543619
Concord Control share price & financials
- Price
- ₹2,780.1
- Market cap
- ₹2.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 3
Concord Control Q4 FY26
What went well
- Revenue from operations reached INR 210.47 crores in FY26, demonstrating strong growth.
- PAT stood at INR 42.7 crores and EBITDA at INR 62.1 crores for FY26, indicating healthy profitability.
- The company secured an executable order book of approximately INR 697 crores as of March 31, 2026, which is more than three times its FY26 revenue, providing significant visibility.
What to watch
- Elevated trade receivables at FY26 year-end due to the back-ended nature of railway project execution, leading to increased short-term debt.
- Working capital requirements are expected to remain high in the short term due to the large order book, although management expects it to normalize.
What Concord Control does
Concord Control Systems designs, manufactures and supplies railway coach and electrification equipment - inter-vehicular couplers, emergency lighting systems, brushless DC carriage fans, exhaust fans, cable jackets and battery chargers - as an RDSO/CLW/ICF-approved vendor to Indian Railways and its production units. It has since expanded into railway safety and control systems, including the Kavach 4.0 Automatic Train Protection system, Multi Section Digital Axle Counters (MSDAC), Distributed Power Wireless Control Systems (DPWCS) for heavy-haul freight, and onboard/track diagnostic sensors such as the Wheel Impact Load Detector (WILD) and overhead-line condition monitoring (OCMS/PANTOhealth). Through its subsidiary Fusion Electronics it also manufactures flexible PCBs and electronics assemblies for automotive and industrial OEMs, and through associates Progota India and (merged) Advanced Rail Controls it has entered locomotive propulsion technology and Kavach deployment. Manufacturing is carried out across units in Lucknow, Bengaluru and Hyderabad, supported by an in-house R&D and testing team.
Segments
- Coach & electrification products
- Railway safety & control systems
- Smart locomotive & diagnostics
- Electronics manufacturing (Fusion Electronics)
- Manufacturing facilities
- 3 units - Lucknow (UP), Bengaluru (Advanced Rail Controls), Hyderabad (Progota India)
- In-house R&D engineers
- 100+
- Approved vendor status
- RDSO, CLW and ICF approved vendor to Indian Railways
- Quality certification
- ISO 9001:2015 certified (TUV-SUD South Asia)
- Lucknow manufacturing area
- 1,880+ sq. meters combined (two units)
- Fusion Electronics installed capacity
- 200,000 sq. m annual flex-PCB manufacturing capacity
Guidance record · Q4 FY26
what the last two calls moved 7 tracked 0 delivered 1 missed 6 open- Main Board Migration missed said Q4 FY25 Promised: complete three years on the exchange before migrating to any larger platform, which we will be completing on October 10, 2025. Q4 FY26: The target date of October 10, 2025 has passed. There was no mention of the main board migration in the Q4 FY26 call. The company remains on the SME platform as of May 2026.
- EBITDA Margins revised down said Q4 FY25 Promised: sustain and maintain our EBITDA margins in the range of 22% to 25% Q4 FY26: FY26 EBITDA margin was 29.5%, significantly exceeding the target range. However, management revised future guidance down to 20-25%, lowering the bottom end of the range.
- Revenue Growth on track said Q4 FY25 Promised: 40% to 50% in our revenue on year-on-year basis as well as from a CAGR perspective for the next three to five years. Q4 FY26: FY26 revenue grew ~90% YoY to ₹210.47 cr. Management reiterated the 40-50% CAGR guidance. With a ₹697 cr order book (3.3x FY26 revenue), the company is well-positioned to meet this.
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 268.6%, net profit up 257.1% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 26 | 23 | 30 | 35 | 36 +38% | 75 +226% | 82 +173% | 129 +269% |
| EBITDA | 3 | 5 | 8 | 9 | 10 +233% | 15 +200% | 22 +175% | 36 +300% |
| Net profit | 2 | 3 | 6 | 7 | 8 +300% | 14 +367% | 17 +183% | 25 +257% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −5.9% 1Y
1Y: ₹2,551.8 on 10 Sept 2025 → ₹2,400. High ₹3,018 (4 Jun 2026), low ₹1,649 (24 Oct 2025).
