Cwd Ltd

BSE: 543378

₹ 269-4.07%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 663 crWebsite: www.cwdin.comUpdated: 24 Oct 2026

About

Cwd Ltd designs and manufactures connected electronics: payment soundboxes, smart meter communication modules (CNIC), WMS devices and bespoke IoT products, from a factory in Mysore. It reported FY26 revenue of 141.84 crore. Soundboxes were the main growth driver in 9M FY26, and the company has since added walkie-talkies.^[1][2][3]

Business lines

The Soundbox (fintech) vertical was the main growth driver in 9M FY26. CNIC smart meter communication execution moved forward, and WMS and bespoke IoT made their first contributions.^[3]
FY26 growth came from soundbox, smart infrastructure and IoT businesses.^[2]
The company entered the walkie-talkie segment, as stated in the Q4 FY26 call.^[2]

Manufacturing capacity

The Mysore factory grew from 15,000 sq ft to 55,000 sq ft, raising production capacity about 3.7x across soundboxes, communication modules, WMS and IoT devices (FY26).^[2]
Daily soundbox capacity rose to 15k units in FY26, up from 5k.^[2][4]
The new integrated facility has been operational since 1 Jan 2026. Output can go above 15,000 soundboxes a day with extra shifts.^[3]
Capex was ₹15.2 Cr in H1FY26.^[4]

Order book

The executable order book was above ₹200 crore in Q3 FY26, giving 12-18 months of revenue visibility across soundbox, CNIC and WMS orders.^[3]
Soundbox order book stood at ₹172 Cr (2.1 mn units) in H1FY26, of which ₹37.6 Cr had been delivered.^[4]
Inventory stood at 170 days in FY26.^[2]

Customers and orders

CyanConnode placed a confirmed order for 1 mn CNIC smart meter units worth ₹43-45 Cr. It was at the certification stage in H1FY26.^[4]
Jio placed a 15,000-unit WMS order (₹9.25 Cr, Phase 1). It was at the pilot stage in H1FY26.^[4]
In Q4 FY26 the company reported a 25,000-unit WMS order, plus a commitment for 15,000 more units, for its agri-tech IoT portfolio.^[2]

Expansion plans

Soundbox capacity is planned to rise from about 1.5 lakh to about 2.5 lakh units a month for FY27.^[2]
The company targets FY27 revenue of ₹380-400 cr.^[2]
The company plans to cut material costs by sourcing directly from OEMs in FY27.^[2]
The company is pursuing international expansion in digital payments, smart infrastructure and SaaS.^[2]
The company plans to expand WMS and bespoke IoT deployments across multiple states and enterprise customers.^[3]

Recent developments

In the Q2 FY26 call, the company announced a 4:1 bonus issue and a planned move to mainboard listing.^[4]
The FY26 annual report seeks shareholder approval for related-party transactions with subsidiaries of up to Rs. 150 crore a year from FY2026-27. These are proposed limits, not actual transactions.^[5]

Market Cap

₹663 Cr

High / Low

₹425 / 254

Stock P/E

53.9

Price / Book

13.6

Book Value

₹53

EPS

₹5.0

No. of Shares

2.14 Cr

ROCE

19.0%

ROE

14.2%

OPM

15.9%

Debt / Equity

0.71

Sales

₹142 Cr

Net Profit

₹11 Cr

Promoter holding

54.1%

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