Concord Control Systems Limited — Call Transcript 2026

May 19, 2026

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CONCORD\BSE\16\2026-27

May 19, 2026

The Secretary, Listing Department, BSE Limited, 1[st] Floor, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001, Maharashtra

Scrip Code: 543619; Symbol: CNCRD, ISIN : INE0N0J01014

Ref: Submission under Regulation 30 of the SEBI (Listing Obligations & Disclosure – Requirements) Regulations, 2015 Transcript of Post Earnings Conference Call.

Dear Sir/ Madam,

With reference to our Post Results Conference Call for H2-FY 2025-26, held with the Investors/Analysts on Thursday, May 14, 2026 at 12:00 P.M. and pursuant to Regulation 30 and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we, Concord Control Systems Limited, are submitting herewith transcript of the said meeting.

We request you to please take the same on your records.

Thanking You,

Yours’ Sincerely,

for Concord Control Systems Limited

PUJA Digitally signed by PUJA GUPTA Date: GUPTA 2026.05.19 17:12:28 +05'30'

Puja Gupta Company Secretary and Compliance Officer

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Reg. Off: G-36, U.P.S.I.D.C. Industrial Area, Deva Road, Chinhat, Lucknow- 226019 Uttar Pradesh E-mail: cs@concordgroup.in; adminoffice@concordgroup.in, Mobile: +91-9919539555, +917800008745 Website: www.concordgroup.in; CIN: L31908UP2011PLC043229

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Concord Control Systems Limited

H2 & FY26

POST EARNINGS CONFERENCE CALL May 14, 2026 12:00 PM IST

Management Team

Mr. Gaurav Lath - Joint Managing Director

Call Coordinator

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Strategy & Investor Relations Consulting

Concord Control Systems Limited H2 & FY26 Post Earnings Conference Call May 14, 2026 12:00 PM IST

Presentation

Vinay Pandit:

Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations team, I welcome you all to the H2 and FY26 Post-Earnings Conference Call of Concord Control Systems Limited. Today on the call from the management team we have with us Mr. Gaurav Lath, Joint Managing Director.

As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risk and uncertainties. Also, a reminder that this call is being recorded.

I would now request the management to briefly run us through the investor presentation with business and performance highlights for the period ended 31st March 2026, the growth perspective and vision for the coming year, post which we will open the flow for Q&A. Over to you Gaurav.

Gaurav Lath:

Thank you so much, Vinayji and the Kaptify team. And good afternoon everyone and thank you for joining Concord Control Systems Investor Call.

Today, I do not want to speak only through numbers. Numbers are important, and I will come to them shortly. But more importantly, I want to explain what Concord is becoming, the journey we have undertaken, and the path we are now building for the future.

Concord is no longer just a railway equipment manufacturer. We are not merely a product-supplying company. We are evolving into what we internally call the intelligence layer of modern railways — spanning propulsion, safety systems, control technologies, communications, diagnostics, and green mobility solutions.

Our vision is to move beyond components and become a technologydriven railway solutions platform that powers the next generation of rail infrastructure.

FY26 has been a defining year for us because the business is now beginning to reflect the strategy we have been building over the last several years.

Concord is a platform company, not merely a product company. That is the core message I want everyone — especially our investors — to take away today.

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The most important transformation underway is that Concord is evolving into a full-stack railway technology platform. Globally, the railway industry is transitioning from purely mechanical systems to intelligent, connected, software-led, and safety-critical ecosystems. In this transition, Concord’s positioning becomes exceptionally strong.

We are integrating mission-critical hardware with software, embedded systems, proprietary IP, safety certifications, and lifecycle services. This creates a far more resilient and scalable business model. It improves customer stickiness, strengthens our margin profile, and significantly expands our long-term growth potential.

Our focus is no longer only on supplying components; it is on becoming deeply embedded in the operating architecture of modern railways.

Our journey is from a hardware supplier to a railway electronics company to a control systems company and now moving towards a railway intelligence platform. This is the shift which we want to focus on as a company.

Now, our business today stands around four integrated pillars and this is the most important slide of my presentation where I would want you to spend a little more time and understand these integrated pillars. The first pillar is the green sustainable mobility which includes battery, hydrogen, hybrid and zero emission propulsions, advanced chemistry cell, upgradations for railways.

The second pillar is the smart locomotive with intelligence. So, when I say smart locomotive with intelligence, I basically mean that we will make locomotives more connected, more monitored and more datadriven.

