Member Info for Longterminvstor

Good morning Vas,

You are welcome Vas and to answer your question, in paragraph 4 of your post yesterday, at 17:31, I do not think the outcome is decided on, if it happens, the " ..... potential for a Strategic Investment in its subsidiary, CyanConnode Pvt Ltd."

That could be part of the reason for the uncertainty the Market is showing towards the CyanConnode share-price. The other as we know, was the short-fall in the shipments of Omnimesh modules, during the back-end of FY2025, due the the lack of uptake in the time-scale envisaged, by CyanConnode.

I would hope that the indication in the Trading Update for H1 FY2026, that the projection shortfall during FY2025, was a temporary situation, as long as the RDSS smart meter projects, in India, keep progressing as we expect them too.

And as we are aware, CyanConnode should also have:-

- 6.5 million Omnimesh order from August 2024 at various stages of completion.

- Various orders from IntelliSmart related to the Strategic Framework Agreement starting from February 2023, at various stages of completion.

- The Goa contract, which should develop into " .... a major contributor to Group revenues over the coming periods " once it is underway.

- Ongoing MonteCarlo smart meter projects, at various stages of completion.

- Various Thailand and MENA smart meter projects, at various stages of completion.

- The UK smart meter roll-out for CyanConnode, as it progresses.

- New Business opportunities - in India especially - with AMISP and sub-contractor possibilities.

So do I think that the last paragraph above, may have a bearing on the outcome of the " .... potential for a Strategic Investment in its subsidiary, CyanConnode Pvt Ltd " - absolutely.

I hope this helps Vas, in some way and take care,

LTI.

No problem Vas, we can have a chat when you are ready.

Good Luck,

LTI.

No problem Safety1,

Time will tell about any CyanConnode/Esyasoft relationship, re Smart City Lighting/Smart City Developments, other than the one that CyanConnode have already with Esyasoft, for Smart Meters.

But some back-ground on the CyanConnode Smart Lighting offer, can be found on the Directors Talk webpage - " CyanConnode is leading the future of smart IoT infrastructure " - Dated March 19th, 2025 - Sorry Safety1, the Directors Talk webpages do not travel very well, so I do not post them.

From the report:-

" Beyond smart electricity metering, CyanConnode's solutions extend to critical applications such as smart lighting control and IoT-enabled city infrastructure. Smart lighting solutions optimise energy use, reduce operational costs and improve urban sustainability. The company's technology also supports smart water and gas metering, electric vehicle charging and environmental monitoring - providing seamless connectivity, across an array of smart city applications. By integrating these innovations, CyanConnode is actively contributing to the development of more intelligent and efficient urban eco-systems."

There is also a report on the CyanConnode website, that may also be of interest:-

https://cyanconnode.com/applications/smart-lighting-control/

Smart metering and electricity infrastructure is the first priority of the Indian Government, I feel. What comes along afterwards, will develop its own time-scale, on the back of the success of the RDSS smart meter programme. In my opinion.

Take care Safety1.

LTI.

Good afternoon Vas,

It is worth looking at CyanConnode's response to the news report i.e. the second paragraph which states:- " CyanConnode confirm that it is actively exploring various funding opportunities to further enhance its growth and opperational capabilities. Amoung these options is the potential for a strategic investment into its subsidiary, CyanConnode Pvt Ltd. While discussions have been held with various parties, which as a matter of course include its key Partners, these remain at an early stage and there is no certainty that definitive terms will be agreed or as to timing of any such discussions being concluded."

There may be other Companies in the frame, not just the one named in the report. Personally, I think the news-outlet jumped the gun, with only part of the facts, as the Statement re media speculation confirms.

https://polaris.brighterir.com/public/cyan/news/rns/story/xld427r

I have posted this before, but it may also be worth considering the initial Schneider Electric take-over of the Larsen & Toubro Electrical & Automation division, first started during May 2018 and was not concluded until August 2020. So over two years, for the details of the take-over to be agreed and all the regulatory terms to be followed.

https://larsentoubro.com/media/42348/2020-08-31-lt-completes-divestment-of-the-electrical-automation-business-to-schneider-electric.pdf

Good Luck Vas and all,

LTI.

Good afternoon Safety1,

Thank you for the heads-up on the Dholera project, it is appreciated and very interesting. Have you a direct link that you can share, which shows the collaboration between Esyasoft and CyanConnode on this particular project? We are aware that the two companies have been working together for a few years now, on various smart meter projects, but this would seem to be something new.

https://dholerasmartcityproject.com

Thanks again Safety1,

Good Luck all,

LTI.

...... https://thedailybrief.zerodha.com/p/indias-huge-bet-on-smart-electricity

Good morning gizmo and all,

A very good read, as you have indicated gizmo. The Daily Brief does say that it aims " ........ simplify the biggest stories ...... " but it does set out the problems and progress that India has made over the last five years, or so and some of the decisions taken by the State of India and also suppliers.

I haven't completely read the whole report yet, but it does go into quite a bit of detail, so thank you for shareing.

Good Luck gizmo and all.

LTI.

Good morning Traderz100 and all,

Paul Gough has been on the Major Share-holders list for sometime now, increasing his share-holding yesterday by 310,000 shares. MJ Trezise is a newer share-holder to CyanConnode and increased their share-holding today by approximately 1.8m shares.

