CONCORD CONTROL SYSTEMS H1 FY27: TARGETS 40–50% REVENUE CAGR OVER 3–5 YEARS; ₹846 CR ORDER BOOK, ₹280 CR KAVACH ORDERS & FUSION ₹400 CR+ REVENUE POTENTIAL

• Revenue Growth Guidance: Management targets 40–50% revenue CAGR over the next 3–5 years, supported by railway modernisation, Kavach, propulsion systems, electronics and diagnostics • Strong Order Book: Unexecuted order book stands at approximately ₹846 Cr, equivalent to 4x FY26 revenue, with expected execution over 18–24 months • Order Inflows: Received ₹308 Cr new orders during H1 FY27, against opening order book of ₹697 Cr; executed ₹159.1 Cr • Kavach Order Wins: Secured approximately ₹280 Cr orders for Kavach 4.0 automatic train protection systems, with RDSO prototype clearance received and field trial installations started • Kavach Margin Opportunity: Management indicates potential 25–30% EBITDA margins, with 15-year maintenance contracts offering recurring revenue opportunities • Fusion Electronics Growth Target: Subsidiary has potential to reach ₹400 Cr+ revenue after doubling capacity, with targeted EBITDA margins above 25% • Fusion Capacity Expansion: Existing flexible PCB manufacturing capacity stands at 2 lakh square metres annually; plans to double capacity to support advanced electronics and EMS expansion • DPWCS Expansion: Targeting opportunities as Indian Railways aims to implement distributed power wireless control systems across freight locomotives • Hydrogen & Battery Propulsion: Developing zero-emission locomotive technologies, including battery-electric and hydrogen-hybrid propulsion systems and diesel locomotive retrofits • AI Diagnostics Expansion: Plans to scale predictive maintenance, overhead equipment monitoring, railway sensors and AI-driven diagnostics, creating opportunities for recurring revenue • Working Capital Improvement: Cash conversion cycle improved to 338 days from 375 days in FY26, supported by lower inventory and debtor days • Debt Position: Consolidated borrowings increased to approximately ₹82.3 Cr from ₹54 Cr in March 2026, while cash and cash equivalents increased to ₹34.5 Cr • Strategic Acquisitions: Building capabilities through Fusion Electronics (80% stake), Progota India (46.5%) and Lab to Market (49%), supporting railway safety, electronics and diagnostics • FY27 Execution Priority: Management focused on converting its ₹846 Cr order book into revenue, improving working capital efficiency and strengthening cash generation • Long-Term Growth Plans: Aims to expand into international railway markets, technology licensing, advanced train safety, zero-emission propulsion and high-margin recurring services • FY27 Guidance & Capex: The 40–50% revenue CAGR is a medium-term target, not FY27-specific guidance

Concord Control Systems Limite

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