Investor Presentation for the Q4 and year ended 31st March 2026
QUADFUTURE · price
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Quadrant Future Tek reported Q4 FY26 revenue of ₹566 million, up 70% sequentially from Q3 FY26, driven by strong performance in its Specialty Cables business (railways and defence segments). However, FY26 full-year EBITDA was negative at ₹340 million versus ₹26 million in FY25, reflecting higher costs and investments in the KAVACH business. The company disclosed a robust order book of ₹8,612 million, including ₹8,054 million for the Train Collision Avoidance System (KAVACH). A key milestone achieved was receiving RDSO approval to commence passenger trials for KAVACH Version 4.0, marking the final stage before commercial deployment. The company remains loss-making at the PAT level for FY26 (loss of ₹429 million), though Q4 saw a turnaround to ₹11 million PAT.
The strong order book and KAVACH certification progress are positive signals for future revenue visibility, but the ongoing losses and margin deterioration suggest shareholders should monitor execution on the KAVACH rollout closely. The ₹8.6 billion order book provides multi-year revenue visibility that could support a return to profitability once KAVACH deployment scales.