Target: ₹1,350CMP: ₹1,052.45Cyient has repositioned itself from a traditional ER&D vendor selling design capacity to an IP-led intelligent engineering platform that monetises the full asset lifecycle, with value creation now spread across three pillars: the core DET services business, the 52 per cent-owned DLM franchise and the recently constructed semiconductor vertical.Within DET, growth will be led by transportation (aero MRO and aftermarket), connectivity (network modernisation and autonomous networks) and the strategic growth cluster (nuclear, data centre, process industries, med tech), supported by unification of eight business units into three clusters, a rebuilt large-deal engine carrying a record $300-million qualified pipeline across nine deals, higher S&M intensity and four new regions.The TAO acquisition, to be integrated in Q3, brings CIO/CTO access and platform engineering capability and adds about $20 million to FY27E revenue; we model about 2 per cent organic USD growth in FY27E, about 6 per cent in FY28E and mid-to-high single-digit growth in FY28/29E, with only gradual margin expansion from the current 13.2 per cent EBIT toward the 15 per cent-plus structural aspiration. Semiconductors are the optionality: the 74 per cent Kinetic acquisition and an analogue-and-power roadmap underpin a 4x revenue ambition; we build in a more conservative 22 per cent CAGR, arriving at a target price of ₹1,350, or 17x June-2028E EPS. Maintain ADD.Published on August 27, 2026