Telecommunication - Equipment · Founded 1988 · www.adckcl.com · BSE 523411 · NSE ADCINDIA · ISIN INE833A01016
No Notes Added Yet
Business
ADC India Communications Ltd. is a leading provider of network infrastructure solutions in India. The company offers a comprehensive range of products and systems for both fiber optic and copper connectivity, including structured cabling, fiber optic cables, connectors, panels, closures, and data center infrastructure solutions like racks and cabinets. It primarily serves telecommunication service providers, data centers, large enterprises, and smart city projects, enabling them to build, upgrade, and manage their communication networks. Its core business model involves the manufacturing, importing, distribution, and sale of these specialized physical layer connectivity products, generating revenue through direct sales to its diverse client base across India.
Revenue Mix
The company's primary offerings can be broadly categorized as:
Fiber Optic Connectivity Solutions: Encompassing fiber optic cables, connectors, patch panels, splice closures, and high-density fiber management systems essential for high-speed data transmission.
Copper Connectivity Solutions: Including structured cabling systems for voice and data, such as copper cables, patch panels, keystone jacks, and outlets.
Data Center Infrastructure: Specialized products like server racks, network cabinets, cable management solutions, and power distribution units tailored for data center environments.
Other Network Infrastructure Components: This includes various accessories, enclosures, and related equipment supporting overall network deployment.
Specific revenue contribution percentages for each segment are typically not publicly disclosed, but the company's revenue is predominantly derived from the sale of these physical layer products and associated services.
Industry
The Indian telecommunication equipment industry is characterized by robust growth, driven by massive investments in network expansion, 5G rollouts, and increased data consumption. It is a highly competitive market, featuring both large global players (e.g., CommScope, Corning, Nokia, Ericsson) and various domestic manufacturers. ADC India Communications, as a subsidiary of the global network infrastructure giant CommScope, Inc., benefits from its parent company's global technological expertise and R&D capabilities. Leveraging its historical brand recognition (Krone/ADC) and long-standing relationships, the company is positioned as a reliable and quality-focused provider of structured cabling and fiber optic connectivity solutions, especially for major telecom operators, data centers, and large enterprises in India.
MOAT
Technology & Innovation: As part of CommScope, ADC India benefits from access to advanced global research and development, proprietary technologies, and a portfolio of innovative, high-performance network infrastructure products.
Brand Reputation & Trust: The "Krone" brand (under which it historically operated) has a strong, long-standing reputation for quality, reliability, and performance in the Indian market, fostering trust among enterprise and telecom customers.
Established Customer Relationships: The company has built deep, long-term relationships with major telecom service providers, data center operators, and large enterprises in India, leading to a degree of customer stickiness due to product integration and solution continuity.
Global Supply Chain & Scale: Leveraging CommScope's global manufacturing capabilities and supply chain network can provide advantages in terms of product availability, quality consistency, and potential cost efficiencies.
However, the industry faces continuous technological evolution and intense competition, which can challenge the sustainability of these advantages.
Growth Drivers
5G Network Rollout: The ongoing and future phases of 5G network deployment across India will necessitate significant upgrades and expansion of fiber optic backhaul and advanced physical layer infrastructure.
Fiber to the Home (FTTH) & Broadband Penetration: Government initiatives and aggressive expansion plans by telecom operators to connect more homes and businesses with high-speed fiber optic broadband will drive demand for fiber connectivity products.
Data Center Expansion: The exponential growth in data consumption, cloud services, and digitalization is fueling the rapid proliferation of hyperscale, co-location, and edge data centers, all requiring vast amounts of high-density connectivity solutions.
Smart Cities & IoT: The development of smart city projects and the increasing adoption of Internet of Things (IoT) devices will require robust, interconnected, and scalable network infrastructure.
Enterprise Digital Transformation: Enterprises upgrading their internal networks to support higher bandwidth applications, cloud adoption, and digital workplace initiatives will continue to drive demand for structured cabling and networking solutions.
Risks
Reliance on Telecom Operator CAPEX: The company's financial performance is significantly influenced by the capital expenditure cycles and investment decisions of major telecom service providers, which can be volatile.
Intense Competition & Pricing Pressure: The market is highly competitive with numerous domestic and international players, leading to potential pricing pressures and challenges in maintaining profit margins.
