Quadrant Future Tek Ltd

e Tek Limited Q1 FY-26 Ear Conference Call”

OHIT VOHRA – MANAGING DIRECTOR ANT FUTURE TEK LIMITED MIT GAUR – CHIEF FINANCIAL OFFICE ANT FUTURE TEK LIMITED PRAW– PHILLIPCAPITAL(INDIA) PRIV D

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entlemen, good day, and welcome to the Quadrant FutureTek nference Call hosted by PhillipCapital(India) Private Limited. er all participant lines will be in the listen-only mode and for you to ask questions after the presentation concludes. ring the conference call, please signal an operator by pressing ‘ one. Please note that this conference is being recorded. he conference over to Mr. Vipraw from PhillipCapital(India) P arks. Thank you and over to you, sir.

Muskan. Good evening, everyone. On behalf of PhillipCapita all to Q1 and FY26 Earnings Conference Call of Quadrant Futu Management today being represented by Mr. Mohit Vohra – M t Gaur – ChiefFinancial Officer. , I will hand over the floor to the management for their open l open the floor for Q&A. Thank you and over to you, Mohit, si ery much Mr. Vipraw. Good evening to all our respected frie and on behalf of the Management of Quadrant, first of all, I si is time for our first investor call after the Company got liste st call of the Company, before we move on to the detailed d ueries and questions on our results, obviously status of ‘Kavach I think, let me brief you and very brief, share you our busin key highlights, and the financials. ith our Company: on't know in detail, our Company is engaged into two businesse Railway Signalling Systems is second. Under Specialty Ca m irradiated cables. So, these are special cables, and these where fire and safety, heat reduction, and long-term perfo railways, rolling stock, only the trains and naval vessels, so now. And we are approved by RDSO, which is railways, and w h is Defence approval for supply of these cables since beginning recently received our BIS approval as well for solar cables th ry into solar cable businesses.As also disclosed in our offer du d or we ventured into design and development of indigenized ve on system, which is termed as ‘Kavach’ by the governmen Limited Q1 FY26 there will be an Should you need *’then ‘0’ on your Private Limited for al, I would like to ureTek Limited. ManagingDirector, ning remarks, post r. ends. My name is incerely thank you ed.And obviously, discussion, maybe ’ approval. ness segment, side s.Specialty Cables ables, we produce e are used in the ormance are very o they are our key we are approved by g. hat will enable our uring our IPO, we ersion of automatic nt of India, more

popularly kno Hyderabad an system's emb time ago and railways for s this value cor also received 155 crores.So in turn once approved thre further impro specification present date, o with requirem system and ap Our ambition equivalent lev system for mo plan of the C assessor certif This particula devote compl held in Augus also stabilize line. The prod So, as promi also.And hen appointed as experience in business.So, t values and w operations.An solar, which markets. All t We are also h a CFO of the very well ver brought him b And I would r the results of

own as Kavach. So, our embedded design and development c nd Bangalore and our Kavach production facility is in Moh edded hardware was developed and was successfully approve specifically on 12thof December 2024.We were awarded an amb supply installation commissioning of Kavach system in 1,200 rresponds to Rs. 829 crores, in which GST is extra, exclusive our first station, or you can say track, Kavach system order fo o, this is being done in partnership with the RailTel, so they can they receive from the concerned railways. So, earlier, Indi ee vendors under Kavach version 3.2. Kavach version 3.2 was ove the passenger safety and Kavach operations. So, the spec upgraded, and the new revision, which is Kavach 4.0, was i only five vendors have designed and developed the Kavach sys ment of Indian Railways. So, all the five vendors were advise pply for fresh approvals. n and the skill set of design and development team at Quadra vel, equivalent level compared to our peers, who have been ore than 10 years, about 15 years from now.So, this has led the Company. And we are very positive towards obtaining our in fication approval from RDSO and execute this order within spec ar project of Kavach was race against time, kind of.The manag lete focus on this subject. So, entry into new cable business s st, 2025. So that we can focus solely on development and appro our production of Kavach.So, now our procurement process of duction is running in full swing. sed to you, we have now revived the business development nce, we appointed Mr. Abhigyan Kotnala, very happy to an Chief Executive Officer or the leader of cable division, who ca n the cable industry. So, we were wanting a dedicated focus that is no further sacrifice. And he has handled cable busin wide teams in the past. So, he's already taken charge, by the w nd we are hopeful to see the results, the output into the new s is very ambitious, electric vehicles going to be very ambiti three of them together, we will get into. happy to announce, delighted to announce that we brought back M Company. He has worked with our Company previously in the rsed with Company's operation and very meticulous in his w back to our Company.And these are some of the basic highlight request Amit Gaur; CFO, before we move on to question and an the operations of Quarter 1, April 2025-26. Over to you, Amit. centre is based in hali. Our Kavach d by RDSO some mbitious order from 0 locomotives. So, e. And further, we or the value of Rs. n give us this order ian Railways had later upgraded to cification, the new introduced. As on tem in accordance ed to upgrade the nt led us to reach n developing this multi-fold growth ndependent safety cified timeline. gement decided to segment, that was val of Kavach and f Kavach is well in of the cable side nnounce that he's arries a substantial s leader for cable ness of substantial way, of our cable egment, including ousas also export Mr. Amit Gaur, as same capacity and work. So, we have s of the Company. nswer, please brief

