CWDShare price, financial results, shareholding and management
- Market cap
- ₹620 cr
- Stock P/E
- 58.1peers 24.4
- Book value
- ₹48.3
- Price to book
- 5.49
- EV / operating profit
- -
- Market cap to sales
- 4.37
- ROCE · FY26
- 17.9%
- ROE · FY26
- 12.4%
- ROE, 3-year average
- 7.5%
- Operating margin · FY26
- 15.4%peers 13.4%
- Sales growth, 3 years
- 84.1%
- Profit growth, 3 years
- 70.6%
- Debt to equity
- 0.71peers 0.31
- Borrowings
- ₹80 cr
- Interest cover
- 4.3×
- Cash from business / op. profit
- -220%
- Debtor days
- 91
- Pledged
- 0.00%
- Promoter holding
- 54.10%
- Change in promoter holding
- -1.70 pts
- Shareholders
- 1,256
- 52-week high / low
- ₹425 / ₹248
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
CWD share price chart
Close on 6 Nov 2026 · +0.44% on the day · Vol 5,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -8.6%
- 3 months
- -16.5%
- 6 months
- -13.0%
- 1 year
- -18.2%
- Traded a day, 20 days
- ₹0.44 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +331% | +325% |
| 3 years, a year | +84% | +71% |
| Latest half, H2 FY26 | +286% | +46% |
About CWD: business, products and customers
CWD designs and makes small wireless electronic devices, mainly the payment soundboxes that read out UPI payments in shops, along with communication cards for smart electricity meters. Its shares trade on BSE SME.
CWD, short for Connected Wireless Devices, was founded in Mumbai in 2016 and designs its products in-house, then builds them at its own factory in Mysuru, Karnataka. Its largest product is the payment soundbox that announces UPI payments for shopkeepers; it also makes communication cards that let smart electricity meters report to utilities, weather monitoring stations, trackers and, from FY26, walkie-talkies. The shares listed on BSE SME in October 2021.
CWD designs a device to a customer's need and then makes it in volume, so most of its cost is bought-in chips, modules and plastics: materials took about 80% of FY26 revenue (our arithmetic), and the EBITDA margin fell as soundbox and card volumes rose. Two things lift reported profit: about ₹5.0 cr of other income, and development salaries that are capitalised into intangible assets rather than expensed, which is why employee costs fell even as the factory grew. Because it buys stock ahead of large orders and then waits to be paid, growth used cash in FY26, and bank borrowing and new shares paid for it.
Read more about the business
The investor presentation names PhonePe as the fintech for which CWD is the chosen design and manufacturing partner, and lists Sriram Finance, PayNearBy, AirPay and Bajaj Finance for soundboxes; CyanConnode is its partner for smart meter cards and Reliance Jio has ordered weather stations. The annual report names no competitors; it describes them as Indian and international OEM and ODM makers and fintech companies that build devices in-house.
In consortium with Digismart Network, CWD holds a letter of award from Goa's electricity department to design, build, finance, own, operate and transfer about 9 lakh smart prepaid meters over a ten year model, so the meters are paid for upfront and earn back over years. It formed a 51% subsidiary, Meshmerise Networks, in September 2025, and the annual report shows its bank facilities rated IND BB+ with a stable outlook.
From the FY26 and FY25 annual reports, the June 2026 investor presentation and the 5 October 2026 exchange announcement.
Read the deeper study ↓In its favour
- Sales have grown very fast: 84% a year over three years.
To watch
- Half-year results against the FY27 guidance of ₹380 cr to ₹400 cr revenue and ₹38 cr to ₹44 cr adjusted profit (Annual report FY26, p.57).
- The ₹13.21 cr of capitalised development cost on which the auditor says it cannot comment (Annual report FY26, p.61).
- Collection of ₹20.3 cr of receivables older than one year, and the balances the notes say are subject to confirmation (Annual report FY26, p.70 and p.71).
