Hilltone Software & Gases Ltd is fundamentally a Gujarat-based industrial gas bottler that has spent three decades layering unrelated new ventures onto its original business - a software division, an energy-equipment workshop, and a compliance-tech investment - each launched with the cash flows of the one before. Founded in 1993 and listed on the Bombay Stock Exchange, the company operates from a single plant at Santej, a rented facility in Haryana, and an IT office in Mehsana, with no subsidiaries or joint ventures anywhere in the group. The recurring pattern is opportunistic diversification: the company’s objects clause is deliberately written to permit almost anything - from hotels and solar farms to artificial intelligence and waste management - and management activates whichever permission looks most promising at the time. # Business segments Four businesses at different stages - a regional gas bottler that is the group’s anchor, a young energy-equipment workshop, a fledgling IT services unit, and a minority bet on a compliance-data start-up - each funded by the one before. ## 1. Industrial and medical gases: the anchor that pays for everything else **The company fills cylinders with Oxygen and Nitrogen at its own plant in Gujarat and sells them to hospitals and factories; for other gases it is simply a trader that buys from someone else and resells.** - **Oxygen and Nitrogen are made in-house** - the Santej plant bottles both gases for medical and industrial customers, with in-house quality testing at every stage, which gives the company control over the product that trading cannot match. - **Everything else is bought and resold** - Carbon Dioxide and Argon are procured from third-party suppliers in cylinders, a model that squeezes margins and leaves the company dependent on someone else’s supply chain. - **Hospitals are the anchor customer** - the company delivers medical gases in trolleys of 40 cylinders to institutions like S.A.L Hospital and Krishna Heart Institute on a regular schedule, creating recurring demand that factories do not always provide. - **A trading business is being turned into manufacturing** - in February 2026 the company ordered liquid storage tanks, 500 new cylinders and a truck-mounted tank so it can start bottling Carbon Dioxide and Argon itself rather than reselling someone else’s, with commissioning expected by May 2026. ## 2. Eco Solutions: a small energy-equipment workshop **Launched in May 2025, this division makes heat exchangers, dry coolers and air filters from a facility in Haryana - a diversification into a completely different market with an investment of roughly ₹1.5-2 crore.** - **Built from a standing start** - the Board approved the new division on 25 May 2025 and the company began operations the day before, using a facility at Tehsil Badli, Haryana, with no prior track record in this product category. - **The product line is industrial cooling and purification** - the division covers heat exchangers, evaporative coolers and condensers, centrifugal devices, hybrid coolers, and filtering machinery for liquids and gases, plus installation and repair services for all of them. - **The objects clause had permission long before the business existed** - the company’s founding documents always allowed it to manufacture and deal in heat exchangers, air conditioning and refrigeration equipment, so no shareholder vote was needed to enter the space. ## 3. Tech Solutions: a young IT services unit with an American client **Started during FY25, this division writes software, renews licences and migrates platforms for customers in banking and health insurance, while the company negotiates a deeper entry into the US market.** - **Banking and insurance are the first paying customers** - the division renewed an application licence built on the Joget platform for a subsidiary of a large Indian bank (₹43.89 lakh) and won a platform-migration contract from Versante Health, a US health insurer, worth roughly US$25,000 with 30% paid upfront. - **The US is the target, not just a client** - the company is in active negotiations with an American firm to expand its IT business, signalling that the Versante Health contract is a beachhead rather than a one-off. - **The division was born from the objects clause, not from any legacy skill** - the company’s charter permits software development, BPO units, call centres, data centres and medical transcription, so entering IT required no regulatory step beyond a Board decision. ## 4. Strategic technology investment: a minority bet on compliance data **The company has in-principle approval to buy roughly 5% of a Singapore-based start-up that builds risk-and-compliance data platforms - a financial stake, not an operating business.** - **The target makes due-diligence software** - RZOLUT Technologies builds platforms for know-your-customer screening, third-party risk management and M&A diligence, and holds ISO certifications for data privacy. - **It is a small, proven entity** - founded in August 2022 by a chartered accountant with three decades of experience, RZOLUT reached turnover of approximately ₹5 crore in FY25 and operates through an Indian subsidiary in New Delhi. - **Hilltone is a passive investor** - the stake is capped at about 5%, subject to valuation and due diligence, which means the company gets exposure to a compliance-software trend without running the business itself. # Group structure and partners **The company is a standalone Indian entity with no subsidiaries, no joint ventures and no associates - every business sits directly on its own balance sheet.** - **No corporate children** - the annual report explicitly states that the company has no subsidiary, joint venture or associate company, so the gases, Eco Solutions and Tech Solutions divisions are all internal departments, not separate legal entities. - **Listed on one exchange, recently delisted from another** - the company’s shares trade on the Bombay Stock Exchange; it successfully delisted from the Calcutta Stock Exchange effective 16 April 2025, consolidating its market presence onto a single bourse. - **Three verticals, three locations** - as of February 2026 the company describes itself as operating Industrial and Medical Gases from Santej (Gujarat), Eco Solutions from Badli (Haryana), and Tech Solutions from Mehsana (Gujarat), each a distinct geographic and operational unit under one corporate roof.