Hardman & Co Research on Cyanconnode (CYAN):

Smart meter breadth and depth

CyanConnode has steadily been making progress in India, where the national smart meter programme has been gathering pace. In July 2022, the company crossed the one million mark for meters connected to its RF network across nine Indian states. This is the aggregate RF device number in India connected since 2014 and represents market share of 22%. The latest update from the company states an order book of 2.6m RF nodes for India. Performance of smart meters is a critical aspect of the Indian programme and CyanConnode's uptime rates of over 99% are industry-leading metrics. There remain around 41m meter deployments to be awarded in India this financial year.

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