Thank you, M Let me now ta For Q1 FY26 would say a b increase of ab Division. EB 7.3% during t Generally, as H2.This softn orders are sho process. Our quarters, inclu segment lossu crores during cost for build expenses, inc train collision we are awaiti received by th While we hav contribution f This division once full imp financial year momentum in With that, I c may have. is from the lin

Mohit sir. And once again, a warm welcome to all the participant ake you to the key financial highlights for Q1 FY26: 6, our operational revenue stood at Rs. 287 million, which is b bit higher than revenue recorded in Q1 for the previous financia bout 12% on YOY basis.100% of revenue for this quarter is from ITDA for Q1 in current financial year is approximately 8.9% the same period in last financial year. s a trend, the Q1 sales are lower for our Company, and it sc ness is due to offtake in institutional orders, primarily from De ort-term orders and awarded through tendering process and co order book remains strong, and we have visibility for exe uding some new tender wins that are expected to convert to r under Train Signalling Division or Kavach Division increas Q1 FY25 to Rs. 10.09 crores during Q1 FY26. It is primarily ding up team for Kavach deliveries, maintenance costs for s luding testing and inspection charges. This division is focused n avoidance system as a part of government safety modernizati ing ISA certification post which the deliveries will commenc he Company. ve made considerable progress on technical readiness and com from this Kavach Division in Q1 is nil as the project is pending remains a key strategic pillar for us, and we expect it to scal lementation begins. While Q1 was subdued, we remain optimi r.Our institutional order pipeline is encouraging, and we expec n both stable and Kavach Division in coming quarters. conclude the financial overview. We now open the floor for a ery much. We will now begin the question-and-answer session. ne of Piyush Sevaldasani from Sundaram Alternates. Please go a or the opportunity. My first question is on the execution of the l ve. Can you please help us with when do we expect the executi we have mobilized a very good quantum of raw materials already f the Kavach equipment is into full swing.So, most of the com n-house production are already in for the complete order. And you will also agree that not necessary to keep in stock at this ts on the call. roadly in line or I al year, marking an m Speciality Cable % as compared to cales up higher in efence sector. Our ompetitive bidding ecution in coming evenue in H2.The ed from Rs. 4.24 y due to increased oftware, technical d on delivering the ion initiative. And ce under the order mpliance, revenue g rollout clearance. le up significantly istic for rest of the ct better execution any questions you .The first question ahead. loco-Kavach order on to happen with y in our stock. The mponents that were the one which are stage. I mean, we

have kept sub when required are ready to ro

So, do we exp So, see, this condition that As the partici of Apoorv Sin I just wanted because obvio See, one very because I am make it a lit understand th assigned on o working very scrutinize thi laboratory and about two mo And now the give the appr because the h software testi into the final enter into fie laboratory.So days’ time, w system to star conduct the te once again an approval. So, timeline. Got it. So, ca which we hav expecting in t you already h

