Concord Control Systems Ltd

agm details

• Date/time/mode: 30 Sep 2026, 11:00 IST, VC/OAVM.
• Concluded at 11:45 AM after 15 minutes for e-voting.
• Remote e-voting window: 26–29 Sep 2026.

key resolutions

• Ordinary: Adopt Audited Standalone Financial Statements and reports.
• Ordinary: Adopt Audited Consolidated Financial Statements and reports.
• Ordinary: Re-appoint Govind Prasad Lath on rotation.
• Special: Approve loan to Progota India Private Limited under Section 185.
• Special: Approve loan to Concord Lab to Market Innovations Private Limited.
• Special: Approve loan to Fusion Electronics Private Limited.
• Special: Approve overall borrowing limit under Section 180(1)(c).
• Special: Approve creation of mortgages, charges on assets.
• Special: Approve loan and investment limits under Section 186.
• Special: Amend main clause of Memorandum of Association.
• Special: Appoint Anuradha Garg as Independent Director.
• Special: Appoint Madan Mohan Bhatia as Independent Director.
• Special: Appoint Shyam Bohra as Independent Director.
• Special: Ratify remuneration of Cost Auditor for 2026-27.
• Special: Approve material Related Party Transactions between related parties.

voting results

• Voting outcomes not disclosed; results to be submitted to exchange and website within 2 working days.
• Scrutinizer's report and results to be published on company website.

directors & appointments

• Govind Prasad Lath to retire by rotation; re-appointment proposed.
• Anuradha Garg appointed as Independent Director.
• Madan Mohan Bhatia appointed as Independent Director.
• Shyam Bohra appointed as Independent Director.

auditors & remuneration

• Statutory Auditor: Seth & Associates; Secretarial Auditor: Amit Gupta & Associates.
• Cost Auditor remuneration ratified for 2026-27.

related party transactions

• Material Related Party Transactions approved; parties and terms not disclosed in excerpt.

Concord Control Systems Limited: Trading Window closed from October 01, 2026 for the half-year ended September 30, 2026; the Trading Window shall open 48 hours after the Unaudited Financial Results for the Half Year ended September 30, 2026 become generally available.

Resolutions and outcomes

• Item 1 (Special): Migration of listing from SME to Main Board; passed.
• Item 2 (Special): Direct listing on NSE Main Board; passed.
• Total votes 10,76,191; 100% in favour; passed by requisite majority.
• Result date: Sept 19, 2026; e-voting concluded.

Financial highlights

• Revenue from operations: Rs 210.47 crore in FY2025-26.
• EBITDA: Rs 62.06 crore with 29.48% margin.
• Net profit after tax: Rs 42.65 crore.
• EPS was Rs 42.00 per share.
• FY2025-26 closing order book: Rs 696.99 crore.

Order book and visibility

• Order book Rs 696.99 crore; over 3x FY25 revenue.
• New orders in FY26 totaled Rs 694.95 crore.
• Execution window typically 18-24 months.
• Portfolio spans safety, propulsion, wireless control, and diagnostics.

Strategic acquisitions and platforms

• Fusion Electronics became Concord subsidiary with 80% ownership in 2025.
• Progota is a 46.5% associate; Concord Lab to Market 49% associate.
• Four pillars guide growth: Green Mobility, Smart Trains, Safety, AI Diagnostics.
• Kavach and MSDAC expand safety deployment opportunities.

Capital structure and liquidity

• Paid-up capital Rs 1,038.34 lakh; authorized Rs 2,500 lakh.
• FY25-26 equity issuances total 40,82,932 shares.
• Promoter stake about 63.9%; 1,914 shareholders.
• Dividend for FY2025-26 not declared.

Governance and board

• Board comprises eight directors; five non-exec; four independent; one woman.
• Harsh Yadav resigned; Anuradha Garg, Madan Mohan Bhatia, Shyam Bohra appointed.
• Independent Directors' meeting held January 24, 2026.
• Audit Committee chaired by Anuradha Garg from 31 Mar 2026.

Related party transactions

• Material RPTs exceed 10% turnover; omnibus approvals for 2026-27.
• Related parties include Progota, Fusion Electronics, CL2M.
• Aggregate proposed RPTs up to Rs 450 crore: PIPL Rs 200 crore; Fusion Rs 100 crore; CL2M Rs 50 crore.
• Independent directors authorize omnibus approvals; quarterly independent valuer certificates.

