CWD revenue surges 343% to ₹145.8 crore in FY26

CWD Limited reported a 343% year-on-year surge in revenue from operations to ₹145.8 crore in FY26, driven by strong demand for its Fintech and IoT solutions. Profit after tax for the financial year increased 391% to ₹12.3 crore, compared to ₹2.5 crore in the previous year. The company’s EBITDA stood at ₹23.3 crore, reflecting a 226% growth, with an EBITDA margin of 16.0%.

The company’s performance in the second half of FY26 was particularly robust, with H2 revenue reaching ₹105.8 crore, a 302% increase over the same period in FY25. PAT for H2 FY26 was ₹8.0 crore, up 84% year-on-year. This growth was supported by a significant expansion in manufacturing capabilities and a diversified product portfolio.

Financial Performance

The income statement highlights a sharp rise in operational scale, although margins faced pressure due to increased material costs. Total operating expenses for FY26 rose to ₹122.6 crore from ₹25.8 crore in FY25. The company issued bonus shares in the ratio of 4:1 in January 2026, which impacted the EPS calculation.

₹ crores unless otherwise mentioned	H2 FY26	H2 FY25	YoY Change (%)	FY26	FY25	YoY Change (%)
Revenue from operations	105.8	26.3	302%	145.8	32.9	343%
EBITDA	15.7	7.1	121%	23.3	7.1	226%
Profit after tax	8.0	4.3	84%	12.3	2.5	391%
EPS (₹)	3.2	4.1	-21%	5.0	1.1	350%

Business Segments and Expansion

CWD operates across four key verticals: Fintech, Smart Meters, Agri Tech, and Bespoke IoT. The Fintech segment, focusing on payment sound boxes, has established the company as a leading manufacturer for clients like PhonePe and Sriram Finance. The company has also developed an industry-first ad platform to shift towards a SaaS and recurring revenue model.

To support this growth, CWD expanded its manufacturing footprint in Mysore from 15,000 sq.ft to 55,000 sq.ft, increasing daily production capacity from 5,000 to 15,000 units. The new facility includes two SMT lines, six assembly lines, and 11 injection molding machines, with a workforce projected to grow to 500 employees.

Balance Sheet Highlights

The company’s assets have grown substantially, with cash and investments rising to ₹57.4 crore in FY26 from ₹27.3 crore in FY25. Inventories increased to ₹54.1 crore, reflecting the scaling up of operations to meet higher demand. Shareholder's funds stood at ₹113.7 crore at the end of FY26.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.32%	+2.75%	+3.40%	-21.69%	+40.38%	+799.78%

CWD Limited reported a net profit of ₹12 crore for the financial year ended March 31, 2026, a 391% increase from ₹3 crore in the previous year. Revenue from operations surged to ₹151 crore in FY26, compared to ₹34 crore in FY25. The Board of Directors approved the audited standalone and consolidated financial results for the half-year and year ended March 31, 2026, during a meeting held on May 29, 2026. The company attributed the robust performance to rapid scale-up in soundbox deployments, increasing traction in smart infrastructure opportunities, and expanding execution across IoT-led business segments.

Financial Performance

The standalone financial results highlight a robust turnaround in profitability. Key metrics for the year ended March 31, 2026, include:

Particulars (₹ in crore)	FY26	FY25	YoY (%)
Revenue from operations	151	34	346%
EBITDA	28	8	251%
Profit before tax	20	3	467%
Net profit	12	3	391%

On a consolidated basis, the company reported a net profit of ₹111.17 crore for FY26, up from ₹25.08 crore in the previous year. Consolidated revenue from operations stood at ₹1,418.38 crore. The statutory auditor, D G M S & Co., issued an unmodified opinion on the financial results.

H2 Performance Highlights

CWD Limited's second-half performance reflects strong revenue momentum on a year-on-year basis. Revenue for H2FY26 stood at ₹110 crore, a 308% increase from ₹27 crore in H2FY25. Sequentially, revenue grew 167% over H1FY26. Net profit for H2FY26 was ₹8 crore, an 84% YoY growth, while EBITDA stood at ₹20 crore, up 158% YoY.

Capacity Expansion and Operational Highlights

CWD Limited has significantly expanded its manufacturing footprint from 15,000 sq. ft. to 55,000 sq. ft., resulting in a ~3.7x increase in installed production capacity. The integrated facility incorporates high-speed SMT lines, in-house plastic moulding, and end-to-end assembly capabilities. The expanded infrastructure is expected to enhance production throughput from FY27 onwards, with utilized capacity for soundbox manufacturing projected to increase from approximately 1.5 lakh units per month to nearly 2.5 lakh units per month.

The company has secured an order for approximately 1 million CNIC communication units (~₹45 crore). Additionally, CWD Limited received an order for 40,000 Weather Monitoring Systems (WMS) from Jio, highlighting its growing expertise in IoT-enabled climate intelligence and precision agriculture solutions. The company is also expanding into the walkie-talkie segment through a partnership with a leading global player.

FY27 Outlook

Taking into consideration the ongoing capacity expansion and ramp-up in manufacturing, CWD Limited could potentially achieve a quarterly revenue run-rate of approximately ₹95-100 crore during FY27 as the expanded manufacturing infrastructure reaches higher utilization levels.