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Quadrant Future Tek Limited Investor Presentation 2026
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Investor Presentation
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QUADRANT FUTURE TEK LIMITED
Registered Office: Village Basma, (on Basma-Jhajjon Road), Tehsil Banur, Distt. Mohali, Punjab (India) -140417
Corporate Office: SCO No. 20-21, Sector 66-A, Airport Road, JLPL, Mohali, Punjab - 160062
CIN: L74999PB2015PLC039758, E-mail: [email protected] Tel.: 0172-4020228
Date: May 29, 2026
Ref: Quadrant/SE/2026-27/13
| To National Stock Exchange of India Ltd., Exchange Plaza, C-1, Block G Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 NSE Scrip Symbol: QUADFUTURE | To BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001 Scrip Code: 544336 |
|---|---|
Subject: Investor Presentation
Respected Sir/ Madam,
Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ("SEBI Listing Regulations, 2015") as amended from time to time and with reference to the captioned subject, please find attached herewith a copy of the presentation on the Company's performance for the Quarter and year ended March 31, 2026.
Kindly take the above on your record and disseminate the same for the information of investors.
The above information will also be available on the website of the Company at www.quadrantfuturetek.com.
Yours Faithfully,
For Quadrant Future Tek Limited
PUNEET Digitally signed by PUNEET KHURANA
KHURANA Date: 2026-03-04
Puneet Khurana
Company Secretary & Compliance Officer
M. No. 43395
QUADRANT
Quadrant Future Tek Limited
Q4 FY26
Investor Presentation
May 29th, 2026
2
Safe Harbour
This presentation contains statements that may be ‘forward-looking statements’ relating to the Company’s objectives, projections, outlook, expectations, estimates, among others under applicable laws and regulations. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ from such expectations, projections etc., whether express or implied. These forward-looking statements are based on various assumptions, expectations and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, competitive intensity, pricing environment in the market, economic conditions affecting demand and supply, change in input costs, ability to maintain and manage key customer relationships and supply chain sources, new or changed priorities of trade, significant changes in political stability in India and globally, government regulations and taxation, climatic conditions, natural calamity, commodity price fluctuations, currency rate fluctuations, litigation among others over which the Company does not have any direct control. These factors may affect our ability to successfully implement our business strategy. The Company, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. You are cautioned not to place undue reliance on these forward-looking statements, which are based on the current view of the management of the Company on future events.
Management Views
"Q4 marked a strong finish to the year, with the Company delivering a robust sequential revenue growth of 70%, primarily driven by sustained momentum in our Specialty Cables business. This performance reflects improving demand conditions across key end-user industries and our continued focus on execution excellence.
In our Train Control and Signalling segment, we remain firmly positioned for the next phase of the KAVACH rollout. Our Company received formal approval from RDSO to commence passenger trials for KAVACH Version 4.0, supported by the allocation of a dedicated rail route and train for the final phase of field trials. This milestone marks the final stage in the approval process ahead of commercial deployment and highlights our strong technological capabilities, disciplined execution, and continued commitment to enhancing railway safety and modernization in India. With an order book of Rs 8,054 million in TCAS, we are well positioned to deliver a strong performance in the next fiscal. This further strengthens our strategic presence in a high-growth segment and enhances visibility on long-term value creation."
- [also known as Indian Railways Automatic Train Protection ("IR-ATP") System]
Q4 and FY26 Highlights
5
Operational Highlights
KAVACH Order Wins
☑ Strong KAVACH order momentum, with an order book of ~78,054 Mn, to build strong revenue visibility and reinforce Quadrant's positioning in mission-critical rail safety
KAVACH – Final Field Trials & Certification
☑ Following the Interim Safety Assessment Report and multi-layered validation, QFTL has received RDSO approval to commence passenger trials for KAVACH 4.0 / IR-ATP, with a dedicated rail route and train allocated for the final phase of passenger field trials.
☑ With execution readiness in place, the Company is well positioned for swift deployment post successful trials and final RDSO certification.
