Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Concord Control Systems Ltd (BSE: 543619) Q4 2026 Earnings Call dated May. 14, 2026
Corporate Participants:
Vinay — Investor Relations
Gaurav — Joint Managing Director
Analysts:
Ajit Sethi — Analyst
Anurag Agrawal — Analyst
Shubham Agarwal — Analyst
Utkash Ghadwaria — Analyst
Harshal Soranki — Analyst
Unidentified Participant
Presentation:
Vinay — Investor Relations
Ladies and gentlemen, on behalf of Captify Consulting investor relations team I welcome you all to the H2 and FY26 post earnings conference call of Concorde Control Systems Limited today on the call from the management team we have with us Mr. Gaurav, LA 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 March 2026.
The growth, perspective and vision for the coming year post which we will open the flow for Q and A. Over to you Gaurav.
Gaurav — Joint Managing Director
Thank you so much Vinay and the Captify team and good afternoon everyone and thank you for joining Concorde Control Systems investor call today. I don’t want to take you through only numbers. Numbers are very strong and I will come to them. But more importantly I want to explain what Concord is becoming. Concorde is no longer just a railway equipment manufacturer. Hummab, Surf Products Supply Karnavali company. We are building what we call internally the intelligence layer of modern railways covering propulsion, safety, control, communications, diagnostics and green mobility.
FY26 has been a very important year for us because the business has now started reflecting the strategy we have been building for last few years. Concord is a platform, not a product company. This is the core message which I have for everyone today. The most important point which I want to share and I want our investors to understand is that Concorde is becoming a full stack railway technology platform. Railways globally are moving from mechanical systems to more intelligent, more connected, more software LED and safety critical systems or easy transition.
Concord positioning powerful. We are integrating mission critical hardware with softwares, embedded systems, IP safety approvals and life cycle services. This is where the margin profile, customer stickiness and the scalability of the company will further improve. 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 data driven. The third railway safety pillar is Kavach multi section Digital Excel 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. Railway industry. Koi propulsion safety Karta Hai Koi monitoring Karta Hai. But Concord’s strength is that we are bringing these layers together.
Our platform does four things. It will sense, it will decide, it will act and it will learn. And that is why we say Concorde is becoming the brain of modern rolling stock. The first pillar of green mobility. Railways are one of the largest transport ecosystems in India and globally. And the next wave is not only electrification but it is about energy efficiency. It is about battery systems, hybrid and hydrogen propulsion based technologies being adopted and overall bringing down the lowering the life cycle cost of the entire ecosystem.
Concorde has already demonstrated India’s first indigenous zero emission retrofit by converting a diesel locomotive into a battery powered unit. ESF concept. This is a working proof of our engineering capabilities. And the bigger picture is that once you understand propulsion, once you understand batteries, the control electronics behind it, the communication and the safety integration, the cooling around it, you are not just selling a component, you are building a platform which can be adapted across multiple railway use cases.
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 lifecycle economics. 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, Indian Railways longer freight trains higher trunnage move Karna Hai Better braking control and fleet orchestration. Overall freight throughput improve Karna Hai so technologies like DpWCS and real time monitoring and intelligent locomotive becomes very very important. And this directly aligns with Indian Railways freight growth ambitions. And for Concorde 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 Pragota is participating in this opportunity. 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 Ms.
Stack 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 failure. Change 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 working on few technologies like wild like overhead monitoring with AI based diagnostics as part of this data layer. This is an important control system and diagnostic tool which Concorde will install on railway assets. We can create long term service. We can create monitoring, maintenance and analytic LED revenue stream from this. So this will not only bring a one time sale but an annuity based revenue stream as well for the company.
This is where the business model gradually moves from a one time product to a more scalable recurring high margin revenue business. Now if I talk about Fusion it is one of a very strategic moves this year. And Fusion positions Concord into the high value flex, PCB and premium EMS sector Acquisition capacity addition, backward integration box building capabilities, import substitution overall electronics deeper control as railway systems become more electronics and software led. This is a very important high quality manufacturing asset which now adds to the overall strength and capability of Concorde.