The third railway safety pillar is Kavach multi-section digital axle counter and other safety critical technologies which we are developing and continuously working on.

And the fourth most interesting pillar is the AI-driven diagnostic and sensing. We believe that more and more connected trains, more and more predictive maintenance and more and more sensing will give us the real-time data monitoring, will give us the asset intelligence and that is going to be the most critical component for decision making going forward in the railways industry. Now many companies are making one product in the current railway industry. Some do propulsion, some do

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safety, some do monitoring. But Concord's strength is that we are bringing these layers together.

Our platform is built around four core capabilities — it senses, it decides, it acts, and it learns. That is why we believe Concord is evolving into the brain of modern rolling stock and a foundational pillar of green mobility. Railways represent one of the largest transportation ecosystems in India and across the world, and the next phase of transformation will go far beyond electrification. The future is about intelligent energy efficiency, advanced battery systems, hybrid and hydrogen-based propulsion technologies, and creating smarter, more sustainable rail networks. Our focus is to enable this transition by delivering intelligent platforms that not only optimize performance and safety, but also significantly reduce the total lifecycle cost of the entire railway ecosystem.

Concord has already demonstrated India’s first indigenous zeroemission locomotive retrofit by successfully converting a diesel locomotive into a battery-powered unit. This is not merely a concept or a prototype — it is a live demonstration of our engineering and system integration capabilities.

But the larger opportunity goes far beyond a single retrofit project. Once you develop deep expertise in propulsion systems, battery technologies, control electronics, communication architectures, safety integration, and thermal management, you are no longer operating as a component supplier.

You are building a scalable technology platform. That platform can then be adapted across multiple railway applications and use cases — from locomotives and rolling stock modernization to energy-efficient mobility solutions and intelligent rail infrastructure.

This is the strategic direction in which Concord is moving: from manufacturing products to owning critical technology layers within the railway ecosystem.

Advanced chemistry cell battery upgradation is also a very large opportunity going forward. Lead acid and VRLA systems will gradually move towards advanced chemistry cells because railway needs reliability, compactness, low maintenance and better life cycle economics.

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The second pillar is smart locomotive intelligence. A locomotive of the future will not only be a standalone machine. It will be a connected monitor -- monitored and an intelligent asset. A very strong example of this is our remote monitoring solutions and distributed power wireless control systems. These technologies enable multiple locomotives in long freight train to communicate and operate in synchronization. In simple terms, if Indian railways want to run longer freight trains, move higher tonnage, better braking control and work on fleet orchestration, improve the overall freight throughput, technologies like DPWCS, realtime monitoring and intelligent locomotive becomes very important.

This directly aligns with Indian railways freight growth ambitions. And for Concord, it validates our ability to build mission-critical wireless control systems for heavy haul operations.

In the third pillar, we talk about the railway safety. Safety is not optional in railways. Kavach is one of the most important railway technologies program and railways as a whole is deploying a lot of capital expenditure on this and Concord through Progota is participating in this opportunity. Our focus is not just to take orders, our focus is to build a credible, scalable, safety-critical railway technology business. The Kavach opportunity is large, long-duration and strategically important for us. And we feel that Kavach and MSDAC put together will lead us in the safety domain of railway electronics, not only in India but as well as for other markets as well. Overall, we are part of a very high entry area with approval-driven railway electronics opportunities.

Now, if I talk about the most important or the diagnostic sensors, the fourth pillar, which is all about the predictive maintenance and diagnostics. Railways are now moving from a reactive maintenance to a predictive maintenance. First the repairs were done after failure. Now railways have changed a lot. And future is about detecting early, predicting a failure and preventing a breakdown. And we are proud to be a part of this ecosystem.

We are already developing and deploying advanced technologies such as WILD systems and AI-based overhead equipment monitoring as part of this intelligent data and diagnostics layer.

These are not merely products — they are mission-critical control and diagnostic systems that Concord will integrate directly into railway assets and infrastructure.

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The strategic value of these technologies goes far beyond the initial installation. They enable us to build long-term service relationships through continuous monitoring, predictive maintenance, diagnostics, and analytics-led support solutions.

As a result, the business model evolves from a one-time product sale into a recurring, annuity-based revenue stream with significantly higher scalability and stronger margin potential.

This transition is extremely important because globally, infrastructure technology companies that own data, diagnostics, and lifecycle services tend to create deeper customer integration, higher switching costs, and more sustainable long-term profitability.

