### **Company Profile** **Name:** Canarys Automations Limited **Headquarters:** Bengaluru, India **Founded:** Over 30 years ago **IPO Listing:** Listed on NSE Emerge in October 2023 **Leadership:** - **Chairman & Managing Director:** Metikurke Ramaswamy Raman Subbarao (Founder, 38+ years in software development) - **CEO & Executive Director:** Sheshadri Srinivas (Leads business growth, WRM, and IoT initiatives) - **CFO:** Raghu Chandrasekhariah - **Executive Director (Telemetry):** Pushparaj Shetty --- ### **Business Transformation & Strategic Evolution** Canarys Automations has evolved from a traditional **project-based IT services provider** into a **solutions-led digital transformation partner** with a growing focus on **proprietary products and AI-driven innovation**. The company is transitioning towards a **product-led growth model**, supported by in-house frameworks, tools, and acquisitions. --- ### **Two Core Business Segments** | **Segment** | **Focus & Highlights** | |------------|------------------------| | **Technology Solutions (TS)** | Core growth driver (~65% of revenue). Offers digital transformation services across cloud, automation, DevOps, AI, data analytics, and modernization. Revenue ₹1,050 million in order book (FY25), up nearly 90% YoY. | | **Water Resource Management (WRM)** | Niche, government-focused vertical (~35% of revenue). Provides IoT and SCADA-based smart water solutions. Aims to improve efficiency and scalability by restructuring contracts due to long payment cycles (180–300 days). | --- ### **Strategic Acquisition: Fortira Inc. (April 2025)** - **Stake Acquired:** 51% for **$2.55 million** (₹21.2 crore), funded via IPO proceeds and internal accruals. - **Total Enterprise Valuation:** $5 million. - **Option:** Acquire remaining 49% within 3 years. - **Fortira Profile:** U.S.-based AI/ML, data, cloud, and cybersecurity firm with **over 100 professionals**, **25+ enterprise clients**, and FY24 revenue of **$13 million**. - **Strategic Benefits:** - Strengthened AI, cloud, data analytics & cybersecurity capabilities - Expanded presence in **North America** - Cross-selling opportunities in **BFSI, Pharma, Healthcare, Telecom** - Enhanced domain expertise and technical talent pool This acquisition marks a pivotal step in Canarys’ **Vision 2028** to become a globally recognized **AI-led digital transformation leader**. --- ### **Key Growth Metrics (FY25 / Oct 2025)** | Metric | Value | |--------|-------| | **Total Income** | ₹906 million (**+19% YoY**) | | **EBITDA** | ₹141 million (+4% YoY) | | **Profit After Tax** | ₹83 million (+4% YoY) | | **Projects Delivered** | 248 across BFSI, Insurance, Manufacturing, Government | | **New Client Logos Added** | 63 (across 15+ industries) | | **Order Book** | ₹1,650 million | | **Technology Solutions Order Book** | ₹1,050 million (almost double YoY) | | **Employment Strength** | ~430 professionals (up 100+ from FY24) | --- ### **Core Competencies & Offerings** #### **1. Technology Solutions** Canarys delivers outcomes in **AI-powered applications, digital transformation, and legacy modernization** through five integrated pillars: | **Pillar** | **Key Capabilities** | |----------|------------------------| | **Digitalization** | Process reengineering, Digital QA, Digital DevOps | | **Modernization** | Legacy code conversion in **36+ languages**, ERP modernization, 7-layer framework | | **Cloudification** | Zero-downtime migration, SaaS enablement, FinOps, cloud optimization (Azure, AWS, GCP) | | **Automation** | **500+ RPA bots**, cognitive automation, **GenAI/RAG**, document processing | | **Intelligence (AI/ML)** | Predictive analytics, agentic AI, Big Data platforms, Auryis (AI compliance platform) | ##### **Proprietary Tools & Frameworks** - **Canarys Modernization Framework (CMF):** Proprietary IP to accelerate legacy system upgrades; to be launched in FY25–26. Development costs