Earning call transcripts

An ISO 9001:2015 Certified Company November 10, 2026 The Secretary, Listing Department, BSE Limited, 1st Floor, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai-400001, Maharashtra. Scrip Code: 543619; Symbol: CNCRD, ISIN: INE0N0J01014 Ref: Submission under Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 – Transcript of Post Earnings Conference Call. Dear Sir/Ma’am, With reference to our Post Results Conference Call for H1-FY 2026-27, held with the Investors/Analysts on Tuesday, November 03, 2026 at 03:00 P.M. and pursuant to Regulation 30 and Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we, Concord Control Systems Limited, are submitting herewith transcript of the said meeting. We request you to please take the same on your records. Thanking You, Yours’ Sincerely, For Concord Control Systems Limited Puja Gupta Company Secretary and Compliance Officer M. No- 28664 CONCORD CONTROL SYSTEMS LIMITED REG. OFFICE & LUCKNOW UNIT CORPORATE ADDRESS BANGALORE UNIT +91-7800008700, mail@concordgroup.in www.concordgroup.in G-36, U.P.S.I.D.C. Industrial Area, Deva 7th Floor, Shalimar Iridium, Plot No. 114, Aerospace Sector, +91-9035655080, concordarc@concordgroup.in CIN: L31908UP2011PLC043229 LuR co ka nd o, C -h 2in 2h 6a 0t 1, Vibhu Lti K ch knan owd, G 22o 6m 0t 1i 0N agar, Hi- JT ae lc ah D oe bf le i,n Bs ae A loe rr eo -s 5p 6a 2c 1e P 9a rk, +91-9919539555 Uttar Pradesh Uttar Pradesh Karnataka Concord Control Systems Limited H1 FY27 POST EARNINGS CONFERENCE CALL November 3, 2026 3:00 PM IST Management Team Mr. Gaurav Lath - Managing Director Call Coordinator Strategy & Investor Relations Consulting Concord Control Systems Limited H1 FY27 Post Earnings Conference Call November 3, 2026 3:00 PM IST Presentation Moderator: Ladies and gentlemen, on behalf of Kaptify Consulting Investor Relations Team, I welcome you all to the H1 FY27 Post Earnings Conference Call of Concord Control Systems Limited. Today on the call from the management we have with us Mr. Gaurav Lath, Managing Director. As a disclaimer, I would like to inform all of you that this call may contain forward-looking statements which may involve risks and uncertainties. Also, this is a reminder that this call is being recorded. I would now request the management to detail us about the business, performance highlights for the period ended September 2026, the growth perspective and the vision for the coming years, post which we will open the floor for Q&A. Over to the management team. Over to you sir Gaurav sir. Gaurav Lath: Thank you Mohsin. Good afternoon, everyone and thank you for joining us. I'm very pleased to share the H1 FY27 has been an exceptionally encouraging period for Concord both in terms of financial performance and our progress which we have made in our technology-led growth journey. Growth and technology both go hand in hand and I think we have been working very hard on that. Before I take you through the numbers, I’d like to share one thought. Over the last several years, we have been building capabilities. We have invested in technology, assembled the right businesses through acquisitions and mergers, and developed new products to solve complex challenges in the railway sector. Today, these efforts are beginning to come together. The seeds we planted and nurtured over the years have grown into a strong foundation. And that foundation is now starting to show up in our financial performance. And I believe that the most important development in Concord's journey is that we have almost grown by nearly 100% from our last H1 of 2026. The revenue has grown up by almost ~95% year on year to ~INR 159 crores. Our EBITDA has grown even faster by approximately ~110% where -- to INR 46.7 crores. And our profits have gone nearly Page 2 of 20 Concord Control Systems Limited H1 FY27 Post Earnings Conference Call November 3, 2026 3:00 PM IST up by ~95% which is INR 31.2 crores. Our EBITDA margins stood very healthy at 29.30%. The most important aspect in this journey is the growth matrix which is slowly being translated in our financial performance. These numbers give me the confidence to say that we are on the right path. We take profitability seriously, and our policy is clear: profits fund growth, and growth funds the technologies that will shape the future of railways. The profitability not alone has grown enough, but also our working capital efficiency, our translation to cash has also improved significantly. Railway projects involve long execution cycles, inventories, customer inspections and milestone-based payments. But even after that, we have been really disciplined about the working capital and we have significantly improved on various fronts in that fashion where we talk about the debtor days. So, debtor days have reduced from 210 to 178 days in just these 6 months. And there is still a whole year's journey left. Our inventory days have reduced from 313 to 259 which is again significantly reduced. And our cash conversion cycle has also improved which is marginally and we are working on further having strong capital efficiencies while we progress future. And for us, growth and profitability and cash flow must go hand in hand. And the whole focus is on how we can further improve our cash efficiencies. Now if I have to talk about the visibility we have for the coming period. So, we have entered financial year 2027 with an opening order book of roughly INR 697 crores. During the first half, we have received another INR 308 crores of new order book. And we have executed approximately INR 159 crores worth of orders. So, the un-executed order book as on 30th September 2026 stands at INR 846 crores all put together as a group which is almost 4 times of the entire revenue of financial year 2026. Now if we talk about the entire technology which we are developing at Concord, we call it the intelligence layer of modern railways. And we are pivoting our entire business on these 4 different technology platforms which drive our business function like an integrated tool for us. First of all, green mobility where we are covering the hydrogen, battery, zero emission, propulsions as well as the entire energy management stack as well as the green advanced chemistry cell transition. Page 3 of 20 Concord Control Systems Limited H1 FY27 Post Earnings Conference Call November 3, 2026 3:00 PM IST In the second pillar, we are talking about the smart locomotive intelligence which is more about the connected control systems. So, I have said this in all my calls that railway is really focused on safety. Railway is really focused on speed. And these are the two things which if you want to drive hand in hand, then you need more and more connected, intelligent locomotives to move forward. So, our entire product basket around distributed power supply, the fleet orchestration system, all our train communication system, all our sensors, all our TCMS and control systems which we are making in today's date, vehicle control unit and all other things, comes in our second platform. The third most important platform, and we would say the most emerging platform for Concord is sensing and AI-driven diagnostics in which we monitor all the parameters in real time. By monitoring it, by drawing analytics in it, we provide our whole diagnostic intelligence to government and railway. And this is, we would say, an ever-emerging field where there is so much of work to do by us. Continuously we are developing technologies, continuously we are implementing things and we feel this is going to be the most promising vertical for not only Indian market, but for the global markets as well. And then there is railway safety where we are completely focused on the Kavach, the train protection system as well as MSDAC which is the Multi-Section Digital Axle Counter. All these integrated platforms put together creates the new symphony for Concord [Showing first 8,000 characters — download PDF for full document]