- How the Goa smart prepaid meter project is financed, given the extended payment and capex recovery cycles the company describes (Annual report FY26, p.53 and p.57).
- Its borrowings rose a lot last year: ₹80 cr, from ₹9 cr.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
CWD revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew more slowly than sales, so the profit kept from each rupee of sales slipped.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew more slowly than sales, so each rupee of sales left a little less profit.
CWD half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 8.96 | 13.76 | 5.57 | 15.41 | 6.56 | 26.34 | 40.05 | 101.79 |
| Expenses | 5.64 | 11.15 | 6.20 | 9.46 | 6.54 | 19.23 | 32.68 | 83.79 |
| Operating profit | 3.32 | 2.60 | -0.62 | 5.94 | 0.02 | 7.11 | 7.37 | 18 |
| OPM | 37.1% | 18.9% | -11.2% | 38.6% | 0.3% | 27.0% | 18.4% | 17.0% |
| Interest | 0.21 | 0.26 | 0.41 | 0.67 | 0.75 | 2.16 | 1.68 | 4 |
| Depreciation | 1.19 | 1.50 | 1.51 | 1.41 | 1.40 | 0.30 | 0.73 | 3 |
| Profit before tax | 1.94 | 1.03 | -2.53 | 4.13 | -1.72 | 5.16 | 6.05 | 11.64 |
| Net profit | 1.40 | 0.76 | -2.53 | 3.66 | -1.82 | 4.33 | 4.19 | 6.32 |
CWD profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 3 | 3 | 15 | 22.72 | 20.98 | 32.90 | 141.84 |
| Expenses | 2 | 2 | 10 | 16.79 | 15.66 | 25.77 | 120.03 |
| Operating profit | 1 | 1 | 5 | 5.93 | 5.32 | 7.13 | 21.81 |
| OPM | 34.0% | 41.0% | 34.0% | 26.1% | 25.4% | 21.7% | 15.4% |
| Other income | 0 | 0 | 1 | 0.20 | 0.28 | 0.92 | 4.99 |
| Interest | 0 | 0 | 0 | 0.47 | 1.08 | 2.90 | 5.48 |
| Depreciation | 0 | 0 | 1 | 2.69 | 2.92 | 1.70 | 3.46 |
| Exceptional and other items | · | · | -1 | · | · | · | · |
| Profit before tax | 1 | 1 | 4 | 2.97 | 1.60 | 3.45 | 17.85 |
| Tax rate | 0.0% | 0.0% | 25.0% | 27.6% | 29.4% | 27.2% | 40.2% |
| Net profit | 1 | 1 | 3 | 2.15 | 1.13 | 2.51 | 10.67 |
| EPS ₹ | 0.75 | 0.99 | 1.71 | 5.97 | 3.14 | 6.61 | 5.19 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY22 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
CWD profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 34.0% | 41.0% | 34.0% | 26.1% | 25.4% | 21.7% | 15.4% |
| Tax rate | 0.0% | 0.0% | 25.0% | 27.6% | 29.4% | 27.2% | 40.2% |
| ROCE | · | 21.4% | 27.6% | 13.8% | 7.8% | 11.5% | 17.9% |
| ROE | · | · | 27.3% | 10.2% | 4.4% | 5.7% | 12.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
CWD debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
CWD balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 0.33 | 3 | 4 | 4 | 4 | 4 | 22 |
| Reserves | -3 | -1 | 16 | 18 | 25 | 55 | 91 |
| Net worth | -2.67 | 2 | 20 | 22 | 29 | 59 | 113 |
| Borrowings | 6 | 4 | 3 | 5 | 13 | 9 | 80 |
| Other liabilities | 0.67 | 2 | 8 | 7 | 5 | 17 | 47 |
| Total liabilities | 4 | 8 | 31 | 34 | 47 | 85 | 240 |
| Fixed assets | 0 | 1 | 11 | 11 | 9 | 8 | 35 |
| Capital work in progress | 1 | 1 | 1 | 1 | 3 | 4 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 3 | 6 | 19 | 22 | 35 | 73 | 197 |
CWD cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | -1 | 0 | 3 | -3 | -5 | 3 | -48 |
| Cash from investing | -1 | -1 | -11 | -2 | -3 | -3 | -31 |
| Cash from financing | 2 | 1 | 13 | 1 | 12 | 22 | 109 |
| Net cash flow | 0 | 0 | 5 | -4 | 4 | 22 | 30 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 79 | 71 | 33 | 126 | 231 | 190 | 91 |
| Inventory days | 559 | 907 | 612 | 270 | 346 | 566 | 189 |