bstantial, some good reasonable quantity in-house.And then we c d when we start supplying. So, immediately after the certificati oll out big quantities immediately. We are prepared fully for tha pect certification this financial year or this will move to next fina particular purchase order was awarded to us on 12thDecemb t this has to be completed by 11thDecember 2025. ipant left the queue, we will move to the next. The next questio ngh from Panchratna Investors.Please go ahead. to ask you a question which is very obvious.When are we expe ously the timeline was 11thDecember, like you said, 2025. y good thing is that approvals have started come in. We ne not addressing this question only to you. So, there are so man ttle simple to understand. So, this is a safety critical item. he complexity of this.So, approval of five vendors, five sup one day or within one week by railways or RDSO. Even though hard and very diligently on this particular thing. But they need s SIL4, which is higher safety level document and also the d also the test cases on the field. But since a good thing is, as onths ago, little less than that, the first approval to one of the v approval to a second Company is given eight days ago.Now, the oval to the remaining supplier and we are one of them. So, we hardware was prototype tested long ago.After that, the longe ing inside the laboratory, which has also reached the stage whe phase of approval, which is called field trials. So, we are giv ld trials. And this is possible after you clear that many impo , that is done. So, we have been given a letter. And now I think we will be issued a locomotive, which will be fitted with Quadr rt the formal field trials.So that RDSO and ISA, independent sa esting or maybe randomly conduct the test to see the performan nd the hardware also. So, once this is done, then I think this is t , very hopeful of completing the order and executing it with an you give us an approximate timeline?Also, given the order ve, do you expect more issue on this order book and what kind o terms of the margins in terms of which we need to execute for have from Chittranjan and RailTel? can pick up as and on is awarded, we at. ancial year? ber 2024 with the on is from the line ecting the approval eed to understand ny others.So, let us And we need to ppliers cannot be h RDSO have been to very cautiously test cases in the s I mentioned, that vendors was given. eir only focus is to e are very hopeful est part of this is erein we can enter ven permission to ortant cases in the in one day or two rant make Kavach afety assessor, can nce of the software the last part of this hin the scheduled r book right now, of numbers you are r this order, which

In terms of or Rs. 829 crore site.I mean, to and for the Ka Yes, sure, sir Rs. 984 crore crores of orde this overview through biddi coming quarte So, verysimp quantity, mas Company. Got it. So, you numbers will So, I am not s Got it.I think discuss. Yes, it will be Sure, sir. Than Funds. Please Good evening time will it ta should be look See, as far as infrastructure But I think w then we are al And the secon is for both loc

rder book, I can tell you. In terms of order book, it is very simple s plus Rs. 155 crores, that turn out to be Rs. 934 crores is the or o be very specific, Amit, can you give us the order book status avach side first? .And right now, as Mohit sir explained, we have Rs. 829 plus s of orders in hand for our Kavach division. And we have right ers in cable division. And we are expecting further orders as ex w that it is a short-term tendering process, not continuous proces ing. And we are hopeful that we will also win for the cable ers. ple because Kavach is going to be rolled out in massive n sive kilometres. So, there will be a continuous inflow of orders u are not giving any margins or any guidance on what kind of b bring? sure whether I am allowed to speak on this. k maybe next quarter when we have more availability of inf e very visible. Just some time left now. It will be very visible to nk you.

The next question is from the line of Jaiprakash Toshnival e go ahead. g, sir. Just wanted to understand one thing.Once we get an app ake for the execution of these 400 loco-Kavach? What is the ty king for, I mean on a hypothetical? capacity building is concerned, production is no problem. But w or ecosystem in such a way that we could do about 300 locom we might have to stretch a little bit, so we will do it. Otherwise lready prepared. nd question, when we are looking for approval for Kavach to co co and station or is it specifically for loco Kavach? e. That is, you add rder book on cover also for the cables 155 crores, that is now about Rs. 40 xplained earlier in ss.And it is strictly e division also in numbers, massive is expected in the usiness flow these formation, we can you. from LIC Mutual proval, how much ypical timeline we we built the initial motives per month. , if it is workable, ome, this approval

