CWD Ltd

₹ 273 -6.19%

30 Sep 4:01 p.m.

About

Incorporated in 2016, CWD Ltd is in the business of Information and Communication Technology^[1]

Key Points

Business Overview:^[1]
CWD stands for Connected Wireless Devices.
It designs, develops, manufactures, and sells integrated solutions combining software and electronics. All products are focused on the wireless technologies either on short range radio technology like NFC, Bluetooth BLE, WiFi, Zigbee; mid-range systems like LORA or longrange communication systems like
5G LTE, NB-IOT, LTE CAT M1 etc. Comapny operates through the segments of Consumer Electronics and Design and Development of Technology Solutions for various Enterprises and Businesses

Website BSE

Market Cap ₹ 621 Cr.
Current Price ₹ 273
High / Low ₹ 425 / 254
Stock P/E 49.6
Book Value ₹ 51.2
Dividend Yield 0.00 %
ROCE 17.9 %
ROE 14.6 %
Face Value ₹ 10.0

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Pros

Company has delivered good profit growth of 61.8% CAGR over last 5 years
Debtor days have improved from 165 to 99.5 days.
Company's working capital requirements have reduced from 149 days to 63.7 days

Cons

Stock is trading at 5.33 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
Promoter holding has decreased over last quarter: -1.06%
Company has a low return on equity of 10.6% over last 3 years.
Company might be capitalizing the interest cost

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics

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Detailed Comparison with:

Half Yearly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2020	Mar 2021	Sep 2021	Mar 2022	Sep 2022	Mar 2023	Sep 2023	Mar 2024	Sep 2024	Mar 2025	Sep 2025	Mar 2026
	1	2	3	13	9	14	6	16	7	27	41	110
	0	1	1	9	6	11	6	9	7	19	33	90
Operating Profit	0	1	2	4	3	3	-1	6	0	8	9	20
OPM %	39%	47%	56%	32%	37%	20%	-11%	40%	6%	28%	21%	18%
	0	-0	0	0	0	0	0	0	0	0	0	0
Interest	0	0	0	0	0	0	0	1	1	2	2	4
Depreciation	0	0	0	1	1	2	2	1	1	0	1	3
Profit before tax	0	0	1	3	2	1	-3	4	-2	5	6	13
Tax %	-85%	-146%	-27%	45%	28%	26%	0%	11%	6%	16%	30%	40%
	0	1	1	2	1	1	-3	4	-2	4	4	8
EPS in Rs	0.72	0.62	0.94	0.91	0.77	0.42	-1.40	2.02	-1.01	2.28	1.98	3.58
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	0	2	2	15	23	21	33	146
	0	2	1	10	17	16	26	122
Operating Profit	-0	1	1	5	6	5	7	24
OPM %	-475%	32%	44%	33%	26%	25%	22%	16%
	0	0	-0	1	0	0	1	5
Interest	0	0	0	0	0	1	3	3
Depreciation	0	0	0	1	3	3	2	5
Profit before tax	-1	0	0	4	3	2	3	20
Tax %	0%	-4%	-130%	27%	28%	29%	27%	37%
	-1	0	1	3	2	1	3	12
EPS in Rs	-53.00	1.62	0.78	1.62	1.19	0.62	1.32	5.55
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	0%

Compounded Sales Growth
10 Years:	%
5 Years:	126%
3 Years:	86%
TTM:	343%

Compounded Profit Growth
10 Years:	%
5 Years:	62%
3 Years:	80%
TTM:	400%

Stock Price CAGR
10 Years:	%
5 Years:	%
3 Years:	28%
1 Year:	-16%

Return on Equity
10 Years:	%
5 Years:	12%
3 Years:	11%
Last Year:	15%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0.01	0.33	3	4	4	4	4	22
Reserves	-3	-3	-2	15	18	24	54	92
	4	6	4	3	5	12	9	79
	0	1	1	9	8	6	17	48
Total Liabilities	1	4	7	31	34	45	84	241
	0	0	1	11	11	9	8	35
CWIP	0	1	1	1	1	3	4	8
Investments	0	0	0	0	0	0	0	0
	0	3	4	18	21	33	71	198
Total Assets	1	4	7	31	34	45	84	241

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	-1	1	3	-3	-4	2	-49
	-0	-1	-1	-11	-2	-3	-6	-30
	1	2	1	13	1	11	26	110
Net Cash Flow	0	0	-0	5	-4	5	22	30
Free Cash Flow	-1	-2	-1	-8	-6	-7	-5	-83
CFO/OP	368%	-133%	55%	66%	-47%	-60%	34%	-206%

Ratios

Standalone / View Consolidated

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	0	101	85	33	126	215	180	99
Inventory Days	912	858	1,397	605	270	346	566	170
Days Payable	730	262	525	238	78	44	378	116
Cash Conversion Cycle	182	697	958	401	318	516	368	153
Working Capital Days	-274	-23	-13	14	143	184	199	64
ROCE %		37%	21%	32%	14%	8%	12%	18%

Insights

In beta

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Mar 2023

Mar 2024

Mar 2025

Mar 2026

Manufacturing Floor Space
sq. ft.

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Soundbox Daily Production Capacity
units/day

Total Permanent Employees
count

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Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Apr 2025	Sep 2025	Mar 2026	May 2026	Aug 2026
	72.29%	72.29%	72.29%	72.29%	72.29%	72.29%	72.29%	60.93%	60.93%	58.77%	58.27%	57.21%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.03%	1.03%	0.29%	0.29%	0.28%
	27.70%	27.71%	27.71%	27.71%	27.72%	27.71%	27.70%	38.05%	38.04%	40.94%	41.45%	42.50%
No. of Shareholders	444	630	899	918	968	978	826	821	800	956	961	968

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Aug 2026
	72.29%	72.29%	72.29%	72.29%	58.77%	57.21%
	13.31%	0.00%	0.00%	0.00%	0.29%	0.28%
	14.40%	27.71%	27.71%	27.70%	40.94%	42.50%
No. of Shareholders	148	389	918	826	956	968

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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CWD Ltd

CWD Ltd

Peer comparison

Half Yearly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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