That is the direction in which Concord is steadily moving — from being a manufacturing-led company to becoming a technology and lifecycle solutions platform for modern railways.

Now, if I talk about Fusion, this has been one of the most strategic moves for Concord during the year. Fusion positions us strongly within the high-value flexible PCB and premium EMS segment, which is becoming increasingly critical in next-generation railway electronics.

This acquisition is not merely about adding manufacturing capacity or achieving backward integration. It significantly enhances our capabilities across box-build solutions, import substitution, and integrated electronics manufacturing. Most importantly, it gives Concord deeper control over the electronics architecture within our products and systems.

As railway infrastructure globally becomes more electronics-intensive, software-driven, and intelligence-led, owning high-quality manufacturing and electronic integration capabilities becomes strategically important.

Fusion therefore strengthens not just our manufacturing footprint, but also our technological depth, execution capability, and long-term value positioning.

It adds another critical layer to Concord’s transformation — from a traditional railway equipment manufacturer into a vertically integrated railway technology platform with stronger control across the value chain.

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Fusion enables Concord to move further up the value chain — from being primarily a railway product company to becoming an integrated electronic subsystem and technology solutions provider.

It strengthens our ability to manufacture integrated systems in-house, improves supply chain control through greater domestic sourcing potential, and also opens access to significant global opportunities in high-value electronics manufacturing.

In many ways, this represents one of the most important aspects of Concord’s transformation story.

Our revenue model itself is evolving. Historically, the business was predominantly product-led, driven by one-time equipment sales. Going forward, we expect the mix to become far more diversified and structurally stronger.

Alongside products, we see increasing contributions coming from annual maintenance contracts (AMCs), software solutions, IP-led offerings, annuity-based service revenues, diagnostics, monitoring platforms, and long-term lifecycle support.

This transition is strategically important because it improves revenue visibility, enhances customer stickiness, expands margins, and creates a more scalable and resilient business model over the long term.

Ultimately, Concord is positioning itself not just as a manufacturer, but as a long-term technology, systems, and lifecycle partner to the railway industry.

This is precisely why we say Concord is not just building railway products — we are building the engineering intelligence behind modern railways.

At its core, Concord is evolving into a company that is helping build the “brain” of modern rolling stock. Just as the human brain controls movement, safety, communication, monitoring, and decision-making, Concord’s technology platforms are designed to integrate propulsion systems, Kavach-class safety technologies, wireless controls, diagnostics, monitoring systems, and intelligent communication architectures into a unified ecosystem.

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This integrated capability is what we believe forms our long-term competitive moat.

In the railway industry, individual products can eventually become commoditized. But the ability to integrate mission-critical hardware, embedded intelligence, software layers, safety systems, diagnostics, and lifecycle services into a cohesive platform is far more difficult to replicate.

That is where Concord’s strategic advantage lies. We are positioning ourselves not simply as a supplier of components, but as a technologyled systems company embedded deeply within the operating architecture of next-generation railways. Individual products will always remain important, but the real long-term value lies in building an integrated railway intelligence platform.

Very few companies possess the combination of capabilities required to operate at this level — deep railway domain expertise, regulatory approvals, advanced R&D, electronics integration, safety-critical systems knowledge, high-quality manufacturing capabilities, and largescale execution experience.

Bringing all these elements together creates significant entry barriers and strengthens Concord’s strategic positioning within the evolving railway ecosystem.

Today, the direction of our strategy is becoming increasingly visible. We are steadily transitioning from a traditional equipment supplier into a technology-driven, full-stack railway solutions platform with deeper integration across the value chain.

This transformation is not based on a single product or opportunity. It is being built on a scalable foundation of engineering capability, system integration, intellectual property, lifecycle services, and long-term customer relevance.

If I come to the numbers now, FY26 has been a landmark year for Concord. We delivered a revenue from operations of INR 210.47 crores with a PAT of INR 42.7 crores and an EPS of INR 42 crores with an EBITDA of INR 62.1 crores. More importantly, our executable order book as of 31 March, 2026 stands at approximately INR 697 crores. This order book is more than three times of our FY26 revenue, giving us a very strong visibility and confidence. So the story is not only about the future potential. We can see that performance in the numbers as well

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as we can see the visibility in the order book and scale in the technology roadmap. We have grown profitably, we have added strategic capabilities, and we now have a much stronger base to scale from.

Now, if I were to conclude the journey so far, I would say that Concord today stands at a very important and exciting inflection point.

