1. Fusion Electronics - revenue potential of ₹400 cr+ at full capacity, EBITDA margin of 25%+ Pending - At the Q2 FY26 call, management guided Fusion (railway EMS) has a revenue potential of more than ₹200 cr at full capacity with EBITDA margin of almost 20% upwards; Q4 FY26 PPT raised this to \~₹400 cr+ post capacity doubling with EBITDA margins of 25%+. Fusion was acquired in FY26 with 200,000 sqm installed capacity for flexible PCBs, and management stated FY27 will be the first revenue-contributing year; no revenue or margin actuals are disclosed in our record.
2. Acquisition of 51% stake in a Kavach 4.0 company to be completed within six months (by \~April 2026) Missed - An announcement dated 11 October 2025 stated the acquisition of a 51% stake in a company specialising in Kavach 4.0 and train control systems is expected to be completed within six months - by approximately April 2026. Concord increased its stake in Progota India Pvt Ltd to 46.5% from 26% during FY26, but our record holds no disclosure of a 51% stake acquisition in any Kavach entity completed by April 2026.
3. 50% of top line from global revenues in the next few years Pending - At the Q2 FY26 call, management stated they see that 50% of the current top line in the next few years should come from global revenues from the zero-emission product and other locomotive subsystems. The company demonstrated India's first indigenous zero-emission locomotive retrofit and bagged a ₹47 cr order from NTPC for a hydrogen locomotive project, but our record holds no disclosure of actual global revenue or its proportion of the top line.
4. Green Hydrogen Fuel Cell Locomotive order - ₹47 cr, 18 months execution Pending - An announcement dated 16 January 2026 disclosed a work order valued at \~₹47 cr from NTPC for supply of all plant and equipment for a Green Hydrogen Fuel Cell Locomotive, with an 18-month execution timeline. The order is in the closing order book as of 31 March 2026, and the 18-month window runs to \~July 2027; no completion disclosure exists in our record.
5. Amalgamation of Advanced Rail Controls into Concord Delivered - At the Q4 FY25 PPT, management stated they have taken up the process of amalgamating Advanced Rail Control Pvt Ltd (90% subsidiary) into the company, with the 10% equity of the former promoter to be swapped with Concord Control Systems Ltd. NCLT approved the merger effective from 1 April 2025, pursuant to the Scheme of Amalgamation approved by the Hon'ble NCLT Allahabad Bench on 15 April 2026, and Concord acquired 100% stake in ARC.
6. Quarterly order book updates and quarter-to-quarter reporting Pending - At the Q4 FY25 call, management stated they will try to move from half-year to quarter-to-quarter reporting, and at the Q2 FY26 call reiterated they will try and give quarterly updates of order books. As of 13 July 2026, the FY27 horizon for these forward-looking intentions remains live, and no binding commitment with a passed deadline has been identified.
7. Main board migration - positioned in the next few quarters Partial - At the Q4 FY25 call, management stated they will be positioned for main board in the next few quarters; at Q2 FY26 they stated they are "soon getting ready for the main board"; at Q4 FY26 they stated the company is in the process but gave no timeline. The company completed three years on the exchange on October 10, 2025, a prerequisite for migration, but our record holds no disclosure of a main board application filed or approval received as of 13 July 2026.
8. New product lines (Super Anaconda, WILD, MSDAC) all commercial by next year (FY26) Partial - At the Q2 FY25 call, management stated that "hopefully all of the new product lines (Super Anaconda, WILD, MSDAC) will be commercial next year" - i.e., FY26. Super Anaconda/DPWCS received large orders in FY26, and WILD had more than 20 sets under commissioning and delivery by Q2 FY26, but MSDAC commercialisation is absent from our record.
9. Kavach approval and commercialisation - developmental vendor status, SIL 4 certification, field trials Delivered - At the Q2 FY25 call, management stated they are "very much close to getting the approval for Kavach," with SIL 4 certification going on parallelly; the H1 FY26 timeline was reiterated at Q4 FY25. RDSO technical prototype clearance for Kavach 4.0 wayside equipment was received by Q2 FY26, the company became a fully approved developmental vendor, two large orders totalling ₹258.27 cr were received in Q4 FY26, and SIL 4 certification for Kavach 4.0 Automatic Train Protection was disclosed in the Q4 FY26 investor presentation.
10. Sustain EBITDA margins in the range of 23-25% Delivered - At the Q2 FY25 call, management guided that 40-50% growth will sustain EBITDA margins in the range of 23% to 25%, later widened to 22-25% at Q4 FY25 and stated as 20-25% at Q4 FY26. FY25 consolidated EBITDA margin was 23.83%, and FY26 consolidated EBITDA margin was 28.66%, both within or above the guided range.
11. 40-50% revenue CAGR over the next 3-5 years On track - At the Q2 FY25 call, management guided the company looks to grow at a CAGR of 40% to 50% over the next three to five years, reiterated consistently through Q4 FY26 with the horizon narrowed to FY30. FY25 revenue grew 89.97% YoY to ₹124.46 cr, FY26 revenue grew 69.11% YoY to ₹210.47 cr, and the 3-year revenue CAGR (FY23-FY26) stands at 62.17%, exceeding the upper bound of the guided range.