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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital for the specialty cable division
Funding long-term working capital requirements of the specialty cable business.
Electronic Interlocking System development
Capital expenditure for development of the Electronic Interlocking System.
Repayment of borrowings
Prepayment or repayment of outstanding working capital term loans.
General corporate purposes
Balance net proceeds for general corporate purposes.
(₹ in Crore)
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Quadrant Future Tek Limited, founded in 2015, develops next-generation train control and signaling systems for Indian Railways' KAVACH automatic train protection program, alongside a specialty cable manufacturing business that includes an electron beam irradiation facility for producing fire-resistant and defense-grade cables. Its facility is based in Basma, Mohali, in Punjab. The company's two business lines, railway signaling technology and specialty cables, share underlying electronics and materials engineering expertise, and much of its revenue is tied to contracts and tenders with Indian Railways and related public sector entities. It has also signed agreements with partners such as RailTel to support long-term working capital needs as it scales its rail-technology business. Revenue and profit grew over FY23 and FY24 before the company reported a loss in the first half of FY25, reflecting the lumpy, tender-driven nature of its railway technology contracts. The founding promoter group retains a large majority stake following the IPO, and the company's prospects remain closely tied to the pace of KAVACH rollout across the Indian rail network.
Quadrant Future Tek raised about Rs 130.5 crore from anchor investors at the IPO cap price of Rs 290 per share, 45 percent of the total issue. The anchor book included investors such as Bengal Finance and Investment, Shine Star Build Cap, Whiteoak Capital, Kotak Manufacture in India Fund, LIC Mutual Fund, Bank of India Mutual Fund and Citigroup.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Positioned in a strategic national rail-safety program
The company's train control and signaling technology is being developed for KAVACH, Indian Railways' national automatic train protection rollout.
Diversified into specialty cable manufacturing
Its electron beam irradiation facility supports fire-resistant and defense-grade cable production, diversifying revenue beyond rail signaling alone.
In-house signaling engineering expertise
The company has built internal design and development capability in railway signaling products rather than relying solely on external technology partners.
Strategic partnerships for funding support
Agreements such as its arrangement with RailTel help support the company's long-term working capital needs as it scales.
Early-mover position in an emerging market
As KAVACH deployment expands, the company is positioned to benefit from a still-developing addressable market with limited established competitors.
Promoter governance concerns
Reported disputes among promoters could affect governance and decision-making at the company.
Single-site manufacturing concentration
Heavy reliance on its Mohali facility exposes the business to disruption risk from any single-site issue.
Dependence on Indian Railways policy and tenders
A large share of revenue depends on government tender awards and railway policy decisions outside the company's control.
MUFG Intime India Private Limited
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High working capital intensity
The business requires significant working capital, and any funding shortfall could materially affect operations.
Lack of long-term contracts
The company operates mainly through purchase orders and tenders rather than long-term agreements, creating revenue visibility risk.