Concord Control SystemsShare price, financial results, shareholding and management
- Market cap
- ₹2,797 cr
- Stock P/E
- 63.3peers 34.3
- Book value
- ₹207
- Price to book
- 13.39
- EV / operating profit
- -
- Market cap to sales
- 13.29
- ROCE · FY26
- 32.2%
- ROE · FY26
- 26.9%
- ROE, 3-year average
- 30.9%
- Operating margin · FY26
- 28.0%peers 14.5%
- Sales growth, 3 years
- 62.2%
- Profit growth, 3 years
- 102.7%
- Debt to equity
- 0.26peers 0.30
- Borrowings
- ₹54 cr
- Interest cover
- 30.8×
- Cash from business / op. profit
- -93%
- Debtor days
- 210
- Pledged
- 0.00%
- Promoter holding
- 65.57%
- Change in promoter holding
- -1.23 pts
- Shareholders
- 1,914
- 52-week high / low
- ₹3,070 / ₹1,837
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Concord Control Systems share price chart
Close on 6 Nov 2026 · -0.82% on the day · Vol 7,400
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +14.6%
- 3 months
- +9.8%
- 6 months
- +3.1%
- 1 year
- +46.5%
- Traded a day, 20 days
- ₹2.68 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +69% | +91% |
| 3 years, a year | +62% | +103% |
| Latest half, H2 FY26 | +73% | +84% |
About Concord Control Systems: business, products and customers
Concord Control Systems makes electronic and electrical equipment for Indian Railways, from coach fans and emergency lights to locomotive controls, wireless systems for long freight trains and parts of the Kavach train safety system.
Concord Control Systems, founded in 2011 in Lucknow, began with coach parts and battery chargers for railway electrification. It now also makes traction and propulsion systems, wireless controls that let one driver run several locomotives in a long freight train, train communication and remote monitoring systems, and signalling parts for Kavach. It is an approved RDSO vendor, supplies Indian Railways and to contractors who supply it, and makes its products at its Lucknow campus.
It has grown by buying stakes in other companies. Advanced Rail Controls, which makes locomotive propulsion and communication products, was merged into Concord from April 2025; Concord also holds 46.5% of Progota India, which works on Kavach, 49% of Concord Lab to Market Innovations, which makes wheel impact and uneven loading detectors, and 80% of Fusion Electronics, a flexible circuit board maker bought in 2025.
Read more about the business
What is new: orders won in FY26 included on-board Kavach 4.0 equipment and equipment for a green hydrogen fuel cell locomotive, and the company has shown a diesel locomotive converted to run on batteries. The company says it wants more income from maintenance, monitoring and software alongside one-time equipment sales.
From the offer document (2022), the annual report 2025-26 and the May 2026 earnings call.
Read the deeper study ↓In its favour
- Sales have grown very fast: 62% a year over three years.
- It earns a high return on the money it uses: ROCE 32% in FY26.
- It has little debt for its size: debt to equity 0.26.
- The promoters own a large part of the company: 65.57%.
To watch
- Carrying out the ₹697.0 cr order book over the usual 18 to 24 months (Earnings call, May 2026, p.9 and p.18).
- Finishing the Kavach trial and getting ISA approval, which the company is working towards within FY27 (Earnings call, May 2026, p.19).
- Fusion Electronics, which the company hopes will add revenue in FY27 (Earnings call, May 2026, p.13).
- Collection of the year-end amounts due from customers; Gaurav Lath said money had started coming in from April 2026 (Earnings call, May 2026, p.15).