The approval integral part ecosystem wh And as you m of the field tri Please come a So, when you The field trial time it takes have been you There are spe actually work development fixed scenario this is done. S bit of iteration this particular So last questi specifically, i Kavach both f Amit, you wil Yes, sure, sir. It is not in th and about Rs we already ha maximum is i No. Let me f types of com manufacturing and combined which are to capacitors, re complete—Iw that is started mentioned so full thing.Som

l when it is given by independent safety assessor, because loc of each other. So that is why it is called a comprehensive hich is approved and not a particular component of it. mentioned that you just got loco for the field trial. Generally, w ial and how many days it goes in?Just an anecdotal number if yo again with the question. u mentioned that you just got a locomotive to have a field tria l approval is starting from the one locomotive you got. Now, typ for this field approval?Is it possible to just share some numb ur peers and all? cific test cases which are to be demonstrated that they are worki king fine, then few days and if there are some problems, then team correct those and then they get back and it is pre-demonstr o. Had it been a defined period of time, I would have told you So maybe a little bit here and there.But it can be done very fas n might be required in between. But certainly, I do not see a v r case. on for my side is you might have explained on the capital emplo is it possible to share data on how much the Government has finished as well as work in progress kind of thing? ll have very specific figures that should be, I think, ideally to… . Actually, the material which has been procured for Kavach is he finished form.So, about Rs. 16 crores of material is currently . 36 crores is in work in progress. So, it is around Rs. 52 crore ave in hand, which is,you would say, either in the form of co in the form of work in progress with us right now. further add on to this to make it more comfortable to understa mponents that goes inside the Kavach. One, which are require g, in-house manufacturing and other is one which has to be o d with our in-house manufactured goods, shipped to the railw o be used for in-house production, they are all small-small esistors, ICs, boards, PCBs, etc. So, they are completely would say, tentatively for the complete—order. So that was ou d and the goods are already in the full swing, being manufactur o about the cost items, so that can be taken. The orders are alre me part of it is already brought in stock. And then that can be i co and station are approval. It's an what is the practice ou can share al approval, right? pically, how much ber based on what ing fine. So, if it is n immediately the rated.So, it is not a u specific date that st or maybe a little very long delay in oyed part of it.But invested upon the all under process. y under purchases es of total material omponents and the and.There are two ed to do in-house off-the-shelf taken ways.Now the one components like available for the ur first priority.So red. However, as I eady given for the immediately taken

and supplied t products, pro particular part So just one q Against this, w month, you h say that once can be built. crores raw ma to understand There is no d thing. Howev because that i house manufa inventory. We off-the-shelf i ready with th about 2 to 3 m I will come ba Sir, from you lengthy proce It is certainly lab or there ar tested in the l test may requ related to that So, does that t kilometres? This particula locomotive. S So, I didn't un has to finish s

to the railways along with our in-house. So most important is to oduced materials.That was the challenge. So, then we acted p t. So that is already in place. question related to this. So, we have an order of loco-Kavach o we have already invested in RM of Rs. 52 crores.And when you ave probably bin of material would be around Rs. 150-160 cro you get an approval, large part of the off-shelf products can be Because while you are mentioning that we have started to bui aterial against an order of Rs. 839 crores need to be low.That is d. doubt that some of the off-shelf products contribute a large par ver, as far as the software is concerned, that cannot be substant is done one time.But as far as I mentioned, the components are acturing that are very much in line with that. Besides that, you d e have already paid advances to all the stakeholders that are our items.And they are given schedules so that they are kept read heir goods as and when required. So those advances are already months ago, so that they get sufficient time. ack in that case.Thank you. he next question is from the line of Pritesh from Lucky. Please g ur observation, how much time should now take for the loco tes ess? How much time should it take? not a long or a defined process because if all our software is alr re certain test cases which can be tested only on the field, not a lab. We are very confident that all these tests, most of them, m uire analysis, but most of the tests are very intact. Most of the t are very-very intact.So, it should go very smoothly and very fin test need loco to be run for certain kilometres or it's not a test lin ar locomotive will be a single locomotive because the order So, if this locomotive passed the test, only passed the test, then w nderstand the answer, sir. The loco has to run on the track for a r some kilometres? That's how it will be. o cater to in-house proactively on that of Rs. 839 crores. u say 300 locos per res. So is it fair to easily bought and ild, but the Rs. 52 s what I am trying t of this particular tiated into a value e concerned for in- don't go simply by r key suppliers for dy. They are kept y released to them go ahead. st to finish? Is it a ready tested in the all the tests can be maybe a little bit of software or codes ne, you will see. nked to running of r is given for the we are done. real-time test and t