We are operating at the intersection of four powerful structural themes shaping the future of the railway industry — Indian Railways modernization, safety, green mobility, and intelligent railway electronics.

Our ambition is very clear: to build Concord into one of India’s most comprehensive and technology-driven railway platforms.

The path ahead is guided by a simple but disciplined focus — strong execution, high-quality technology, deeper strategic relevance within the railway ecosystem, and sustainable profitable growth.

Everything we are building today — from propulsion and safety systems to diagnostics, electronics integration, software capabilities, and lifecycle services — is aligned toward creating a scalable, futureready railway technology company.

We believe the opportunity ahead is substantial, and more importantly, we believe Concord is positioning itself with the right capabilities, the right strategy, and the right long-term vision to participate meaningfully in this transformation of the railway sector.

With that, I would like to pause here and open the floor for questions.

Question and Answer

Moderator:

Gaurav Lath:

Thank you, Gaurav. All those who wish to ask a question may please use the option of raise hand. Once you raise your hand we'll be unmuting you so you can ask your questions till you do not finish your question not mute your line. All those who wish to ask a question may please raise hand now. Sir there is a question in the Q&A line. If company will generate revenue from Kavach in this financial year, other than the trial order which is under process, will the company?

We have already started working on the field trials and we hope that it will be a very successful year in terms of Kavach for us.

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Moderator: Participants who wish to ask a question may please raise hand otherwise you can put the question in the chat box or in the Q&A box. We'll take the first question from Ajit Sethi. Ajit, you can go ahead, please. Ajit Sethi: Thank you for the opportunity. Sir, trade receivables have increased significantly during the year. So, could you help us understand the key reason behind this increase and how should we think about receivable days and working capital going forward? Gaurav Lath: Thank you, Ajit. Thank you so much for asking this and I am very happy to answer this as a first question. See, in the railway industry, the execution is typically back-ended with a significant portion of deliveries and billings happening in Q4, especially towards the closing months of the financial year. As a result, receivables on 31st of March balance sheet naturally appears elevated. However, these are largely operational receivables linked to executed projects and customer acceptance cycles.

And it is railway as a customer. So, when you talk about railway as a customer, there is, in fact, if one were to look at our internal position as of June, the receivable cycles already improved meaningfully when we see our last financial year versus this financial year. Moderator: Yes, Ajit. Ajit Sethi: Okay. So, we should expect this type of working capital going forward also, right? Gaurav Lath: Absolutely. Yes. Ajit Sethi: Okay. And sir, coming to our short-term debt, this is also increased significantly. So, while company is guiding for a strong 40% to 50% growth CAGR going forward, so how should we think about the debt levels and balance sheet strength over the next few years? Gaurav Lath: So, Ajit, as you can see, the overall company growth is at a higher trajectory. And these Q4 numbers are always -- H2 is always heavier than H1. Because of that, there's always a working capital requirement which arises in short term. And that's why there will be always a significant jump in our overall working capital requirements with an unprecedented order book of INR697 crores to be fulfilled going forward. And eventually, it will come down.

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As a management, I think till last year, we were more focused on ensuring deliverables and achieving what we need to achieve to prove. This year, we will be more disciplined and we'll be more focused on execution as a company.

Ajit Sethi: So, what kind of peak debt we can expect this year, next two years, if possible, you can share?

Gaurav Lath: Peak in terms of?

Ajit Sethi: Debt.

Gaurav Lath: Very difficult to comment today, because in the Q1, we will always have higher receivables coming from our clients. And it then shapes up to a more sustained order book execution over the year rather than more stressed in the last quarter, which has happened in our last financial year.

Ajit Sethi: Okay. And we are guiding for a 20% to 25% EBITDA margin. And this quarter, we had done around 30% EBITDA margin. So, we have been conservative on guiding, right?

Gaurav Lath: It is difficult to say that we have been conservative in our guidance. We try to be more and more realistic in our guidance. But I think we are in a situation where the railways is transforming, the technologies are more and more required and the adoption of technology is happening faster than even we imagined.

Ajit Sethi: Thank you. Moderator: Thank you. Ajit.

Gaurav Lath: Can we switch off the presentation slides so that we can keep talking? Moderator: Yes, sure. Gaurav Lath: Thank you. Thank you so much. Moderator: We will take the next question from Shubham Agarwal. Please go ahead.

