CyanConnode Holdings (LSE:CYAN) has reported a strong trading update for the first half of FY2026, driven by a landmark contract win in Goa, India, valued at approximately £70 million. Revenue rose 31% year-on-year to £7.4 million despite currency translation headwinds, with growth supported by the continued rollout of smart metering projects across India and other regions.
During the period, the company shipped 893,000 Omnimesh Modules in India, demonstrating strong operational execution. With an order book of £157 million and the Goa AMISP project set to commence soon, CyanConnode is well-positioned to sustain its growth trajectory and expand its market reach. The company’s strategic emphasis on India, backed by a healthy project pipeline, underpins its positive revenue outlook.
While CyanConnode faces financial pressures from negative profitability and cash flow issues, recent contract wins and funding initiatives strengthen its medium-term prospects. Technical indicators suggest bearish momentum, and valuation reflects ongoing financial constraints, underscoring the need to improve its financial health to enhance investor appeal.
More about CyanConnode Holdings
CyanConnode Holdings plc is a global provider of IoT communication and smart metering solutions. Through its subsidiary DigiSmart Networks Private Limited, the company delivers advanced metering infrastructure services across India, with additional operations in international markets. CyanConnode plays a key role in large-scale smart meter deployments, offering robust communication systems to support energy efficiency and digital transformation initiatives.
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