See, the locom running, so th with the statio that communi running shoul And if you ha one Company on the test tha it there was a how should w See, this time approval was other core sup time for a sec because we k much time.Th one and the se But there are not there, righ At the momen so they were phase itself, a certain observ taken care im centre is also, immediately r Please go ahe Thank you. Ju working capit The working you. So, we d one thing we the adequate w ordering, the a

motive as such or the EMU, see it is a combined, combined runn hat is already happening already. But EMU has been running ons of the other companies and our own Company, what do yo ication is already happening. As such, it is defined that some 2, ld happen. But that is not a very big magnitude for a real-time te ave to hazard a guess because others got the approval while yo y got approval 2 months back, one Company got approval 10 da at they were doing and they were getting it done and you are ge a time gap? They started early; you started afterward. That's ho we assess this time gap? e gap will keep on reducing. There is a very simple logic behi given lot of troubles might have been faced. So, there was a ppliers and RDSO and Railways is the guiding authority. So, th cond supplier.Now we have further more learning. So, it will tak kept on iterating, kept on making amendments in the due cou he fourth approval will be even lesser time. So, everybody lea econd one and the subsequent one. no failures for you, none of the tests where you have failed or ht? nt, all the tests are conducted in the laboratory. Wherever there w corrected and then all went fine. So similarly, we are hopefu all the tests in the field should go fine and we are ready with tha vations on a few of the tests, maybe 3-4-5, I cannot number mmediately because the fires are happening in Hyderabad. Fo , the development centre is also in Hyderabad.So, we will imme respond to that. ery much.

The next question is from the line of Jaiprakash Tosniwal from ead. ust to continue in the earlier discussion that I had, so of the all tal requirement to be for you? capital requirement that was fallen short to us has already been do not have any working capital requirement or problem in thi did meticulously well to foresee the working capital requirem working capital within the Company.And that is how the desired advances are in line. ning. So combined g, communicating ou say, stations.So ,500 kilometers of est. ou have mentioned ays back.So, based etting it done, was ow it should be or ind it. So, the first lot of learning for hen it took a lesser ke further less time urse.So, it will be arns from the first r any such thing is were observations, ful that in the first at.Even if there are it. Then it can be ortunately, the test ediately react to it, LIC Mitual Fund. those, what is the n awarded to all of s thing. So, this is ments and mobilize d raw material, the

And sir, movi from a cable cash flow gen So, the next y solar, electric expecting goo on the cable b arrangements past and enou problems of considering th August and y leaders in the cable cash flo Great, sir. All go ahead. Thanks for th stretched on t all the players the situation testing happen All the testing already had a hardware and is how it hap one after the parallelly with between the th And maybe if basis, as you r have come up that that could The problem w it was not sha even if you as for this thing

ing on to your cable business, specifically what kind of cash fl business on an year-on-year basis? How should we see the ca nerator? year, as you will see, a good amount of presence in the new ind c vehicles and also export family. So that way, I think yea od, I do not know whether I can number it, but it will be a good business side. However, that ecosystem with the suppliers and are in place because we have been running this business for se ugh of credibility is there in the market for the Company.So cash flow of the cables, and that is one reason now we h he fact that it is the right time to start. And we have been indica you have seen that even before August itself, we have brought e field, and the thing is being revived now. So, no issues, absol ow front. l the best. Thank you.

The next question is from the line of Nishant Sharma from Nuv he opportunity. Sir, just wanted to understand that, again, it m the timelines, whether the testing of final phase is happening s s, like one Company got 2 months back, other Company got 10 with the other three players at what level or what stage they ning simultaneously? g are happening simultaneously, but as I mentioned before, the an approval of revision 3.2. So, they were quite well prepared d software. So that is why it was obvious that they will get appr pened. However, the remaining players are also working paral e other. The testing or the inspection process, the due dilige h the remaining players. So little bit here and there will be here hree. f the very first participant or the vendor which got the approva rightly mentioned that being the first one to get the approval, m p. What was the timeline for that particular player, which at le d be the maximum timeline that we can foresee for us to get the with Railways is that they keep it very secretive of the data of o ared by anyone. I mean, they are trained in such a way, the inspe sk questions, they do not respond to that. So, I do not know ho they faced, but you will appreciate the first approval happened low we should see able business as a dustries, including ar-on-year, we are amount of growth d with all kinds of everal years in the , there will be no have revived this, ating the month of t in the concerned lutely no issues on vama PCG. Please might be a little bit simultaneously for days back. How is are in? Are those first three players d in terms of both roval first and that llelly.It is not that ence is happening e, not big-time gap al on the field trial any hiccups might east we can allude approval? other suppliers. So, ectors to come and ow much difficulty d after that, within