Shubham Agarwal: Good afternoon, Gaurav. Congratulations on a great set of numbers. So, I have a couple of questions. The first question was, your order book has been growing sizably. As you mentioned, it is 3.3 times the FY26

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revenue right now. So going forward, won't you say the execution also perhaps will have to grow at a faster pace than what we are guiding of around 40% to 50% revenue growth? And just an understanding of whether there are any likelihood of penalties for completing or not being able to complete the orders on time?

Gaurav Lath:

So, Shubhamji, I think FY26 has been a very unprecedented year where we were on one hand executing this growth and creating these numbers which are today visible. But on the other hand, it was also fructifying to see such a large order book being achieved by us. And I think that gives us more positioning strength for this entire year. Our whole planning is now more structured because we have such a large order book to fulfil going forward.

So, I think we have done it before, we have executed it last year and we will do it again. So, hopefully, we should keep doing our best in this.

Shubham Agarwal:

• Great. Just another question on the Fusion Electronics business. I had asked you last earnings quarter and you had mentioned that perhaps you will be able to give more guidance in the next earnings call because at that time, I think you had just acquired the electronics business. So like 6 months later now, how do you think we are placed with the Fusion Electronics like any revenue we can think of achieving from that business this year, this financial year?

• Gaurav Lath: Sure. I think Fusion is one of the most interesting and a very strong strategic acquisition which we did last year. And it takes some time to acquire any business and build your culture, your team, your setup. We generally give ourselves 300 days to run the entire cycle in 100, 100 days phenomena. So I hope this year will be a revenue contributing year as well.

• Shubham Agarwal: Okay, great. And just one last question on Progota. Is there any plans to increase your ownership stake of Progota this year, given that you are now going to be executing multiple orders for the Kavach 4.0 business also?

• Gaurav Lath: So, Shubhamji, I think we have been very frugal in terms of our investments. And as and when we see an opportunity where our investments can significantly garner returns for the company, we take that step. So, hopefully, whenever that need arises and that step is required, we will not deter to take any such step.

• Shubham Agarwal: Okay, great. Thank you so much, Gauravji.

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Moderator:

Thank you. I will take the next question from Utkarsh Bhadauria. Please go ahead.

• Utkarsh Bhadauria: Hello. Hi, Gaurav. How are you? Amazing. Congrats for the continued growth, which you are showing. So, structurally, you're growing really well. So, congrats to you for that. My question was that, essentially, I think a lot of things are proven in our business now, where you are showing execution. But one major thing which I had in mind is, when will our operating cash flow turn positive? Because from your experience in railways, receivable is one issue. And of course, we are moving into new businesses. So, inventory also becomes a different ballgame altogether now. So, how do you see working capital shaping up? And when will you turn positive here?

Gaurav Lath:

• So, Utkarsh, thank you so much for your patronage and keeping us always on toes and asking the most relevant questions. I think railway as an industry is always, as I mentioned earlier, is the execution is typically back-ended. Railways has no issues of receivables. It's just the cycle. You're completing a lot of deliveries in the last quarter of H2 and your payment realization generally happens in the first quarter of the preceding year. That, in turn, makes the balance sheet look heavier and the receivables appear naturally elevated. But overall, I think this is a year where we can be more planned because there is a sizable order book to execute. And in the past years also, we have been continuously proving our performance with our execution capabilities and simultaneously developing multiple technologies as we move forward for not only the Indian market, but from a global standpoint.

So, I think there will be a continuous growth-led fund requirement which will be there in the company. But at the same time, we are overly cautious. We are more disciplined and we have better execution capabilities going forward.

Utkarsh Bhadauria: Gaurav my only worry was that, going ahead, of course, this payments coming in has been the issue from railways. But we have seen in some other companies also, in Kernex and all, so there have been certain issues relating to order execution and then payment delays and stuff like that. But it should not be like the orders, you are not able to actually have the money to implement the orders coming in. So, that is one major concern, right, with a negative cash flow. Essentially, the entire profit which you are currently showing is something which they haven't given you as yet. So, you're kind of funding the entire project right now.

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Gaurav Lath:

Utkarsh, apparently, from the way you look at the balance sheet, this may be appearing as a very elevated number. But generally, railway payments are very well streamlined. There is absolutely no issue in railway payments. It's just a cycle and a process. And you are dealing with the sovereign. So, there is no issue of any penalties or bad debts happening. It is just a process and a cycle. And I think we are overly cautious in saving each penny and maintaining our cash flows. And I don't think cash flows would be a deterrent of growth for the company.

