When two of the most followed and respected super investors of India bet on a theme or an idea, smart investors take notice. Ashish Kacholia and Mukul Agrawal, who we call the Warren Buffetts of India, are widely known for their small-cap investing. They have built impressive fortunes by identifying hidden gems before the institutional radar even begins to flicker.
Today, we dive into a theme that seems to be their latest muse. Both have bet on a specific, high-conviction theme: the silent yet critical infrastructure powering India’s ambitious Net Zero 2070 mission.
At the core of this agreement between them, are two under-the-radar small cap companies that are quietly dominating the mission-critical layers of India’s green transition. While many investors focus on high-profile EV giants, these two underdogs are providing the essential hardware that larger green energy promises depend on.
Let us dive into the companies right away.
The Hydrogen Pivot: Concord Control System’s Rs 47 Crore Breakthrough
Incorporated in 2011, Concord Control Systems Ltd is in the business of Electrical Machinery for Indian Railways and allied products.
Now, it is natural to think “what does a stock into railways have to do with India’s Net Zero Mission”? This is where Concord’s recent entry in the game comes in.
While most of the Green Hydrogen hype in India hovers around massive refineries, Concord is silently focusing on the application layer. Something that helped the company secure a Rs 47 cr contract from NTPC Limited. In January 2026, Concord’s subsidiary, Advanced Rail Controls (ARCPL), secured this order.
What is interesting in the order is its audacious objective – Building the world’s first 3,100 HP Green Hydrogen Fuel Cell Hybrid Locomotive. It will be the most powerful Hydrogen freight locomotive.
You see, Green Hydrogen is only “green” if it is produced using renewable energy, predominantly solar and wind. NTPC, India’s largest power producer, is aggressively expanding its solar capacity to feed hydrogen electrolyzers. Concord’s role is to provide the “engine” that uses this fuel. This creates a circular ecosystem where solar power generates the fuel that Concord’s technology then consumes to move heavy freight.
Valuation vs. Velocity: The SME Liquidity Trap
Now before we investigate the financials of the company, please know that Concord is listed on the SME exchange of BSE. And like always, SMEs come with a warning: Buyer Beware.
The requirement to trade in fixed lots creates a liquidity bottleneck, often leaving investors stranded when prices crash. Also, the tiny equity base of these companies invites manipulation, fuelling ‘pump and dump’ schemes designed to trap retail capital. And lenient reporting standards frequently mask poor financial health, which the investors only come to know about when it’s too late.
Coming to the financials, the sales of the company have grown at a compound rate of 51% from Rs 16 cr in FY20 to Rs 124 cr in FY25, and for H1FY26, the sales have been Rs 82 cr.
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was Rs 2 cr in FY20 and has grown at a compound rate of 70% to the FY25 figure of Rs 29 cr. And for H1FY26, the EBITDA logged by the company is Rs 20 cr.
Net Profits logged a compound growth of an impressive 85% from Rs 1 cr in FY20 to Rs 23 cr in FY25. For H1FY26, the company has recorded profits of Rs 16 cr.
The share price of Concord Control Systems Ltd was around Rs 88 when listed in October 2022 and as on 30th January 2026 it was Rs 2,450. This is a 2,685% jump in a little over 3 years. Rs 1 lakh invested in the stock at listing would have been close to Rs 28 lakhs today.
However, the price has seen about a 15% drop in January 2026, as it corrected from its all-time high of Rs 2,840.
The stock trades at a premium P/E of 84x, while the industry median is 30x, which means the stock is trading at a premium.
However, the company’s orderbook stands at Rs 450 cr, which is more than 3.5 times its current revenues. Which gives it nearly 3-4 years of revenue “locked in,” assuming smooth execution. Investors are willing to pay a premium today for the certainty of revenue tomorrow.
Mukul Agrawal holds a 4% stake in the company and another 1.5% under his wife, Asha Mukul Agrawal’s name. Ashish Kacholia holds another 1.2%.
Micro-Cap Mastery: The Fusion Electronics Acquisition
In October 2025, the Concord acquired 80% stake in Fusion Electronics, India’s leading manufacturer of Flexible Printed Circuit Boards (Flex PCBs). Whether it’s a tactical drone, a missile guidance system, or cockpit instrumentation for a Tejas fighter, bulky, rigid circuit boards cannot be used. They need flexible, gold-plated circuitry that can bend, fold, and withstand high G-forces. And that’s what Fusion makes. How this acquisition plays out in the long term only time will tell.
