Hiliks Technologies Limited is an Indian technology services provider undergoing a significant strategic pivot. Historically focused on **IT services** and **BPO operations**, the company is aggressively diversifying into **high-growth infrastructure sectors**, including **Railway Signaling (Kavach implementation)** and **EdTech infrastructure**. With a recent relocation of its corporate headquarters to **Hyderabad, Telangana**, and a series of capital-raising initiatives, the company is positioning itself as an integrated player in the **Artificial Intelligence (AI)** and **System Integration** landscapes. --- ### Core Competencies and Multi-Sectoral Service Portfolio Hiliks Technologies operates through a diversified service model, bridging the gap between traditional software development and large-scale physical infrastructure integration. * **IT & Software Engineering:** Comprehensive suite including **ERP development**, **CRM tools**, open-source applications, software testing, and **embedded systems**. * **Infrastructure & Networking:** Specialized services in **system networking**, **satellite communications**, and the integration of complex hardware/software ecosystems. * **Specialized BPO & Data Management:** High-value services including **medical transcription**, **medical billing**, and technical auditing. Data services encompass **warehousing**, **digitization**, and **data processing**. * **Identity & Security Solutions:** Implementation of advanced **biometrics**, **iris capturing**, and **smart card** technologies. * **Consultancy:** Manpower consulting and technical auditing for enterprise clients. --- ### Strategic Pivot: Infrastructure and Government Project Wins The company has successfully transitioned into a sub-contractor for major infrastructure projects, securing long-term revenue visibility through government-linked contracts. | Project Date | Vertical | Partner/Client | Scope of Work | Value / Duration | | :--- | :--- | :--- | :--- | :--- | | **Oct 2025** | **Railways** | MSR-Medikonda JV | Signaling & Telecom (Dornakal to Bhadrachalam) | Sub-contract | | **Oct 2024** | **Railways** | Railone-Medikonda JV | **Kavach (Train Collision Avoidance System)** & Signaling | Sub-contract | | **Feb 2024** | **EdTech** | Bihar Education Dept. | **ICT Lab** installation in **27 schools** (Vaishali) | **Rs. 5.34 Cr / 5 Yrs** | --- ### Capital Structure and Aggressive Expansion Strategy To support its transition into capital-intensive infrastructure and AI, Hiliks has significantly expanded its financial headroom and equity base. #### 1. Capital Infusion & Fundraising * **Authorized Share Capital:** Scaled from **INR 6 Crore** to **INR 12 Crore** in 2024, with a further proposal to reach **INR 20 Crore** as of August 2025. * **Paid-up Equity:** Currently stands at **INR 10.75 Crore** (**1,07,50,000 shares** at **INR 10** par value). * **Warrant Conversions:** In June 2024, the company allotted **48,00,000 convertible warrants** at **INR 37** (including a **premium of INR 27**). As of December 2025, **47,50,000** warrants have been converted into equity. * **Borrowing Capacity:** Shareholders approved a new borrowing limit of up to **INR 50 Crore** to fund working capital and potential acquisitions. #### 2. Global and Domestic Subsidiary Footprint The company is establishing specialized entities to capture niche technology markets: * **Hiliks Technologies Inc. (USA):** Incorporated **June 3, 2025**, with a planned investment of **US$ 1 Million**. This entity is the vehicle for the company’s **Artificial Intelligence (AI)** and global IT consultancy ambitions. * **Hiliks Greens Private Limited:** Incorporated **April 20, 2025**, as a wholly-owned subsidiary to explore emerging green-tech or related opportunities. * **Sreeven Infocom Limited:** A strategic investment of up to **INR 3 Crore** in equity was proposed in late 2023. --- ### Financial Performance and Management Policy Hiliks follows a **capital preservation** model, prioritizing the redeployment of internal accruals over dividend payouts. * **Profitability:** For the nine-month period ending **December 31, 2024**, the company reported a **Net Profit** and **Total Comprehensive Income** of **Rs. 43.73 Lacs**. * **Dividend Policy:** No dividend was declared for **FY23** or **FY24**, as profits are being utilized for **working capital** and **business upgrades**. * **Working Capital Management:** The company operates on an average **60-day credit period**. While trade receivables are largely unsecured, management maintains a **100% allowance** for doubtful debts only when recovery is deemed uncertain, noting that historical credit quality remains stable. * **Asset Profile:** The company maintains **Plant, Property, and Equipment (PPE)** but currently reports **zero Intangible Assets** and **no Immovable Properties**. --- ### Operational Realignment and Governance Effective **February 4, 2026**, the company officially shifted its registered office from Maharashtra to **Hyderabad, Telangana**. This move is intended to centralize administration and align the corporate seat with its growing project footprint in Southern and Central India. **Key Leadership:** * **Mr. Sandeep Copparapu:** Whole Time Director. * **Mr. Mridul Tripathi:** Chief Financial Officer (Re-appointed April 2025). --- ### Risk Profile and Mitigation Framework The company utilizes an **Integrated Risk Management** framework overseen by a dedicated **Risk Management Committee (RMC)**. #### 1. Financial & Market Risks * **Liquidity & Interest:** The company has **zero exposure** to interest rate volatility as it carries **no bank borrowings** (excluding a minor vehicle loan). * **Currency & Price Risk:** As of March 31, 2024, there was **zero foreign currency exposure**. Investments in subsidiaries are held at cost for strategic rather than trading purposes. * **Credit Risk:** Managed through rigorous credit approvals; historical losses are minimal. #### 2. Governance and Regulatory History Investors should note historical compliance lapses which the company has recently moved to rectify: * **Board Composition:** The company lacked the required number of **Independent Directors** and a **Woman Director** for various periods between 2022 and 2025. These vacancies led to the improper constitution of the **Audit** and **Nomination & Remuneration Committees** during those intervals. * **KMP Vacancies:** The **CFO** position was vacant from April 2023 to April 2025, and the **Company Secretary** position saw a gap in 2023. * **Regulatory Penalties:** In November 2023, the company paid **SOP fines** of **₹40,120** to the **BSE** and **MSEI** for non-compliance with SEBI Regulation 6. #### 3. Operational Dependencies * **Macro-Economic Factors:** Growth is highly sensitive to **Indian government liberalization policies** and the continued funding of **Railway and EdTech** initiatives. * **Capital Access:** Future scaling is dependent on the successful deployment of the **INR 50 Crore** borrowing limit and the final conversion of remaining warrants.