| Days payable | 194 | 383 | 167 | 42 | 45 | 378 | 117 |
| Cash conversion cycle | 444 | 595 | 479 | 354 | 532 | 378 | 163 |
| Working capital days | -11 | 50 | 34 | 156 | 217 | 209 | 63 |
CWD peers and competitors
Listed SME companies in the same industryBy sales, CWD is number 32 of the 79 listed SME companies in consumer durables.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Essen Speciality Films | 301 | - | 163 | -4 | 0.3% | 0.32 |
| Brandman Retail | 316 | 12.5 | 162 | 25.3 | 17.4% | 0.09 |
| Inflame Appliances | 169 | 28.2 | 150 | 6 | 13.0% | 0.87 |
| PNGS Gargi Fashion Jewellery | 636 | 20.5 | 149 | 31 | 27.0% | 0.09 |
| Foce India | 675 | 45.1 | 145 | 15 | 13.8% | 0.51 |
| Naman Industries Proxima | 62 | - | 143 | -2.3 | 0.9% | 0.30 |
| CWD | 620 | 58.1 | 142 | 10.7 | 15.4% | 0.71 |
| Transteel Seating Technologies | 209 | 9.5 | 139 | 22 | 24.0% | 0.27 |
| Eighty Jewellers | 46 | 4.6 | 128 | 10 | 12.0% | 0.81 |
| Arham Technologies | 427 | 35.0 | 119 | 12.2 | 16.1% | 0.27 |
| Goldkart Jewels | 175 | 49.2 | 117 | 3.6 | 6.0% | 0.60 |
| Median of the 10 others | 255 | 24.4 | 144 | 11.1 | 13.4% | 0.31 |
CWD shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
CWD shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Apr 25 | Sep 25 | Mar 26 | May 26 | Jul 26 | Aug 26 | Sep 26 | Oct 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 60.93% | 60.93% | 58.77% | 58.27% | 57.35% | 57.21% | 55.80% | 54.10% |
| Indian institutions (DIIs) | 1.03% | 1.03% | 0.29% | 0.29% | - | 0.28% | 0.68% | 0.64% |
| Number of shareholders | 821 | 800 | 956 | 961 | 966 | 968 | 1,246 | 1,256 |
CWD study: the business from its own documents
Read from 3 of the company's own documentsCWD key facts from the filings
Each figure with the document it comes from
- Soundbox order book
- ₹170 cr
- About 2.1 million soundboxes on order at March 2026 (the company gives ₹170 cr to ₹172 cr), plus about a million meter cards worth ₹43 cr to ₹45 cr.Annual report FY26, p.53
- Order after year end
- ₹45.24 cr
- Communication products for a fintech customer, to be executed within three months.Annual report FY26, p.54
- Factory floor space
- 55,000 sq ft
- Expanded from 15,000 sq ft in Mysuru during FY26, with two SMT lines, six assembly lines and eleven moulding machines.Annual report FY26, p.10 and p.12
- Cash from operations
- ₹48.4 cr outflow
- Consolidated, in FY26, as inventory, customer dues and advances grew far faster than profit.Annual report FY26, p.79
- Total borrowings
- ₹79.4 cr
- Up from ₹8.6 cr a year earlier; ₹42.4 cr of it is an overdraft against the company's own fixed deposits.Annual report FY26, p.55 and p.66
Show 5 more facts
- Capitalised development cost
- ₹13.21 cr
- Intangible assets that include capitalised salaries; the auditor says it is unable to comment on the capitalisation, without modifying its opinion.Annual report FY26, p.58 and p.61
- Other income
- ₹5.0 cr
- Against standalone profit before tax of ₹19.5 cr in FY26, about a quarter of it (our arithmetic).Annual report FY26, p.54
- Old customer dues
- ₹20.3 cr
- Receivables more than a year old out of ₹47.0 cr gross at March 2026 (our arithmetic), with ₹7.23 cr already provided as doubtful in FY25.Annual report FY26, p.70
- Deposit with a director
- ₹3.95 cr
