Hiliks Technologies lands ₹95 cr order, more than double its market cap
The nano-cap's latest contract brings its order book to ₹165 crore, or nearly three times its own market capitalisation of ₹58 crore. Third major win in months.
— 2 earlier stories on Hiliks Technologies Ltd. →What's new
- Won ₹95.51 crore order from KMC Constructions for signaling and Kavach on a South Central Railway doubling project.
- Cumulative pending orders rise to ₹165 crore, nearly three times the ₹58 crore market cap.
- Third major order in months, after ₹33.39 cr and ₹37.76 cr contracts.
Why this matters
For a company that reported ₹16 crore in quarterly sales, an order worth six times that is a big shift — if it executes. The railway's final approval reduces one layer of risk, but the order book is now nearly three times the market cap, leaving no room for execution slip-ups.
What we're watching
- Execution pace over the 24-month timeline.
- Whether more Kavach-related orders follow.
- How the company funds working capital given the order size.
The full read
A ₹95.51 crore order lands at Hiliks. Won from KMC Constructions, the sub-contract covers signaling and the Kavach system on the Akanapet-Medchal railway doubling project, with final approval from South Central Railway received on June 17, 2026. The order alone exceeds market cap by 65%. Combined with two earlier wins—₹33.39 crore and ₹37.76 crore—the pending order book now stands at ₹165 crore, nearly three times the company's ₹58 crore valuation. Execution risk remains. For a firm that posted just ₹16 crore in quarterly sales, delivering a ₹95.5 crore project in 24 months is an entirely new test.
Questions answered
- How does this order compare to Hiliks' size?
- The ₹95.51 crore order is 165% of its ₹58 crore market cap and nearly six times its ₹16 crore quarterly revenue.
- What is Kavach?
- Kavach is an indigenous automatic train protection system being deployed by Indian Railways to prevent collisions.
- Who is the counterparty?
- The order is a sub-contract from KMC Constructions Limited, an infrastructure firm working on railway doubling projects.
- What is the project timeline?
- Work must be completed within 24 months. South Central Railway gave final approval on June 17, 2026.
- What are the key risks?
- Execution risk is high given Hiliks' nano-cap scale. The order book is nearly 3x market cap, and quarterly revenue is only ₹16 crore.
- Has Hiliks won other big orders recently?
- Yes. This is the third large order in months, following two worth ₹33.39 crore and ₹37.76 crore that were announced in June 2026.
Hiliks Technologies Ltd.
Latest quarter · Mar 2026
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Story so far
All notes on HILIKS →- 18 Jun 2026 · 4:32 PM IST Hiliks Technologies lands ₹95 cr order, more than double its market cap
- 6d ago Hiliks Technologies' revenue surges 324% in FY26 on order execution
- 7d ago Hiliks wins ₹37.76 cr order, 61% of its market cap