Concord Control Systems Ltd

Listing migrations and direct NSE listing

• Migration of listing from BSE SME to Main Board BSE approved, subject to eligibility.
• Direct listing on NSE Main Board approved, subject to eligibility.
• Notice of postal ballot issued to seek member approvals.
• Appointed Mr. Amit Gupta as Scrutinizer for postal ballot.
• Subject to regulatory approvals.

Postal ballot process and timelines

• Voting period Aug 21, 2026 to Sep 19, 2026.
• Cut-off date for eligibility: Aug 14, 2026.
• e-voting facility provided by Bigshare; results within two working days.
• Results posted on company and Bigshare websites and BSE.

Resolutions and authorisations

• Special resolutions for migration to BSE Main Board and NSE direct listing.
• MDs/CFO/CS authorized to file and execute listing applications.
• Explanatory statement attached to postal ballot notice.

Regulatory framework

• Migration subject to eligibility criteria and approvals by SEBI, BSE, NSE.
• Migration under ICDR Regulation 277; subject to regulatory compliance.

Meeting Details

• Date: August 17, 2026; venue: registered office (time not disclosed)

Key Agenda Items

• Migration of listing from BSE SME platform to Main Board, subject to approvals.
• Notice of postal ballot for member approvals of the migration.
• Direct listing of equity shares on NSE Main Board, subject to approvals.
• Appointment of Amit Gupta as Scrutinizer for the postal ballot.

Other Notes

• Intimation uploaded on the company's website.

Demat/rematerialisation status

• Regulation 74(5) not applicable as all shares are in demat form; no demat/rematerialisation requests received.

Business

• Railway technology company spanning propulsion, safety, diagnostics, communication, and EMS/Flex PCB.
• Shifting from hardware supplier toward software-led, IP-driven, recurring revenue platform.

Operations

• Order book rose to about ₹697 crore, 3.3x FY26 revenue.
• Recent wins include Kavach, DPWCS, hydrogen fuel cell, and propulsion contracts.
• Expanded capabilities through acquisitions in propulsion, diagnostics, and flex PCB businesses.

Financials

• FY26 revenue grew 69.1% to ₹210.5 crore.
• FY26 EBITDA rose 109.2% to ₹62.1 crore; margin expanded to 29.5%.
• FY26 PAT increased 88.3% to ₹42.7 crore; PAT margin was 20.3%.
• H2FY26 revenue was ₹128.9 crore, EBITDA ₹40.3 crore, PAT ₹27.1 crore.

Liquidity

• Cash and equivalents were ₹16.7 crore at FY26 end.
• Borrowings increased to ₹54.0 crore, including ₹39.2 crore short-term debt and ₹14.8 crore long-term debt.
• Net worth increased to ₹209.3 crore in FY26.

Outlook

• Targets FY30 revenue CAGR of 40%–50% and EBITDA margin of 22%–25%.
• Plans to grow annuity, maintenance, and global IP licensing revenues.
• Management highlighted strong demand from rail modernization and decarbonization programs.

Risks

• Execution depends on successful technology implementation and scaling.
• Working capital intensity rose, with inventories and receivables increasing sharply.

Governance

• Company remains approved by RDSO, CLW, and ICF.
• Presentation identified Mr. Nitin Jain and Mr. Gaurav Lath as joint managing directors, with Mr. Lath also CFO.

Financial results approved

• Audited standalone and consolidated results approved for half year and year ended March 31, 2026.
• Statutory auditors issued an unmodified opinion on the audited results.

Performance disclosed

• FY 2025-26 turnover was ₹210.47 crores.
• Profit increased to ₹42.40 crores.