Concord Control Systems Ltd

BSE: 543619

₹ 2,412+1.13%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,504 crWebsite: www.concordgroup.inUpdated: 27 Oct 2026

About

Concord Control Systems, founded in 2011 as a coach-components and electrification business, is a railway technology company working in communication, propulsion, safety, condition monitoring, green mobility and advanced electronics, with Indian Railways as its main customer. It reported FY26 revenue of Rs 210.47 Cr and a closing order book of Rs 696.99 Cr, 3.3x FY26 revenue. It describes itself as one of the fastest-growing railway technology companies and is listed on the BSE SME Platform.^[1][2][3]

Order book and inflows

Closing order book was Rs 696.99 Cr in FY26, up ~228% from Rs 212.54 Cr in FY25.^[3]
Order inflows were Rs 694.95 Cr in FY26 vs Rs 141.56 Cr in FY25.^[3]
Orders executed were Rs 210.50 Cr in FY26 vs Rs 125.59 Cr in FY25.^[3]
Book-to-bill was 3.3x in FY26 vs 1.7x in FY25.^[3][4]
Order book stood at Rs 313 cr at H1 FY26, mostly from locomotive wireless communication and control systems.^[5]
Orders typically take 18 to 24 months to execute.^[1]

Products and technologies

Coaching products include energy-efficient BLDC carriage fans and emergency lighting units.^[1]
Kavach 4.0 orders total Rs 258.27 Cr as of FY26, including on-board equipment orders of ~Rs 185.09 Cr and ~Rs 53.73 Cr; field trial installation has started.^[3]
FY26 orders include DPWCS / loco wireless control (~Rs 139.32 Cr and ~Rs 56.58 Cr), green hydrogen fuel-cell loco equipment (~Rs 13.22 Cr) and IGBT propulsion (~Rs 47 Cr).^[3]
Zero Emission Battery Locomotive: indigenous propulsion with 800 A peak current, used to convert a 700 HP diesel-electric locomotive.^[1]
Metro overhead (OHE) condition monitoring vertical added in FY25 via technology transfer from PANTOhealth, Germany.^[4]
More than 20 Wheel Impact Load Detector (WILD) sets were being commissioned as of H1 FY26.^[5]

Operations

Manufacturing, engineering, testing and research are on a single campus in Lucknow.^[1]
Approved RDSO vendor and ISO 9001:2015 certified.^[1]
Over 460 employees with an average age of 35, per the FY26 annual report.^[1]

Subsidiaries and associates

Fusion Electronics (80% subsidiary) has flex PCB capacity of 200,000 sqm, which management calls India's largest installed (H1 FY26).^[5][3]
Fusion is expected to start contributing revenue in FY27.^[1]
Stake in Kavach associate Progota was raised from 26% to 46.5% in H1 FY26.^[5]
49% associate Concord Lab to Market Innovations makes Wheel Impact Load Detectors and Uneven Loading Detection Systems, working with IISc Bengaluru.^[1]

Customers

Indian Railways is the main customer; the FY25 annual report flags dependence on its orders as a material risk.^[1][6]
Delhi Metro (DMRC) overhead monitoring order was being delivered in H1 FY26.^[5]

Expansion plans

Plan to double Fusion's capacity and integrate forward into SMT lines, box build and railway-grade assemblies over FY26-28.^[5]
Management puts Fusion's revenue potential at ~Rs 400 Cr+ after capacity doubles, up from an earlier ~Rs 200 Cr.^[3]
Hybrid hydrogen-battery propulsion in advanced development; diesel conversions up to 3,200 HP being designed (H1 FY26).^[5]
FY26 annual report seeks approval for loans up to Rs 100 Cr each to Progota and Fusion and Rs 50 Cr to CL2M, and a Rs 250 Cr borrowing limit.^[1]

Recent developments

NCLT Allahabad approved the merger of Advanced Rail Controls into the company on 15 April 2026, effective 1 April 2025.^[3][1]
Stake in Advanced Rail was raised from 90% to 100% in FY25, before the merger.^[4]
RDSO granted Kavach 4.0 prototype clearance; Progota won a Rs 19.45 cr field-trial order for 53 km on South Central Railway (H1 FY26).^[5]
Won the Excellence in Railway Technology Award at the ET Now Business Conclave and Awards 2026.^[1]

Market Cap

₹2,504 Cr

High / Low

₹3,070 / 1,645

Stock P/E

56.6

Price / Book

20.3

Book Value

₹207

EPS

₹42.1

No. of Shares

1.01 Cr

ROCE

31.5%

ROE

25.9%

OPM

28.8%

Debt / Equity

0.26

Sales

₹210 Cr

Net Profit

₹43 Cr

Promoter holding

63.9%

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