There have been a number of " Unknown " trades recently, that look as though they were " Sells ". These " Unknown " trades, along with the actual " Sells " were probably on the shelf waiting for a Buyer to come along and then along came two. Just a theory, on the workings of the Market.

Good Luck all.

LTI.

....... major share-holders, that notified they have increased there positions. Paul Gough yesterday and MJ Trezise this morning.

Very interesting indeed.

Good Luck all.

LTI.

...... " Outlook: The company's strong H1 shipments and its large order backlog indicate strong revenue growth in FY26. The company's contracted orderbook of c. £157m remains at multiples of historic revenues, but lower than announced earlier in the year, due largely to currency translation effects of about 9%. While Zeus forecasts remain suspended for now, Management remains encouraged by the Group's strong order book and pipeline visibility. The 31% revenue growth in H1, does not include any revenue from the Goa contract, that was closed in May, where CyanConnode will be acting as an Advanced Metering Infrastructure Service Provider ( " AMISP " ). The contract to deliver 750k smart meters for the Government of Goa, is valued at £70m at constant currencies, which Management expects to commence this quarter ( Q3 FY26 ). We expect this to be a major contributor to Group revenue, in the coming years."

A good overall outlook, in my opinion, with some new phrases that I do not remember being included before, in CyanConnode reports, such as " .... currency translation ...... " and " ...... constant currencies ..... ", which we will have to get used to, I suspect.

Good Luck all.

LTI.

..... Strong Revenue Growth - can be found on the CyanConnode website:-

https://cyanconnode.com/investors/analyst-research/

Good afternoon Vas and you are welcome.

Good Luck all,

LTI.

Good morning Vas,

That is as I see it. And the Trading Update delivered yesterday confirms it approximately and which I posted yesterday:-

" 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 2025: £5.6 million ). On a constant currency basis, revenue growth would have exceeded 40%."

So the revenue figure in the Trading Update yesterday, ( £7.4 million ) is very similar to what you calculated today ( £7.0 million ).

I hope this helps, Vas.

LTI.

Good morning Vas, tonyj and all,

I believe yesterday's Trading Update phrased the current position as:-

" 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 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 ."

Basically, I would see this as initially, Omnimesh modules that were included in " .... the order backlog,,,,, ", that have been provided for meters, have been paid for and installed, are no longer included in " ...... the order backlog ..... " figure.

I hope this helps Vas and tonyj and Good Luck all.

LTI.

Good afternoon all,

" Addressable market in India "

" Looking ahead, the pipeline of opportunities in India, remains substantial. The Total Addressable Market ( " TAM " ) 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 " ), 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 ) over the next 18 months for communications alone ( i.e. acting as a sub-contractor ) 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 revenue growth."

A potentially promising future delivery plan, I would say. And it was encouraging and reassuring to get confirmation of the H1 2026 results, for the six months up to September 30th, 2025.

Good Luck all.

LTI.

...... if the text appears in Hindi, just press " English " towards the top left hand side of the page.

LTI.

...... last updated during September 2025:-

https://recindia.nic.in/ami-test-demonstration

LTI.

Good morning Vas and all,

I am glad Vas, that you found the other smart meter manufacturers that WirePas supply solutions to. Some of them no doubt, are also supplied RF services/solutions by the CyanConnode Group.

On the REC Empanelment List, there are 30 Companies out of 65, so far, that offer an RF Solution, so there is competition concerning RF providers, specifically in India. Who exactly provides the RF solutions to these Companies, is not made clear, but some I would imagine will provide their own and some will be supplied by another RF provider.

One of these Companies as we know, is DigiSmart ( Number 56 ) on the list, which can provide both Cellular and RF solutions/products.

I hope this helps, Vas.

LTI.

Good morning all,

Also from the Trading Update:-

" 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 strategy."

A positive, all-round Trading Update, I would say, which gives, as the Trading Update refers to a " ...... strong order-book and pipeline visibility."

Good Luck all.

LTI.

Good morning all,

Also from the Trading Update:-

" 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%."

Well done to all concerned.

Good Luck all.

LTI.

...... for H1 FY2026, has been published:-

https://polaris.brighterir.com/public/cyan/news/rns/story/wk4j3or

Good morning all,

CyanConnode has confirmed that there has been strong shipment deliveries during H1 FY2026, with 893,000 Omnimesh modules shipped , compared with 377,000 during the same period last year.

An excellent performance so far and bodes well for the rest of FY2026..

Good Luck all.

LTI.

Good evening Vas,

This difference of FG23 for WirePas v FG25 for CyanConnode has been around for a couple of years now, as you have noted. It has been discussed on this bb before, but it hasn't stopped either CyanConnode or WirePas from progressing in India, or for that matter, globally.

My opinion is, each Company is providing a slightly different service/offer. I believe the FG25 that the CyanConnode Group use is more expensive than the FG23 that WirePas use. So I suspect that the two Companies have different requirements and different specifications. WirePas also provide a tracking system for Asset Management for Warehouses/Construction Sites/Hospitals etc., which the CyanConnode Group do not provide.

And it is also worth noting that it hasn't stopped the CyanConnode Group from:-

- Progressing their order-book to £180m so far, during 2025.

- Within that order-book is the CyanConnode Groups first AMISP contract worth £70m.

- Global markets are also beginning to look promising.

There will always be competition Vas, in any business. That is the way businesses grow and develop.

Just my opinion, Vas and you take care.

Good Luck all.

LTI.