one and a hal approval and I can confirm And sir, mayb that 300 locom it by Decemb service even i Yes. So, will it be months? As I mentione The inspectio multiple syste on the field.A already waitin to add certain required.If it i us to have add So, three full That was kno And that is ho known fact. W very well equ The next ques Thank you f question is th have to do wi increase the s vendors? And around that. completely di So which agen

lf or second approval happened and this will squeeze big time further squeeze for the fourth approval. This is what is evident. 100%. be a little bit change from what I would try to understand. Wh motive is the capacity with which we are currently working.So, ber 11, we will get three full months, September, October if we get the approval towards the end of August. e possible for us to go overboard and deliver those 1200 ord ed that production is absolutely no problem, inspection is absol on, inspecting or the testing facilities is made in such a way ems in one day, not one by one by one. So, the only challenge w And we have been very proactive. We have already built about 1 ng for the equipment to come and install. And if required, mayb n more teams, maybe outsource a little bit of activity to increa is required, I should say. So that is the only challenge in case it ditional manpower. months is enough for us to fulfil our set of orders that we got. own to us and all the other companies also. So only this much o ow the ecosystem was built or developed by all the other comp When you have a known fact in front of you, so you plan acc uipped or prepared, I should say. stion is from the line of Rupesh from Intel Sense Capital. Please for the opportunity.I have a few questions on Kavach segm his Independent Safety Assessment certificate, ISA. I think the ith the speed of 160 kilometres because I think the eventual go speed of railway network across India.So how much time did d how many retrials happened? What were the issues?Some col And which is our ISA agency? Is it same as the existing ifferent and there is one Italian agency, I think. And there is so ncy are we going with? between the third .I mean, this much hile you did allude if we have to give and November to ders in those three lutely no problem. y that we can test would be the teams 5 teams which are be we would need ase the capacity if t comes in front of f time will be left. panies.So, this is a cordingly. We are e go ahead. ment, sir. So, first ere is one test we oal of Kavach is to d it take for other lor if you can give g vendors or is it ome other agency.

We are, first fitted with Q kilometresper which time y agency, whic obviously ther we changed progressing v are the one wh But other peo like, I'm just t Very less dif obviously the installed on th there. Otherw So, when will Already, I me start very soon So, then the comments, yo RDSO specs 5000 kilometr something lik It is actually 5 So, it is not 2 trackside tend trackside tend We are partic order was mo Corporation. systems and a see further mo So just to sum

of all, as far as your speed is concerned, so we already have K Quadrant cover systemand that locomotive which is capab r hour. That is already fitted, available for us to conduct the test you take necessary steps to cope up with the timeline.So, we ch was an Italy-based Company, is already serving to other re will be bandwidth issues, time bandwidth issues. So, we then to Bangalore-based independent safety assessor.And that very-very well on the independent safety assessment side also. ho is dedicatedly working on the Quadrant project. ople got 160 kilometres test passed in maybe one or two attem trying to understand the.... fference, all the tests remain same. Only thing is, if you hav ere will be certain changes in the locomotive.Is it capable of he track properly as the slow speed locomotives are doing? A wise, there is not much of a 130 or 160 kilometers per hour. l it be scheduled for us, any approximate timeline? ean, the locomotive will be issued, as I mentioned, in one or t n. Very soon it will start.It's a final thing now. other question, sir, I think in the opening remarks or in ou said that you have to do trial in the field for 2500 kilomet I have read and talked to other players; it looks like they hav res. So, is there some concession we have got because we are ke that? 5000 kilometres, you are right ,500. Thank you for that clarification. And then I havenot seen ders.So where are we on the trackside tenders? Are we pa ders? If you can give some update there. cipating. We have already won our first order for 155 crores. ore than 300 crores.But our partner actually participated, front-e So, they won that order and gave the technology part of order associated fittings, etc. to Quadrant, which was Rs. 155 crores v ore orders as and when it is published for bidding in the tenders. mmarize, we have already won our first order on the trackside. Kavach locomotive ble of doing 160 . Number two, see felt that our ISA vendors also. So n, that is the reason is how we are . So, because they mpts or did it take ve a higher speed, f reading the tags little bit here and two days. We will one of the initial tres. But whatever ve to do trials for e newer players or any bidding in the articipating on the The value of the ended that RailTel , which is Kavach value.And you will .