Utkarsh Bhadauria:

So, there's no liquidity challenge at all?

Gaurav Lath: We are a healthy and a financially, I would say, disciplined organization.

Utkarsh Bhadauria: Have you seen some improvement from April onwards? Gaurav Lath: That's exactly what I said.

Utkarsh Bhadauria: Right. So, that's what it means that money started coming in. Gaurav Lath: Absolutely.

Utkarsh Bhadauria: It's the balance sheet impact. Gaurav Lath: It's just the cycle.

Utkarsh Bhadauria: Okay, done. Thank you so much, Gaurav. Thank you for your time. And one more question, if I can ask you was on the retrofit diesel engine and the green hydrogen space. I'm very excited about that space. In the current scenario, where government is looking towards a more environment friendly options. How do you see this space going forward?

Gaurav Lath:

You have to look at this from a bigger-picture perspective, which is what I was also trying to convey while presenting the new story of Concord and where we see ourselves growing.

The larger vision is that once we fully understand and master the propulsion battery, control electronics, cooling systems, communication systems, and the integration of the entire product, it will no longer remain just a component or a cell business for us. Instead, we will be building a complete platform stack for multiple railway use cases.

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Zero-emission mobility is a very strong pillar of this strategy because it can significantly improve overall energy efficiency — not only in India, but across railway networks globally

Utkarsh Bhadauria: How did you see that last order turning out with NTPC and then, I mean, further inquiries or any traction on that space in that space?

Gaurav Lath:

It's been a very active space.

Utkarsh Bhadauria:

Okay. Okay. Great. Thank you so much.

Gaurav Lath:

Thank you.

Moderator: Thank you, Utkarsh. We'll take the next question from Harshil Solanki. Please go ahead.

Harshil Solanki:

Hi, Gaurav. Good afternoon.

Gaurav Lath: Hi, Harshil. Good afternoon. Please carry on.

Harshil Solanki: Yes. So, I had questions on the Kavach. So, there is a tender for 4,500 local units which is active. So when do you expect the outcome? Because I think it closed on 14 April and we are past one month. So, any idea when the order will be and how much do we expect to win from that tender?

• Gaurav Lath: So, Harshil, I think we are positioned as a completely in-house indigenous Kavach R&D powerhouse with the entire technology being developed and designed by ourselves. And we feel we will be one of the most cost-effective, backward-integrated Kavach player because of our advanced rail capabilities. And with all of that, we have been aggressive in this space and tenders which are coming. And in the past, we have quoted a few of them as well. But railway has a process of tender finalization. And in due course, we will all see the outcome.

Harshil Solanki: Okay. So, the tender will still take time. Is that what you are trying to say?

Gaurav Lath:

There is a process.

Harshil Solanki:

Okay. And second thing is what are the number of loco units if you can highlight in the Indian railways? Because what I'm trying to understand is already 17,000 loco units have been tendered for Kavach including

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the 4,500. So, does Concord have more scope to win loco orders or is the entire local opportunity is done and we will only get to play the CAC opportunity which is left is what I'm trying to understand from this.

Gaurav Lath: So, the total population of locomotives in the country would scale somewhere around from 13,000 to 16,000, including the train sets and the MEMUs.

Harshil Solanki: Okay. So, roughly, the Indian Railways has tendered all of the locos. I have the number for 17,000 the tender which have been announced till now and ordered also.

Gaurav Lath: That's not the correct number.

Harshil Solanki: Okay. So, what is the number as per you?

Gaurav Lath: We'll come back to you with the exact numbers.

Harshil Solanki: Okay. I've got it. This was it. Yes. Thanks a lot.

• Gaurav Lath: Thank you so much, Harshil.

Moderator: Thank you. We'll take the next question from Anurag Agrawal. Please go ahead.

• Anurag Agrawal: Hi. Thank you for the opportunity. Sir, I just wanted to ask, we've mentioned that Fusion Electronics is one of the largest flex PCB manufacturers in country and we're dealing with a lot of OEMs including a lot of high-end names. Yet, we have failed to show a meaningful revenue from this subsidiary. Could you throw some light on that?

• Gaurav Lath: So, Anurag, thank you so much for asking that question. It's a turnaround story. And it is one of the largest installed capacities of flexible PCBs and box building capabilities in the country as we speak. And any turnaround takes a due course. And we will see, we are very bullish of short to midterm targets and we will see the results.

