This paper reports the characteristics and performance evaluation of a pressed plastic bonded explosive (PBX) composition based on hexanitrohexaazaisowurtzitane (HNIW, CL-20) and polyurethane (PU) in comparison with PU-coated cyclotetramethylene tetranitramine (HMX). PU-coated compositions were prepared by slurry method. The processed CL-20-based composition exhibited a relatively higher sensitivity compared to that of the HMX composition. The measured velocity of detonation (VOD) of the CL-20-based composition was found to be higher than predicted. A theoretical approach was applied to asses the penetration capability of the CL-20 formulation. Shaped charges of 32 mm caliber were prepared and penetration experiments were carried out at 37 mm standoff distance on mild steel blocks. The results established high penetration capability of CL-20-based formulation. An attempt was made to explain the trends obtained.