Analysts/Institutional Investor Meet/Con. Call Updates

28 October 2026 BSE Limited National Stock Exchange of India Ltd PJ Towers, 25th Floor, Exchange Plaza, Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai 400 001. Mumbai-400 051. Scrip Code: 532175 Scrip Code: CYIENT Dear Sir/ Madam, Sub: Transcript of Q2 FY27 Results Conference Call Please find enclosed the transcript for the Q2 FY27 results’ conference call conducted after the meeting of Board of Directors held on 22 October 2026. This is for your information and records. Thanking you For Cyient limited Ravi Kumar Nukala Dy. Company Secretary Cyient Ltd. 4th Floor, A Wing, 11 Software CIN: L72200TG1991PLC013134 Units Layout, Madhapur www.cyient.com Hyderabad -500 081 Company.secretary@cyient.com India T +91 40 6764 1000 F +91 40 2311 0352 “Cyient Limited Q2 FY2027 Results Conference Call” October 22, 2026 Management: Mr. Krishna Bodanapu - Executive Vice-Chairman & Managing Director Mr. Sukamal Banerjee - Executive Director & Chief Executive Officer Mr. Shrinivas Kulkarni - Chief Financial Officer Page 1 of 19 Cyient Limited October 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Cyient Limited’s Q2 FY2027 results conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Please note that this call is being recorded. I now hand over the conference to Mr. Krishna Bodanapu, Executive Vice Chairman and Managing Director. Thank you and over to you, Sir. Krishna Bodanapu: Thank you very much and good evening ladies and gentlemen. Welcome to Cyient Limited’s earnings call for Q2 of FY2027. I am Krishna Bodanapu, Executive Vice- Chairman & Managing Director, and present with me on this call are Sukamal Banerjee, Executive Director & CEO, and Shrinivas Kulkarni, Chief Financial Officer. I would like to mention that some of the statements made in today’s discussions may be forward-looking in nature and may involve risks and uncertainties. A detailed statement in this regard is available in our investor update and has been e-mailed to you and is also posted on our corporate website. This call will be accompanied by an earnings call presentation, the details of which have already been shared with you. We are reporting group performance under four segments DET, DLM, Semiconductors and others. The focus of this call, as always, will remain the DET segment, and the group numbers will include performance of all four segments. I will start with a brief update of our Semiconductor business and our DLM business before Sukamal and Shrini walk you through DET’s performance. Firstly, I would like to take a minute to give you a bit of background on the Semiconductor business and how we work there. Cyient Semiconductors operates through two businesses the first is our custom ASIC business where we take a customer’s requirement for a chip from specification to silicon and then supply it in production in volumes. These programs give us long-term customer relationships and the designs that carry into volume supply, which means that there is an annuity-based revenue stream. The second and very important for our long-term strategy is our product or ASSP strategy in business. Here we develop our own chips and sell them to multiple customers so the IP is fully owned and reusable by Cyient. This includes the low voltage portfolio that we acquired through the acquisition of Kinetic Technologies and on the high voltage products we are now developing. Applications include AI, data centers, industrial and automotive. The quarterly performance for the business was very strong. Revenue for the quarter was $19.3 million, which was up 8% quarter-on-quarter. This is our sixth consecutive quarter of sequential growth, a record we are proud of, and one that reflects the breadth of our portfolio. Order momentum remains healthy, and order intake on our custom ASIC business is up more than 50% compared to last quarter. EBIT margin improved against previous quarter even as we kept funding R&D, talent and go-to-market much ahead of the revenue curve. The EBIT loss this quarter reflects entirely our investment in product R&D. Excluding this investment, the core business is generating money at an EBIT level and is self-sustaining. These are deliberate choices that lay the foundation for a Company of Page 2 of 19 Cyient Limited October 22, 2026 meaningful scale, and we will continue to make them in line with our strategy. In our custom ASIC, we closed large turnkey projects and have a very healthy pipeline in excess of $100 million. Our power product business or ASSP, which is central to our long-term strategy, we continue to invest in product development for the high voltage and low voltage. Our process wafers and probe test flows have been qualified and we are working with the leading ecosystem partners to lock specifications ahead of our first customer samples, which will happen towards the end of this year or early next year. Let me give you a brief outlook of what is happening in the semiconductor industry. The industry is in a strong demand cycle, driven by AI, but supply is tight. Foundries are running at full utilization and capacity is constrained across the ecosystem, which is leading to higher wafer prices and longer planning cycles. We expect this to continue to weigh on our margin in the immediate term. The shortage and rising cost of memory is also affecting end demand in consumer and edge AI applications, which are our focus areas. As a result, we expect some softening in the pace of growth in the coming quarters, though we are quite confident that the growth demand remains strong and that the markets will continue to support our strength. In DLM, we delivered another very strong quarter, supported by sustained order momentum and disciplined execution. The business has maintained positive orderbook momentum for six consecutive quarters, with book-to-bill ratio in excess of 1.6 times. The order book surpassed the record level achieved in the previous quarter and is highest it has ever been. Revenue grew more than 26% year-on-year in INR and we continue to meet customer requirements despite supply chain shortages, longer lead times and geopolitical uncertainty. DLM has significantly strengthened its sales leadership and continues to invest in strategic capabilities and operating foundation to support the next phase of growth. While these investments have a near-term impact on margin, they are important in building a scalable, sustainable, and stronger business. The focus firmly remains on profitable growth, operating leverage, and sustainable margin improvement over the medium to long term. Looking ahead, the structural drivers across DLM’s target markets continue to remain very favorable, including rising electronic content, growing AI infrastructure demand, global supply chain diversification, and broader outsourcing trends. With our differentiated design- led manufacturing model, strong customer relationships, and expanding execution capabilities, Cyient DLM is very well positioned to capitalize on these opportunities and overall we delivered a very strong first half with revenue more than 30% over the first half of last year and we enter the second half of the year with a very strong order book, a robust pipeline, and a very strong and motivated sales force that will continue to deliver into the future. The Board also took cognizance of the cash generation and the strong operating performance, and we will continue this momentum into Q3 and into the rest of the year. Our Page 3 of 19 Cyient Limited October 22, 2026 approach to capital allocation, as you know, remains balanced and disciplined. We will prioritize investments that drive long-term growth, keep financial flexibility to pursue strategic acquisitions where they make sense, and will continue to pay dividends in line with our policy. Consistent with this, I am pleased to share [Showing first 8,000 characters — download PDF for full document]