Aditya Infotech Limited Q2 FY26 Concall Decoded:Revenue +38%, PAT +239%, and STQC chaos just crowned CP PLUS king of Indian CCTV
1. Opening Hook
While Chinese CCTV brands were busy refreshing their certification dashboards, CP PLUS quietly walked into their market and rearranged the furniture. 📷 Q2 FY26 wasn’t just strong—it was borderline rude. Revenues jumped 37.5%, EBITDA exploded 157%, and profits didn’t just grow, they sprinted.
STQC norms were supposed to “disrupt the industry.” They did—just not the way competitors hoped. Aditya Infotech turned regulation into a moat, IP cameras into a cash machine, and localization into a margin lever.
The kicker? Management isn’t done. New brands, backward integration, Indian-designed chips, and price hikes waiting in the wings.
Read on. This concall starts confident and ends almost smug—and for once, the numbers back it up.
2. At a Glance
Revenue ₹920 cr: Growth didn’t slow post-STQC; it accelerated.
EBITDA ₹111 cr: Up 157%—operating leverage finally showed teeth.
EBITDA margin 12%: From “electronics assembler” to brand-led margins.
PAT ₹70 cr: Profits said “after you” to revenue.
CP PLUS mix 86%: Brand power now drives the P&L.
IP cameras ~70%: Analog officially demoted to legacy status.
3. Management’s Key Commentary
“Q1 was adjustment, Q2 normalized.” (Translation: Others panicked, we prepared.) 😏
“We have the largest STQC-certified portfolio.” (Translation: Certification queues were our competitive advantage.)
“Capacity is now 1.8 million units per month.” (Translation: Demand is real, not PowerPoint.)
“We will manufacture 9 million IP cameras with L&T Semiconductor.” (Translation: Indian chips, finally entering surveillance.) 🇮🇳
“Price hikes likely from January.” (Translation: Margin expansion sequel loading.)
“CP PLUS market share was 31.4% in Q1 and rising.” (Translation: Leaders gain share when rules tighten.) 😎
