CyanConnode Reports Strong H1 Growth with Landmark £70m Goa Contract

CyanConnode H1 FY2026: 31% revenue growth and a £70m Goa smart metering contract

CyanConnode’s half-year update (six months to 30 September 2025) shows clear operational momentum. Revenue rose 31% to £7.4 million (H1 FY2025: £5.6 million), with constant-currency growth said to be over 40%. The contracted order book stands at approximately £157 million, down from £180 million primarily due to around 9% currency translation effects and deliveries made during the period.

The headline strategic development is DigiSmart, CyanConnode’s Indian AMISP subsidiary, winning its first Advanced Metering Infrastructure Service Provider contract in Goa worth circa £70 million (at constant currency). That project has not yet started recognising revenue but is expected to commence this quarter, potentially making H2 the busier half.

Quick-scan of key numbers

Metric	H1 FY2026 / Update
Revenue	£7.4 million (+31% YoY; >40% at constant currency)
Contracted order book	~£157 million (previously £180 million)
Goa AMISP contract	~£70 million (revenue not yet commenced)
Modules shipped in H1	893,000 (vs 377,000 last year)
Cumulative modules shipped in India	>5 million
Modules remaining in Indian backlog	~9 million
Projects in India	17 active engagements
MENA follow-on order	AED 5.8 million (delivered and fully recognised)

What drove the growth in H1

Most revenue came from communications systems and related services across India and the Rest of World (RoW). The sharp step-up in Omnimesh module shipments to 893,000 from 377,000 a year ago is the smoking gun for stronger deployments. Omnimesh is CyanConnode’s radio-frequency communications module that lets smart meters talk to the network reliably – more shipments usually indicate more meters going live.

Importantly, none of the Goa AMISP revenue is in the H1 figures yet. That gives H2 a potential kicker if the project starts rolling as stated.

Order book: FX drag, but still robust

The order book sits at approximately £157 million. Management attributes the drop from £180 million primarily to around 9% currency translation effects, with the balance due to deliveries and revenue recognised in the period. That’s the sort of “good” reduction you want to see – work getting done – but it does underline how FX can move reported numbers for a business with heavy Indian exposure.

India engine: shipments, backlog and bidding position

India remains the growth engine. Over 5 million modules have been shipped there to date, with a further 9 million modules in the order backlog. CyanConnode Private Limited continues to bid as a subcontractor for communications on new tenders, giving the company multiple shots on goal across states and utilities.

Goa AMISP: why this first services contract matters

AMISP stands for Advanced Metering Infrastructure Service Provider – in short, delivering and operating the end-to-end smart metering infrastructure as a service. DigiSmart’s first AMISP win in Goa, worth about £70 million, is a milestone because it moves CyanConnode further up the value chain beyond selling communications modules alone.

The company says the project should commence this quarter and is expected to be a major contributor over coming periods. Local media have reported rollout preparations, and the RNS references this article: Goa rollout progress.

How big is the Indian market from here?

The tender pipeline in India remains sizeable, and CyanConnode puts some numbers around it:

• AMISP Total Addressable Market (TAM): approximately 104.9 million meters valued at about £9.8 billion (sanctioned but yet to be awarded).
• DigiSmart Serviceable Available Market (SAM): around 9 million meters with an estimated value of £837 million.
• CyanConnode SAM for communications (as subcontractor): estimated value of £254 million.
• 18-month Serviceable Obtainable Market (SOM): about £186 million for DigiSmart AMISP and approximately £45 million for communications alone.

Jargon check: TAM is the whole market opportunity; SAM is the slice a company could realistically serve; SOM is the share it aims to capture in the near term. The company also notes that these values are in addition to the existing contracted order book.

Rest of World: small but useful contributions

Outside India, CyanConnode delivered a follow-on order in MENA worth AED 5.8 million, with all revenue recognised in the period. Management says it continues to pursue near-term RoW opportunities. It’s not the main show, but it helps diversify revenue and validates the tech in other geographies.

My take: positives, watch-outs, and what could move the shares

What looks positive

• Execution momentum: shipments more than doubled to 893,000, showing projects are deploying.
• Order book visibility: approximately £157 million provides multi-year coverage, with Goa set to start contributing.
• Step-up into AMISP: the ~£70 million Goa win is a strategic shift into higher-value, recurring-style work.
• Pipeline depth: clearly articulated TAM/SAM/SOM suggests plenty still to go after in India.

What to keep an eye on

• Timing risk: management again flags that revenue recognition depends on project schedules. Delays can push revenue between halves.
• FX sensitivity: a circa 9% currency hit moved reported order book – that can swing both ways.
• Concentration: India remains the dominant driver. Great while policy support is strong, but it is a single-country exposure.
• Working capital and margin profile: not disclosed in this update. AMISP models can be capital-intensive; investors will want clarity in future results.

Outlook: what success in H2 looks like

The Board expects momentum to continue in H2 FY2026, helped by accelerating deployments and the commencement of the Goa AMISP contract. If Goa gets underway on schedule and Indian deployments keep tracking higher, full-year revenue should benefit. The CEO’s tone is confident, citing undiminished government commitment to nationwide smart metering across the company’s 17 projects.

What I’ll be watching next: confirmed Goa start and early milestones, monthly shipment cadence versus H1’s 893,000 benchmark, any new communications or AMISP awards, and any colour on cash and margins at the next results. None of those details are disclosed here.

Bottom line

This is a solid update. Revenue is growing, deployments are accelerating, and the first AMISP contract is poised to unlock a larger revenue stream. Against that, FX is a headwind and execution timing still matters, but the £157 million order book plus a visible Indian pipeline gives CyanConnode a credible runway for sustained growth.