Quadrant Future Tek Ltd(QUADFUTURE)

NSE: QUADFUTUREBSE: 544336

₹ 402-6.78%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,608 crWebsite: www.quadrantfuturetek.comUpdated: 24 Oct 2026

About

Quadrant Future Tek Ltd is an Indian technology company operating two divisions: Specialty Cables (electron beam irradiated cables for railways, defence and industrial use) and Train Control & Signaling (the indigenously developed KAVACH automatic train protection system and related signaling products). In FY26 the company reported revenue of ₹152.97 Cr, with the Specialty Cables segment delivering ₹1,530 Mn in revenue while the KAVACH division remained in an investment phase. The company held a total active order book of ₹8,457 Mn as of Q1 FY27, almost entirely from KAVACH mandates covering locomotive works and a trackside project with RailTel.^[1][2][3]

Business divisions

Specialty Cable Division manufactures electron beam irradiated cables supplied to Indian Railways production units (coaches, locomotives, EMUs) and defence PSUs; FY26 revenue was ₹1,530 Mn vs ₹1,506 Mn in FY25.^[2][4]
Train Control & Signaling Division develops and supplies the KAVACH (TCAS) automatic train protection system, Multi Section Digital Axle Counter (MSDAC), and has Electronic Interlocking (EI) under development; TCAS revenue was near-zero in FY26 as the division remained in regulatory approval stage.^[4][5]

Order book

Total active order book stood at ₹8,457 Mn in Q1 FY27: ₹8,054 Mn from KAVACH (onboard + trackside) and ₹407 Mn from Specialty Cables.^[3]
KAVACH mandates come from Chittaranjan Locomotive Works (CLW), Integral Coach Factory (ICF), Banaras Locomotive Works (BLW), Patiala Locomotive Works (PLW), and a trackside deployment project in partnership with RailTel.^[3]
The CLW purchase order received on 12 December 2024 covers supply, installation, testing and commissioning of onboard KAVACH equipment in 1,200 locomotives including 11 years of post-warranty maintenance, valued at ₹9,786.06 Mn.^[4]

Manufacturing capacity

Specialty Cables installed capacity: ~1,900 MT per annum as of Q1 FY27.^[3]
KAVACH manufacturing capacity: ~2,200 locomotives per annum and ~4,500 station units per annum as of H1 FY26.^[5]
Two Railway Signaling & Embedded System Design Centres are located in Bengaluru, Karnataka and Hyderabad, Telangana, housing embedded system design, software engineering, advanced testing and simulation facilities, and automated electronic manufacturing lines.^[4]

Products and certifications

KAVACH meets Safety Integrity Level-4 (SIL-4) per CENELEC standards and uses radio transmission and LTE technology for train collision avoidance.^[4]
The company is certified to ISO/IRIS/TS Quality Management Systems; products are tested to BIS, IEC, DIN, UIC, BS, UL, CE and CENELEC standards; the in-house Future Tek Laboratory is NABL-accredited.^[4]
BIS approval was secured for solar PV cables as of Q2 FY26, enabling full-scale entry into the solar segment; EV and submarine cable applications are in the development pipeline.^[5][6]

Customers and distribution

Revenue is concentrated: Indian Railways and Defence PSUs account for the majority of revenue; Specialty Cables customer mix in Q1 FY27 was 72% public sector and 28% private sector.^[3][4]
Key raw materials are copper and PVC compounds; most government/PSU orders contain price variation clauses allowing raw material cost pass-through.^[4]

Key operating metrics

Specialty Cables revenue in Q1 FY27 rose 41.3% YoY to ₹406 Mn, driven by higher traction from Railways and Defence customers.^[3]
Q4 FY26 consolidated revenue was ₹566 Mn, up 70% QoQ; 9M FY26 revenue was ₹964 Mn, up 4.6% YoY.^[2][6]
As of FY26, 315 professionals were employed across corporate operations, engineering, R&D, systems design and manufacturing.^[4]

Expansion and capex

Electronic Interlocking (EI) system development is earmarked at ₹244 Mn from IPO proceeds; ₹17 Mn incurred as of Q1 FY27, leaving ₹227 Mn balance; development to begin post final KAVACH RDSO approval.^[3]
Of ₹2,900 Mn raised in the January 2025 IPO, ₹2,671 Mn had been incurred as of Q4 FY26.^[2]
New product entries into solar, EV and submarine cables are expected to drive higher utilisation of the ~1,900 MT specialty cables facility; the Union Budget FY2026-27 allocates ₹7,500 Cr to Signalling & Telecommunication and ₹1.2 lakh Cr to railway safety.^[3]

Recent developments

RDSO approved commencement of passenger trials for KAVACH 4.0 on a dedicated train and route allocated by Indian Railways as of Q1 FY27, described as the final regulatory stage before commercial certification.^[3]
An Intermediate Independent Safety Assessment (ISA) report confirming satisfactory progress on KAVACH Version 4.0 in alignment with CENELEC standards was received in Q3 FY26.^[6]
The company has a MoU with RailTel to jointly market and implement KAVACH in India and internationally; irradiated cables are also being positioned for export with global OEMs in renewables and EVs.^[3]
The IPO in January 2025 listed at ₹370 on NSE and ₹374 on BSE, a 27 - 29% premium to the ₹290 issue price, and was oversubscribed 256x by retail investors, 265x by NIIs, and 139x by QIBs.^[4]

Market Cap

₹1,608 Cr

High / Low

₹568 / 249

Stock P/E

-41.7

Price / Book

6.2

Book Value

₹64

EPS

₹-10.7

No. of Shares

4 Cr

ROCE

-15.7%

ROE

-15.4%

OPM

-33.3%

Debt / Equity

0.09

Sales

₹153 Cr

Net Profit

₹-43 Cr

Promoter holding

70.0%

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