Technological Obsolescence: Rapid advancements in networking and communication technologies necessitate continuous R&D and product innovation to avoid obsolescence, requiring significant investment.
Supply Chain Disruptions: Dependency on global supply chains for raw materials and components can expose the company to risks from geopolitical events, trade policies, or logistical disruptions.
Economic Downturns: A general slowdown in the economy can lead to reduced IT and telecom infrastructure spending by enterprises and service providers, impacting sales.
Currency Fluctuations: As some products or components may be imported, adverse movements in foreign exchange rates can impact cost of goods and profitability.
Management & Ownership
ADC India Communications Ltd. is a subsidiary of CommScope, Inc., a publicly traded global leader in network connectivity solutions headquartered in the United States. CommScope acts as the promoter and ultimate parent company, exercising strategic control, providing technological guidance, and overseeing operations. The management team at ADC India Communications consists of experienced professionals responsible for driving business operations and market strategy within the Indian context, aligned with CommScope's global vision. The ownership structure reflects its subsidiary status, with CommScope holding a majority stake.
Outlook
ADC India Communications is strategically positioned to benefit from India's ambitious digital infrastructure growth, fueled by strong tailwinds from 5G expansion, increasing FTTH penetration, and the booming data center market. Its access to CommScope's global technology and the established "Krone" brand legacy provide a competitive edge in delivering high-quality, reliable networking solutions. However, the company operates in a highly competitive landscape marked by significant pricing pressures and a dependency on the often-cyclical capital expenditure plans of major telecom operators. Sustaining growth and profitability will require continuous investment in product innovation, efficient supply chain management, and maintaining robust customer relationships amidst rapidly evolving technological demands and market dynamics.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 42 | 44 | 49 | 51 | 42 | 46 | 45 | 46 | 48 | 61 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 |
| Total Income | 43 | 45 | 50 | 52 | 43 | 47 | 46 | 47 | 50 | 62 |
| Total Expenditure | 34 | 35 | 40 | 40 | 35 | 43 | 39 | 41 | 42 | 57 |
| Operating Profit | 9 | 9 | 9 | 12 | 8 | 4 | 7 | 5 | 8 | 5 |
| Interest | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 9 | 9 | 9 | 12 | 8 | 4 | 7 | 5 | 8 | 5 |
| Provision for Tax | 2 | 2 | 2 | 3 | 2 | 1 | 2 | 1 | 2 | 1 |
| Profit After Tax | 6 | 7 | 7 | 9 | 6 | 3 | 5 | 4 | 6 | 4 |
| Adjustments | -0 | -0 | 0 | 0 | 0 | -0 | 0 | -0 | 0 | 0 |
| Profit After Adjustments | 6 | 7 | 7 | 9 | 6 | 3 | 5 | 4 | 6 | 4 |
| Adjusted Earnings Per Share | 13.9 | 15.1 | 15.1 | 19 | 12.7 | 6.4 | 10.8 | 9.4 | 13.3 | 7.6 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 58 | 58 | 60 | 65 | 86 | 78 | 60 | 121 | 143 | 179 | 187 | 200 |
| Other Income | 5 | 3 | 3 | 3 | 3 | 1 | 1 | 1 | 1 | 10 | 4 | 5 |
| Total Income | 62 | 61 | 62 | 68 | 89 | 80 | 61 | 122 | 144 | 188 | 191 | 205 |
