Trading · Founded 1995 · www.adityagroup.com · BSE 544466 · NSE CPPLUS · ISIN INE819V01029
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Business
Aditya Infotech Ltd. operates primarily as a manufacturer and distributor of electronic security and surveillance products under its flagship brand, CP PLUS. The company's core business model involves designing, developing, and manufacturing (often through outsourced facilities or strategic partnerships) a comprehensive range of security solutions. These include CCTV cameras (IP and Analog), digital video recorders (DVRs), network video recorders (NVRs), video door phones, access control systems, and related accessories. The company generates revenue through the sale of these products to a diverse customer base, spanning enterprises, government organizations, small and medium businesses, and residential users, leveraging an extensive distribution and dealer network across India.
Revenue Mix
While specific revenue segmentation is not publicly disclosed, the company's primary revenue streams are predominantly from:
Security Surveillance Products: This forms the largest portion, encompassing the sales of CCTV cameras, DVRs, NVRs, and associated hardware.
Integrated Security Solutions: Offering complete systems that may include software, analytics, and broader security infrastructure.
Other Electronic Security Products: Sales of video door phones, alarm systems, access control solutions, and various security accessories.
The overwhelming majority of revenue is concentrated in the security surveillance product category.
Industry
Aditya Infotech Ltd. operates in the highly competitive and technology-driven electronic security and surveillance industry in India. This industry is characterized by robust growth, fueled by rising security concerns, government infrastructure projects (e.g., Smart Cities), and rapid technological advancements. CP PLUS is positioned as one of the leading and most recognized brands in the Indian security surveillance market. It competes with global giants like Hikvision and Dahua, as well as various domestic players. The company typically targets the mass and mid-market segments, differentiated by its strong domestic brand recall, extensive distribution reach, and a broad product portfolio catering to diverse price points.
MOAT
Brand Recognition: CP PLUS has cultivated strong brand equity and trust within the Indian market through consistent marketing and widespread presence, fostering customer loyalty and reducing new customer acquisition costs.
Extensive Distribution Network: The company possesses a vast and deep network of distributors, dealers, and system integrators across India, ensuring broad market reach, efficient product delivery, and localized after-sales support. This network acts as a significant barrier to entry for competitors.
Product Breadth and Price Competitiveness: CP PLUS offers a comprehensive range of products catering to various customer needs and budget points, from entry-level to advanced solutions, often at competitive prices, making it a preferred choice for a wide demographic.
Local Market Understanding: As an Indian company, it benefits from a nuanced understanding of local market demands, consumer preferences, and regulatory environments, enabling tailored product development and marketing strategies.
Growth Drivers
Increasing Security Concerns: Persistent threats and a growing emphasis on safety in residential, commercial, and public spaces will continue to drive demand for surveillance systems.
Government Initiatives: "Smart Cities" projects, public safety programs, and infrastructure upgrades by the government are significant catalysts for large-scale security deployments.
Technological Advancements: Integration of AI, IoT, cloud computing, advanced analytics, and facial recognition into surveillance systems will create new product cycles and drive upgrades.
Expanding Commercial and Residential Sectors: Growth in real estate, retail, hospitality, and corporate infrastructure will directly translate into higher demand for security solutions.
Export Market Expansion: Potential to leverage its competitive product portfolio and cost structure to expand into other emerging markets globally.
Risks
Intense Competition: The market is highly fragmented with numerous domestic and international players, leading to price wars and potential pressure on profit margins.
Rapid Technological Obsolescence: The fast pace of innovation in electronics means products can quickly become outdated, necessitating continuous R&D investment and careful inventory management.
Supply Chain Dependence: Reliance on global supply chains for components, particularly from regions like China, exposes the company to risks from trade disputes, tariffs, and logistical disruptions.
Economic Downturn: Security products can be discretionary purchases for certain customer segments; an economic slowdown could dampen consumer and business spending.
Data Privacy and Cybersecurity: Increasing sophistication of surveillance systems raises concerns about data privacy, potential cybersecurity breaches, and misuse of surveillance data, which could lead to stricter regulations or reputational damage.
