1. Opening Hook
While most midcaps are still drafting “AI strategies,” Concord’s management decided to justbuild trains that think for themselves.The Joint MD opened the call not with a “thank you,” but a flex:highest-ever H1 numbers, four game-changing projects,and an R&D army of 110 engineers who apparently sleep in labs. From converting diesel junk into zero-emission locomotives to bagging India’s first Kavach 4.0 field order, this was more TED Talk than concall.The man even claimed, “We’ll be five times bigger in three years.” Buckle up — this ride gets faster, louder, and surprisingly electric (literally).
2. At a Glance
- Revenue up 64%:Growth engine fired up, no smoke this time — all electric ⚡
- EBITDA up 53%:Margins greased, engines humming.
- Net Profit up 85%:From ₹8.7 cr to ₹16 cr — profits found their lost rail track.
- Order book ₹313 cr (+47% YoY):Clearly, India’s railway dreams now wear a Concord badge.
- R&D headcount: 110 engineers:That’s not a team, that’s a small IIT.
- Stock reaction:Traders probably Googled “Kavach 4.0” before pressingBuy.
3. Management’s Key Commentary
Quote:“We’ve delivered our highest-ever H1 numbers; the foundation is solid and momentum has never been better.”(Translation: We’ve shocked even ourselves — in a good way.)
Quote:“We’re set to surpass our 40–50% CAGR target.”(Translation: We under-promise, then flex like it’s Diwali.)😏
Quote:“Kavach 4.0 is now a mainstream, deployable product.”(Translation: The government’s safety tech is finally real — and we’re first on the tracks.)
Quote:“We’ve developed India’s first zero-emission locomotive propulsion.”(Translation: We just told diesel it’s cancelled.)
Quote:“Fusion gives us ₹200 crore potential with 20%+ EBITDA.”(Translation: We just backward-integrated so hard, competitors might need therapy.)
Quote:“Next 24–36 months are Concord’s golden years.”(Translation: We’re printing growth like platform tickets.)
Quote:“We’re conservative in promises but aggressive in results.”(Translation: We talk like accountants,
act like founders.)
4. Numbers Decoded
| Metric | H1 FY25 | H1 FY26 | YoY Growth | Comment |
|---|---|---|---|---|
| Revenue | ₹49.7 cr | ₹81.6 cr | +64% | Growth faster than Shatabdi. |
| EBITDA | ₹14.2 cr | ₹21.7 cr | +53% | Margins steady at ~27%. |
| Net Profit | ₹8.7 cr | ₹16.0 cr | +85% | Efficiency on track. |
| Order Book | ₹212 cr | ₹313 cr | +47% | Kavach orders leading charge. |
| R&D Engineers | 110 | — | — | Innovation is the new inventory. |
Execution speed noted: management expects H2 to outpace H1 — as usual. Kavach field trials (₹19.5 cr) to kick off soon.
5. Analyst Questions
Q:“When do Kavach 4.0 trials begin?”A:“Very soon, sir.”(Translation: We’ll start once Railways finishes chai.)
Q:“Why buy Fusion now?”A:“Because it’s India’s largest flex PCB capacity.”(Translation: We bought silicon before Silicon Valley noticed.)
Q:“Any plans for fundraise?”A:“Capital will never be a concern.”(Translation: We’ll find money faster than IRCTC tickets on Tatkal.)
Q:“2030 goal?”A:“India’s largest railway tech company.”(Translation: Make Siemens nervous.)
6. Guidance & Outlook
Management’s target reads like a motivational poster: 40–50% CAGR