Vikran Engineering: Scaling the National Grid
Incorporated in 2008, Vikran Engineering Limited is an Engineering, Procurement, and Construction (EPC) company, providing comprehensive end-to-end services from conceptualization, design, supply, installation, testing, and commissioning on a turnkey basis across multiple infrastructure sectors, including power transmission and distribution, water infrastructure, and railway projects.
Just like Concord, Vikran Engineering too has pivoted and aligned with the future. Once a transmission-heavy company, Vikran marked its entry to the Solar sector with a single order worth over Rs 2,000 cr from Onix Renewables for 600 MW of solar projects in Maharashtra.
This single order is closer to the company’s entire market capitalization, which is currently Rs 2,300 cr. Solar now makes up 50% of their Rs 4,000 Cr+ order book, making the company a pure-play bet on India’s renewable transition.
The company has a current ROCE (Return on Capital Employed) of 28% while the current industry median is just 17%. In simple words, for every Rs 100 used as capital, the company generates a profit of Rs 28, while its industry peers average around just 17%.
One reason for this could be that the company operates on an asset-light model by renting equipment instead of owning it, which enhances capital efficiency.
Let us look at the financials for the company.
The sales of the company have grown at a compound rate of 16% from Rs 441 cr in FY20 to Rs 916 cr in FY25, and for H1FY26, the sales have been Rs 335 cr.
EBITDA grew from Rs 68 cr in FY20 to Rs 162 cr in FY25, logging a compound growth of 15% and for H1FY26, the EBITDA logged by the company is Rs 48 cr.
Net Profits logged a compound growth of 18% from Rs 26 cr in FY20 to Rs 78 cr in FY25. For H1FY26, the company has recorded profits of Rs 15 cr. In the last 3 years, the company has recorded a compound profit growth of 95%.
The share price of Vikran Engineering when it was listed in late September 2025 was around Rs 95 and as on 30th January 2026 it was Rs 89. This is a correction from its all-time high of Rs 118.
Looking at the valuations, the company’s share is trading at a PE of 27x while the current industry median is 17x, which means thanks to the orderbook and the revenue visibility due to it, investors are willing to pay a premium to own a piece of Vikran.
Ashish Kacholia and Mukul Agrawal hold 1.5% and 1.4% stake respectively in the company as per the exchange filings for the quarter ending December 2025.
Risk Management: The Cash Conversion Challenge
However, for all its growth, investors must watch the Cash Conversion Cycle. Vikran’s debtor days currently stand at 253 days (according to Screener.in), with gross current asset days reaching 517.
EPC businesses often face delayed payments from government entities. While the order book is Rs 4,000 cr, the company’s negative cash flow from operations (Rs 147 Cr in FY25) means it must rely heavily on its Rs 700+ cr IPO proceeds to fund daily operations.
Riding The Wave: The High-Conviction “Net Zero” Play
Identifying small caps like these requires looking past the flashy EV headlines to the technical moats that sustain them. While Concord dominates the specialized electronics niche and Vikran scales the massive renewable infrastructure grid, both share a common DNA: high-margin potential backed by long term order visibility.
For the average investor, the Kacholia-Agrawal backing to these stocks serve as a signal, not a guarantee, especially given the liquidity risks inherent in the SME space and the long cash cycles of EPC projects. Whether Concord delivers on its ambitious hydrogen locomotive and if Vikran can tighten its debtor days while scaling its Rs 4,000 crore order book, will be a fascinating ride to watch.
Ultimately, India’s pivot to Net Zero is a decades-long structural shift, and these underdog stocks are early beneficiaries of the potential massive capex wave. If the fundamentals hold and the technical moats remain wide, the current market corrections might just be the pockets of opportunity that super-investors live for.
Disclaimer:
Note: We have relied on data from www.Screener.in and www.trendlyne.com throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information.
The purpose of this article is only to share interesting charts, data points and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, He was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.
Disclosure: The writer and his dependents do not hold the stocks discussed in this article.
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