07 Aug 2026
Vortex Engineering, a subsidiary of Vakrangee, received a purchase order worth 37.79 crore rupees from one of India's largest public sector banks for end-to-end supply, commissioning and maintenance of 540 ATMs and 1 KVA UPS units over a five-year term.
The order is a repeat award, and that is the part carrying information. Public sector bank hardware tenders are re-bid frequently and on price, so being re-selected is a statement about how the installed base performed rather than about this year's quote. Vortex was incubated at IIT Madras, has supplied more than 15,500 ATMs to date against annual manufacturing capacity of 12,000 units, and holds nine patents in ATMs and cash dispensers. Its machines are built for low power draw and intermittent connectivity, which is why they sit in rural and semi-urban branches where a conventional ATM is uneconomic to run. The five-year term also means the value is split between an upfront hardware sale and a recurring maintenance contract, so revenue is recognised across the term rather than booked on delivery. The order sits below the size that usually moves a parent's numbers, so read it as evidence the subsidiary is winning, not as a change to Vakrangee's earnings.