- Deposit given to Joint Managing Director and CFO Tejas Ramniklal Kothari outstanding at March 2026, after ₹1.95 cr was given during FY26.Annual report FY26, p.72
- Promoter holding
- 58.27%
- At June 2026; each joint managing director's stake fell from 34.37% to 29.39% during FY26 as new shares and warrants went mostly to non-promoter investors.Annual report FY26, p.35, p.36, p.56 and p.65
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
In its FY26 annual report the company guides FY27 revenue of ₹380 cr to ₹400 cr, EBITDA of ₹72 cr to ₹80 cr and adjusted profit after tax of ₹38 cr to ₹44 cr. It says this leaves out the walkie-talkie business, for which it targets a quarterly revenue run-rate of ₹95 cr to ₹100 cr in FY27. The company also expects the Goa smart meter project to start adding operations and maintenance revenue once the contract is executed.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
CWD designs payment and meter electronics for a handful of large customers and makes them in its own factory, earning a thin margin on each device.
Its weak spots are dependence on a few buyers, cash tied up in stock and customer dues, and profit helped by interest income and capitalised costs.
WatchCan it set its own prices?Not much. Its buyers are large fintechs that can also build devices in-house, and its margin fell as volumes rose.
AverageHow strong is it against rivals?Its own design team and factory, and its place as PhonePe's chosen maker, help, but the company says established device makers and fintechs' own manufacturing can pressure pricing and orders.
WatchWho are its customers?A few large fintech and government customers, which the company itself calls a concentration risk.
WatchDoes it need a lot of money?Yes. Stock, customer dues and the factory took far more cash than the business made, and the Goa meter project will need money upfront.
StrongCan it keep finding new work?Orders have kept coming across soundboxes, meter cards and weather stations, and it is adding walkie-talkies and the Goa project.
WatchDo good and bad years swing a lot?Yes. Sales come in large orders, so one half of the year can be several times the other.
Who runs CWD?
Promoters, directors and officers; tap a name for the background
SSSodagudi Siddhartha XavierPromoter and Joint Managing Director · holds 29.39%
Completed computer science and engineering at Bharathiar University, Coimbatore, in 2000. Worked for about a decade at Reliance Communications as Head of Technology for the device group, and earlier built technology platforms for Globalspace Technologies and Medico Experts. On the board since 30 May 2016 and gives a personal guarantee for the company's bank loans. The annual report states Siddhartha Xavier is the brother of Aditya Xavier Sodagudi.
Annual report FY26, p.6, p.33, p.34 and p.66TRTejas Ramniklal KothariPromoter, Joint Managing Director and CFO · holds 29.39%
Holds a bachelor's degree in commerce from the University of Bombay (1992) and has over 25 years in business, including laying optic fibre cable for telecom operators, importing garment accessories and making phone accessories for CDMA handset brands. On the board since 30 May 2016 and gives a personal guarantee for the company's bank loans; Krish Impex LLP, in which Tejas Kothari is a designated partner, gives a corporate guarantee and property as security. The annual report states Tejas Kothari is the husband of Amishi Tejas Kothari.
