Koncar

What Koncar does

Končar is a Croatian electrical-engineering group, founded in 1921 and headquartered in Zagreb, that designs, manufactures, and services capital equipment across the full electricity value chain — power generation, transmission and distribution, urban mobility, and digital solutions. Its 16 wholly-owned subsidiaries plus a Siemens Energy joint venture produce hydrogenerators and turbines (KONČAR GIM), medium- and special-power transformers up to 160 MVA / 170 kV (KONČAR D&ST), transformer tanks (KONČAR KTK), power electronics for rail and grid (KONČAR INEM), electric motors and EC fans (KONČAR MES), low-floor trams, trains, and battery electric multiple units (KONČAR KEV), as well as switchgear, instrument transformers, digital SCADA/OT-cybersecurity platforms, and renewable-energy EPC services. Customers are large institutional buyers — state-owned and private utilities, transmission system operators, national and municipal rail operators, energy developers, and oil & gas majors — won through direct B2B field sales and competitive public procurement.

The group earns revenue primarily through project-based B2B equipment sales and bundled engineering/installation/commissioning services, with export sales accounting for roughly 71% of total revenue and a presence in 140 countries. Pricing is negotiated per project, with multi-year contracts and substantial order backlogs; FY2024 consolidated revenue exceeded €1 billion (net profit €163.3M) and Q1–Q3 2025 revenue reached €925.8M (+24.2% YoY) on a €2.32B order backlog. Distribution is direct via subsidiary sales teams (e.g., dedicated DT and SET sales directors at D&ST) and international channel partners for industrial motors; major recent contract wins include Elia Asset (multi-year framework for medium power transformers), HZPP (€53.6M for six BEMUs and charging infrastructure), Alcazar Energy Partners (€53.76M wind farm and substation in North Macedonia), INA (€61M Rijeka Refinery solar + green hydrogen EPC), and a letter of intent with Pantheon Atlas for a €50B AI data-centre project in Croatia.

Končar's strategic posture is anchored in the European energy transition: it is one of only a handful of European producers of high-voltage power transformers and battery-electric trains, the de facto domestic supplier to Croatian railways (ZET, GPP Osijek, HŽPP), and a recognised exporter to blue-chip European TSOs and hydropower operators (Verbund, Vattenfall, E.DIS). Recent capital deployment — a €260M joint investment with Siemens Energy to expand large-power-transformer capacity, a new €20M+ high-voltage laboratory in Bedekovčina, and the August 2025 demerger of the Transformer Tanks division — signals aggressive capacity build-out aligned with EU grid modernisation and decarbonisation mandates. The group is publicly listed on the Zagreb Stock Exchange (ticker KRST) with a market capitalisation near €1.7B as of Q3 2025.

Name

Koncar

Legal name

KONČAR – Electrical Industry Inc. for manufacturing and services

Website

https://koncar.hr

Company type

Public

Founded year

1921

Operating status

Operating

Headcount range

501–1,000 employees

Short description

KONČAR is a Croatian electrical-engineering group founded in 1921 that designs and manufactures power transformers, generators, motors, and rail vehicles (trams, trains, BEMUs) across 16 subsidiaries. It serves utilities, grid operators, and rail operators in 140 countries, with €1B+ FY2024 revenue and a €2.32B order backlog.

Ownership category

akta.pro rank

Product category

Power Equipment Manufacturing

NAICS

Power, Distribution, and Specialty Transformer Manufacturing (335311), Switchgear and Switchboard Apparatus Manufacturing (335313), Engine, Turbine, and Power Transmission Equipment Manufacturing (3336), Turbine and Turbine Generator Set Units Manufacturing (333611), Mechanical Power Transmission Equipment Manufacturing (333613)

SIC

Power, Distribution & Specialty Transformers (3612), Switchgear & Switchboard Apparatus (3613), Motors & Generators (3621), Engines & Turbines (3510), Electrical Industrial Apparatus (3620)

akta.pro primary industry

High-Voltage Electrical Systems (Switchgear, Transformers, Protection & Control) (EUAEAFAA)

akta.pro secondary industries

Power Transformers, Reactors & Auxiliary Power Systems (EUADACAJ), Energy Management Systems & Plant Controllers (PPC, AGC Participation, Curtailment Control) (EUAMAIAI), Renewable Monitoring, Controls & SCADA Hardware Manufacturing (Sensors, RTUs, Meters) (EUAMAHAJ), Medium/Low-Voltage Power Distribution (MCCs, Panels, UPS, Grounding) (EUAEAFAB)