| Total Expenditure | 55 | 55 | 56 | 62 | 80 | 73 | 55 | 110 | 133 | 160 | 158 | 179 |
| Operating Profit | 8 | 6 | 7 | 6 | 9 | 6 | 6 | 12 | 11 | 28 | 33 | 25 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 7 | 6 | 6 | 6 | 9 | 5 | 5 | 11 | 11 | 28 | 33 | 25 |
| Provision for Tax | 2 | 1 | 2 | 2 | 3 | 1 | 2 | 3 | 3 | 7 | 8 | 6 |
| Profit After Tax | 5 | 5 | 4 | 4 | 6 | 4 | 4 | 8 | 8 | 21 | 24 | 19 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 5 | 5 | 4 | 4 | 6 | 4 | 4 | 8 | 8 | 21 | 24 | 19 |
| Adjusted Earnings Per Share | 10.8 | 11.3 | 8.4 | 7.7 | 12.7 | 8.3 | 7.9 | 18.4 | 17.8 | 45 | 53.2 | 41.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 4% | 16% | 19% | 12% |
| Operating Profit CAGR | 18% | 40% | 41% | 15% |
| PAT CAGR | 14% | 44% | 43% | 17% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 141% | 49% | 54% | 27% |
| ROE Average | 35% | 28% | 22% | 16% |
| ROCE Average | 47% | 38% | 30% | 22% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 37 | 40 | 44 | 46 | 39 | 40 | 43 | 50 | 52 | 71 | 70 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 1 | 1 | 36 | 19 | 21 | 13 | 13 | 15 | 7 | 14 | 22 |
| Total Current Liabilities | 26 | 19 | 15 | 15 | 20 | 14 | 23 | 27 | 30 | 32 | 44 |
| Total Liabilities | 64 | 60 | 95 | 80 | 79 | 67 | 79 | 93 | 89 | 117 | 136 |
| Fixed Assets | 4 | 4 | 1 | 1 | 1 | 1 | 3 | 3 | 3 | 3 | 3 |
| Other Non-Current Assets | 3 | 4 | 43 | 26 | 28 | 20 | 17 | 18 | 12 | 18 | 26 |
| Total Current Assets | 57 | 52 | 52 | 54 | 50 | 46 | 59 | 71 | 74 | 97 | 107 |
| Total Assets | 64 | 60 | 95 | 80 | 79 | 67 | 79 | 93 | 89 | 117 | 136 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 30 | 36 | 26 | 30 | 30 | 23 | 24 | 28 | 36 | 26 | 45 |
| Cash Flow from Operating Activities | 7 | 3 | 3 | 0 | 5 | 3 | 5 | 8 | -4 | 19 | 26 |
| Cash Flow from Investing Activities | 2 | 2 | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Cash Flow from Financing Activities | -4 | -14 | -1 | -2 | -13 | -3 | -1 | -1 | -6 | -2 | -25 |
| Net Cash Inflow / Outflow | 5 | -9 | 3 | 0 | -7 | 1 | 4 | 7 | -10 | 19 | 3 |
| Closing Cash & Cash Equivalent | 36 | 26 | 30 | 30 | 23 | 24 | 28 | 36 | 26 | 45 | 48 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 10.82 | 11.34 | 8.44 | 7.69 | 12.75 | 8.26 | 7.88 | 18.44 | 17.77 | 44.97 | 53.17 |
| CEPS(Rs) | 12.02 | 12.08 | 9.01 | 8.32 | 13.45 | 10.37 | 8.99 | 19.11 | 18.23 | 45.43 | 53.64 |
| DPS(Rs) | 30 | 2.5 | 3 | 4 | 24 | 2 | 2.5 | 14 | 4 | 30 | 30 |
| Book NAV/Share(Rs) | 79.58 | 87.91 | 96.32 | 100.26 | 84.14 | 87.34 | 93.2 | 109.21 | 112.99 | 154.03 | 152.12 |
| Core EBITDA Margin(%) | 5.47 | 5.66 | 5.89 | 4.77 | 6.94 | 6.21 | 8.08 | 8.76 | 6.92 | 9.9 | 15.21 |
| EBIT Margin(%) | 12.11 | 9.72 | 10.26 | 8.96 | 10.14 | 6.75 | 8.8 | 9.43 | 7.52 | 15.05 | 17.08 |
| Pre Tax Margin(%) | 11.92 | 9.69 | 10.26 | 8.96 | 10.14 | 6.67 | 8.75 | 9.42 | 7.46 | 15.04 | 17.07 |
| PAT Margin (%) | 8.29 | 8.65 | 6.29 | 5.4 | 6.85 | 4.86 | 6.05 | 7.03 | 5.52 | 11.21 | 12.74 |
| Cash Profit Margin (%) | 9.21 | 9.22 | 6.71 | 5.85 | 7.23 | 6.11 | 6.91 | 7.28 | 5.66 | 11.33 | 12.85 |
| ROA(%) | 7.9 | 8.44 | 5 | 4.04 | 7.39 | 5.2 | 4.95 | 9.88 | 9.02 | 20.12 | 19.35 |
| ROE(%) | 11.72 | 13.54 | 9.16 | 7.82 | 13.82 | 9.63 | 8.73 | 18.22 | 16 | 33.68 | 34.73 |
