# CyanConnode delivers 31% revenue growth, Goa project set to begin

- Link: https://www.directorstalkinterviews.com/cyanconnode-delivers-31-revenue-growth-goa-project-set-to-begin/4121222275
- Published: 2025-10-22T07:19:00+01:00
- Author: Amilia Stone

**[CyanConnode Holdings](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)
plc **([LON:CYAN](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)),
a global provider of IoT communication and smart metering solutions, has announced
a trading update for the six months to 30 September 2025.

This has been a successful period, beginning with DigiSmart Networks Private Limited(
DigiSmart), the Group’s subsidiary in India securing its first contract as an Advanced
Metering Infrastructure Service Provider (AMISP). This landmark contract for c.£
70 million (at constant currency), awarded in April 2025 by the Government of Goa,
materially strengthened the Group’s contracted order book, which remains robust 
at approximately £157 million at current exchange rates (previously: £180 million,
including Goa which was won early in April 2025). The reduction primarily reflects
currency translation effects of around 9%, with the balance attributable to deliveries
made and revenue recognised during the period.

While revenue from the Goa Project has not yet commenced, revenues from smart metering
communications systems and related services across India and the Rest of World (
RoW) contributed to revenues increasing by 31% to £7.4 million (H1 FY2025: £5.6 
million). On a constant-currency basis, revenue growth would have exceeded 40%.

**Modules Shipped in India**

The number of Omnimesh Modules shipped provides a clear indicator of operational
momentum, reflecting the rate of smart meter installations across the 17 projects
in which the Company is engaged. During H1 FY2026, shipments increased sharply to
893,000 modules, compared with 377,000 in the same period last year.

As at 30 September 2025, more than 5 million modules have been shipped in India 
alone, with a further 9 million Omnimesh modules remaining in the order backlog.

Through CyanConnode Private Limited, the Indian subsidiary company, the Group is
well placed to bid for further smart metering projects as a sub-contractor providing
communications systems.

**DigiSmart – AMISP**

The Goa contract is currently the Company’s only AMISP project and it is expected
to commence this quarter. Given the project’s scale, it is anticipated to become
a major contributor to Group revenues over the coming periods.

In October 2025, local media reported progress on the project’s rollout preparations,
as referenced in the following article:

https://www.thegoan.net/goa-news/indexing-survey-pave-way-for-rollout-of-smart-meters/
137363.html

**Addressable market in India**

Looking ahead, the pipeline of opportunities in India remains substantial. The Total
Addressable Market (“TAM”)^(1) for AMISP projects currently stands at approximately
104.9 million smart meters, representing an estimated value of £9.8 billion, which
have been sanctioned but are yet to be awarded. DigiSmart’s Serviceable Available
Market (“SAM”)^(2) comprises around 9 million meters, with an estimated value of
£837 million. Within this framework, CyanConnode’s SAM for just communications (
i.e. as a subcontractor) is estimated at a value of £254 million.

CyanConnode’s Serviceable Obtainable Market (SOM)^(3) over the next 18 months for
communications alone (i.e. acting as a subcontractor) is expected to be approximately
£45 million. For DigiSmart AMISP, the SOM over the same period is expected to be
around £186 million, providing a substantial near-term pipeline to support continued
revenue growth.

Based on an estimated market size of approximately 250 million smart meters, the
values in the table below represent potential order values and are in addition to
the Company’s existing contracted order book.

![ffd8d4d6 04ec 426d 95f6 a7d8e4fc3bdc (CYAN)](https://dw6uz0omxro53.cloudfront.
net/3539325/ffd8d4d6-04ec-426d-95f6-a7d8e4fc3bdc.png "CyanConnode delivers 31% revenue
growth, Goa project set to begin (CYAN)")

_1. TAM (Total Addressable Market) – The total addressable market in India in relation
to the Company’s products and services. 2. SAM (Serviceable Available Market) – 
The maximum portion of the TAM that the Company could serve, taking into account
practical and operational constraints. 3. SOM (Serviceable Obtainable Market) – 
The share of the SAM that the Company is targeting to capture within the next approximately
eighteen months. 4. AMISP values are based upon the Goa per-meter price._

**Rest of World projects**

In August 2025, the Company announced a follow-on order for a project in the Middle
East North Africa (“MENA”) region for AED 5.8 million, which was delivered and revenue
fully recognised during the period. The Company continues to pursue near-term opportunities
in its RoW markets.

**Outlook and Strategic Progress**

During the period deployments have increased compared with the same period in FY25,
with a majority of the revenue recognised in the period from projects expected to
occur in the prior year, as these now deploy. With this increased momentum, we expect
to continue to deliver in the second half of this financial year. The successful
execution of existing projects, together with the commencement of the Goa AMISP 
contract, positions CyanConnode for a period of sustained growth and market expansion.
The Group’s contracted outstanding order book valued at approximately £157 million
provides multi-year revenue visibility.

With deployments accelerating and the Goa AMISP contract expected to commence during
H2 FY2026, the Board anticipates that revenues for the full year will benefit from
this momentum. While recognising that the precise timing of revenue recognition 
remains dependent on project schedules, the Board remains encouraged by the Group’s
strong order book and pipeline visibility.

> **John Cronin, CEO of CyanConnode commented:**
> _“We have completed a strong first half and have entered H2 FY2026 in a solid 
> position. The Indian Government’s commitment to nationwide smart metering remains
> undiminished, as seen in the increased activity across our 17 projects. With continued
> momentum in India and steady international progress, we remain confident in the
> Group’s growth trajectory.”_

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