Cyient DLM Expands North American Footprint with Altek Electronics Acquisition

1) Knowledge Marine & Engineering Works Limited

• Business Overview – Founded in 2015, KMEW is involved in owning and operating marine crafts, providing dredging, repair, and maintenance services. It has grown into a key player in India’s marine engineering sector, serving major clients like the Ministry of External Affairs and several port trusts.
• Recent Filings – KMEW has secured a contract worth INR 17.77 Cr. from Dredging Corporation of India Limited for 3 years of maintenance dredging and its first-ever salvaging work at Kandla Port. This milestone expands its expertise and strengthens its position in complex marine projects. The company will use its existing fleet, including a dredger, to optimize capex, reduce operational costs, and streamline project execution, reflecting its focus on resource management.
• Outlook –
  • 95 % cent of Indian foreign trade volume through ports, a huge potential for dredging and ship repair services
  • Prevailing market practice of client providing long term contracts, opens room for greater viability of revenue.
  • Dredging activity has huge potential in India with large number of dams/ lakes in India.
• 2Y Price Chart –

2) Solex Energy Limited

• Business Overview – Founded in 1995, Solex Energy Limited is a prominent leader in renewable energy solutions. SOLEX is renowned for producing high-end photovoltaic modules at competitive prices and offering comprehensive EPC services.
• Recent Filings – Company has secured work order worth ₹7.67 crore from District Panchayat Raj Officer, Madhepura, accounting for 2.09% of the company’s total revenue. It involves Comprehensive Maintenance Contract (CMS for 5 years) including Remote Monitoring System (RMS) of Smart Solar Street Light System. This will strengthen the company’s recurring revenue stream, enhancing long-term stability with investors and clients.
• Outlook –
  • Expansion in existing infrastructure by installing an additional manufacturing line capable of producing 800 MW of Solar PV Modules, effectively scaling the capacity to 1.5 GW by H1’FY25.
  • Expansion with additional infrastructure, aiming to reach a total production capacity of 4.0-4.5 GW, which involves ramping up the Manufacturing Facility by an additional 2.5 GW.
• 2Y Price Chart –

3) Cyient DLM Limited

• Business Overview – Cyient DLM is a key player in electronics system design and manufacturing, serving OEMs in aerospace, defense, and high-tech sectors. It provides system design, integration, testing, and manufacturing services to customers in India, Europe, North America, China, and Japan.
• Recent Filings – Company has acquired Altek Electronics, a US-based EMS manufacturer, to expand its North American presence. This acquisition strengthens Cyient’s capabilities in the Medical, Industrial, and Defense sectors, adding strategic clients and increasing its manufacturing capacity by 80,000 sq. ft. This move is expected to boost revenue growth and enhance its market positioning.
• Outlook –
  • Company is expanding into new regions, particularly North America and EMEA, with strategic acquisitions and growing ITAR capability for US defense​
  • Expansion of manufacturing capacity with new facilities in Mysuru and Bengaluru will drive future growth
  • Company is targeting new sectors such as electric vehicles and energy, which complement its current high-value segments​
• Price Chart since listing –

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