Magellan Cloud Limited has announced a key leadership appointment, naming Mr. Prathik Harishbhai Bhat as Interim Chief Financial Officer and Key Managerial Personnel. The appointment, approved by the Board of Directors on January 13, 2026, will take effect from February 13, 2026.

Board Approval and Regulatory Compliance

The appointment was made following the recommendation of the Nomination and Remuneration Committee during the board meeting held on January 13, 2026. The company has disclosed this information in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring transparency with stock exchanges including BSE and NSE.

Professional Background and Expertise

Mr. Prathik Harishbhai Bhat brings extensive experience to his new role, with over two decades of expertise in structured credit, corporate finance, and business development. His professional background demonstrates a strong track record in delivering sustained profitability through strategic planning, disciplined execution, and market expansion initiatives.

Currently, Mr. Bhat serves as Associate Director – P&L Head (In-house Business) and Head – Distribution & Channel Alliances at MHP Fintech Services Pvt. Ltd. In this capacity, he has been responsible for profit center ownership, channel strategy development, and alliance management across various business verticals.

Key Competencies and Strategic Focus

Mr. Bhat's expertise encompasses several critical areas that align with Magellan Cloud Limited's operational requirements:

• Corporate Finance Excellence: Deep expertise in devising and implementing strategies to enhance operational efficiency and optimize return on investment
• Business Development Leadership: Proven ability in planning, developing, reviewing, and reporting business development and channel sales strategies
• Market Analysis: Strong analytical capabilities in market assessment and trend analysis to identify both short-term and long-term opportunities
• Strategic Planning: Experience in shaping business policies and steering organizational growth through cross-functional team leadership

Regulatory Disclosure Framework

The appointment has been disclosed in accordance with SEBI regulations, specifically under Regulation 30, Schedule III, Part A, Para A(7C) and other applicable provisions. The company has also adhered to SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024, ensuring comprehensive regulatory compliance.

Managing Director Joseph Sudheer Reddy Thumma signed the official communication to both BSE and NSE, confirming the appointment details and regulatory adherence. The company has emphasized that Mr. Bhat maintains no familial or business relationships with existing directors, key managerial personnel, or promoters, ensuring independence in his role.

Magellanic Cloud has announced that its wholly owned subsidiary, Provigil Surveillance Limited, has received a Letter of Acceptance from Western Railway's Jaipur Division for a comprehensive CCTV surveillance system project. The contract, valued at ₹3.74 crore, was disclosed under Regulation 30 of SEBI regulations on December 31, 2025.

Contract Details and Scope

The awarded contract encompasses the deployment of an advanced surveillance infrastructure across various sites within the Jaipur Division of Western Railway. The system will incorporate cutting-edge Face Recognition System (FRS) and Video Analytics technologies to enhance security and enable automated monitoring of railway premises.

Strategic Portfolio Expansion

This latest contract builds upon the company's substantial surveillance portfolio, which includes earlier Letters of Acceptance aggregating approximately ₹165.00 crore. The portfolio comprises around ₹133.00 crore from Indian Railways and ₹32.00 crore from the National Highways Authority of India (NHAI) for AI-based video surveillance systems.

Advanced Technology Integration

The surveillance system will feature sophisticated technological components designed to provide comprehensive security coverage. The project encompasses advanced video analytics for vehicle counting and classification on national highways, alongside high-definition monitoring and Face Recognition Systems within railway premises.

Management Commentary

Commenting on the contract award, Mr. Joseph Sudheer Reddy Thumma, Global CEO & Managing Director of Magellanic Cloud Limited, stated: "Our selection for this project highlights our ability to deliver complex, large-scale surveillance networks that meet rigorous safety standards. By combining high-definition monitoring with intelligent video analytics, we are providing the Jaipur Division with a future-ready security framework backed by long-term guaranteed technical support."

The company confirmed that none of the promoter/promoter group/group companies have any interest in the entity that awarded the contract, and the order does not fall within the purview of related party transactions.