1. At a Glance
Aditya Infotech (CP PLUS) just listed in August 2025 and is already trading at aP/E of 82.4, which is Wall Street startup territory. It dominates India’s video surveillance market with20.8% share, ships nearly13 million cameras a year, and has the third-largest CCTV manufacturing facility in the world. With ₹3,112 Cr FY25 revenue, ₹150 Cr PAT, and big capex plans, it’s positioned as the godfather of Indian security cameras. But investors are paying up like it’s the last CCTV before the apocalypse.
2. Introduction
If you’ve walked into a school, mall, or office in India and felt the unblinking eye of a black dome in the ceiling — chances are it’s anAditya Infotech CP PLUScamera watching you. The company is India’s largest video surveillance hardware brand, outmuscling competitors in bothenterprise security contractsandretail DIY installations.
It doesn’t just sell boxes with lenses — it’s built an ecosystem:
- Hardware: HD/IP cameras, DVRs/NVRs, biometric scanners, thermal imagers.
- Software: AI-powered analytics, cloud-based monitoring, attendance & access systems.
- Services: Field maintenance, large project integration, Security-as-a-Service.
Its distribution footprint is monstrous: 1,012 distributors, 2,178 system integrators, and retail presence from Tier I metros to Tier III towns. The Kadapa plant (Andhra Pradesh) can crank out17.2 million units a year— running at 77% utilization in FY25.
3. Business Model (WTF Do They Even Do?)
Core Revenue Streams:
- CP PLUS brand (69%)– Flagship surveillance hardware & software.
- Dahua (24.5%)– Exclusive India distributor.
- Others (6.5%)– Accessories, networking gear, etc.
Channel Mix:
- Distributors: 79.5%
- System Integration Projects: 16%
- Online/Retail: 4.5%
Tech Layer:
- AI-IoT devices (OnVigil
- platform, facial recognition, intrusion detection)
- Cloud management
- Sector-specific software for law enforcement, education, and real estate
End Clients:
- Government: Delhi Govt Schools, MP Police, Delhi Police
- Private: Gaursons India, Bright Computers
- Served3,072 customers in FY24(up from 2,814 in FY23)
4. Financials Overview
| Metric | FY25 | FY24 | YoY % |
|---|---|---|---|
| Revenue (₹ Cr) | 3,112 | 2,782 | 11.8% |
| EBITDA (₹ Cr) | 248 | 223 | 11.2% |
| PAT (₹ Cr) | 150 | 115 | 30.4% |
| EPS (₹) | 32.0 | 561.8* | – |
| OPM % | 7.96% | 8.0% | Flat |
*Pre-IPO share base change skews EPS comparability.
Commentary:Growth is steady but not explosive; PAT margin <8% suggests competitive pricing. The big FY25 “other income” of ₹259 Cr makes earnings look better than operational reality.
5. Valuation (Fair Value RANGE only)
Method 1: P/E
- FY25 EPS: ₹32.0
- Reasonable sector P/E: 30–40 (vs current 82.4)
- FV = ₹960 – ₹1,280
Method 2: EV/EBITDA
- FY25 EBITDA: ₹248 Cr
- EV/EBITDA peer range: 20–25
- FV EV = ₹4,960 – ₹6,200 Cr → Per share: ₹424 – ₹530
Method 3: DCF (simplified)
- Growth: 15% for 5 years, WACC 11%, terminal growth 4%
- FV ≈ ₹900 – ₹1,200
Fair Value