- Customers take longer to pay than before: 210 days in FY26, against 80 in FY19.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Concord Control Systems revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Concord Control Systems half-yearly results
SME companies report every six months · ₹ crore
| H1FY23 | H2FY23 | H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 26.28 | 23.07 | 30.45 | 35.07 | 49.75 | 74.71 | 81.55 | 128.93 |
| Expenses | 23.40 | 18.26 | 22.51 | 25.83 | 35.55 | 59.25 | 59.81 | 88.61 |
| Operating profit | 2.88 | 4.80 | 7.94 | 9.24 | 14.20 | 15.46 | 21.73 | 40.32 |
| OPM | 11.0% | 20.8% | 26.1% | 26.4% | 28.6% | 20.7% | 26.6% | 31.3% |
| Interest | 0.04 | 0.02 | 0.06 | 0.09 | 2.33 | 0.20 | 0.54 | 1.58 |
| Depreciation | 0.24 | 0.27 | 0.20 | 0.33 | 0.77 | 0.89 | 1.09 | 2.59 |
| Profit before tax | 2.69 | 4.68 | 8.04 | 9.32 | 12.28 | 16.92 | 21.57 | 37.94 |
| Net profit | 2 | 3.28 | 6 | 6.80 | 8.83 | 14.59 | 17.27 | 26.89 |
Concord Control Systems profit and loss
Full years to March, FY19 to FY26 · ₹ crore, consolidated where reported
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 14 | 16 | 18 | 32 | 49.35 | 65.52 | 124.46 | 210.47 |
| Expenses | 13 | 14 | 15 | 28 | 41.66 | 48.34 | 94.80 | 151.47 |
| Operating profit | 1 | 2 | 2 | 4 | 7.69 | 17.18 | 29.66 | 59 |
| OPM | 6.0% | 11.0% | 13.0% | 12.0% | 15.6% | 26.2% | 23.8% | 28.0% |
| Other income | 0 | 0 | 0 | 0 | 0.27 | 1.09 | 3.49 | 3.26 |
| Interest | 0 | 0 | 0 | 0 | 0.07 | 0.15 | 2.53 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0.51 | 0.53 | 1.66 | 4 |
| Exceptional and other items | · | -1 | · | -1 | · | · | · | 3.26 |
| Profit before tax | 1 | 1 | 2 | 3 | 7.38 | 17.36 | 28.96 | 59.52 |
| Tax rate | 0.0% | 0.0% | 50.0% | 0.0% | 28.2% | 26.2% | 20.0% | 25.8% |
| Net profit | 1 | 1 | 1 | 3 | 5.30 | 12.81 | 23.18 | 44.16 |
| EPS ₹ | 23.67 | 35 | 47.67 | 88 | 10.73 | 21.97 | 37.13 | 40.83 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY22 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Earnings per share before FY23 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Concord Control Systems profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Operating margin | 6.0% | 11.0% | 13.0% | 12.0% | 15.6% | 26.2% | 23.8% | 28.0% |
| Tax rate | 0.0% | 0.0% | 50.0% | 0.0% | 28.2% | 26.2% | 20.0% | 25.8% |
| ROCE | · | 21.3% | 29.9% | 32.6% | 42.3% | 47.3% | 37.5% | 32.2% |
| ROE | · | 37.0% | 23.8% | 48.4% | 36.3% | 37.7% | 28.1% | 26.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Concord Control Systems debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Concord Control Systems balance sheet
At each 31 March · ₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0.20 | 0.20 | 0.20 | 0.20 | 6 | 6 | 6 | 10 |
| Reserves | 2 | 3 | 5 | 7 | 16 | 40 | 113 | 199 |
| Net worth | 2.20 | 3.20 | 5.20 | 7.20 | 22 | 46 | 119 | 209 |
| Borrowings | 2 | 2 | 3 | 3 | 3 | 3 | 0 | 54 |
| Other liabilities | 1.80 | 2.80 | 4.80 | 4.80 | 5 | 11 | 17 | 52 |
| Total liabilities | 6 | 8 | 13 | 15 | 30 | 60 | 136 | 315 |
| Fixed assets | 1 | 1 | 1 | 2 | 2 | 3 | 23 | 44 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 2 | 4 | 7 | 24 |
| Other assets | 5 | 7 | 12 | 13 | 26 | 53 | 105 | 246 |
Concord Control Systems cash flow
₹ crore
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 0 | 1 | 0 | 2 | -2 | 7 | -7 | -55 |
| Cash from investing | 0 | -1 | 0 | -1 | -1 | -5 | -14 | -45 |
| Cash from financing | 0 | 0 | 0 | 0 | 8 | -2 | 21 | 104 |
| Net cash flow | 0 | 0 | 0 | 1 | 5 | 0 | 0 | 4 |
Working capital
Days
| FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|---|
| Debtor days | 80 | 89 | 157 | 34 | 67 | 83 | 110 | 210 |
| Inventory days | 65 | 67 | 71 | 95 | 32 | 34 | 216 | 313 |
| Days payable | 64 | 74 | 108 | 46 | 29 | 48 | 61 | 148 |
| Cash conversion cycle | 81 | 83 | 120 | 82 | 70 | 70 | 265 | 374 |
| Working capital days | 83 | 50 | 75 | 48 | 80 | 61 | 194 | 228 |
Concord Control Systems peers and competitors
Listed SME companies in the same industryBy sales, Concord Control Systems is number 8 of the 55 listed SME companies in industrial manufacturing.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Innovators Facade Systems | 207 | 14.8 | 228 | 14 | 13.0% | 0.26 |
| Fabtech Cleanrooms | 614 | 36.1 | 219 | 17 | 10.0% | 0.18 |
| Concord Control Systems | 2,797 | 63.3 | 210 | 44.2 | 28.0% | 0.26 |
| BEW Engineering | 66 | 17.5 | 186 | 3.8 | 5.2% | 0.44 |
| Patil Automation | 810 | 42.6 | 167 | 19 | 15.0% | 0.15 |
| Adisoft Technologies | 493 | 21.5 | 166 | 22.9 | 18.0% | 0.30 |
| Energy Mission Machineries (India) | 135 | 11.3 | 161 | 11.9 | 14.0% | 0.31 |
| Merritronix | 796 | 49.8 | 156 | 16 | 17.0% | 0.81 |
| Prizor Viztech | 1,421 | 67.7 | 153 | 21 | 22.0% | 0.57 |
| Kalyani Cast-Tech | 837 | 49.2 | 150 | 17 | 15.0% | 0.01 |
| Purple Wave Infocom | 421 | 32.4 | 146 | 13 | 14.0% | 0.30 |
| Median of the 10 others | 554 | 34.3 | 164 | 16.5 | 14.5% | 0.30 |
Concord Control Systems shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders has grown a lot.
