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.
| ₹ 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) |
| ₹ 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 82,027 | 39.0 | 15.23 | 31.7 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 69,726 | 42.7 | 7.36 | 26.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,564 | 75.6 | 5.11 | 36.5 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,718 | 35.1 | 2.82 | 18.9 | 6.8 | 8.3 | — | 15.5 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · CWD Limited Notice of 10th AGM on September 30, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · Book Closure for 10th AGM from Sep 23 to Sep 29, 2026 | compliance | minimal | — | — |
| 7 Sept 2026 · CWD Limited FY26 Annual Report and 10th AGM Notice | board shareholder meetings | low | — | — |
| 7 Sept 2026 · CWD Limited 10th AGM scheduled on September 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · CWD Limited re-appoints Pravin Kharwa as Independent Director for 5 years | management changes | medium | — | — |
| 25 Aug 2026 · CWD Limited appoints new Internal Auditor for FY26-27 | management changes | medium | — | — |
| 25 Aug 2026 · CWD allots shares on warrant conversion; board approves Rs 150 Cr RPT limit | fund raising | high | — | — |
| 25 Aug 2026 · CWD board approves director re-appointment, warrant conversion and AGM items | management changes | medium | — | — |
| 6 Aug 2026 · CWD wins Rs 87.53 Cr order from India Post Payments Bank | business updates | high | — | — |
| 22 Jul 2026 · Allotment of equity shares on conversion of warrants plus bonus issue | fund raising | medium | — | — |
| 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 |
| CWD Limited ◆ |
| 688 |
| 16.2 |
| — |
| — |
| — |
| 13.8 |
| — |
| — |
| FOCUS LIGHTG & FIXTRS LTD | 418 | 72.1 | 2.85 | 22.8 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 292 | 32.4 | 4.09 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 240 | 8.8 | 0.83 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.2 | 32.2 | 4 of 12 | 73% |
| ROCE | 13.8 | 9.8 | 5 of 14 | 69% |
| Revenue growth | 560.7 | 33.3 | 2 of 13 | 92% |
| Market cap | 688 | 266 | 5 of 14 | 69% |
| 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 |
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