Quadrant Future Tek Listed

Research-oriented development of Indian Railways' indigenous KAVACH train collision avoidance system, SIL-4 certified to European rail-safety standards.

Company vision statement.

Automatic Train Protection System built to European rail-safety integrity standards.

RDSO-approved supplier of control, power and signalling cables for railway coaches, locomotives and EMUs; KAVACH contracts with RailTel, CLW, ICF, Banaras Locomotive Works and Patiala Locomotive Works.

DGQA-approved supplier of cables for naval ships and the domestic/international marine industry.

TUV-certified solar cable ranges plus connectors/junction boxes; cables for hybrid & electric vehicles.

Repeat business is earned through consistent performance in customer quality inspections/testing rather than contractual lock-in, which the company says has produced long-term, entrenched customer ties.

The company has no long-term contract with any customer; it sustains and grows relationships by repeatedly bidding for new railway and other tenders.

Revenue from customers outside the Promoter Group has grown sharply, showing a shift from family/related-party relationships toward broader third-party and defence-sector customers.

Sales are generated primarily by bidding for and fulfilling tenders floated directly by Indian Railways or by individual Zonal Railways and their divisions/production units.

A separate government-tender channel run by Naval (Defence) manufacturing units for specialty defence cables, distinct from the railway tender channel.

Beyond government tenders, the company sells directly to private-sector railway suppliers/contractors and to its own Promoter Group companies.

All production steps — from raw-material sourcing to PVC compounding, bunching/stranding, insulation, armouring, sheathing and packing — are carried out in-house at the Mohali facility.

In-house design and engineering of hardware and software for its Automatic Train Protection system; cumulative capex on this platform totals ₹594.41 million to date.

A dedicated in-house testing infrastructure runs electrical, mechanical and chemical tests on cables and PCB assemblies to meet RDSO, DGQA and international standards.

Deploying stationary, Remote Interface Unit (RIU) and onboard Kavach equipment at railway stations and train sets under its RDSO-cleared deployment order.

Modern irradiation facility used to produce cross-linked specialty cables for railway, naval, solar and EV applications.

Registered & corporate office / manufacturing base.

Awarded Quadrant Future Tek a Kavach supply, installation & commissioning contract on the East Central Railway.

Awarded a large Kavach installation & commissioning contract covering 1,200 locomotives.

Facility approvals from Research Designs & Standards Organisation (railways) and Directorate General of Quality Assurance (naval defence) are prerequisites for supplying cables to these sectors.

Rolling stock cables, naval defence & marine cables, solar PV cables, automotive cables.

Train Collision Avoidance System (Kavach) and Electronic Interlocking System.

Electrical connectors and wiring harnesses for rail, defence and automotive.

The largest cost line — raw copper, allied metal and consumables for cable manufacturing — was ₹607.23 million in the nine months to Dec 2023 (60.47% of total income), and ranged 66-85% of total income across FY2021-23.

Salaries, wages, bonus and allowances, directors' remuneration and statutory contributions (PF/ESI); ₹80.60 million in the nine months to Dec 2023, 8.03% of total income.

Interest on term loans and working-capital facilities from banks; ₹27.50 million in the nine months to Dec 2023 (2.87% of total income), against ₹600.41 million of outstanding bank debt.

Power & fuel and freight/cartage costs tied directly to manufacturing and dispatch; ₹21.07 million combined in the nine months to Dec 2023.