6
Financial Performance
Revenue from Operations (₹ Mn)
EBITDA (₹ Mn)
Q4FY26 revenue grew +70% QoQ to ₹566 Mn, led by higher traction in Specialty Cables, primarily from Railways and Defence
Specialty Cables EBITDA for the quarter stood at ₹52 Mn reflecting a sequential growth of 94%
An active order book of ~₹8,612 Mn, reflecting strong revenue visibility
Company Overview
At a Glance
KAVACH
A technology and innovation driven company specializing in:
Specialty Cables
Manufactures advanced Electron beam irradiated specialty cables designed for high-performance, safety-critical applications across various industries
Train Collision Avoidance System
Developing next-generation Train Control and Signaling Systems for the Indian Railways' KAVACH project
Manufacturing
Located at Basma, Mohali with strong Backward Integration and sufficient headroom for large-scale orders
In-house R&D
Designed, developed, and engineered the Train Collision Avoidance System (KAVACH) entirely in-house adhering to RDSO standards
Professional Management
Highly experienced management team governed by a distinguished Board
One of the approved firms to build and implement the KAVACH system for Indian Railways
MoU with RailTel where QFTL will act as the OEM for KAVACH equipment
Focus on Make in India and Indigenisation
Interim Independent Safety Assessment approval received for KAVACH systems
Compliance with safety-critical standards - RDSO, DGQA, BIS, SIL-4
Our Journey
10
Manufacturing Excellence: Automation & Integration
Backward integrated manufacturing facility at Basma, Mohali with in-house labs – engineered for shorter lead times and safety-critical output across both the business divisions
Land – 4.8 Acres
Building: 60,000 Sq. Ft
Large scale operations
Specialty Cables
1,900 MT per annum
~2,200 locomotives
~4,500 station units per annum
TCAS
Quality & Reliability
Manufacturing Approvals received from
RDSO
Backward Integration
2.5 MeV electron-beam
AERB-licensed, crosslinking technology leading to low-weight & fire-safe cables
End-to-end production of specialty cables from copper processing to polymer compounding – backward integrated to reduce supply chain risk and cycle times, electron beam irradiation, finishing and testing
Fully integrated operations, from design and development to manufacturing, assembly, testing, and software solutions, strategically position us to deliver comprehensive Train Control Systems solutions under one roof while maintaining stringent quality control
1
Diverse and Growing Client Base
Trusted vendor for India's rail network and naval fleet, actively expanding the client base
Some of Quadrant's key clientele
Specialty Cables
Specialty Cables – Overview
HANDBOUW DE KOMMUNICH
Manufactures Electron Beam Irradiated Cables – using a 2.5 MeV Electron Beam Industrial Accelerator – for industrial and other applications where fire and safety, lightweight construction and durability are critical
A leading supplier to Railways and Defence PSUs, diversifying revenue streams by expanding into Solar Power and EV cable markets
In-house compounding & backward integration creates margin resilience against commodity price swings; an active order book of ₹558 Mn
Revenue (₹ Mn)
Revenue-Split: Customers
Offers a comprehensive range of standard and customized cables, designed to meet the demands of its diverse domestic clientele
Revenue split data as of FY26
Electron Beam Cables – Powering Next-Gen Industries
Rising adoption of Electron Beam Cables across high-growth applications – EVs, fuel cell vehicles, renewable energy, aerospace, and high-rise infrastructure – driven by superior performance and reliability
Enhanced Cross Linking
Electron Beam (E-beam) processing technique provides enhanced cross linking and polymer modification to cables to achieve much superior mechanical and thermal properties.
Energy Efficient
E-beam cross-linking does not require the hours of cure time needed for other conventional chemical cross-linking methods resulting in an energy efficient process and higher throughput.
