CWD Limited, an established player in India's IoT design and manufacturing sector, has announced the receipt of a purchase order worth ₹53.10 crores (inclusive of taxes) from CyanConnode Private Limited for the supply of Cellular NIC (Network Interface Card) cards. The announcement was made on 21st July 2025 via a regulatory filing with BSE Limited in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.

This significant order is expected to not only augment CWD Limited’s revenue streams but also deepen its strategic collaboration with CyanConnode — a well-known player in the smart metering and smart infrastructure ecosystem in India.

Strategic Relevance of the Order

The new order is a major milestone for CWD Limited, considering the expanding scale of smart grid and IoT-enabled metering solutions being implemented across India. The Cellular NIC cards ordered are to be deployed in smart meters, which are crucial components in Advanced Metering Infrastructure (AMI) systems. These systems enable utilities to remotely monitor and manage electricity usage efficiently.

This purchase order follows the earlier success of the Goa AMI project, where CWD Limited and CyanConnode had jointly worked in a consortium arrangement. The new order further solidifies their strategic partnership, particularly in the context of large-scale, high-tech deployments in India’s power and utilities sector.

Details of the Order

As per the disclosure filed by Jt. Managing Director Mr. Tejas Kothari, the order will be executed immediately, and it pertains to the domestic supply of Cellular NIC cards specifically designed for integration into smart metering devices.

Key contractual elements disclosed in Annexure A of the filing include:

This disclosure aligns with the Master Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring full transparency for shareholders and regulators.

About CWD Limited

CWD Limited has steadily emerged as a leader in designing, developing, and mass manufacturing IoT-based solutions tailored to sectors such as utilities, telecom, smart cities, agriculture, and logistics. With a focus on indigenously developed technology and ‘Make in India’ compliance, CWD has successfully positioned itself as a reliable partner for companies engaged in digital transformation and infrastructure automation.

The company has invested significantly in R&D, and its Cellular NIC cards are engineered for high reliability, data security, and low-power consumption — making them ideal for smart meter integration.

About CyanConnode

CyanConnode Private Limited is the Indian arm of CyanConnode Holdings plc, a global provider of narrowband radio frequency (RF) mesh networks, cellular IoT solutions, and communication modules for smart grid applications. In India, CyanConnode has participated in multiple AMI projects in partnership with system integrators and government entities.

The partnership with CWD allows CyanConnode to leverage local manufacturing, reduce project lead times, and achieve better operational efficiency in AMI deployments.

Market Impact and Business Outlook

This ₹53.10 crore order is expected to substantially boost CWD Limited’s revenue pipeline in the coming quarters. The company is likely to:

• Increase production capacity to meet immediate delivery deadlines

• Enhance its visibility in smart meter tenders across other states

• Strengthen its credentials as a preferred OEM partner for IoT and infrastructure projects

Given the rising demand for smart metering solutions, especially with government-led programs like the Revamped Distribution Sector Scheme (RDSS), the market for such products is poised for exponential growth.

CWD’s strategic advantage lies in its ability to rapidly scale up production while maintaining strict quality control standards — a key requirement in government contracts and infrastructure-critical products.

Forward-Looking Statements & Disclaimer

The company has included standard cautionary language in its release, indicating that certain statements may be forward-looking in nature. Factors like government policy changes, project implementation delays, and macro-economic conditions could impact the ultimate delivery or financial realization of the order.

Nonetheless, this development is being perceived as a positive trigger for the company's operational growth and may also influence investor sentiment, given its scale and strategic importance.

Conclusion

CWD Limited’s receipt of a ₹53.10 crore order from CyanConnode for the supply of Cellular NIC cards marks a pivotal moment in its growth trajectory. This deal not only reinforces the company’s reputation in the IoT manufacturing space but also lays a foundation for future collaborative opportunities in India’s rapidly evolving smart infrastructure domain.

As implementation begins immediately, the market will be watching closely for timely execution and subsequent financial updates that reflect the impact of this order on CWD’s earnings.

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