Fusion allows us to move up the value chain from just a railway product to electronic subsystem from manufacturing our own integrated production with domestic supplies potential as well as a lot of global opportunities. And I think this is the most important part of our story. As a company our revenue model is evolving. Historically we were more product led. Going forward we feel there will be a mix which will have an increasing trend of products. AMC’s softwares, IP licensing, annuity based services and lifecycle support.
This is why we say Concorde is not just building the railway products, we are building the engineering. We are a company which is building the brain of modern rolling stock Just like A human brain controls movement, safety, communication and decision making. Concorde’s platform integrates propulsion, Kavach class safety, wireless controls, monitoring and diagnostics. Going forward, I think Hamari, Kampanika, Ichehi Mote Individual products are important but the real value is an integrated railway intelligence platform.
Very few companies will have this combination of domain knowledge of railways, approvals R and D electronics safety systems and the understanding of this manufacturing as well as the execution capabilities. The strategy is now very well visible. If I come to the numbers now, FY26 has been a landmark year for Concorde. We delivered a revenue from operations of 210.47 crores with a PAT of 42.7 crores and and an EPS of 42 crores with an EBITDA of 62.1 crores. More importantly, our executable order book as of 31st March 2026 stands at approximately 697 crores.
This order book is more than 3 times of our FY26 revenue giving us a very strong visibility and confidence. So the story is not only about the future potential AAJ numbers may be performance, order book may be visibility and technology roadmap may be scale. We have grown profitably, we have added strategic capabilities and we now have a much stronger base to scale from. And now if I have to conclude the overall journey so far, Concorde today stands at a very interesting point. We are operating at the intersection of four powerful themes.
Indian Railways modernization, safety, green mobility and an intelligent railway electronics. Our ambition is clear. We want to build Concorde as one of India’s most complete railway technology platforms. Focus simple hai, strong execution, high quality technology, deeper railway relevance and sustainable profitable growth. With that I would like to pause here and open the floor for questions.
Vinay — Investor Relations
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. So there’s a question in the Q A line if company will generate revenue from coverage in this financial year other than the trial order which is under process, will the company.
Questions and Answers:
Gaurav
We have already started working on the field trials and we hope that it will be a very successful year in terms of coverage for us.
Vinay
Participants who wish to ask a question, 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
Thank you Ajit. Thank you so much for asking this. And I’m 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 a 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 improve meaningfully when we see our last financial year versus this financial year.
Anurag Agrawal
Yes, Ajit.
Ajit Sethi
Okay. So we should expect this type of working capital going forward also, right?
Gaurav
Absolutely.
Ajit Sethi
Okay. And so coming to our short term debt, this is also an increase 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
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 is always a working capital requirement which arises in short term. And that is why there will be always a significant jump in our overall working capital requirements with an unprecedented order book of 697 crores to be fulfilled going forward and eventually it will come down. 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
Peak in terms of
Ajit Sethi
Debt.
Gaurav
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.
Anurag Agrawal
Okay.
Ajit Sethi
And we are guiding for a 20 to 25% EBITDA margin. And this quarter we had done around 30% EBITDA margin. So we are being conservative on guiding. Right.
Gaurav
It is it is difficult to say that we have been conservative in our guidance. We try to be more and more realistic in our guidance and. 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.
Anurag Agrawal
Thank you. Ajit. We’ll take the next question.
Gaurav
Can we switch off the presentation slides so that we can keep talking?
Anurag Agrawal
Yeah, sure, sure.
Gaurav
Thank you. Thank you so much.
Anurag Agrawal
We’ll take the next question from Shubham Agarwal. Please go ahead.
Shubham Agarwal
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’s 3.3 times the FY26 revenue right now. So going forward, wouldn’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
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 fruitifying 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 fulfill going forward. So I think. So hopefully we should keep doing our best in this.
Shubham Agarwal
Just another question on the fusion electronics business. I had asked you last earning quarter and you had mentioned that perhaps you’ll 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 six months later, now what? 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
Sure. I think fusion is one of the most interesting and a very strong strategic acquisition which we did last year and Kisibi business acquire culture, setup, build karna me thora time. 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 like is there any plans to increase your ownership stake of Progota this year? Like given that you are now going to be executing multiple orders for the Kavach 4.0 business also?
