Concord Control Systems
Concord Control Systems
Capital GoodsKey Fundamentals
SMEIndustrial ProductsCapital GoodsTapetide Score
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Key Insights
Strengths
2- Company has delivered good profit growth of 97.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 27.8%
Weaknesses
5- Stock is trading at 12.0 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -1.23%
- Company has high debtors of 210 days.
- Working capital days have increased from 161 days to 228 days
Growth Rate
AI Analysis — Bull vs Bear
Concord Control Systems Ltd is a small-cap industrial company with a market cap of ~Rs 2,992 crore, trading at a PE of 72.6x and PB of 14.2x. The company has delivered exceptional profit growth of 97% CAGR over 5 years and sales growth of 64% CAGR over the same period, but faces working capital challenges with debtor days at 210 and working capital days expanding to 228 days.
- Compounded profit growth of 97% CAGR over 5 years demonstrates sustained earnings momentum
- Compounded sales growth of 64% CAGR over 5 years indicates strong revenue scalability in the industrial automation space
- TTM sales growth of 69% shows continued top-line acceleration even on a larger base
- 3-year ROE of 28% reflects efficient capital deployment and strong profitability
- TTM profit growth of 87% outpacing TTM sales growth of 69% suggests improving operating leverage and margin expansion
- Stock price CAGR of 165% over 1 year and 152% over 3 years reflects strong market recognition of the growth trajectory
- Last year ROE of 26% remains well above the cost of equity for most industrial companies, indicating continued value creation
- PE of 72.6x is significantly elevated relative to broader industrial sector averages, leaving limited margin of safety
- Price-to-book of 14.2x implies the market is pricing in substantial future growth that may already be discounted
- Debtor days of 210 indicate significant cash tied up in receivables, posing collection and cash flow risk
- Working capital days increased from 161 to 228 days, suggesting deteriorating capital efficiency as the company scales
- Zero dividend yield despite repeated profitability means shareholders rely entirely on capital appreciation for returns
- Promoter holding decreased by 1.23% in the last quarter, which may signal reduced insider confidence at current valuations
- Limited long-term track record with no 10-year data available for sales, profit, or ROE metrics makes durability of growth difficult to assess
- Small market cap of Rs 2,992 crore combined with high valuation multiples increases vulnerability to liquidity-driven corrections
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Wins railway technology award Jun 18
Concord Control Systems received the Excellence in Railway Technology Award at the ET Now Business Conclave & Awards 2026, recognising its contribution to safer and smarter railway operations.
TL;DR: Concord Control Systems is gaining industry recognition for its railway technology capabilities, with a recent award highlighting its role in safer and smarter rail operations. No headwinds are evident from recent coverage. The award strengthens brand credibility and could support future order wins in the railway signalling and control space.
Quarterly Results
| Particulars | Sep 2021 | Mar 2022 | Sep 2022 | Mar 2023 | Sep 2023 | Mar 2024 | Sep 2024 | Mar 2025 | Sep 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14 | 18 | 26 | 23 | 30 | 35 | 50 | 75 | 82 | 129 |
| Expenses | 13 | 15 | 23 | 18 | 23 | 26 | 36 | 60 | 61 | 90 |
| Operating Profit | 2 | 2 | 3 | 5 | 8 | 9 | 14 | 15 | 20 | 39 |
| OPM % | 11% | 13% | 11% | 21% | 26% | 26% | 28% | 20% | 25% | 30% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 0 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 3 |
| PBT | 1 | 2 | 3 | 5 | 8 | 9 | 12 | 16 | 20 | 36 |
| Tax % | 23% | 25% | 25% | 30% | 25% | 27% | 29% | 14% | 21% | 32% |
| Net Profit | 1 | 2 | 2 | 3 | 6 | 7 | 8 | 14 | 16 | 25 |
| EPS in Rs | 34.67 | 53.67 | 2.99 | 3.6 | 6.59 | 7.08 | 8.62 | 14.24 | 15.86 | 23.96 |
Profit & Loss
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Sales | 16 | 18 | 32 | 49 | 65 | 124 | 210 |
| Expenses | 14 | 15 | 28 | 42 | 48 | 95 | 151 |
| Operating Profit | 2 | 2 | 4 | 8 | 17 | 29 | 59 |
| OPM % | 11% | 13% | 12% | 16% | 26% | 23% | 28% |
| Other Income | 0 | 0 | 0 | 0 | 1 | 3 | 3 |
| Interest | 0 | 0 | 0 | 0 | 0 | 3 | 2 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 2 | 4 |
| PBT | 1 | 2 | 3 | 7 | 17 | 28 | 57 |
| Tax % | 28% | 24% | 24% | 26% | 26% | 20% | 28% |
| Net Profit | 1 | 1 | 3 | 5 | 13 | 23 | 41 |
| EPS in Rs | 35 | 47.67 | 88 | 5.99 | 13.34 | 22.43 | 40.83 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 0.2 | 0.2 | 0.2 | 6 | 6 | 6 | 10 |
| Reserves | 3 | 5 | 7 | 16 | 40 | 113 | 199 |
| Borrowings | 2 | 3 | 3 | 3 | 3 | 0 | 54 |
| Other Liabilities | 3 | 4 | 4 | 6 | 11 | 16 | 52 |
| Total Liabilities | 8 | 13 | 15 | 30 | 60 | 136 | 315 |
| Fixed Assets | 1 | 1 | 2 | 2 | 3 | 23 | 44 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Investments | 0 | 0 | 0 | 2 | 4 | 7 | 24 |
| Other Assets | 7 | 11 | 12 | 26 | 53 | 105 | 245 |
| Total Assets | 8 | 13 | 15 | 30 | 60 | 136 | 315 |
Cash Flow
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Operating | 1 | 0 | 2 | -2 | 7 | -7 | -55 |
| Investing | -1 | 0 | -1 | -1 | -5 | -14 | -45 |
| Financing | 0 | 0 | 0 | 8 | -2 | 21 | 104 |
| Net Cash Flow | 0 | 0 | 0 | 4 | 0 | 0 | 4 |
| Free Cash Flow | 0 | 0 | 1 | -2 | 6 | -10 | -63 |
| CFO/OP | 54 | 38 | 64 | 1 | 71 | -5 | -71 |
Ratios
| Particulars | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 89 | 157 | 34 | 67 | 83 | 110 | 210 |
| Inventory Days | 67 | 71 | 95 | 32 | 34 | 216 | 313 |
| Days Payable | 74 | 108 | 46 | 29 | 48 | 61 | 148 |
| Cash Conversion Cycle | 83 | 120 | 82 | 70 | 70 | 265 | 374 |
| Working Capital Days | 50 | 75 | 48 | 80 | 61 | 194 | 228 |
| ROCE % | — | 30% | 38% | 43% | 48% | 37% | 31% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY10–FY26.
Documents
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Company Information
Incorporated in 2011, Concord Control Systems Ltd is in the business of Electrical Machinery for Indian Railways and allied products[1]
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