Keywords

• Power transformers
• Electric rail vehicles
• Hydrogenerators
• Electric motors
• Power electronics

Headquarters

HQ city

Zagreb

HQ country

Croatia

HQ region

Europe

Offices9 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Power equipment manufacturing and project delivery: KONČAR designs, manufactures, and delivers power transformers, generators, turbines, switchgear, electric motors, power electronics, and rail vehicles. Revenue is earned through project contracts with utilities, grid operators, railways, and industrial buyers — both domestic and international. The model is project-based with long sales cycles and substantial order backlogs. Export accounts for ~71% of total sales revenue.
2. Engineering, installation, and commissioning services: KONČAR provides full-lifecycle services including project development, engineering, installation, testing, commissioning, and maintenance for power plants, substations, wind farms, and rail vehicles. These services are bundled with equipment sales and also sold independently (e.g., field services for generators and motors).
3. Revitalization and modernization of existing equipment: KONČAR revitalizes and modernizes existing hydrogenerators, transformers, and electric locomotives. This extends asset life for customers and generates recurring project revenue. Over 400 locomotives and hundreds of hydro plants have been modernized.
4. EPC and turnkey infrastructure contracts: KONČAR acts as main contractor (EPC) for complex infrastructure projects — e.g., the Rijeka Refinery photovoltaic plant (€61M project with INA) and the North Macedonia wind farm (€53.76M with Alcazar Energy Partners). Revenue is recognized on project completion basis.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels8 records

Core offering

Končar designs, manufactures, and delivers electrical power equipment and rail vehicles across four pillars: power generation (hydrogenerators, turbines, wind/solar plants), power transmission and distribution (transformers up to 160 MVA / 170 kV, switchgear, instrument transformers, protection relays, grid automation), urban mobility (low-floor trams, battery electric multiple units, locomotive modernization), and digital solutions (SCADA/EMS, microgrid management, OT cybersecurity). The group provides full-lifecycle engineering, installation, commissioning, and maintenance services through 16 subsidiaries and a joint venture with Siemens Energy, exporting to 140 countries.

Product overview

KONČAR is a Croatian electrical industry group comprising a parent company and 16 subsidiaries plus one joint venture with Siemens Energy. The portfolio spans four core business areas: Power Generation (hydrogenerators, turbines, renewable energy systems), Power Transmission and Distribution (transformers, switchgear, power electronics), Urban Mobility and Infrastructure (trams, trains, electric rail vehicles), and Digital Solutions and Platforms. Key products include medium and large power transformers, generators and motors, power electronics for rail and renewable applications, battery electric trains, and industrial motors. The group operates manufacturing facilities and exports to 140+ countries worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• KONČAR d.d. Parent company stock listing identifier on Zagreb Stock Exchange
• KONČAR – Transformer Tanks (KTK)
• KONČAR – Distributivni i specijalni transformatori (D&ST)
• KONČAR – Električna vozila (KEV)

Quantifiable outcome

• Battery trains achieve ~100 km range per charge, 120 km/h max speed, 27-minute charging via 1 MW stations; Croatia became first European country to introduce battery electric trains in commercial operation (Sept 2025).
• +5 more outcomes

Named customers23 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Nine partnerships are on record, tiered major, minor and core.

