs: Indian aerospace, toys, and consumer goods contract manufacturer with dedicated aero component facilities in Karnataka. Comparable in India-based aerospace contract manufacturing and Mysuru/Bangalore presence.
• Dynamatic Technologies: Indian precision aerospace and automotive component manufacturer. Comparable in aerospace-tier supplier status and precision manufacturing for global OEMs, though heavier on mechanical than electronics.

Broad incumbents

• Flex Ltd: Global EMS incumbent with broad multi-vertical exposure. Represents the global-scale benchmark for EMS economics and a competitor for large aerospace and medical OEM contracts.
• Bharat Electronics (BEL): India's state-owned defense electronics leader and a recognized Cyient DLM partner. Operates as a broad incumbent in the same Indian defense electronics space, with much larger scale and government customer base.
• Jabil Inc: Global tier-1 EMS company with extensive aerospace, defense, and healthcare manufacturing capabilities. Broad incumbent that competes for similar high-mix, safety-critical programs.

Direct peers

• Syrma SGS Technology: Indian listed EMS company with design-led manufacturing capabilities serving aerospace, defense, medical, and industrial customers. Most directly comparable Indian EMS peer with overlapping capabilities in PCBA, box-build, and ODM.
• Avalon Technologies: Indian EMS company providing end-to-end electronic manufacturing services including design, PCBA, cable assemblies, and box-builds. Closely aligned EMS business model and customer verticals.
• VVDN Technologies: Indian EMS/ODM company with design-led manufacturing across telecom, networking, automotive, and industrial segments. Comparable in providing integrated product design plus manufacturing services.
• Centum Electronics: Indian aerospace and defense electronics manufacturer with PCBA, microelectronics, and systems integration capabilities. Directly comparable in aerospace/defense vertical and contract manufacturing model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/cyient-dlm-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cyient DLM