• Anurag Agrawal: Could you give us some details about how you went into that space where you acquired it? Maybe if you're saying it's a turnaround, it must have been probably bankrupt or in a very dire financial need of funds. So how it went into that space and what we're doing to get it out of that space? Also, Yes, that's the first part. Yes.

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Gaurav Lath: Okay. No. So, I don't think there was a financial reason of any sort and there was no distress. It was just an asset which could not do well. And now we are just revamping it.

Anurag Agrawal: Okay. What is the strategy towards revamping it? I'm trying to understand basically, how are we trying to turn around it as compared to the original promoters who have probably been in this industry, if they had set up such a big capacity?

Gaurav Lath: So, Anurag, I think Concord today has done a few transactions in the past, where we have shown our execution capabilities and demonstrated it with our skills as well as numbers in the past two or three financial years where we have partnered or acquired any stake in any company. And it has been a continuous recipe for us in terms of acquiring capabilities, not just businesses, but more from a capability standpoint and a technology standpoint. Fusion happens to be one of those strategic moves. And I think we have the right pieces of the puzzle in place. So, we'll take it forward from there.

Anurag Agrawal: Okay. Thank you.

Moderator: Thank you, Anurag. All those who wish to ask a question please use the option of raise hand.

Moderator: Sir, there are a few questions in the Q&A box. Let me get them cleared. There are questions regarding the order book. Out of the INR700 crore order book, what do you think is executable and what is the timeline for execution of the existing order book? And what kind of orders do you expect in the current financial year?

Gaurav Lath: So, typically, what we have seen is until now, we have seen an 18 to 24 month order execution cycle. And we are better positioned. We are more -- we are having more execution capabilities. And I think we will keep maintaining the similar growth trajectory going forward, as well as business as usual will keep happening in terms of more and more order winnings and growth pillars being more evaluated to add further chunk of strategic revenues.

Moderator: Then there are questions around Fusion Electronics. So, Nalini Kant is asking, what was the revenue in FY26? And what is the outlook for FY27?

Gaurav Lath: So, Nalini ji, I think I just mentioned that it's a turnaround story. And we will -- at full scale, Fusion can do about INR200 crores of revenue

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based on the installed capacities, with a provision of doubling the capacities going forward.

Moderator: A related question from Bharat Gupta. Do you see Fusion Electronics synergies defined only to railways or we can work across other industries as well?

Gaurav Lath: See, Fusion products sit on a very unique and a niche hardware layer, which is not only used in railways in multiple other sectors as well. We as a company is more focused on railway ecosystem as a whole, because we understand that piece better than other sectors. But we are not limited to only one sector.

Moderator: Then there is a question around the current crisis considering the ongoing LNG crisis and the geopolitical tensions. Do you foresee any possibility of the government reducing, postponing or slowing down its spending on railway-related orders and infra projects?

• Gaurav Lath: See, that's a very, very important question. And thank you for asking that. I think we all are living in a world of uncertainties today. Every few months, something or the other is happening in the geopolitical scenarios. And as a company, as a business, we all have to work judiciously and diligently both to ensure that we are disciplined enough to insulate our companies, rather minimize the impact of these uncertainties which keep happening across the world.

So I think day by day Concord is building resilience and discipline both to insulate ourselves as much as possible for such uncertainties. Moderator: There is a question from one of the participants. When is the mainboard migration planned?

Gaurav Lath: So I think we are in the process. It's just a matter of -- very difficult to give a timeline to it. But we have already been on the journey. Moderator: There's a question from Kumari Soumya. Can you give a flow of how does Kavach order work, getting approval to test run to full-fledged execution and how much revenue lies on each stage?

• Gaurav Lath: So a very in-depth question, Kumari ji. Thank you so much for asking that. And see, in any order of Kavach, there are typically two to three phases. One phase is the installation of -- rather the production of the actual system and then the inspection happens. And after that, you basically go for installation of the product.

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If it is a loco Kavach, then the installation is limited to the locomotive itself, where we as a company are better positioned because we already have a lot of in-field engineers which are working on multiple locomotives. We understand the locomotive's space because of advanced rail capabilities. So that gives us further efficiencies in the execution and installation of Kavach when it comes to a locomotive. But on the other side, if we talk about the station Kavach or the entire product, then you have to first produce, then install on a locomotive, then install on a station, install on the trackside. The entire equipment has multiple layers of installation and a certain percentage of revenue, rather the invoice is paid by the railways on supplying the product and the balance is paid after successfully installing the product.