Well Synchronized
E-beam process ensures equal dose distribution, high speed, and with online data logging, it is fully synchronized. This process doesn't require any additives, nor does it generate any hazardous chemical by-products unlike traditional chemical crosslinking
Superior Properties
Improved resistance to tensile shear and compressive force; abrasion, thermal, flame-propagation, deformation, and cut through-resistance; significant weight reduction; enhanced fire safety
Product Portfolio
QUADRANT
Quadrant provides Specialty Cables across major growth segments
Railways
- 300V Irradiated Cables
- 750V Irradiated Cables
- 1.8/3.0KV Irradiated Cables
- 3.6/6.0KV Irradiated Cables
Defence
- Irradiated Cables EED-50-12
- Irradiated Cables EED-50-13
- ABS/DNV/VDE/Lloyd Register
← Strengthening current segments →
Renewables
E-Beam cables, preferred for solar & wind installations, where thermal, UV resistance, long-term durability & extended warranties are key
Electric Vehicles
E-Beam cables, preferred for hybrid & EVs, where lightweight & long-term performance are key to meet latest technological advances
Submarines
E-Beam cables, preferred for Submarines, addressing the critical need for safety & reliability in harsh underwater environments
16
Growth Drivers – Specialty Cables
Quadrant: Specialized in Electric & Control Cables, well positioned to meet the growing industrial demand of future
- RDSO: Research Designs and Standards Organisation; 2. DGQA: Directorate General of Quality Assurance; 3. IATF: International Automotive Task Force; 4. BIS: Bureau of Indian Standards
R&D and Certifications
R&D and Certifications
Continue to invest in R&D for new product development
Certifications
RDSO
Research Design and Standards Organization
DGQA
Gordon W. Shewman
Train Collision Avoidance Systems*
[also known as Indian Railways Automatic Train Protection ("IR-ATP") System]
19
Train Control and Signalling – Overview
RDSO approval received to commence passenger trials for ATP – KAVACH 4.0; Indian Railways has allocated a dedicated rail route and train for final field trials ahead of commercial certification
Quadrant's vertically integrated manufacturing operations for the hardware and software required for TCAS division enable end-to-end control over design, development, production, and delivery, ensuring superior quality, efficiency, and timely market responsiveness.
Develops and supplies safety-critical railway signalling solutions centered on Automatic Train Protection (ATP) under India's national standard (KAVACH 4.0), with a focus on other adjacent solutions
Competitive Strength
- In-house design, manufacturing & testing of both hardware & software, powering our Rail Signalling Products and Solutions based at Bengaluru, Karnataka and Hyderabad, Telangana
- Designed to interwork with other approved OEM systems
- Rapid production ramp-up & pre-built inventory for immediate rollout post final RDSO approval
- Supporting 'Make in India', meeting the CENELEC SIL-4 safety standards
- Limited RDSO-approved vendor pool for KAVACH, stringent safety and formal approval create high barriers to entry and execution visibility as deployment scales
KAVACH
KAVACH – A Multi-Year Opportunity
Indian Railways plans multi-year investment in KAVACH signaling & telecom to boost safety and security
Trackside equipment:
Stationary TCAS units with RFID tags, towers & antennas
Train Collision Avoidance System* (KAVACH) includes
Onboard equipment:
Loco TCAS computer, RFID reader, Radio Unit, Driver Machine Interface, Brake Interface Unit
How it works?
GPS & TDMA¹ radio to sync time with the network
Network connects devices to CMS² via GSM/GPRS to send status updates
CMS facilitates monitoring, diagnostics, and maintenance
Onboard units exchange real-time signals and run safety algorithm
Quadrant's Right-to-Win: Exclusive MOU with RailTel to jointly market & implement KAVACH in India and abroad
- TDMA: Time Division Multiple Access; 2. CMS: Central Management System
KAVACH
KAVACH Approval: Progress so far
Product Development and Internal Testing
- Developed both hardware & software for KAVACH-4.0, ensuring compliance with RDSO & SIL-4 specifications
- Rigorous in-house testing to ensure system reliability
Prototype Submission & RDSO Type Testing
- Submission of fully functional KAVACH prototype to RDSO
- RDSO conducted exhaustive laboratory tests & provided "Type Approval" for field tests
Field Trials
- RDSO assigned Locomotive & track section for real-world testing of Quadrant's KAVACH system
- ISA issued an interim report upon satisfactory progress in implementing the required quality and safety management processes in adherence to CENELEC standards
Final Passenger Field Trials & RDSO Certification
- Dedicated rail route and train allocated by Indian Railways for final field trials, with RDSO certification expected post successful completion
- RDSO approval received to commence passenger trials for KAVACH 4.0, marking entry into the final approval stage
KAVACH System: Growth Drivers
Indian Railways: Growing budgetary outlay
~ ₹1.2 lakh Cr allocated to enhance railway safety for FY2026-27
~₹7,500 Cr allocated towards Signalling & Telecommunication in FY2026-27
15,512 km of railway track currently being equipped with KAVACH systems
Full network coverage within 6-8 years via phased rollout
New semi-high speed fleet needs KAVACH 4.0 compliance
Quadrant's success in TCAS
End-to-end capabilities in KAVACH design, manufacturing, installation, testing, and commissioning
Our capabilities in TCAS have been further reinforced with multiple orders from RailTel and Indian Railways' locomotive production units for deploying KAVACH systems on low-density railway sections and on-board locomotives; an active order book of ₹8,054 Mn.
