CWD Limited - Business Update for Q3FY26

CWD Limited has announced the business update on the operational performance of the company for the quarter and nine months ended December 31, 2025.

Business Update - Q3 FY26

Strong Execution Driving Accelerated Scale-Up CWD Limited continued its strong growth momentum during Q3 FY26, supported by accelerated execution across key business verticals, ongoing capacity expansion, and improving operating leverage.

Q3 FY26 Highlights

1. Robust Revenue Growth

- Revenue from operations for Q3 FY26 stood at approximately ₹41 crore
- The quarter witnessed strong sequential acceleration, driven by higher execution in the Soundbox and IoT solutions businesses
- Improved capacity utilization and faster order book conversion supported the revenue ramp-up

2. Strong 9M FY26 Performance

- Cumulative revenue for 9M FY26 stood at approximately ₹81 crore, as compared to ₹33 crores of revenue for FY25

Performance was driven by:

- Continued scaling of the Soundbox (Fintech) vertical
- Progress in CNIC (Smart Meter Communication) execution
- Initial contributions from WMS and bespoke IoT solutions

3. Capacity Expansion Supporting Growth

- The Company commissioned its new integrated manufacturing facility during the year, enabling:

- Approximately 3.7x expansion in manufacturing capacity

- Daily soundbox production capacity of up to 15,000 units, with further scalability through additional shifts

- The expanded facility is expected to enhance execution capabilities, cost fficiencies, and operating leverage

4. Order Book & Execution Visibility

The Company continues to maintain a strong executable order book exceeding ₹200 crore, providing clear revenue visibility over the next 12-18 months

Key drivers include:

- Soundbox orders from leading fintech players
- CNIC orders linked to the national smart metering rollout
- WMS deployments with large enterprise customers
- New verticals expected to begin contributing from FY27

Outlook - Q4 FY26 and Beyond

Q4 FY26 revenue is expected to be higher than Q3, driven by:

- Full operationalization of the new manufacturing facility
- Accelerated execution of high-margin orders
- Improved product mix across Soundbox, CNIC, and WMS segments

Management expects H2 FY26 to be materially stronger than H1 FY26, supported by:

- Full-capacity utilization, Operating leverage benefits, Reduction in material costs through direct OEM sourcing

Strategic Focus Areas

- Strengthening leadership position in payment soundboxes and allied SaaS platforms

- Scaling CNIC execution as the smart meter rollout transitions from tendering to execution

- Expanding WMS and bespoke IoT deployments across multiple states and enterprise customers

- Development of new product categories aligned with the Company's core strengths in design and manufacturing

- Continued focus on margin expansion through backward integration and sourcing optimization

The above information is subject to limited review / audit by the Statutory Auditors of the Company.

Shares of CWD Limited was last trading in BSE at Rs. 382.50 as compared to the previous close of Rs. 425.00. The total number of shares traded during the day was 24500 in over 47 trades.

The stock hit an intraday high of Rs. 406.00 and intraday low of 382.50. The net turnover during the day was Rs. 9451425.00.

Source : Equity Bulls

Keywords

INE0H8H01019 CWD ConsumerElectronics PerformanceUpdate