Aditya Infotech Ltd (AIL), the proud parent of CP PLUS, is basically India’s CCTV chaprasi turned market kingpin. From spying on Delhi Police stations to watching your neighbour’s dog pee on your gate, they control 20.8% of India’s surveillance market. With ₹3,112 Cr sales in FY25, ₹150 Cr PAT, and fresh IPO money (₹1,300 Cr) stuffed in their locker, they’ve gone from “camera shop” vibes to “Bigg Boss house control room” scale.
But before you say “wah, kya stock hai”, remember this: P/E 95x. That’s not valuation, that’s extortion.
2. Introduction
Imagine an India without CCTV cameras. Politicians could sneak into resorts without proof, cops would need actual witnesses, and your society guard would still write “car entered: black” in his notebook. Enter Aditya Infotech — the surveillance overlord of Bharat.
From Kadapa (Andhra Pradesh) they run one of the world’s largest CCTV factories (17.2M units/year). And they don’t just make hardware — they do AI-IoT jugaad: facial recognition, intrusion detection, cloud video storage, biometric scanners, and even smart routers. Basically, Bigg Boss ka eye but in HD.
Distribution? 1,000+ distributors, 2,100+ system integrators, 550 cities. Retail stores? 69 Galaxy outlets and 5 CP PLUS “World” showrooms (because why should Apple have all the fancy stores?). Customers range from Delhi schools to Madhya Pradesh Police to your local Gaursons housing project.
Now IPO done, ₹1,300 Cr raised. ₹500 Cr for debt repayment, rest for “general purposes” (read: chai, samosas, and expansion). The stock hit the market like Virat Kohli in a T20 — already trading at P/E 95x, leaving retail investors like: “bhai, ye camera ka business hai ya OpenAI ka?”
3. Business Model (WTF Do They Even Do?)
In one line: They sell you cameras, then sell you the service to watch what the camera recorded. Genius.
Hardware: CP PLUS cameras, DVRs, NVRs, biometric devices, access controls, routers, structured wiring. 2,986 SKUs (basically, one for every CCTV fantasy you ever had).
AI & IoT: OnVigil (centralised surveillance), edge AI boxes, facial recognition, intrusion detection. Basically: “Smile, you’re being analysed.”
Dahua tie-up: Exclusive distributor of Dahua products in India.
Retail: CP PLUS Galaxy & World stores — showroom for surveillance nerds.
Revenue mix: 69% CP PLUS, 24.5% Dahua, 6.5% others. Distribution channels still king (80% of sales).
4. Financials Overview (Q1 FY26 vs YoY & QoQ)
Source table
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue (₹ Cr)
740
636
977
16.4%
-24.2%
EBITDA (₹ Cr)
61
44
98
38.6%
-37.8%
PAT (₹ Cr)
32.9
22.5
55
46.1%
-40.2%
EPS (₹)
2.99
2.20
5.01
36.0%
-40.3%
Commentary: YoY growth superb, PAT +46%. QoQ, numbers fell off a cliff (24% revenue drop, 40% PAT drop) — seasonality + post-IPO hangover. EPS annualised = ~₹12. P/E = 100x. Market treating it like AI startup, not CCTV company.