Management & Ownership
Aditya Infotech Ltd. is part of the Aditya Group, founded by Mr. Rajesh Bansal. The company is privately held, with ownership primarily concentrated within the promoter family. The management team comprises experienced professionals from the electronics and security industry. While specific public details on individual management performance are limited for a private entity, the sustained market leadership and growth of the CP PLUS brand reflect a capable and strategic leadership team.
Outlook
Aditya Infotech Ltd., through its CP PLUS brand, is strategically positioned to capitalize on the robust and growing demand for security and surveillance solutions in India. The underlying drivers of urbanization, heightened security awareness, and extensive government initiatives provide a strong tailwind. Its significant brand recognition and deep-rooted distribution network offer a solid foundation for continued market penetration and expansion, particularly within the mass and mid-market segments. However, the company operates within a highly dynamic and intensely competitive industry. Sustained success will hinge on its ability to continuously innovate, effectively manage complex global supply chains, navigate aggressive pricing strategies from competitors, and swiftly adapt to evolving technological paradigms and regulatory frameworks. The judicious balance between leveraging its market leadership and making strategic investments in R&D and future-proofing will be critical for its long-term trajectory.
Price goes above X
Price falls below X
PE goes above X
PE falls below X
| #(Fig in Cr.) | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 636 | 669 | 830 | 977 | 740 | 920 | 1139 | 1422 |
| Other Income | 3 | 4 | 4 | 0 | 4 | 3 | 5 | 2 |
| Total Income | 639 | 673 | 833 | 978 | 744 | 922 | 1144 | 1424 |
| Total Expenditure | 595 | 630 | 760 | 879 | 679 | 811 | 999 | 1165 |
| Operating Profit | 44 | 43 | 73 | 98 | 65 | 111 | 145 | 258 |
| Interest | 9 | 10 | 11 | 12 | 11 | 7 | 5 | 8 |
| Depreciation | 4 | 6 | 9 | 12 | 10 | 11 | 12 | 23 |
| Exceptional Income / Expenses | 0 | 249 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 30 | 277 | 53 | 74 | 44 | 94 | 127 | 228 |
| Provision for Tax | 8 | 43 | 13 | 19 | 11 | 24 | 31 | 59 |
| Profit After Tax | 23 | 234 | 40 | 55 | 33 | 70 | 96 | 169 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 23 | 234 | 40 | 55 | 33 | 70 | 96 | 169 |
| Adjusted Earnings Per Share | 2.2 | 21.3 | 3.7 | 5 | 3 | 6 | 8.2 | 14.4 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 944 | 1196 | 1445 | 1238 | 1149 | 1646 | 2285 | 2782 | 3112 | 4221 |
| Other Income | 7 | 11 | 5 | 5 | 12 | 15 | 11 | 14 | 11 | 14 |
| Total Income | 951 | 1207 | 1450 | 1243 | 1161 | 1662 | 2296 | 2796 | 3123 | 4234 |
| Total Expenditure | 898 | 1114 | 1371 | 1181 | 1093 | 1513 | 2124 | 2559 | 2865 | 3654 |
| Operating Profit | 53 | 94 | 79 | 62 | 68 | 148 | 172 | 236 | 258 | 579 |