Annual report FY26, p.33, p.34 and p.66; Annual report FY25, p.99AXAditya Xavier SodagudiWhole-time Director (Executive Director)
Head of Technology since 2016, with a degree in computer science and engineering from Jawaharlal Nehru Technological University, Hyderabad, and over a decade in software at Reliance Communications and Globalspace Technologies. Appointed whole-time director from 31 December 2025.
Annual report FY26, p.6 and p.47; Investor presentation, June 2026, p.10ATAmishi Tejas KothariNon-Executive Director
Chairs the stakeholders relationship committee and sits on the nomination and remuneration committee.
Annual report FY26, p.30PBPravin Bansilal KharwaIndependent Director
A chartered accountant since November 1998 with a commerce degree from the University of Bombay and more than two decades in statutory and internal audit. On the board since 19 March 2021, reappointed for a second term to 18 March 2031, and chairs the audit committee.
Annual report FY26, p.30, p.32 and p.38HBHimani BhootraIndependent Director
Member of the audit, nomination and remuneration, and stakeholders relationship committees.
Annual report FY26, p.30PSPratima Shrikant BajajCompany Secretary and Compliance Officer (until 1 March 2026)
Resigned with effect from 1 March 2026. In FY25 BSE levied penalties of ₹1.14 lakh because the company had not appointed a qualified company secretary within three months of an earlier vacancy.
Annual report FY26, p.38 and p.47; Annual report FY25, p.35CWD latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹102 cr (+286%), net profit ₹6.3 cr (+46%) on H2 FY25.
- Shareholding, 31 Oct 2026: promoters 55.80% to 54.10%.
CWD announcements
5 on record, latest first; each opens the filing on the exchange
- AGM/EGMScrutinizer''s Report & Voting Results of 10th Annual General Meeting (AGM)PDF ↗
- Company UpdateAllotment of Equity Shares pursuant to conversion of warrantsPDF ↗
- OthersOutcome of Board Meeting dated October 05, 2026PDF ↗
- AGM/EGMProceedings of 10th Annual General MeetingPDF ↗
- Insider Trading / SASTIntimation for Closure of Trading WindowPDF ↗
CWD annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
CWD share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBonus issue 4:1ex-date 2 Jan 2026
Checks we ran on CWD's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iBonus issue with ex-date 2 Jan 2026: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,33,93,075 shares).
- !The FY26 results imply 2,20,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹1.71) and FY23 (₹5.97) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about CWD
What does CWD do?
CWD designs and makes small wireless electronic devices, mainly the payment soundboxes that read out UPI payments in shops, along with communication cards for smart electricity meters. Its shares trade on BSE SME.
What is the share price of CWD?
₹265 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of CWD?
₹620 cr at the close on 6 Nov 2026, on 2,33,93,075 shares.
What is the P/E of CWD?
58.1 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are CWD's revenue and profit?
Revenue ₹142 cr and profit after tax ₹11 cr in FY26.
Who are the promoters of CWD?
Sodagudi Siddhartha Xavier, Tejas Ramniklal Kothari; promoters held 54.10% at 31 Oct 2026.
What is CWD's website?
www.cwdin.com
More SME companies like CWD
Other listed SME companies in consumer durables, the closest in size first, each read from its own documents.
- Bai-Kakaji PolymersBAIKAKAJI · BSE SME · Consumer DurablesMarket cap ₹616 cr
- Cellecor GadgetsCELLECOR · NSE Emerge · Consumer Durables · listed 2023Market cap ₹650 cr
- Foce IndiaFOCE · NSE Emerge · Consumer Durables · listed 2021Market cap ₹675 cr
- Grover JewellsGJL · NSE Emerge · Consumer Durables · listed 2026Market cap ₹677 cr
- PNGS Gargi Fashion JewelleryGARGI · BSE SME · Consumer DurablesMarket cap ₹567 cr
- Arham TechnologiesARHAM · NSE Emerge · Consumer Durables · listed 2022Market cap ₹499 cr
Built from 2 annual reports, 1 investor presentation, 5 exchange announcements, 8 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.