1. 155mm artillery shell contract - Hilton secured a contract to supply 3,60,000 Standard 155mm M107 empty bomb artillery shells worth \~₹720 crore, to be executed over 24 months at 15,000 units per month, subject to sample batch approval. At \~₹30 crore estimated monthly billing, this single order is over five times FY25 revenue and marks entry into defence manufacturing.
2. Railway wheelset ramp-up - FY26 plan is to manufacture more than 3,000 wheelsets, rising to over 12,000 in FY27, against installed capacity of 15,000-20,000 wheelsets annually. With Indian Railways demand around 1,70,000 wheelsets annually and imports from China being replaced, this scales Hilton from 2,500 wheels supplied to date into a multi-hundred-crore revenue stream.
3. RITES approval for Vande Bharat wheels - RITES has approved the feasibility and production capability of Vande Bharat and LHB forged wheel development, making Hilton the first private MSME with such 'Make-in-India' recognition. This opens the high-speed passenger wheel market, with Vande Bharat wheels rated for up to 140 km/h, alongside the existing wagon wheel business.
4. Rights Issue capital raise - The company raised ₹31.99 crore through a Rights Issue of 1,12,96,551 shares at ₹28.32 per share, allotted in January 2026. A second Rights Issue of 1,67,70,000 shares at ₹16.68 per share, aggregating ₹27.97 crore, opened March 6, 2026. These funds support the wheel set and defence capex programs.
5. QIP for expansion funding - Board approved a QIP of up to 90,00,000 equity shares to fund business activities, new projects, capital expenditure, and long-term working capital. This provides additional equity capital beyond the Rights Issues to fund the artillery and wheelset scale-up.
6. Wagon wheelset trial order - Received a sample/trial order for a Wagon Wheel Set from Hindusthan Engineering & Industries Limited, with delivery scheduled for immediate dispatch as of February 17, 2025. Larger orders are anticipated following successful delivery and testing, which would convert the trial into recurring revenue.
7. Export expansion - The company is a Government-recognized export house targeting increased market share in Europe, Southeast Asia, and America through targeted exports and regional alliances. Foreign exchange earnings were ₹4.57 crore in FY25, providing a base to grow international sales of wheelsets and forgings.