• Alcazar Energy Partners (Luxembourg)majorStrategic or Co-development Partner · 1 June 2026KONČAR and its subsidiary Dalekovod won a €53.76M contract from Luxembourg-based Alcazar Energy Partners for renewable energy infrastructure in North Macedonia: a 337.5 MW wind farm (Baltalija), Baltalija 400/35 kV substation, and 400 kV double-circuit overhead line. This was preceded by a joint announcement the prior week.
• Elia Asset (Belgium, subsidiary of Elia Group)majorStrategic or Co-development Partner · 1 June 2026KONČAR Distribution and Special Transformers (D&ST) signed a multi-year framework agreement with Elia Asset (Belgian branch of Elia Group) for the supply of medium power transformers. This is KONČAR's first multi-year framework contract for medium power transformers, representing a strategic expansion into the European transmission grid market.
• Uzbekhydroenergo (Uzbekistan)minorStrategic or Co-development Partner · 1 June 2026At the V Tashkent International Investment Forum (June 2026), KONČAR and In Foro Viridi signed an agreement with Uzbekhydroenergo for cooperation on small and medium hydroelectric projects in Uzbekistan. This follows bilateral meetings aimed at advancing hydropower development in Uzbekistan.
• Pantheon Atlas LLC (United States)majorStrategic or Co-development Partner · 1 April 2026At the Three Seas Initiative Summit in Dubrovnik, Croatian engineering company Rade Koncar (KONČAR Group) and US-based Pantheon Atlas LLC signed a letter of intent for a €50B AI data centre project (Pantheon AI) in central Croatia. KONČAR would serve as the engineering and construction partner for the project, which includes 1 GW data centre with 280 km of new transmission lines and a 400 kV substation in Topusko.
• INA (Croatia)majorImplementation/ SI/ Consulting Partner · 1 January 2025KONČAR acted as main contractor for INA's €61M photovoltaic and green hydrogen project at the Rijeka Refinery. The project includes an 11 MW solar PV plant and Croatia's first commercial green hydrogen production facility (1,500 tonnes/year from 2027), co-financed with €15M from Croatia's NRRP.
• Siemens EnergycoreStrategic or Co-development PartnerKONČAR and Siemens Energy operate a joint venture KONČAR – Power Transformers (KPT) at Josipa Mokrovića 12, Zagreb, producing large power transformers. In August 2025, the two companies announced a €260 million joint investment to expand large power transformer manufacturing capacity, deepening their long-standing strategic cooperation.
• Verbund (Austria)coreTechnology or IntegrationKONČAR GIM has an ongoing relationship with Austrian utility Verbund for hydrogenerator projects — including revitalization of HE Egglfing and HE Braunau, and three new replacement generators for HE Ering-Frauenstein. New contracts for Germany and Austria were signed June–August 2024.
• Chinese market sales distributor (China)minorChannel Partner/ Reseller/ DistributorKONČAR MES began a new collaboration with a sales distributor for the Chinese market in 2025, improving customer outreach, field feedback speed, and brand positioning in one of the world's most competitive industrial sectors.
• International Copper AssociationminorStrategic or Co-development PartnerKONČAR MES participated in an International Copper Association webinar featuring Bojan Jakovljević on synchronous reluctance motor technology achieving IE5 efficiency. Academic-industry collaboration for motor technology advancement.

Scale indicators18 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• GE Vernova: Power generation, grid solutions and wind equipment business spun out of GE. Comparable to KONČAR in power generation equipment (hydro, wind) and grid hardware including transformers and switchgear at utility scale.
• Schneider Electric: Global specialist in energy management and automation with MV/LV switchgear, distribution transformers, motor control and industrial software. Overlaps with KONČAR's MV/LV power distribution, switchgear and digital grid offerings at a much larger scale.
• ABB: Broad-based electrification, motion and process automation incumbent whose portfolio spans transformers, motors, generators, switchgear and drives — overlapping significantly with multiple KONČAR subsidiaries (D&ST, GIM, MES, Switchgear).

Direct peers

• Andritz: Austrian supplier of hydro turbines, generators and pumps for hydropower plants, plus pulp/paper and metal processing. Closely comparable to KONČAR's hydropower equipment portfolio and a frequent co-bidder on European hydro revamp projects.
• Stadler Rail: Swiss rail vehicle manufacturer active in multiple-unit trains, locomotives and battery-electric trains. Closely comparable to KONČAR's BEMU programme and broader rolling-stock portfolio, particularly in the European market.
• Alstom: European rail rolling-stock leader (trams, trains, locomotives, services) directly comparable to KONČAR – Electric Vehicles (KEV) on low-floor trams, trains and locomotive modernization.
• Voith: German engineering group with hydro turbines, generators, drivelines and paper machinery. Comparable to KONČAR Hidroturbine and KONČAR GIM in hydro generation equipment and large generator manufacturing.
• Siemens Energy: Global leader in power generation equipment, transformers (including large power transformers), grid technology and related services. Directly comparable as KONČAR's JV partner in the KPT large power transformer venture, competing head-on in transformer and T&D markets.
• Hitachi Energy: World-leading supplier of transformers, switchgear, protection relays and grid automation solutions. Closely comparable to KONČAR D&ST in power and distribution transformers and to KONČAR Switchgear in T&D equipment, with deeper global reach.
• Škoda Transportation: Czech-based manufacturer of trams, electric multiple units, locomotives and trolleybuses with strong CEE presence. Direct competitor to KONČAR – Electric Vehicles in regional tram and EMU tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/KONCARGroup
• LinkedInlinkedin.com/company/kon-ar-electrical-industries-inc.

Compliance11 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries19 records

Funding overview

Funding rounds1 record

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Koncar