CWD Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

CWD Ltd trades at ₹321, in a confirmed uptrend and 58 weeks into that stage. That is +6.5% against its own 200-day average. It sits at 61% of a 52-week range of ₹174 to ₹415. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a confirmed uptrend — week 58 of stage 2, confirmed. At ₹321 it trades +6.5% versus its 200-day average and sits at 61% of its 52-week range (₹174–₹415).

Against the market, two honest reads. Cumulative: over the last 4.4 years the stock moved +791% while the NIFTY 500 moved +42% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-01-23) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

CWD Ltd trades at 83.7× P/E, near the bottom of its own range — cheaper only 15% of the time. Its long-run median P/E is 159.7×, measured across 4.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 83.7× is near the bottom of its own range — cheaper only 15% of the time, against a long-run median of 159.7× measured over 4.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +112.9% against a +72.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −2.4%/yr price move, ~+28.9%/yr came from earnings growth and ~−31.3 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

CWD Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

57.5/100 — rank 4 of 4 in Electronics - Others · 35% evidence confidence · provisional, ranked below fully-evidenced peers

CWD Ltd scores 57.5 out of 100 against the 4 companies it is compared with in Electronics - Others, ranking 4. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 19.8 + 10.7 + 10 + 17 = 57.5. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

CWD Ltd reported ₹41.1 Cr of revenue in the Sep 25 quarter, +490.4% year on year. That is the 4th straight quarter of year-on-year growth. Over 5 years it has compounded at 61.2% a year. The last full year, FY25, came in at ₹32.9 Cr. The last four reported quarters add to ₹89.9 Cr.

FY25 revenue came in at ₹32.9 Cr (+56.8% on the year), capping 5 years at 61.2% compound. The latest quarter (Sep 25) printed ₹41.1 Cr, +490.4% year on year — the 4th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +149.5% growth against the decade's 61.2% — the current year is running faster than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

CWD Ltd's operating margin is 20.6% in the Sep 25 quarter, +14.4 percentage points against the same quarter a year ago. Across the last four quarters the operating margin has moved +31.5 percentage points. Across 6 fiscal years the operating margin has ranged 21.6% to 41.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is 20.6%, +14.4 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 21.6%–41.0%.

Why the margin moved: operating margin went +31.9 pp year on year while gross margin went −4.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

CWD Ltd earned ₹4.2 Cr of net profit in the Sep 25 quarter. Full-year FY25 profit was ₹2.5 Cr. The 5-year compound rate is 37.5%. That is 10.2% of the quarter's revenue. The same quarter a year earlier lost ₹2.5 Cr. 2 of the last 11 reported quarters were loss-making.

Sep 25 profit was ₹4.2 Cr, null year on year. On the full year, FY25 printed ₹2.5 Cr (+122.1%), and the 5-year compound rate is 37.5%.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years −86% of CWD Ltd's reported profit arrived as operating cash — a gap worth watching. In FY25 that was ₹2.8 Cr of operating cash against ₹2.5 Cr of profit. After ₹3.0 Cr of capital spending, ₹0.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY25: operating cash of ₹2.8 Cr against reported profit of ₹2.5 Cr, leaving free cash of ₹0.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −86% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at −86%: the cash cycle tightened 65 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

CWD Ltd's cash conversion cycle runs 378 days in FY25, down from 444 days in FY20. Capital spending ran ₹8.0 Cr over the last 3 years. At FY25 sales of ₹32.9 Cr each day of that cycle holds about ₹0.1 Cr, so roughly ₹34.0 Cr sits inside the business at any moment.

FY25: debtors at 190 days, inventory at 566 days — roughly 18.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 378 days, tighter than FY20's 444.

The full loop: cash goes out to suppliers and production on day 0; stock waits 566 days to sell; customers pay about 190 days after that; and suppliers themselves are paid at 378 days — netting out to the 378-day cycle.

In money terms: at FY25 sales of ₹32.9 Cr, each day of the cycle holds about ₹0.1 Cr — so the 378-day loop keeps roughly ₹34.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹8.0 Cr over the last 3 fiscal years against ₹9.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹4.4 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

CWD Ltd earns a ROCE of 10% in FY25. That is up from a trough of 8% in FY24. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.6% net margin on 0.39× asset turns.

FY25 ROCE is 10%, recovered from a FY24 trough of 8% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 7.6% net margin × 0.39× asset turns × 1.45× balance-sheet leverage ≈ 4.3% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

CWD Ltd carries ₹8.6 Cr of borrowings against ₹58.4 Cr of equity in FY25, a debt-to-equity of 0.15. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹5.7 Cr to ₹8.6 Cr. Capital spending ran ₹8.0 Cr across the last 3 of those years.

FY25: borrowings of ₹8.6 Cr against equity of ₹58.4 Cr — a debt-to-equity of 0.15. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹5.7 Cr to ₹8.6 Cr while capital spending ran ₹8.0 Cr in just the last 3 — part of the build-out is riding on borrowed money.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 13.5 points of CWD Ltd over 8 quarters, the biggest move on the register. That takes promoters to 58.8% of the company. Domestic institutions moved +1.0 points over the same window, to 1.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −13.5 points over 8 quarters to 58.8%; Domestic institutions: +1.0 points over 8 quarters to 1.0%.

🚨 Why the register moved: promoters drove it (−13.5 points), absorbed on the other side by domestic institutions (+1.0 points) — distribution into the market’s bid.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

CWD Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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