Concord Control Systems shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Sep 23 | Oct 23 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Oct 25 | Mar 26 | |
|---|---|---|---|---|---|---|---|---|
| Promoters | 73.53% | 70.21% | 70.21% | 70.63% | 67.06% | 67.06% | 66.80% | 65.57% |
| Foreign investors (FIIs) | 0.00% | 0.00% | 0.00% | 0.02% | 0.00% | 0.00% | 0.00% | - |
| Indian institutions (DIIs) | 2.21% | 1.96% | 1.63% | 0.44% | 0.43% | 0.23% | 0.23% | - |
| Number of shareholders | 583 | 694 | 908 | 1,328 | 1,621 | 1,869 | 1,883 | 1,914 |
Concord Control Systems study: the business from its own documents
Read from 9 of the company's own documentsConcord Control Systems key facts from the filings
Each figure with the document it comes from
- Revenue
- ₹210.5 cr
- Revenue from operations in FY26, up 69.1% from ₹124.5 cr in FY25.Annual report 2025-26, p.9
- Order book
- ₹697.0 cr
- Orders in hand at 31 March 2026, about 3.3 times FY26 revenue and more than three times the ₹212.5 cr of a year earlier.Annual report 2025-26, p.9
- New orders in FY26
- ₹695.0 cr
- Orders won during the year, against ₹210.5 cr of orders carried out.Annual report 2025-26, p.9
- Kavach orders
- ₹238.8 cr
- Two FY26 orders for on-board Kavach 4.0 equipment, of ₹185.1 cr and ₹53.7 cr, each to be carried out in 12 months.Annual report 2025-26, p.9; our arithmetic
- Largest other order
- ₹139.3 cr
- Locomotive wireless control and distributed power wireless control systems, to be carried out in 18 months.Annual report 2025-26, p.9
Show 5 more facts
- Time to carry out orders
- 18 to 24 months
- The usual time the company has taken to carry out an order, as Gaurav Lath put it in May 2026.Earnings call, May 2026, p.18
- Main customer
- Indian Railways
- Sales go to Indian Railways and to contractors who supply it; in FY22 direct sales to Indian Railways were 73.8% of revenue.Offer document, p.28
- Debtors turnover
- 2.65 times
- Down from 4.74 times in FY25, which the company says shows slower collection from customers.Annual report 2025-26, p.43
- Fusion Electronics
- 80% stake
- A flexible circuit board maker bought in 2025; Gaurav Lath said it can make about ₹200 cr of revenue a year at full scale from its installed capacity.Annual report 2025-26, p.8; Earnings call, May 2026, p.18 and p.19
- Related party limits
- ₹450 cr
- Omnibus approval sought for FY27 deals, including loans, investments and guarantees, with Progota, Concord Lab to Market and Fusion; more than twice FY26 turnover.Annual report 2025-26, p.30 and p.31; our arithmetic
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its order book was ₹697.0 cr at 31 March 2026, about 3.3 times FY26 revenue, and on the May 2026 call Gaurav Lath said orders have usually been carried out over 18 to 24 months. The company said it is working to finish the Kavach trial and get ISA approval within FY27, hopes Fusion Electronics will add revenue in FY27, and is in the process of moving to the main board with no timeline given.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Concord Control Systems earns its money selling approved electronic and electrical equipment to Indian Railways, and has lately won much larger orders for locomotive controls and the Kavach safety system.
Its weak spots are a single main buyer, long waits to get paid, and a growing set of part-owned companies that it deals with.
AverageCan it set its own prices?It wins most of its work through railway tenders and approvals whose terms it has little room to change. Its newer, more technical products have come with higher margins.
AverageHow strong is it against rivals?Railway approvals keep many firms out, and the company works across several product areas. But big Kavach contracts are won in open tenders against other approved makers.