As we progress toward final RDSO approval for KAVACH 4.0, we remain optimistic about a steady pipeline of opportunities that will support our continued contribution to India's rail safety and modernization initiatives.
23
R&D and Certifications
R&D Capabilities
R&D scope spans architecture and algorithms, embedded firmware, safety cases, system integration, and field validation
On-site simulation lab, quick prototyping, and testing for faster cycles and consistent quality
A team of 50+ engineers and domain specialists
Key Product Developments
Received prototype approval and awaiting imminent site approval for the indigenous KAVACH 4.0 system
Presence across Electronic Interlocking (EI) and Digital Axle Counter projects
244 Mn from IPO proceeds segregated toward development of EI
Development of EI to begin post-approval for KAVACH, leveraging the existing strong R&D capabilities and certifications
Certification
RDSO
Research Design and Standards Organization
CENELEC SIL-4
System designed to comply with highest safety & international standards
24
Multiple Tailwinds and Growth Opportunities
Make in India and Indigenisation Drive
Multiple Tailwinds
The Train Control and Signalling division primarily consists of three parts:
Train Collision Avoidance System
Multi Section Digital Axle Counter
Electronic Interlocking System
Leveraging the successful deployment of our indigenously developed Train Collision Avoidance System, Quadrant is now strategically positioned to accelerate growth by expanding into new, high-potential business segments aligned with the Ministry of Railways (MoR) safety initiatives.
Investment Highlights
26
Key Pillars for a Winning Strategy
-
Presence across 2 growing markets
Specialty Cables and Train Collision Avoidance System* (KAVACH) -
Competitive edge
Trusted partner, backed by in-house R&D, compliant with AERB regulations – the company maintains a strong competitive edge, creating high entry barriers
-
Balanced exposure
With 8+ years of experience in irradiated cables, the company is now also one of the elite group of vendors to support KAVACH implementation -
Advanced manufacturing facilities
With a focus on innovation and cost competitiveness
-
.having the right solutions
-
End-to-end solutions
Bundling cables and Train collision avoidance system solutions with other value added services
Received Intermediate Safety Assessment Report for the ongoing ISA certification of its KAVACH System (Version 4.0) -
Proven performance in safety-critical applications
2
Investment Highlights
Expansion in Train Control & Signalling
- Electronic Interlocking (EI) is a key focus for the modernization of Indian Railways, enabling safer, efficient and higher network capacity
- ₹244 Mn to be invested for the development of EI systems
- To leverage Quadrant's existing embedded systems design team and prior RDSO approvals
- Positioning Quadrant as a credible domestic supplier
MoU with RailTel
- Access to RailTel's nationwide network and stakeholder channels
- RailTel leads stakeholder engagement, while Quadrant delivers cutting-edge technology, maintenance, and expert manpower
- Positions Quadrant as a preferred tech partner for large-scale, multi-country Automatic Train Protection (ATP) deployments
- MoU to help drive sustainable revenue growth
Cables: Diversification and Export Potential
- Expanding specialty cable portfolio to serve high-growth sectors:
- Solar, EV and Submarine – Secured BIS approval for Solar cables, with plans to extend into high-growth EV and submarine applications; leading to revenue-mix diversification
- Our advanced manufacturing capabilities and certifications positions us to capture the growing global demand for irradiated cables in renewables and EVs, unlocking key export opportunities with global OEMs as well.
