BSE: 543378
CWD Limited
Manufactures hardware devices including SoundBox payment confirmation units for fintech customers, CNIC smart-meter communication modules, WMS wireless devices, and broader IoT products. FY26 revenue stood at ₹141.84 crore, up 331% YoY, supported by execution in fintech soundboxes, smart metering, and enterprise WMS. In January 2026, commissioned a Mysuru manufacturing facility equipped with 2 high-speed fully automated SMT lines with 3D AOI, expanding daily production capacity by 3.7x. The order book spans SoundBox, CNIC, WMS, and IoT verticals, giving 12-18 months of revenue visibility, alongside new initiatives including a walkie-talkie partnership, an MoU with a global enterprise software company to integrate SoundBox and other devices into its ecosystem, and entry into Africa via a global payment network partnership. Materials account for 84.4% of revenue, the dominant cost, with direct OEM sourcing planned to ease this in FY27. ROCE was 17.985% in FY26 and capex was 23.9% of revenue at ₹33.964 crore. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. SoundBox (fintech payment devices), CNIC smart metering modules, WMS devices, IoT and smart infrastructure. Asset-light assembly of consumer electronics and IoT hardware, scaling manufacturing capacity sharply.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 15 | 23 | 21 | 33 | 142 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 9.15 | 5.97 | 3.14 | 6.61 | 5.19 |
| ROE % · ROCE % | — · 21.9 | — · 13.8 | — · 8.2 | — · 10.1 | — · 18.0 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 3 | (3) | (5) | 3 | (48) |
| Capex | — | — | — | (3) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9 | 14 | 6 | 15 | 7 | 26 | 40 | 102 |
| Profit before tax | 2 | 1 | (3) | 4 | (2) | 5 | 6 | 12 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 3.86 | 2.11 | (7.00) | 10.14 | (5.05) | 11.41 | 9.71 | 3.11 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 69,349 | 33.0 | 12.87 | 26.8 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 64,354 | 39.4 | 6.80 | 24.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,336 | 74.5 | 5.03 | 36.0 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,269 | 25.9 | 2.08 | 14.0 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited ◆ | 589 | 13.8 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 350 | 60.5 | 2.39 | 19.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 285 | 31.6 | 3.98 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 236 | 8.6 | 0.82 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 31.6 | 3 of 11 | 80% |
| ROCE | 13.8 | 8.3 | 4 of 13 | 75% |
| Revenue growth | 560.7 | 33.3 | 2 of 13 | 92% |
| Market cap | 589 | 261 | 5 of 14 | 69% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · CWD appoints Muskan Kachhawaha as Company Secretary | management changes | medium | — | — |
| 24 Oct 2026 · CWD appoints Muskan Kachhawaha as Company Secretary and Compliance Officer | management changes | medium | — | — |
| 14 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · CWD Ltd AGM: All 5 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 5 Oct 2026 · CWD Limited allots shares on full conversion of warrants and bonus issue | fund raising | high | — | — |
| 5 Oct 2026 · CWD Limited allots shares on warrant conversion and 4:1 bonus issue | corporate actions | high | — | — |
| 30 Sept 2026 · CWD Limited 10th AGM proceedings held September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Sept 2026 · CWD allots shares on warrant conversion and 4:1 bonus | corporate actions | high | — | — |
| 25 Sept 2026 · CWD allots shares via warrant conversion and 4:1 bonus | corporate actions | high | — | — |
| 8 Sept 2026 · CWD Limited Notice of 10th AGM on September 30, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.