Cyient shares tumbled 20.18% to ₹1,401.05 by 1:53 PM, reacting to weak Q3 results and the unexpected resignation of the CEO.
Karthikeyan Natarajan resigned as CEO less than two years into his term. Krishna Bodanapu steps in as interim CEO.
Q3 FY25 saw DET revenue grow 2.1% QoQ but shrink 0.8% YoY. PAT dropped 28.3% YoY, disappointing market expectations.
Cyient revised FY25 revenue guidance to a 2.7% contraction, and EBIT margin guidance for Q4 was reduced from 16% to 13.5%.
Order intake hit $312.3 million, with 13 major deals contributing $234.5 million. Management sees this as a silver lining.
While Aerospace and Connectivity boosted DET, Sustainability continued its downward trend for the third consecutive quarter.
Management aims for a 16% EBIT margin in FY26, driven by a strong order book and improving demand in key verticals.