Concord Control Systems Limite

Designs and supplies railway technology products to Indian Railways across four pillars: green mobility (zero-emission diesel-to-battery or hybrid locomotive retrofits, targeting up to 3,200 HP), smart locomotive intelligence (control units, driver displays, remote monitoring), railway safety (Kavach 4.0 automatic train protection onboard equipment, MSDAC), and AI-driven diagnostics. The revenue model is shifting from one-time equipment sales toward recurring services such as annual maintenance contracts (AMCs), diagnostics, and lifecycle upgrades. FY26 revenue was INR210.47 crore (up 69% year-on-year) on an executable order book of INR697 crore (3.3x FY26 revenue). The company acquired an 80% stake in Fusion Electronics for flex PCB and premium EMS capabilities, and holds a 46.5% stake in Progota India, through which a INR279.90 crore Kavach 4.0 onboard equipment order from Indian Railways was secured. Over 110 R&D engineers work in-house, and machining, embedded electronics and assembly are done internally. Materials are the largest cost line at 52.5% of revenue, with employees at 9.5% and other operating expenses at 12.0%.