Indian IPO and Research Report: post #15906 — TG.ME

MORGAN STANLEY ON CYIENT

Target ₹820

Recommendation Underweight

KEY TAKEAWAYS

Execution remains key to medium-term aspirations

Cyient laid out plans for increasing annuity-based revenue, leading to higher predictability in the business

A large addressable market can open up for a company willing to own outcomes rather than sell capacity

Like the changes being talked about and initiatives being taken to transform the business
August 26, 2026 71