CWD Ltd Q2FY26: 490% Sales Surge, 329% Profit Boom, and 4:1 Bonus Bonanza – Is This IoT Startup India’s Next Tech Fairy Tale or Just a Fancy Bluetooth Speaker?

1. At a Glance

CWD Ltd, the not-so-silent wireless innovator from Mumbai, has made more noise than a Bluetooth speaker on max volume this quarter. Withsales jumping 490% YoY to ₹41.15 croreandPAT up 329% to ₹4.19 crore, the company has suddenly become the darling of the smallcap tech universe. Itsstock price has shot up 196% in a year, and thecurrent market cap stands at ₹802 crore— not bad for a company born in 2016 that calls itself “Connected Wireless Devices.”

At ₹1,824 per share, CWD trades at aP/E of 94x,Price to Book of 10.6x, andROE of just 5.78%. But who cares about sober valuation when there’s a4:1 bonus issue,₹6,076.9 lakh preferential allotment, andBSE main board migrationall lined up like a Diwali dhamaka sale? The story here isn’t just growth — it’s about how a company went from hobby electronics to handling₹129 crore+ worth of ordersforUPI sound boxes,NIC cards, andsmart meters.

So the million-rupee question: is CWD India’s answer to Dixon Tech or just a tech start-up high on Bluetooth fumes?

2. Introduction

In the world of Indian tech manufacturing, where every other company dreams of becoming the next Apple supplier, CWD Ltd is that overconfident engineering student who actually submitted the working project instead of just the report.

Founded in2016, this baby-faced firm decided to take on giants by building wireless IoT products — a risky move in a market that barely understood IoT back then. Fast forward to FY25–26, and the company is now shippingsmart medical electronics,smart lighting chips,vaccine tracking modules, andfarm cattle trackers(yes, even the cows are connected now).

The company’sexports form 38%of its revenue, proving that it’s not just about Make in India — it’s more likeMake in India, Sell Everywhere. With aHong Kong subsidiary(CWD Innovations HK Ltd), the company has gone global faster than your neighborhood influencer trying to pronounce “IoT ecosystem.”

But here’s the real kicker — this small tech player’s quarterly profit jump of329%isn’t from a one-off fluke. It’s riding a wave of massiveorders worth ₹137 crorecombined for UPI sound boxes, smart weather sensors, and smart meter systems.

Still, with highinventory days (566)anddebtors at 190 days, the “wireless” dream sometimes feels more like a “waiting for payments” reality.

3. Business Model – WTF Do They Even Do?

So what exactly does CWD Ltd do apart from sounding fancy? In simple terms — they make the invisible visible and the dumb smart.

CWD’s business model revolves aroundInformation and Communication Technology (ICT)products, where they blend hardware and software like chai and sugar — you don’t see the difference, but you feel the buzz.

Their operations can be divided into two main segments:

1. Consumer Electronics:Think Bluetooth-enabled smart devices, smart lighting electronics, and connected home products.
2. Design & Development Solutions:Custom-built IoT tech for enterprises — from vaccine tracking devices to cattle monitoring solutions.

Some of their flagship products include:

• Smart Power Meter Modules(turning boring electricity meters into chatty smart meters)
• Vaccine Trackers(because vaccines deserve GPS too)
• Smart Lighting Systems(lights that save energyandjudge your mood)
• Farm Cattle Trackers(so even cows can have Fitbit moments)

The company isn’t just assembling gadgets. It’s afully integrated OEMwith global sourcing, manufacturing, quality testing, packaging, and logistics — all under one roof.

CWD’s recognition underDIPP’s StartUp India programadds a nice startup sparkle. But don’t forget — in this sector, innovation burns cash faster than a 5G speed test.

4. Financials Overview

Note: Annualised EPS = ₹9.53 × 4 = ₹38.12 → P/E = 1824 / 38.12 = 47.8x (vs reported 94x TTM basis)

Commentary:That 490% sales growth is louder