1. Railway surveillance order book - Cumulative railway orders crossed ₹250 crore by June 2026, with wins across 16 railway divisions in 12 months. The recurring nature of these government contracts, many with multi-year CAMC components, builds a visible revenue stream well above the current IT-Surveillance segment run-rate of \~₹162 crore.
2. BFSI e-surveillance expansion - Punjab & Sind Bank issued a ₹25+ crore purchase order for \~930 ATM sites under a 5-year OPEX model, and Manappuram Finance signed a letter of intent for \~1,000+ branches. These wins shift the e-surveillance vertical from gold-finance niche to broad BFSI, adding sticky recurring revenue that improves segment margin visibility.
3. ₹492 crore preferential issue - The board approved a ₹492.39 crore fundraise via equity shares and convertible warrants at ₹30 each, with proceeds earmarked for the Phase-1 drone project, working capital, R&D, and strategic acquisitions. The infusion funds the drone manufacturing scale-up and workforce expansion without adding debt to a balance sheet that already carries ₹279 crore of borrowings.
4. Drone manufacturing JV with Rayonix Tech - MCRAY XTEND INDIA PRIVATE LIMITED was incorporated on 21 May 2026 as a 60% subsidiary, with an exclusive manufacturing and distribution partnership for XTEND's tactical UAV platforms in India. This places the company in the defence-drone supply chain at a time when indigenisation mandates are expanding the addressable market for armed-forces procurement.
5. Scandron dual DGCA certification - Scandron became the first Indian company to earn DGCA type certification for both logistics and agricultural drone categories, and won the Indian Army's HIM-Drone-a-thon 2.0 in high-altitude logistics. Certification removes the main regulatory barrier to commercial drone operations, allowing the company to convert pilot deployments into recurring orders.
6. IVIS International amalgamation - The board approved merging IVIS International (FY26 standalone turnover ₹114 crore, net worth ₹181 crore) into Magellanic Cloud, effective 1 April 2026, with no new share issuance. Consolidation eliminates inter-company balances and duplicative costs, directly lifting consolidated earnings by streamlining the surveillance and technology operations under one entity.
7. Motivity Labs US$4.7 million deal - Motivity Labs secured purchase orders worth \~US$4.70 million (\~₹39 crore) from a leading multinational for data engineering, analytics, and infrastructure support, to be executed over calendar 2026. The contract adds a confirmed revenue block to the IT Services segment, which already runs at \~₹519 crore annually, with a marquee client reference that supports further deal wins.
8. Highway surveillance entry - PSL won a ₹32 crore order from IHMCL/NHAI to deploy AI-powered audit camera systems across toll plazas in eight states. The order opens a second government infrastructure vertical beyond railways, diversifying the surveillance order book into road-transport projects with similar multi-year scope.