Gaurav
So Shubham Ji 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.
Anurag Agrawal
I will take the next question from Utkash Ghadwaria. Please go ahead.
Utkash Ghadwaria
Hi Gaurav, how are you? Amazing. Congrats for the continued growth which you’re 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 different ball game altogether now.
So how do you see working capital shaping up and when will you turn positive here?
Gaurav
Sutkarsh, 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, 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 more 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.
Utkash Ghadwaria
Gaurav, my only worry was that you know, going ahead, of course this payments coming in has been the issue from Railways. But we’ve seen in some other companies also incarnnext and all. So there have been certain issues relating to order execution and then payment delays and stuff like that. But you know, it shouldn’t be like the orders. You’re 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’re currently showing is something which they haven’t given you as yet.
So you kind of funding the entire project right now,
Gaurav
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’re 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.
So
Utkash Ghadwaria
There’s no liquidity challenge at all. We
Gaurav
Are a healthy. We are a healthy and a financially, I would say disciplined organization.
Utkash Ghadwaria
Have you seen some improvements? Definitely. Like in the from April onwards. Have you seen some? That’s
Gaurav
Exactly what I said.
Utkash Ghadwaria
Right. So that’s what it means that money started coming in. Well, absolutely.
Gaurav
Absolutely. It’s
Utkash Ghadwaria
The balance sheet impact. It’s just a cycle. 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 within the current scenario where government is looking towards a more environment friendly options. How do you see this space going forward?
Gaurav
So this is. So you have to look at this. Thank you for asking that again, Utkarsh. You have to look at it from a bigger picture which I was also sharing when I was sharing the entire presentation and the new story of Concorde where we see ourselves growing. The bigger picture is that once we understand this entire propulsion, battery control, electronics, cooling, communication system and the integration of this entire product, this is going to become not only a component cell for us but we are building the entire platform stack for multiple railway use cases with this.
So zero emission is a very strong pillar because the overall energies, energy efficiency, efficiency is going to improve not only in India but all across the railway network globally.
Utkash Ghadwaria
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
It’s been a very active space.
Utkash Ghadwaria
Okay. Okay, great. Thank you so much.
Gaurav
Thank you.
Anurag Agrawal
Thank you. We’ll take the next question from Harshal Soranki. Please go ahead.
Harshal Soranki
Hi Gaurav. Good afternoon.
Gaurav
Hi. Good afternoon. Please carry on.
Harshal Soranki
Yeah, so I had questions on the coverage. 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 the 14th of 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
So harshal. I think we are positioned as a completely in house indigenous Kavach RD 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 few of them as well. But railway has a process of tender finalization and in due course we will all see the outcome.
Harshal Soranki
Okay, so the tender will still take time. Is that what you are trying to say or you. There is a
Gaurav
Process.
Harshal Soranki
Okay. And second thing is what are the number of local units if you can highlight in the Indian Railways? Because what I’m trying to understand is already 17,000 local units have been tendered for Kavach including the 4,500. So does Concord have more scope to win local orders or is the entire local opportunity is done and we. We will only get to play the CAC opportunity which is left is what I’m trying to understand from this.
Gaurav
So the total population of locomotives in the country would scale somewhere around from 13,000 to 16 including the train sets and the memos.
Harshal Soranki
Okay. So roughly the Indian Realization standard, all of the locals from. I have the number for 17,000 the tender which have been announced till now and ordered also. So. Okay. Not the
Gaurav
Correct number.
Harshal Soranki
Okay, so what is the number for you?
Gaurav
We’ll get back to you with the exact numbers.
Harshal Soranki
Okay. Oh, got it. This was it. Yeah. Thanks a lot.
Gaurav
Thank you so much.
Anurag Agrawal
Thank you. We’ll take the next question from Anurag Agrawal. Please go ahead.
Unidentified Participant
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 you know, 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
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 mid term targets. And we will see the results.