| Interest | 18 | 21 | 30 | 37 | 26 | 20 | 23 | 31 | 42 | 31 |
| Depreciation | 2 | 2 | 4 | 5 | 6 | 8 | 9 | 16 | 31 | 56 |
| Exceptional Income / Expenses | -2 | -3 | -0 | 0 | 0 | 0 | -6 | -25 | 249 | 0 |
| Profit Before Tax | 31 | 67 | 44 | 21 | 39 | 129 | 143 | 165 | 434 | 493 |
| Provision for Tax | 13 | 25 | 23 | 3 | 10 | 32 | 35 | 49 | 83 | 125 |
| Profit After Tax | 18 | 42 | 21 | 17 | 29 | 97 | 108 | 115 | 351 | 368 |
| Adjustments | 0 | -0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 18 | 42 | 22 | 17 | 29 | 97 | 108 | 115 | 351 | 368 |
| Adjusted Earnings Per Share | 1.5 | 3.3 | 1.7 | 1.4 | 2.3 | 7.8 | 10.6 | 11.2 | 32 | 31.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 12% | 24% | 20% | 0% |
| Operating Profit CAGR | 9% | 20% | 33% | 0% |
| PAT CAGR | 205% | 54% | 83% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | NA% | NA% | NA% | NA% |
| ROE Average | 49% | 39% | 35% | 29% |
| ROCE Average | 41% | 31% | 30% | 26% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 86 | 128 | 148 | 164 | 192 | 287 | 312 | 424 | 1018 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 13 | 26 | 35 | 26 | 14 | 49 | 43 | 28 | 15 |
| Other Non-Current Liabilities | 0 | 1 | -0 | 2 | -1 | 4 | 10 | 19 | 30 |
| Total Current Liabilities | 360 | 510 | 717 | 579 | 490 | 868 | 1337 | 1165 | 2093 |
| Total Liabilities | 460 | 665 | 900 | 772 | 695 | 1208 | 1702 | 1636 | 3156 |
| Fixed Assets | 20 | 25 | 68 | 65 | 55 | 54 | 64 | 70 | 739 |
| Other Non-Current Assets | 9 | 14 | 6 | 9 | 22 | 49 | 60 | 33 | 61 |
| Total Current Assets | 431 | 626 | 826 | 697 | 618 | 1105 | 1578 | 1533 | 2356 |
| Total Assets | 460 | 665 | 900 | 772 | 695 | 1208 | 1702 | 1636 | 3156 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 27 | 28 | 26 | 58 | 8 | 130 | 105 | 148 | 39 |
| Cash Flow from Operating Activities | 40 | -40 | -30 | 80 | 262 | 44 | 56 | -180 | 27 |
| Cash Flow from Investing Activities | -4 | -10 | -39 | -24 | 4 | -89 | -122 | 116 | -1 |
| Cash Flow from Financing Activities | -36 | 48 | 101 | -76 | -144 | 20 | 109 | -44 | -19 |
| Net Cash Inflow / Outflow | 0 | -2 | 32 | -20 | 122 | -25 | 43 | -108 | 7 |
| Closing Cash & Cash Equivalent | 28 | 26 | 58 | 37 | 130 | 105 | 148 | 39 | 136 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.46 | 3.35 | 1.74 | 1.39 | 2.35 | 7.75 | 10.57 | 11.24 | 32 |
| CEPS(Rs) | 1.62 | 3.55 | 2.02 | 1.79 | 2.81 | 8.36 | 11.43 | 12.77 | 34.83 |
| DPS(Rs) | 0.04 | 0.04 | 0.04 | 0 | 0.08 | 0.08 | 0.33 | 0.35 | 1.64 |
| Book NAV/Share(Rs) | 6.91 | 10.25 | 11.84 | 13.12 | 15.34 | 22.96 | 30.4 | 41.39 | 91.6 |
| Core EBITDA Margin(%) | 4.87 | 6.87 | 5.14 | 4.6 | 4.63 | 7.26 | 6.45 | 7.32 | 6.86 |
| EBIT Margin(%) | 5.13 | 7.36 | 5.17 | 4.61 | 5.45 | 8.18 | 6.68 | 6.42 | 13.2 |
| Pre Tax Margin(%) | 3.27 | 5.6 | 3.06 | 1.66 | 3.26 | 7.07 | 5.75 | 5.41 | 12.04 |
| PAT Margin (%) | 1.89 | 3.52 | 1.45 | 1.4 | 2.42 | 5.3 | 4.35 | 3.78 | 9.74 |
| Cash Profit Margin (%) | 2.14 | 3.71 | 1.74 | 1.8 | 2.9 | 5.71 | 4.7 | 4.3 | 10.61 |