How the price took the results
close before → close after
- Q4 FY26
- −3.2%
- 14 May
- Q2 FY26
- −3.7%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹0 Cr | ₹0 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹10 Cr |
| Reserves | ₹5 Cr | ₹7 Cr | ₹16 Cr | ₹40 Cr | ₹132 Cr | ₹199 Cr |
| Borrowings | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹18 Cr | ₹52 Cr |
| Other liabilities | ₹4 Cr | ₹4 Cr | ₹6 Cr | ₹11 Cr | ₹26 Cr | ₹50 Cr |
| Total liabilities | ₹12 Cr | ₹15 Cr | ₹30 Cr | ₹60 Cr | ₹184 Cr | ₹311 Cr |
| Fixed assets | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹3 Cr | ₹23 Cr | ₹24 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹1 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹5 Cr | ₹6 Cr | ₹47 Cr |
| Other assets | ₹11 Cr | ₹12 Cr | ₹26 Cr | ₹53 Cr | ₹153 Cr | ₹240 Cr |
| Total assets | ₹12 Cr | ₹15 Cr | ₹30 Cr | ₹60 Cr | ₹184 Cr | ₹311 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters trimmed −1.49 pp while the public added +1.25 pp. The shareholder count grew 18% to 1,914.
- Promoters
- 65.6%
- FIIs
- 0.1%
- DIIs
- 0.6%
- Public
- 33.8%
Since Mar 2025
- Promoters −1.49 pp
- Public +1.25 pp
- DIIs +0.20 pp
How it drifted, 10 quarters
Over this window the public went from 15.9% to 33.8% — +17.9 pp.
Ownership split by quarter, oldest first. Oct '22: Promoters 73.5%, FIIs 6.4%, DIIs 4.2%, Public 15.9%.Mar '23: Promoters 73.5%, DIIs 2.2%, Public 24.2%.Sep '23: Promoters 73.5%, DIIs 2.2%, Public 24.3%.Oct '23: Promoters 70.2%, DIIs 2.0%, Public 27.8%.Mar '24: Promoters 70.2%, DIIs 1.6%, Public 28.2%.Sep '24: Promoters 70.6%, FIIs 0.0%, DIIs 0.4%, Public 28.9%.Mar '25: Promoters 67.1%, DIIs 0.4%, Public 32.5%.Sep '25: Promoters 67.1%, DIIs 0.2%, Public 32.7%.Oct '25: Promoters 66.8%, DIIs 0.2%, Public 33.0%.Mar '26: Promoters 65.6%, FIIs 0.1%, DIIs 0.6%, Public 33.8%.
Who bought this quarter
since Oct 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Opuleny Advisors And Consultants Llp newly disclosed 1.11% held
- Mukul Mahavir Agrawal +0.24 pp 4.20% held
- Ashish Kacholia +0.24 pp 1.45% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Concord Control above SEBI's 1% disclosure line, and what changed since Oct 2025.
| Holder | Stake | Change |
|---|---|---|
| Gaurav Lath | 32.78% | −0.61 pp |
| Nitin Jain | 32.78% | −0.61 pp |
| Mukul Mahavir Agrawal | 4.20% | +0.24 pp |
| Asha Mukul Agrawal | 1.51% | unchanged |
| Ashish Kacholia | 1.45% | +0.24 pp |
| Ashish Agarwal Individual | 1.21% | unchanged |
| Opuleny Advisors And Consultants Llp | 1.11% | newly disclosed |
| Hem Chand Jain | 1.06% | unchanged |
| Vivek Parakh | 1.03% | unchanged |
| Gaurav Jain | 1.01% | unchanged |
| Ashok Jain | 0.00% | unchanged |
| Pankhuri Lath | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 25.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
All earnings calls (3)
Read the Q4 FY26 call →Learn to analyse Concord Control
Guides on how to read this kind of business and the numbers that matter.