Investor Presentation - First Half Year F.Y. 2025 - 2026
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CWD Ltd reported a blockbuster H1 FY26, with revenue jumping 511% YoY to ₹40 Cr from ₹6.6 Cr, driven by scale-up in the soundbox business. The company swung to a profit of ₹4.2 Cr versus a loss of ₹1.8 Cr in H1 FY25, with PAT margin expanding to 10.5% and EBITDA margin reaching 18.4%. It has a strong executable order book of over ₹200 Cr, including a ₹172 Cr soundbox order book (2.1 million units, PhonePe as flagship customer), 1 million CNIC smart meter orders worth ~₹45 Cr via CyanConnode, and a 15,000-unit WMS order from Jio. Manufacturing capacity has been tripled — facility expanded from 15,000 to 55,000 sq ft, with soundbox daily capacity rising from 5,000 to 15,000 units. Management guides for materially stronger H2FY26, with soundbox revenue expected at ₹18–19 Cr per month on full-capacity utilisation and direct OEM sourcing set to drive further margin expansion in H2 and FY27.
Strong execution and large order pipeline signal significant revenue visibility over the next 12–18 months, while the bonus issue (4:1) and mainboard listing migration could improve liquidity and attract broader investor interest. Margin expansion guidance from OEM sourcing and operating leverage is a positive catalyst, though the sharp rise in working capital (debtor days and inventory) warrants monitoring.