• Moderator:

There's a follow-up question from Kumari Soumya. Last year we closed at INR212 crores order book and we did INR210 crore revenue. This year we are at INR697 crores. Should we be able to convert 70%, 75% of this in FY27? It's a forward-looking question so you can decide how to answer it.

• Gaurav Lath: Yes, every management aspires to do more and more. We will also try to keep up to the pace. As a company, we are building more and more execution capabilities and I hope we will keep growing based on the guidance which we have given.

Moderator: There's a question from Shailesh Jain. Is the company expected to finish Kavash trial order in this financial year with ISA approval?

• Gaurav Lath: We are certainly working towards achieving the trial completion as well as ISA approvals within this financial year. The rest is up to a lot of geopolitical factors which are beyond our control but I think we are trying to insulate ourselves for it.

• Moderator: And the second part of his question is, what about other Kavash orders already received? Will the company be able to complete in the timeline mentioned in the order?

• Gaurav Lath:

We are working towards it and planning towards it, both.

• Moderator:

Sure.

• Moderator: Thank you, sir. We'll take the follow-up question from Utkarsh Bhadauria. Please go ahead. Yes, Utkarsh.

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Utkarsh Bhadauria:

Yes, Gaurav. Gaurav, I just wanted to understand, how are we currently also doing the -- what is the revenue bifurcation currently of the products which we are selling and how was it earlier and how are we transitioning?

Gaurav Lath: See, Utkarsh, again a very important piece of information which I wanted to bring on the table and thank you for asking that. See, earlier in my presentation, I was saying that many railway suppliers are limited to one or two domain of products. And if one of the products is not immediately required by railways, there is a cyclic nature of business which impacts the business.

Utkarsh Bhadauria:

Got it.

Gaurav Lath: Concord, I think, is positioning itself to beat the cyclic nature of any such requirements of clients. We are working in the traction side, coaching side, wayside, locomotive side, in multiple domains and something or the other will keep on happening in such a large railway ecosystem to contribute to our top lines as well as to our bottom lines. So, I see, we have a great product mix. As on date, I would say we have a larger product mix of locomotive solutions and that is where --

Utkarsh Bhadauria: Which is the Anaconda?

Gaurav Lath: Yes, one of the products is DPWCS. And going forward, it will keep on evolving with time. It's an ever-changing product mix.

Utkarsh Bhadauria: Well, I am asking… Utkarsh Bhadauria: Ok, Why I am asking is because we have earlier seen that typically Concord was an electronic supplier and then we transitioned to different products, Anaconda, Kavach, we added new things, took over many companies. So, is the old model still alive and how much, is the question actually? And…

Gaurav Lath: Sorry Utkarsh, I could not understand your question.

Utkarsh Bhadauria: Yes, the old model. So, earlier we used to be more like an electronic supplier to the railway, right? And so, what is up with that business? I mean, how much is that business also contributing? I understand there are new segments coming. What I am actually trying to understand, which is the largest segment currently contributing? I guess it is DPWCS and…

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Gaurav Lath: I would not call it DPWCS. I would say today the larger contributor of our growth is the locomotives overall business. But this is an everchanging and a very dynamic -- so, it includes multiple locomotive products. We are not doing one or two, we are doing multiple technology-driven and propulsion-based subsystems.

Utkarsh Bhadauria: Okay. Sure. Thank you, Gaurav. Moderator: Thank you, Utkarsh. Anybody who wishes to ask a question, please use the option of raise hand. Sir, since there are no further questions, would you like to give any closing comments?

Gaurav Lath: Yes. So, again to conclude, I think Concord today stands at a very, very interesting point. We are operating at the intersection of four powerful themes. The overall modernization of Indian railways, the more and more adoption of safety-critical technologies, newer initiatives like green mobility, and a lot of intelligent railway electronics.

With all of this, I think Concord is building the overall intelligence layer of modern railways, integrating propulsion, safety, and multiple other solutions, which are all scalable to create a large railway technology platform. So, I think we are positioned for a much larger growth-driven railway technology company. Our goal is just not to change the product cycle. It is much more to build a multi-decadal railway intelligence and a control platform business from India, for India, and eventually for the global markets.

Moderator: Thank you, sir. Gaurav Lath: Thank you.

Moderator: Thank you, sir. And thank you to all the participants for joining on this call. This brings us to the end of this conference call. Thank you.

Gaurav Lath: Thank you, Mohsin, and thank you Kaptify team for taking this. Moderator: Thank you, sir.

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