capitalised under AS-26. - **Over 40 domain-agnostic tools** in DevOps, migration, testing—available on Microsoft Azure, GitHub, SAP Cloud. - **DevOps Tools Launched:** Migration Hub, Sync Hub, Bugzilla/Redmine migrators, License Optimizer, Work Item Link Validator. #### **2. Water Resources Management (WRM)** - **Projects Executed:** 22 projects across 15 Indian states - **Key Offerings:** - **Canal Automation:** SITC (Supply, Installation, Testing, Commissioning) with IoT, renewable power, analytics - **Urban Flood Early Warning System (UFEWS):** - Launched India’s **first AI-powered UFEWS** in Gorakhpur (Feb 2025, inaugurated Jul 2025) - Integrated with **150+ IoT devices**, mobile app **Varuna** for citizen reporting - Selected for **Chennai project**; pan-India expansion planned - **Decision Support System (DSS):** Hydrological modeling, real-time telemetry, SCADA, flood simulation - **SCADA for Reservoirs:** Automated, demand-based gate control for irrigation and hydropower - **Contract Model Evolution:** - Shifting from **40% upfront / 60% O&M** to **70–80% upfront SITC** for improved cash flow - O&M now **annual annuity-based**, securing long-term recurring revenue - Legacy receivables (~₹50 crore) expected to be recovered over 4–5 years - **Market Opportunity:** - Irrigation modernization of 30.9M hectares in India → **₹492 billion market** over 10 years - WRM market in India expected to **nearly triple by 2033** (urbanization, climate change, policy push) --- ### **Product-Led Growth Strategy** Canarys has launched its **first AI-powered product** and strengthened in-house product innovation: - **Auryis:** - AI-based compliance assessment platform for **Pharma & Life Sciences** - Analyzes SOPs, clinical trials, marketing content against FDA/EMA rules, internal policies - Leverages **LLMs, custom ML models, AI agents** for structured, actionable insights - Signals shift from services to **scalable product offerings** --- ### **Global Expansion & Strategic Partnerships** - **Geographic Reach:** Serves clients in **North America, Europe, APAC** - **Vision 2028 Pillars:** 1. Expand in **North America, Europe, APAC** 2. Focus on **AI, Cloud, Automation-first solutions** 3. Drive continuous **talent upskilling & product innovation** - **Key Technology Alliances:** - **Microsoft:** Advanced Specialization in Developer Productivity, Data & AI, Digital Innovation, Azure Infrastructure - **GitHub:** Copilot Partner; won **"Overall Growth – Services & Channel Partner of the Year 2025"** - SAP, GitLab, Snyk, Atlassian, LambdaTest, SonarQube - 15+ strategic partnerships, including **13 OEMs** and **2 AI-focused alliances** --- ### **Financial & Operational Highlights** - **Revenue Growth Drivers:** - Technology Solutions: **+24% YoY** - WRM Solutions: **+15% YoY** - **Solution Portfolio:** **25+ solutions** launched or enhanced in FY25 - **Client Base:** - Over **1,000 customers** across 10+ countries - 15+ industries served: BFSI, Healthcare, Manufacturing, Retail, Pharma, Government - **Employee Upskilling:** - **35% of workforce** being trained in AI/ML/data skills - Target: **25% skilled in AI/ML by FY26** --- ### **Recent Major Contracts (2024–2025)** | **Client** | **Project** | **Value** | |-----------|-------------|----------| | **Gorakhpur CMC** | Urban Flood Early Warning + SCADA | ₹25 crore | | **Tamil Nadu WRD** | Reservoir Automation (Chennai) | ₹15.54 crore | | **Karnataka Golf Assoc. (KGA)** | ERP digitization | ₹2.9 crore (5-year O&M) | | **Compviz Technologies** | Drone-based EHV line inspection (3,300 km) | N/A | --- ### **Awards & Recognition** - **GitHub Partner of the Year 2025** – Growth (Services & Channel) - Recognized as **“Leader in DevOps Solutions”**, **“Most Innovative DevOps Company”** - Advanced Microsoft Specialization status across four domains - Early mover and niche leader in **AI-powered flood early warning systems**