WatchWho are its customers?Nearly all its business comes from Indian Railways, directly or through contractors who supply it.
WatchDoes it need a lot of money?Deliveries bunch up before March and payment comes later, so a lot of money sits with customers and in stock. It also lends to and invests in its part-owned companies.
StrongCan it keep finding new work?Orders in hand more than tripled in a year, across Kavach, wireless controls, propulsion and green locomotives.
WatchDo good and bad years swing a lot?Orders depend on railway budgets and tender timing, which can change with government policy.
Who runs Concord Control Systems?
Promoters, directors and officers; tap a name for the background
NJNitin JainPromoter and Managing Director
Holds a Bachelor of Engineering in Mechanical Engineering (2006) and, at the time of the offer, had over 17 years in making electrical and electronic equipment. On the board since the company was formed in 2011, and looks after marketing, research and development, quality control and production. The offer document states that Nitin Jain and Mahima Jain are spouses.
Offer document, p.119 and p.121; Annual report 2025-26, p.20GLGaurav LathPromoter, Managing Director and Chief Financial Officer
Holds a Post Graduate Diploma in Business Management (Family Business) from Narsee Monjee Institute of Management Studies (2008) and, at the time of the offer, had around 15 years in making electrical and electronic equipment. On the board since 2011; looks after business operations including supply chain, accounts and finance, administration and human resources.
Offer document, p.119 and p.121; Annual report 2025-26, p.20GPGovind Prasad LathChairman and Non-Executive Director
Holds a Bachelor of Commerce from Xavier's College, Kolkata (1961) and had around 54 years of experience at the time of the offer. Chairman since August 2022. The offer document states that Govind Prasad Lath is the father of Gaurav Lath.
Offer document, p.120 and p.121; Annual report 2025-26, p.20MJMahima JainNon-Executive Director
Holds an MBA from the Institute of Chartered Financial Analysts of India University, Tripura (2013), with around nine years in the industry at the time of the offer. On the board since 2022 and a member of the audit committee.
Offer document, p.120 and p.121; Annual report 2025-26, p.38Concord Control Systems latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹129 cr (+73%), net profit ₹26.9 cr (+84%) on H2 FY25.
- Shareholding, 31 March 2026: promoters 66.80% to 65.57%.
Concord Control Systems announcements
5 on record, latest first; each opens the filing on the exchange
Concord Control Systems annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Concord Control Systems share split, bonus and dividends
From the corporate actions the company announces on the exchange
- Bonus issueBonus issue 3:5ex-date 16 Oct 2025
Checks we ran on Concord Control Systems' data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- iBonus issue with ex-date 16 Oct 2025: earlier prices on this page are adjusted to the new share basis.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,01,20,242 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY22 (₹88.00) and FY23 (₹10.73) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY19 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Concord Control Systems
What does Concord Control Systems do?
Concord Control Systems makes electronic and electrical equipment for Indian Railways, from coach fans and emergency lights to locomotive controls, wireless systems for long freight trains and parts of the Kavach train safety system.
What is the share price of Concord Control Systems?
₹2,764 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Concord Control Systems?
₹2,797 cr at the close on 6 Nov 2026, on 1,01,20,242 shares.
What is the P/E of Concord Control Systems?
63.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Concord Control Systems' revenue and profit?
Revenue ₹210 cr and profit after tax ₹44 cr in FY26.
Who are the promoters of Concord Control Systems?
Nitin Jain, Gaurav Lath; promoters held 65.57% at 31 March 2026.
What is Concord Control Systems' website?
www.concordgroup.in
More SME companies like Concord Control Systems
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
- Aimtron ElectronicsAIMTRON · NSE Emerge · Industrial Manufacturing · listed 2024Market cap ₹3,955 cr
- Vinyas Innovative TechnologiesVINYAS · NSE Emerge · Industrial Manufacturing · listed 2023Market cap ₹1,907 cr
- Prizor ViztechPRIZOR · NSE Emerge · Industrial Manufacturing · listed 2024Market cap ₹1,604 cr
- Emkay ToolsETL · NSE Emerge · Industrial Manufacturing · listed 2025Market cap ₹1,246 cr
- Airfloa Rail TechnologyAIRFLOA · BSE SME · Industrial ManufacturingMarket cap ₹1,162 cr
- Kalyani Cast-TechKALYANI · BSE SME · Industrial ManufacturingMarket cap ₹747 cr
Built from 3 earnings call transcripts, 3 investor presentations, 2 annual reports, 1 offer document, 5 exchange announcements, 8 shareholding patterns and 8 years of reported results. Every figure carries its source; where the documents are silent, the page says so.