| ROCE(%) | 17.12 | 15.23 | 14.95 | 12.97 | 20.46 | 13.37 | 12.69 | 24.45 | 21.79 | 45.22 | 46.57 |
| Receivable days | 69.8 | 69.86 | 66.88 | 67.06 | 58.03 | 65.57 | 94.57 | 57.45 | 49.25 | 47.38 | 56.06 |
| Inventory Days | 43.76 | 31.94 | 35.08 | 42.99 | 36.35 | 38.07 | 58.68 | 35.36 | 42.76 | 43.94 | 36.48 |
| Payable days | 87.99 | 84.07 | 87.85 | 83.56 | 70.95 | 82.34 | 136.67 | 84.11 | 76.46 | 73.43 | 74.95 |
| PER(x) | 28.97 | 21.76 | 30.87 | 25.98 | 17.81 | 14.16 | 26.3 | 16.48 | 32.75 | 19.67 | 26.08 |
| Price/Book(x) | 3.94 | 2.81 | 2.71 | 1.99 | 2.7 | 1.34 | 2.22 | 2.78 | 5.15 | 5.74 | 9.12 |
| Dividend Yield(%) | 9.57 | 1.01 | 1.15 | 2 | 10.57 | 1.71 | 1.21 | 4.61 | 0.69 | 3.39 | 2.16 |
| EV/Net Sales(x) | 1.88 | 1.5 | 1.52 | 0.96 | 0.95 | 0.39 | 1.12 | 0.86 | 1.69 | 2.02 | 3.09 |
| EV/Core EBITDA(x) | 13.89 | 14.03 | 13.69 | 10.08 | 9.08 | 4.83 | 11.63 | 8.92 | 21.33 | 12.93 | 17.53 |
| Net Sales Growth(%) | 19.18 | 0.66 | 2.29 | 8.79 | 32.22 | -8.75 | -23.38 | 101.66 | 18.39 | 25.07 | 4.68 |
| EBIT Growth(%) | 95.2 | -19.29 | 8.01 | -7.41 | 47.95 | -39.25 | -0.07 | 116.07 | -2.16 | 149.4 | 18.06 |
| PAT Growth(%) | 50.16 | 4.82 | -25.58 | -8.9 | 65.77 | -35.23 | -4.57 | 134.08 | -3.63 | 153.03 | 18.24 |
| EPS Growth(%) | 50.16 | 4.82 | -25.58 | -8.9 | 65.77 | -35.23 | -4.57 | 134.08 | -3.63 | 153.03 | 18.24 |
| Debt/Equity(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Current Ratio(x) | 2.16 | 2.74 | 3.44 | 3.59 | 2.53 | 3.22 | 2.53 | 2.59 | 2.46 | 2.98 | 2.45 |
| Quick Ratio(x) | 1.96 | 2.47 | 3 | 3.01 | 2.11 | 2.66 | 2.05 | 2.15 | 1.7 | 2.3 | 2.07 |
| Interest Cover(x) | 66.49 | 273.73 | 0 | 0 | 0 | 91.84 | 169.39 | 795.97 | 127.71 | 1024.86 | 1801.55 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.35 | 0.11 | 0.11 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 |
| Public | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.63 | 27.86 | 27.86 | 27.83 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +4% | +16% | +19% | +12% |
| Operating Profit CAGR | +18% | +40% | +41% | +15% |
| PAT CAGR | +14% | +44% | +43% | +17% |
| Share Price CAGR | +141% | +49% | +54% | +27% |
| ROE Average | +35% | +28% | +22% | +16% |
| ROCE Average | +47% | +38% | +30% | +22% |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 | 72.02 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0.35 | 0.11 | 0.11 | 0.11 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.04 |
| Public | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 | 27.98 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 | 0.46 |
* The pros and cons are machine generated.
Our experts help you choose the right stocks based on performance, risk, and growth potential.
Looking to buy unlisted shares or need guidance on the investment process? Our expert Private Equity Advisors are here to assist you with accurate information, real-time pricing, and seamless execution.
Want to sell unlisted shares, liquidate your ESOPs, or understand the step-by-step process of liquidation? Connect with our Buying Team for smooth coordination, quick evaluations, and end-to-end support.
Planning to build or grow your portfolio? For Mutual Fund investments, PMS solutions, tailored portfolio creation, and overall wealth management, our dedicated Wealth Team is ready to guide you.