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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

52-Week Range
Valuation
Financials (FY2024)
Investment Thesis
HCIN Networks Private Limited is a young IT networking and managed services company well-positioned in Bengaluru's growing enterprise technology market. While its limited history and unlisted status make detailed assessment challenging, India's digital transformation agenda and enterprise network modernisation provide a supportive growth backdrop. The company's ability to scale managed services recurring revenue will be the key determinant of long-term value creation.
Pros
Cons
Business Segments
IT Networking Solutions
Design, supply, and deployment of enterprise networking infrastructure including LAN, WAN, SD-WAN, wireless networks, and data centre networking for corporate and government clients
System Integration
End-to-end IT infrastructure integration combining servers, storage, networking, security, and software into unified solutions tailored to client requirements
Managed IT Services
Ongoing management, monitoring, and support of client IT infrastructure on subscription or SLA-based contracts providing Network Operations Centre (NOC) services
Revenue Model
HCIN Networks generates revenue through project-based fees for networking deployment and system integration engagements, plus recurring revenue from managed services contracts where clients pay monthly or annual fees for ongoing IT infrastructure management.
Detailed Analysis
Growth Plans
India's enterprise IT spending growth driven by digital transformation, cloud adoption, and hybrid work normalisation
Government's Digital India and BharatNet initiatives creating large public sector networking infrastructure demand
Growth in 5G enterprise use cases driving network modernisation across industries
Increasing cyber threats driving demand for integrated network security solutions
Industry Tailwinds
Recent Developments
Growing enterprise adoption of hybrid work and cloud infrastructure in India is driving increased demand for managed networking and system integration services, benefiting agile specialist firms like HCIN Networks.
2024Rapid enterprise adoption of Software-Defined WAN and network security overlay solutions represents a significant growth opportunity for specialised networking integrators.
2023Comparable Companies
REDINGTON · ~Rs 12,000 Cr
PE: ~15xx
Frequently Asked Questions
About HCIN Networks Private Limited
HCIN Networks Private Limited (operating as Hi-COM India) is a Bengaluru-based IT networking, system integration, and managed services company incorporated on 2 August 2019. With CIN U64200HR2019PTC081805, the company was founded by Vikas Sharma and Shalini Sharma, who bring 15+ years of IT/telecom experience. HCIN provides system integration, managed services, data centre solutions, and IT security services to enterprise clients. The company has demonstrated exceptional growth with 87% year-on-year revenue CAGR and EBITDA CAGR of 1,329%, reflecting rapid scale-up from its 2019 inception. Revenue for FY2024 was Rs 29.9 crore. HCIN raised Rs 12.5 crore in equity funding led by Swastika Investmart, with additional investors including Ankit Mittal, Vijay Khetan (Param Capital), Ageless Capital, and MSB E-Trade. The company has secured orders worth Rs 40+ crore. HCIN serves clients across enterprise, government, and SME segments, offering network design, implementation, and ongoing managed services. Its 61-100 employee team has grown rapidly to serve clients in Bengaluru and other major cities. The IT infrastructure management market in India is growing as enterprises increase technology investment and cloud migration.
Key Milestones
2019: HCIN Networks Private Limited incorporated under CIN U64200HR2019PTC081805 in Haryana; operations based in Bengaluru
2020-2021: Initial business development focusing on IT networking and system integration projects in South India
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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India's enterprise IT spending growth driven by digital transformation, cloud adoption, and hybrid work normalisation
Government's Digital India and BharatNet initiatives creating large public sector networking infrastructure demand
Growth in 5G enterprise use cases driving network modernisation across industries
Increasing cyber threats driving demand for integrated network security solutions
Industry Headwinds
Inability to compete with larger, better-capitalised system integrators on large enterprise deals
Working capital stress typical of project-based IT businesses with long payment cycles
Economic slowdown causing enterprises to defer IT infrastructure spending
IT networking and system integration includes large global players like Cisco channel partners, HCL Technologies, and established integrators. HCIN competes as a smaller specialist player and must differentiate on agility, service quality, and pricing.
Source: Media Reports / Public Records
Bengaluru's highly competitive IT labour market makes hiring and retaining certified networking engineers (Cisco CCNA/CCNP, Juniper JNCIE) expensive and challenging for smaller firms.
Source: Media Reports / Public Records
Young IT services companies typically depend on a small number of anchor clients; loss of a major client could materially impact revenues.
Source: AlphaHub Research
As an unlisted private company, HCIN Networks does not have publicly available audited financials, making it difficult for investors to assess the company's financial health.
Source: Media Reports / Public Records
IT networking and system integration includes large global players like Cisco channel partners, HCL Technologies, and established integrators. HCIN competes as a smaller specialist player and must differentiate on agility, service quality, and pricing.
Bengaluru's highly competitive IT labour market makes hiring and retaining certified networking engineers (Cisco CCNA/CCNP, Juniper JNCIE) expensive and challenging for smaller firms.
Young IT services companies typically depend on a small number of anchor clients; loss of a major client could materially impact revenues.
As an unlisted private company, HCIN Networks does not have publicly available audited financials, making it difficult for investors to assess the company's financial health.
RPPL · ~Rs 1,500 Cr
PE: ~18xx
2021-2022: Expanded managed services offerings leveraging post-COVID enterprise demand for remote IT support and cloud networking
2022-2024: Built customer base across enterprise segments including BFSI, manufacturing, and IT/ITeS sectors in Bengaluru

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