Aditya Infotech Ltd(CPPLUS)

NSE: CPPLUSBSE: 544466

₹ 3,866.35+1.76%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 47,412 crWebsite: www.adityagroup.comUpdated: 24 Oct 2026

About

Aditya Infotech Ltd (AIL) is the maker and distributor of CP PLUS-branded video surveillance and security products - cameras, recorders and accessories - and holds a 43.3% share of the Indian video surveillance market as of FY26 per Frost & Sullivan. The company manufactures at its Kadapa, Andhra Pradesh plant, with capacity of 2.5 million units per month in Q1 FY27, and reported FY26 revenue of INR 4,221 crore. In Q1 FY27 revenue reached INR 1,402 crore, up 89.5% year-on-year.^[1][2][3]

Brand mix and product portfolio

CP PLUS brand contributed approximately 87% of AIL's overall revenue in Q1 FY27, up from ~86% in Q2 FY26.^[1][4]
IP products accounted for 79% of the CP PLUS portfolio in Q1 FY27, up from ~75% in Q3 FY26 and ~70% in Q2 FY26, reflecting a sustained shift to higher-value solutions.^[1][5][4]
The company operates a multi-series brand architecture - ViDu, CP Plus Pro, IVUE, HD range - and launched two sub-brands, Nexivue and Eyra, at IFSEC in December 2025, targeting mass-market/rural and price-sensitive segments respectively.^[2][5]
CP PLUS Pro is a high-end AI series targeting enterprise and government customers, with a planned launch by end of Q3/beginning of Q4 FY27; it is also the primary intended export portfolio.^[1]
Home IoT products - video door phones, door locks, smart doorbells - are targeted for launch by end of Q3/beginning of Q4 FY27.^[1]
New categories at exploratory stage include machine vision cameras, drone gimbal camera modules, and industrial autonomous mobile robots (AMR).^[1]

Manufacturing and capacity

Kadapa, Andhra Pradesh facility: installed capacity of 2.5 million units per month in Q1 FY27, with 42 FA lines, 4 MI lines and 12 SMT lines; three additional FA lines and one MI line were being added in August 2026.^[1]
Capacity utilisation ran at 85 - 90% in Q1 FY27; management had been targeting 90 - 100% utilisation as of Q4 FY26.^[1][2]
CCTV camera lens assembly line commissioned in Q3 FY26; lens capacity to scale to 3 lakh units/month in Q1 FY27 and 10 lakh units/month by end of FY27.^[5]
A second manufacturing cluster in Greater Noida (north India) is planned as the next step after Kadapa expansion; a leased facility in Sector 68, Noida for CCTV/lens manufacturing was expected operational by Q4 FY27.^[1][2]
Capacity doubling over three years is targeted, with Kadapa greenfield expansion as the first step and Greater Noida as the second cluster.^[1]

Key operating numbers

Market share in Indian video surveillance: 43.3% in FY26 (Frost & Sullivan), up from ~39% in Q2 FY26 and 31.4% in Q1 FY26.^[1][5][4]
Gross margin: 30.8% in Q1 FY27 (+810 bps YoY), 31.8% in Q4 FY26, and 28.8% for full-year FY26 vs 21.5% in FY25.^[1][2]
Cash conversion cycle improved to 64 days in Q1 FY27 (from 70 days in Q1 FY26); inventory days 101, debtor days 93, creditor days 130.^[1]
RoCE (annualised) reached 42.4% in Q1 FY27, up 2,449 bps YoY; full-year FY26 RoCE was 30.6% vs 20.1% in FY25.^[1][2]
Debt-to-equity reduced to 0.07 in Q1 FY27 (from 0.44 in Q1 FY26 and 0.06x at FY26 year-end), following use of IPO proceeds to repay debt from ~INR 466 crore in June 2025 to ~INR 68 crore in September 2025.^[1][2][4]