Unidentified Participant
Could you give us some details about how it 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. Yeah, that’s the first part. Yeah.
Gaurav
Okay. No, so I don’t think there was a financial reason of any sort. And there is, there was no distress. It was just an asset which could not do well. And now we are just revamping it.
Unidentified Participant
Okay, what is the strategy towards revamping it? Like I’m, 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
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, we have the right pieces of the puzzle in place so we’ll, we’ll take it forward from there.
Unidentified Participant
Okay, thank you.
Anurag Agrawal
All those who wish to ask a question, please use the option of raise hand.
Vinay
There are a few questions in the Q and A box. Let me get them here. There are questions regarding the order book. Out of the 700 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
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
Vinay
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
So Rajni ji, I think I just mentioned that it’s a turnaround story and we will at full scale Fusion can do about 200 crores of revenue based on the installed capacities with a provision of doubling the capacities going forward. World
Vinay
A related question from Bharat Gupta do you see fusion electronic synergies defined only to railways or we can work across other industries as well.
Gaurav
See fusion products sit on the 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.
Vinay
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
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 oath 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.
Vinay
There is a question from one of the participants when is the main board migration planned?
Gaurav
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.
Vinay
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
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. If it is a local 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 infield engineers which are working on multiple locomotives.
We understand the locomotives 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 there are you. You have to first produce then install on a locomotive then install on a station, install on the track side. 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.
Vinay
There’s a follow up question from Kumari Soumya. Last year we closed at 212 crores order book and we did 210 crore revenue. This year we are at 697 crore. 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. Yeah,
Gaurav
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.
Vinay
There’s a question from Saleh Jain. Is the company expected to finish Kavash trial order in this financial year with ISA approval?
Gaurav
We are certainly working towards achieving the trial completion as well as ISA approvals. Within this financial rest is up to a lot of geopolitical and factors which are beyond our control. But I think we are trying to insulate ourselves for it.
Vinay
And the second part of his question is what about other Kavach orders already received? Will company be able to complete in the timeline mentioned with the order?
Gaurav
We are working towards it and planning towards it both
Vinay
Sure.
Anurag Agrawal
Thank you sir. We’ll take the follow up question from. Please go ahead. Yes
Utkash Ghadwaria
Gaurav. Gaurav, I just wanted to understand how are we currently also doing the what is the revenue bifurcation currently? What of the products which we are selling and how was it earlier and how are we transitioning?
Gaurav
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.
Utkash Ghadwaria
Got it.
Gaurav
Concorde 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 line. 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 which is the Anaconda. Yeah. One of the products is TPWCS and going forward it will keep on evolving with time.
Utkash Ghadwaria
Why I’m asking. It’s an ever changing
Gaurav
Product mix. Yeah.
Utkash Ghadwaria
Because we’ve earlier seen that your typically Concord was electronic supplier and then we transitioned to different products Anaconda coverage. We added new things, took over many companies. So is the old model still alive and how much is the question? Actually sorry
Gaurav
Utkarsh, I could not understand your question. Yeah,
Utkash Ghadwaria
The old mod. So earlier we used to be more like a 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’m actually trying to understand which is the largest segment currently contributing. I guess it is DPWCS and I
Gaurav
Would not call it dpwcs. I would say to the. The larger contributor of our growth is the locomotives overall business.
Utkash Ghadwaria
Okay.
Gaurav
But this is an ever changing and a very dynamic. So it includes multiple locomotive products. We’re not doing one or two. We are doing multiple technology driven and propulsion based subsystems.
Utkash Ghadwaria
Okay, sure. Thank you.
Anurag Agrawal
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
Yeah. So again to conclude, I think Concorde 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 Concorde 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.
Anurag Agrawal
Thank you sir. Is
Gaurav
Just not to chase the product cycle. It is much more to build a multi decadal railway intelligence and a control platform business from India. From. For India and eventually for the global markets.
Anurag Agrawal
Thank you sir. Yeah, thank
Gaurav
You.
Anurag Agrawal
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
Thank you Mohsin and thank you Captify team for taking this.
Anurag Agrawal
Thank you sir.