Yes, that is R supplies also And then the And you have we do not get team is work happens if yo October or y there? So, first of all approved abo certainly get a right from the that is how ter So, if it happ relishing this that much of even if there a three compan tenders, which tender.Becaus So, what you and if we com 300 quantity o I will not take Just as an exa You take an e rolled out to t And then may we are trying Railways. So, So, how much loco ready, ho that also can b are not impac

Rs. 155 crores value. Already that was intimated some time ag should start.It is scheduled within this calendar year, not even fi other question is that you have said you won the order on Dec e to supply by December 11th, 2025.And let us say for some u t the 4.0 certificate. I am in all my wishes that I am sure you king very hard. But just conservatively, I am just trying to ou do not get the certificate.In time, let's say you get certificat you don't get certified by December. Then what happens?Wh l, let us not even talk that we will not get approval. Because the out 50 days, 60 days ago.And the second one is only 8 days a approval and sufficient time also to execute our orders. See, this e beginning that we will need to get approval before we start the rmed as a very turn around kind of business or an order for any pens, then it will take us to a new sphere. So, this is the chal challenge because this is basically a kind of, I should say, har the room is required to enter into that level.So, we are prepare are certain quantities which are left over by maybe one Compan nies or maybe all the companies. So, then there are subsequent t h are bound to happen in the locomotive and those quantities wi se all the locomotives have to be completed, no doubt. are saying, just to summarize is, if we are able to, we have an o mplete 700, the 300 will go back to the tender pool. So, we will h of locos and we have to re-bid in the newer tender. Is that a fair e it to Quadrant that 700 or 300. ample. example of somebody else, I think not ours. But if all falls sho the next tender, which is also, I hope is expected after this. ybe my final question is, what is our installation time? Becaus to install it on, these are not idle locos.These are operational l , the railway board or whoever, one of the locomotive works h h time does it take to get the loco ready for installation?And then ow much time it takes for you to install your system in the loco be one of the bottlenecks because it has to be planned in a way t cted. go and I think the inancially. cember 12th, 2024. unfortunate reason, will get it and the understand what te in November or hat is the recourse first Company got ago. We will also s was a known fact supply.So, it was, kind of Company. llenge and we are rd work or maybe ed for it. However, ny, two companies, tenders, follow-up ill be added in that rder of 1000 locos have to forfeit that summary? ort, then it will be se these locos that locos in the Indian has to do planning. n once you get the o? Because to me, that the operations

So, one good after a particu a shed.So, g commission o quantities of l third is availa one day is a c have been alre So, how muc conduct som installation, th explain. I can explain not a very lon to conduct tho So, these 4.0 part of it beca RFID tags mi I mean, how b some idea tha are already th basically. Very good qu trial stage. Yo testing on the with the Kava for quite so interoperabilit field trials. Ot itself is not r already. you for answ soon.