Capacity Expansion
- With ~1,900 MT of annual installed capacity, the Specialty Cables division is well-placed to capture growth with substantial utilization upside
- New product launches, entry into high growth sectors and export markets opportunity are expected to drive higher utilization
- Scalable manufacturing infrastructure geared for large-scale train control system production
- Potential to drive operating leverage and sustainable growth as order book expands
Financial Performance
A
P&L Statement
| Particulars (₹ Mn) | Q4FY26 | Q4FY25 | Q3FY26 | QoQ Change | FY26 | FY25 | YoY Change |
|---|---|---|---|---|---|---|---|
| Income from operations | 566 | 585 | 333 | 70% | 1,530 | 1,506 | 2% |
| Total Income | 564 | 608 | 338 | 67% | 1,583 | 1,529 | 4% |
| Cost of Materials consumed | 422 | 364 | 255 | 44% | 1,894 | 1,072 | 77% |
| Employee Benefit Expense | 67 | 62 | 74 | (8%) | 285 | 245 | 16% |
| Other Expenses | 110 | 82 | 110 | - | 432 | 271 | 59% |
| EBITDA | (59) | 35 | (101) | - | (340) | 26 | - |
| Depreciation and Amortization | 50 | 56 | 48 | 4% | 187 | 212 | (11%) |
| EBIT | (109) | (20) | (148) | - | (527) | (185) | - |
| Finance cost | 5 | 24 | 7 | (30%) | 30 | 77 | (61%) |
| PBT | (114) | (45) | (155) | - | (557) | (262) | - |
| Tax expense | (125) | (60) | (8) | - | (128) | (65) | - |
| PAT | 11 | 16 | (147) | - | (429) | (197) | - |
A
Rounded off to nearest millions
0
Balance Sheet
| Particulars (₹ Mn) | Mar-26 | Mar-25 |
|---|---|---|
| Non-current assets | ||
| PP&E | 242 | 267 |
| Other intangible assets | 337 | 423 |
| Intangible assets under development | 16 | - |
| Right of use assets | 27 | 34 |
| Financial assets | 36 | 38 |
| Deferred tax assets | 187 | 60 |
| Total Non-Current Assets | 845 | 822 |
| Inventories | 1,054 | 445 |
| Financial assets | 1,001 | 2,430 |
| Current tax assets | - | 17 |
| Other current assets | 307 | 304 |
| Total current assets | 2,362 | 3,196 |
| Total Assets | 3,207 | 4,018 |
| Particulars (₹ Mn) | Mar-26 | Mar-25 |
| --- | --- | --- |
| Equity | ||
| Equity share capital | 400 | 400 |
| Other equity | 2,179 | 2,579 |
| Non-current liabilities | ||
| Financial liabilities | 218 | 253 |
| Provisions | 13 | 11 |
| Deferred tax liabilities (net) | - | - |
| Current liabilities | ||
| Borrowings | 46 | 631 |
| Trade payables | 304 | 105 |
| Other financial liabilities | 27 | 28 |
| Provisions | 3 | 2 |
| Other current liabilities | 16 | 8 |
| Current tax liabilities | - | - |
| Total Equity & liabilities | 3,207 | 4,018 |
Annexure
32
Experienced leadership driving strategic oversight
26+
Mohit Vohra
Managing Director
22+
Amit Dhawan
Whole Time Director
26+
Amrit Singh Randhawa
Whole Time Director
26+
Rupinder Singh
Whole Time Director
26+
Vishesh Abrol
Whole Time Director
26+
Vivek Abrol
Whole Time Director
26+
Aikjot Singh
Director
26+
Rajbir Singh Randhawa
Director
29+
Satish Gupta
Independent Chairman
31+
CA Pramod Jain
Independent Director
30+
Girish Buttan
Independent Director
12+
Kanika Bhutani
Independent Director
32
Experience
11
Balance sheet strengthened by IPO proceeds
Successfully secured ~2 1,305 Mn from marquee investors, reinforcing confidence in our growth strategy and vision
| Objects of the IPO | As per Prospectus (₹ Mn) | Re-allocated | Incurred (₹ Mn) | Balance |
|---|---|---|---|---|
| Funding long-term working capital requirements | 1,497 | 1,497 | 1,496 | 1 |
| Capex for development of Electronic Interlocking Systems | 244 | 244 | 17 | 227 |
| Prepayment/Repayment of outstanding WC term loan | 236 | 236 | 236 | 0 |
| General Corporate Proceeds | 631 | 651 | 651 | 0 |
| Issue Related Expenses | 292 | 272 | 272 | 0 |
| Total | 2,900 | 2,900 | 2,671 | 228 |
QUADRANT FUTURE TEK LIMITED
Thank You!
Quadrant Future Tek Limited
(CIN: L74999PB2015PLC039758)
1st Floor, SCO 20-21, Sector 66A Airport Road, JLPL S A S Nagar Mohali - 160 062, Punjab, India
Telephone: +91 172 402 0228;
E-mail: [email protected]
Website: www.quadrantfuturetek.com