Magellanic Cloud has announced that its wholly owned subsidiary, Provigil Surveillance Limited, has secured a significant ₹10 crore purchase order from Indian Bank. The contract involves the deployment of advanced AI-powered, centrally monitored electronic surveillance systems across multiple branch locations under an OPEX model.

Contract Specifications

The comprehensive order encompasses supply, installation, commissioning and maintenance of electronic surveillance systems designed to enhance security infrastructure across Indian Bank's branch network. The solution enables smart monitoring, real-time visibility and improved security management at scale.

Strategic Business Impact

This contract win positions Provigil Surveillance Limited as a key technology partner for Indian Bank's security enhancement initiatives. The AI-powered surveillance system leverages artificial intelligence to provide advanced monitoring capabilities, improving threat detection and response mechanisms across the banking network.

Regulatory Compliance

The company has confirmed that none of the promoter, promoter group, or group companies have any interest in Indian Bank. The contract does not fall within the purview of related party transactions, ensuring compliance with regulatory requirements. The disclosure was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The three-year duration ensures sustained revenue generation for Magellanic Cloud's subsidiary while establishing a long-term partnership with one of India's prominent public sector banks. This development underscores the growing demand for sophisticated surveillance solutions in the banking industry as financial institutions continue prioritizing security infrastructure upgrades.

Magellanic Cloud Limited has announced a major business development as its wholly owned subsidiary Provigil Surveillance Limited secured a substantial ₹25+ crore purchase order from Punjab & Sind Bank. The order was disclosed on March 24, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Order Details and Scope

The comprehensive order involves the deployment of advanced AI-enabled surveillance solutions across approximately 930 ATM/CRM sites of Punjab & Sind Bank. The contract encompasses end-to-end implementation, installation, commissioning and maintenance of integrated e-surveillance systems under an OPEX model.

Technology and Implementation

The surveillance solutions will enable enhanced real-time monitoring, threat detection and operational efficiency for the banking network. The integrated e-surveillance system represents a significant technological upgrade for Punjab & Sind Bank's ATM and CRM infrastructure, leveraging artificial intelligence capabilities for improved security monitoring.

Strategic Significance

This order marks a key milestone in strengthening the group's presence in the fast-growing surveillance and security solutions segment, particularly within the banking and financial services sector. The contract reinforces the company's growth trajectory and enhances its order book visibility, positioning it strongly for continued expansion in the surveillance and smart infrastructure domain.

Compliance and Related Party Disclosures

The company confirmed that none of the promoter, promoter group, or group companies have any interest in Punjab & Sind Bank. Additionally, the order does not fall within the purview of related party transactions, ensuring arm's length dealing in the contract award.

The disclosure was signed by Joseph Sudheer Reddy Thumma, Managing Director of Magellanic Cloud Limited, confirming the authenticity and regulatory compliance of the announcement.