d thing is that locomotives or a train which goes to a destinati ular run. So, the locomotive or a train has to come back, no doub generally, we require one day like other suppliers to comp our locomotive. So, as and when the locomotives are available locomotives, if one is not available, second is available, secon able. Always big quantities of locomotives are always availab comfortable time for railways to give us. And they have prepar eady advised for it so that we can do installation and commissio ch time do they take to prepare? And then once installation me tests and get a certificate that now this installation is here must be some verification from the railway side?So, both very much. So, it is called commissioning test and there is a pro ng test. Please don't quote my words, but it should take not more ose software tests to demonstrate. certification tests you are doing, eventually interoperability is ause maybe station might be from one vendor, loco might be fro ight be from the third vendor. So, there are so many variations.S big interoperability is in the Kavach 4.0 testing and where are w at maybe there areX number of tests, maybe 50% we are alrea here.If you can give some color on the interoperability part to uestion, as I said. See, as I mentioned, now we have entered i ou are given to enter into final field trial stage.Before that, th e field that continues to happen. Say, for instance, one of our ach system. So, this has been interacting with HBL, Medha, Ker ome time.And the communication, when they find it is ty is stable, only then they are allowed to, we are allowed to en therwise, why would they allow a permit to enter into the forma ready? So, interoperability has been happening for some goo wering all my questions, sir. And my best wishes. I hope you he next question is from the line of Karan from Nivishaay. Plea ion, it comes back bt, several times in pletely install and e, because the big nd is not available, ble in the shed.So, red for it and they on. n, do you have to done? After post h parts, if you can otocol defined.It is e than half an hour going to be a big m another vendor, So, where are we? we? If you can give ady there, 60% we get the certificate, nto our final field ere is an informal EMU is installed rnex, their stations very stable, the nter into the formal al field trials if that d amount of time get the certificate se go ahead.

Thank you fo already won f 155 crores ou of orders from It goes like th 75%-80%. If if you have a with equipme content, So, it only one line So, it would b It will vary ba case of non- implementing well as the ve months to con highlight any possible? That goes stri will be allow timelines they So, would we have already d Only thing I c not know whe Makes sense, appointing a l as well. So, business, can 20%-30% gro how are we s that.

or the opportunity. So, I have a question regarding the Kava from RailTel. It was around Rs. 288 crores for RailTel and then ut of it.So, roughly around 54% of the order. So, can we expect m RailTel in future as well, around 50%-60% of the order they g his. If it is a very dense station, then our percentage increases ev it is a very lean station or a track, then the percentage decrease a station very dense like Delhi, Mumbai and all. So, it will be ent. So, obviously, the percentage content goes high, the K t goes like that. But if it is a very lean station, you may take an is there or two lines are there, maybe. So, there it may go slight be varying based on the content, is what you are trying to say. ased on density of the stations or number of lines in the station, I Also, on the past participant that you touched upon, about rollin execution. I just wanted to understand, this is the first tim g Kavach at such a scale.And there is a lot of learning on the endors as well. So, wouldn't there be some stage of extension to nduct orders? It is very strict tosticking to the guidelines.Wha y unofficial talks if you are having with the railways as w ictly in discretion of railways. So, I actually cannot comment on wed or not. I cannot comment.But we, from our side, are just y have given in the document at the moment.

Sure. See, at railway rollin Defence.You measurable b certain areas very wide ag entering into going to rema this thing. Have you alre it still, you wi First of all, th received that now we have be entering fu be making in guidance, if y I am not autho No, no proble Thank you, si Thank you. L I now hand th and very intel forward to me for the coming Thank you. O you for joinin

the moment, as I mentioned, we are doing only railway busi ng stock. That means the cable that goes inside the train will agree that both of them are very-very niche markets and because there are budgers which can be seen for next 2-3 ye like solar, which is very wide market comparatively. Electric v gain.And similarly, export is alwaysvery wide. No doubt abo these markets now.So, these are mass scale markets and ver ain ambitious what we see in future. So, I think, that should give eady started supplying to the solar, EV and exports that you are ill be doing it in future? here is an approval, which is mandatory for to enter into solar approval.We have supplied solar orders to the prospective sola a very good enquiry-based standing on top of that. I am mentio ull scale into solar.

And one last thing. So, would it be possible to comment on th the Kavach business or would it be too soon to comment on it you could highlight. orized to actually answer this particular question. em. Thank you for answering my question and all the very best. ir.

Ladies and gentlemen, due to time constraint, we will take this as he conference over to the management for closing comments.Ov ery much, respected sir, for all your questions. All of them are v lligent questions. Thank you for your time and keeping confiden eet you very soon with some very good results coming in, som g meetings.Thank you so much to you for your time once again On behalf of Quadrant Future Tek Limited, that concludes this c ng us and you may now disconnect your lines. iness and that too n and also Naval d very limited and ars. But there are vehicles becoming out it. So, we are ry ambitious ones, e you an answer of talking about or is r business. So, we ar companies. And oning that we will he margin that will t? Maybe with the s the last question. ver to you, sir. very-very relevant nce in us. We look me ambitious plans . conference. Thank