| ROA(%) | 3.88 | 7.48 | 2.67 | 2.08 | 4 | 10.19 | 7.44 | 6.9 | 14.66 |
| ROE(%) | 20.64 | 39.24 | 15.14 | 11.13 | 16.49 | 40.5 | 36.19 | 31.31 | 49.14 |
| ROCE(%) | 21.91 | 31.96 | 18.41 | 12.49 | 17.09 | 36.72 | 27.78 | 25.22 | 41.16 |
| Receivable days | 76.77 | 76.71 | 74.96 | 91.45 | 107.15 | 90.19 | 83.53 | 80.85 | 89.74 |
| Inventory Days | 68.72 | 62.76 | 77.13 | 92.66 | 48.54 | 37.2 | 59.63 | 61.14 | 69.82 |
| Payable days | 96.74 | 96.19 | 101.4 | 128.6 | 117.03 | 132 | 151.27 | 121.23 | 145.18 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.12 | 0.15 | 0.19 | 0.19 | -0 | -0.01 | 0.02 | 0.12 | 0.09 |
| EV/Core EBITDA(x) | 2.06 | 1.91 | 3.52 | 3.8 | -0.03 | -0.06 | 0.23 | 1.42 | 1.14 |
| Net Sales Growth(%) | 0 | 26.7 | 20.87 | -14.33 | -7.2 | 43.28 | 38.78 | 21.79 | 11.84 |
| EBIT Growth(%) | 0 | 81.95 | -15.17 | -23.6 | 15.52 | 127.18 | 11.14 | 17.5 | 143.39 |
| PAT Growth(%) | 0 | 136 | -50.32 | -16.92 | 68.89 | 230.51 | 11.74 | 6.33 | 205.08 |
| EPS Growth(%) | 0 | 128.66 | -47.96 | -19.91 | 68.27 | 230.51 | 36.27 | 6.33 | 184.77 |
| Debt/Equity(x) | 1.56 | 1.58 | 2.25 | 1.64 | 0.77 | 0.66 | 1.31 | 0.96 | 0.46 |
| Current Ratio(x) | 1.2 | 1.23 | 1.15 | 1.2 | 1.26 | 1.27 | 1.18 | 1.32 | 1.13 |
| Quick Ratio(x) | 0.7 | 0.77 | 0.63 | 0.77 | 1.12 | 0.92 | 0.8 | 0.95 | 0.76 |
| Interest Cover(x) | 2.76 | 4.18 | 2.46 | 1.56 | 2.49 | 7.35 | 7.17 | 6.33 | 11.38 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| # | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 77.12 | 77.12 | 77.12 | 76.91 | 74.74 |
| FII | 4.04 | 4.04 | 4.44 | 4.36 | 5.72 |
| DII | 7.42 | 7.42 | 10.06 | 10.2 | 14.75 |
| Public | 11.42 | 11.42 | 8.39 | 8.53 | 4.79 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 9.04 | 9.04 | 9.04 | 9.04 | 8.8 |
| FII | 0.47 | 0.47 | 0.52 | 0.51 | 0.67 |
| DII | 0.87 | 0.87 | 1.18 | 1.2 | 1.74 |
| Public | 1.34 | 1.34 | 0.98 | 1 | 0.56 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 11.72 | 11.72 | 11.72 | 11.75 | 11.78 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +12% | +24% | +20% | — |
| Operating Profit CAGR | +9% | +20% | +33% | — |
| PAT CAGR | +205% | +54% | +83% | — |
| Share Price CAGR | — | — | — | — |
| ROE Average | +49% | +39% | +35% | +29% |
| ROCE Average | +41% | +31% | +30% | +26% |
| # | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 77.12 | 77.12 | 77.12 | 76.91 | 74.74 |
| FII | 4.04 | 4.04 | 4.44 | 4.36 | 5.72 |
| DII | 7.42 | 7.42 | 10.06 | 10.2 | 14.75 |
| Public | 22.88 | 22.88 | 22.88 | 23.09 | 25.26 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 |
| # | Jun 2025 | Aug 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Promoter | 9.04 | 9.04 | 9.04 | 9.04 | 8.8 |
| FII | 0.47 | 0.47 | 0.52 | 0.51 | 0.67 |
| DII | 0.87 | 0.87 | 1.18 | 1.2 | 1.74 |
| Public | 2.68 | 2.68 | 2.68 | 2.71 | 2.98 |
| Others | 0 | 0 | 0 | 0 | 0 |
| Total | 11.72 | 11.72 | 11.72 | 11.75 | 11.78 |
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