CSR and ESG

• CSR spend Rs 40 lakh in FY2025-26; focus on education, welfare, inclusion.
• Education focus includes girls’ education.
• Implementation via Samarpan Sewa Samiti and Samta Girls Education Society.

E-voting details

• Remote e-voting opens Sep 26, 2026 at 9:00 am and ends Sep 29, 2026 at 5:00 pm.
• Eligible members on cut-off date Sep 23, 2026 may vote remotely and at AGM.
• New members after notice can request User ID/password by emailing ivote@bigshareonline.com.
• Voting instructions are provided in the AGM Notice.

Financial highlights

• FY2025-26 standalone revenue: Rs 210.47 Cr, up 69.1% YoY.
• EBITDA Rs 62.10 Cr; EBITDA margin 29.48%.
• PAT Rs 42.70 Cr; PAT margin 20.26%.
• EPS Rs 42.00; significant earnings expansion.
• Closing order book: Rs 696.99 Cr; ~3.3x FY26 revenue.

Order book & key orders

• New orders secured during FY25-26: Rs 694.95 Cr.
• Order book as on 31 Mar 2026: Rs 696.99 Cr.
• Order book to revenue ratio ~3.3x.
• Prominent orders: Kavach 4.0 onboard equipment Rs 185.09 Cr.
• Locomotive wireless control system Rs 139.32 Cr.

Strategic growth & portfolio

• Four pillars: Green Mobility, Smart Trains, Safety, AI Diagnostics.
• Fusion Electronics merged with Concord from 1 Apr 2025; up to Rs 200 Cr revenue.
• Progata India stake up to 46.5%; Concord Lab to Market 49%.
• Kavach and MSDAC expansion to strengthen safety and automation.
• Fusion strengthens electronics content; reduces import reliance.

Capital structure & liquidity

• Dividend: no dividend declared for FY2025-26.
• Cash & equivalents: Rs 16.68 Cr as of 31 Mar 2026.
• Short-term debt: Rs 39.14 Cr; long-term debt: Rs 14.84 Cr.
• Total debt approx Rs 53.98 Cr; debt-equity 0.26x; interest coverage 37.24x.
• Current ratio: 2.70x; liquidity position maintained.

Governance & leadership

• Board size: 8 directors; 4 independent; 1 woman director; 2 managing directors.
• Independent Directors: Anuradha Garg, Madan Mohan Bhatia, Shyam Bohra; Harsh Yadav resigned 30 Mar 2026.
• New independent directors appointed: Garg, Bhatia, Bohra w.e.f 31 Mar 2026.
• Statutory Auditor: Seth & Associates; Secretarial Auditor: Amit Gupta & Associates; Cost Auditor: Aman Malviya & Associates.
• Audit Committee chaired by Anuradha Garg since 31 Mar 2026.

Related party transactions (RPT) governance

• Material RPTs proposed: aggregate Rs 200 Cr; 95.23% of consolidated turnover.
• RPTs with Progota India (associate), Concord Lab to Market (associate), Fusion Electronics (subsidiary).
• RPTs to be at arm's length; omnibus approvals by independent directors; quarterly valuation cert.
• Shareholders to approve material RPTs; related parties excluded from voting.

Outlook & risk

• Railway modernization offers multi-year growth; Kavach deployment and DPWCS expansion.
• Green propulsion and AI diagnostics enable scalable opportunities across lifecycle.
• Risks include regulatory delays, cost pressures, cyber threats, and supply chain disruptions.

CSR & sustainability

• CSR spend: Rs 40 Lakh in FY2025-26; focus on education and social inclusion.
• Focus areas: girls' education, community welfare, healthcare; implementation with credible agencies.

Amalgamation & accounting updates

• NCLT approved amalgamation of Advanced Rail Controls with Concord; effective 1 Apr 2025.
• Comparatives restated; amalgamation treated as adjusting event; integration ongoing.

AGM Intimation

• 16th AGM scheduled for September 30, 2026 at 11:00 AM via VC/OAVM.
• Business to be transacted as set forth in the AGM Notice dated September 7, 2026.
• Meeting to be conducted through Video Conferencing/Other Audio-Visual Means.

Auditor appointments for FY 2026-27

• Secretarial Auditor appointed: M/s Amit Gupta & Associates for FY 2026-27, effective 07 Sep 2026.
• Internal Auditor appointed: Ms. Anu Agarwal, Chartered Accountant, for FY 2026-27, effective 07 Sep 2026.
• Cost Auditor appointed: M/s Aman Malviya & Associates for FY 2026-27, effective 07 Sep 2026.