BSE: 543619
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Green mobility, Smart locomotive intelligence, Railway safety (Kavach 4.0 and MSDAC), AI-driven diagnostics and lifecycle services. Asset-light railway technology and electronics platform with a back-ended working capital cycle; revenue mix tilting toward recurring service and annuity streams.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 49 | 66 | 124 | 210 |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | — | — | — | — |
| EPS, as reported (₹) | 10.73 | 21.97 | 37.13 | 42.00 |
| ROE % · ROCE % | — · 33.9 | — · 37.4 | — · 26.0 | — · 27.1 |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | (2) | 6 | (7) | (55) |
| Capex | — | — | (3) | (9) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 23 | 30 | 35 | 50 | 75 | 82 | 129 |
| Profit before tax | 3 | 5 | 8 | 9 | 12 | 17 | 22 | 38 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | 4.77 | 6.65 | 10.51 | 11.46 | 14.49 | 22.64 | 25.41 | 26.15 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.8 | 26.7 | 66 of 130 | 50% |
| ROCE | 26.1 | 11.3 | 13 of 142 | 92% |
| Revenue growth | 267.6 | 20.6 | 5 of 114 | 97% |
| Market cap | 2471 | 273 | 28 of 141 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve March 2026 half-year results | board shareholder meetings | low | — | — |
| 10 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Sep 2026 quarter | compliance | minimal | — | — |
| 1 Oct 2026 · Concord Control Systems: All 15 AGM Resolutions Passed with 100% Approval | compliance | minimal | — | — |
| 30 Sept 2026 · Concord Control Systems holds 16th AGM, 15 resolutions passed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closure ahead of H2 FY26 results | compliance | minimal | — | — |
| 21 Sept 2026 · Postal ballot results: BSE Main Board migration and NSE listing approved | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Revised Annual Report for FY 2025-26 with clerical corrections | results | medium | — | — |
| 8 Sept 2026 · Newspaper ad for 16th AGM notice and e-voting info | compliance | minimal | — | — |
| 7 Sept 2026 · E-voting facility for 16th AGM from Sep 26 to Sep 29, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Concord Control FY26: Revenue up 69%, Order Book Hits Record Rs 697 Cr | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.