Supply chain and technology partnerships

CP PLUS is aligned with all major non-Chinese SoC vendors - Ambarella, Qualcomm, Augentix, Innofusion, Novatek, Realtek - and global sensor suppliers Smartsens, Sony and SOI for supply resilience.^[2]
Strategic partnership signed with Qualcomm Technologies to develop AI-enabled, insight-driven video security solutions; revenue-share model with no capex from CP PLUS; commercial availability expected H1 FY27.^[5]
MOU with L&T Semiconductor Technologies to co-design India's first IPC SoC with Vision AI; CP PLUS committed to purchasing 9 million chips over three years once development completes.^[4]
All major DDR3 memory vendors have stopped production; prices were expected to rise until 2027. CP PLUS implemented a 6 - 8% price hike in January 2026 and has guided for ~25% total ASP increase in FY27.^[2][5]

Backward integration and localisation

Corelink Cable Technology Pvt Ltd, a JV with Orient Cables for network LAN and CCTV coaxial cables, was incorporated; its ~1 lakh sq ft Rajasthan facility is expected to begin commercial production by end of FY27. Cable accessories are expected to represent ~5% of CP PLUS revenue.^[1]
Domestic BOM content is targeted to reach ~40% once housing, lens and cable initiatives scale up in the next two quarters (Q3 - Q4 FY27); longer-term target is >50% of BOM value localised.^[1][4]
Annual capex was guided at INR 100 - 150 crore per year for current plans; inorganic capex assessed separately.^[5]

Distribution and brand investment

Galaxy Store Programme launched targeting 75 - 100 elite channel partners (each INR 100 crore-plus) with co-funded sales force, exclusive offers and lead routing.^[2]
Brand visibility investments include IPL title sponsorship (Punjab Kings) and celebrity endorsements - Vijay Sethupathi for Tamil Nadu and Prithviraj Sukumaran for Kerala.^[2]
Nexivue brand rollout was being accelerated with an expanded product portfolio as of Q1 FY27.^[1]

Expansion and capex pipeline

Kadapa housing and enclosure plant expansion (~1 lakh sq ft): expected commercially operational by end of Q3 FY27 (December 2026).^[1]
Corelink Cable JV facility, Rajasthan (~1 lakh sq ft): expected to start commercial production by end of FY27 (March 2027).^[1]
Lens assembly line at Kadapa: capacity to scale from 3 lakh units/month in Q1 FY27 to 10 lakh units/month by end of FY27.^[5]
Fully functional global R&D presence, including Taiwan operations, targeted by FY28.^[2]

Recent developments

Q1 FY27 (ended June 2026): revenue INR 1,402 crore (+89.5% YoY); EBITDA INR 208 crore (+220% YoY) at 14.8% margin - the strongest quarterly margin to date.^[1]
FY26 full-year revenue of INR 4,221 crore (+35.6% YoY) exceeded the guided range of INR 3,900 - 4,100 crore; Q4 FY26 alone was INR 1,422 crore (+45.5% YoY).^[2]
FY27 revenue guidance reaffirmed at INR 6,000 - 6,500 crore (40 - 50%+ YoY); EBITDA margin guidance 14 - 15%; adjusted PAT margin guidance 8.5 - 9.5%.^[1][2]
CHRO hire planned for September 2026; M&A Head recruitment in progress; second line of leadership being built across marketing, finance, product and sales.^[1]
Corelink Cable Technology Pvt Ltd JV with Orient Cables incorporated (as of Q1 FY27 earnings call, July 2026).^[1]

Market Cap

₹47,412 Cr

High / Low

₹4,619 / 1,301

Stock P/E

94.6

Price / Book

24.1

Book Value

₹159

EPS

₹31.2

No. of Shares

11.78 Cr

ROCE

26.1%

ROE

19.6%

OPM

12.3%

Debt / Equity

0.06

Sales

₹4,221 Cr

Net Profit

₹368 Cr

Promoter holding

71.8%

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