1. At a Glance
A ₹1,300 Cr IPO where ₹500 Cr is fresh juice and ₹800 Cr is promoters taking some chips off the table. Price band: ₹640–₹675. Lot size: 22 shares (₹14,080 min). Retail quota is a measly 10%—blink and you’ll miss it. Listing scheduled for August 5, 2025.
2. Introduction with Hook
Imagine Big Brother going public. Aditya Infotech, the CP Plus maker, is everywhere—your home cameras, office security, maybe even watching you read this. With revenue up 12% YoY and PAT skyrocketing 205%, they think they deserve a rich P/E of 22x. Do investors see value, or is this just FOMO in HD?
3. Business Model (WTF Do They Even Do?)
- Core: Manufactures and sells security & surveillance gear under CP Plus.
- Products: From smart WiFi cams to AI heat-mapping monsters.
- Clients: Residential, commercial, government.
- Distribution: 1,000+ distributors, 2,100 integrators, 41 offices.
- USP: Virtual monopoly in India’s security camera bazaar.
4. Financials Overview
- Revenue FY25: ₹3,123 Cr (↑12%)
- PAT FY25: ₹351 Cr (↑205%)
- Assets: ₹3,175 Cr; Borrowings: ₹413 Cr
- ROE: 34.5% (insane)
Verdict: Growth story with juicy returns, low debt, and PAT margins at 11%.
5. Valuation
- Market Cap: ₹7,912 Cr
- P/E: 22.5x (post-issue)
- P/B: 7.06x
Peers? Hikvision (global) is cheaper on P/E. Indian comps? Nobody close in scale, so they’re pricing in their monopoly dreams.
6. What-If Scenarios
- Bull: Surveillance demand explodes, margins stay fat, and stock hits new highs.
- Bear: Price war with Chinese rivals or tech disruption—stock tumbles.
- Base: Stable growth, modest listing gains, slow re-rating.
7. What’s Cooking (SWOT Analysis)
Strengths:
- Dominant market leader with CP Plus brand
- Strong distribution and R&D muscle
Weaknesses:
- High P/B ratio, stretched valuation
- Heavy reliance on Indian market
Opportunities:
- Global exports, smart home boom
- AI-based security surge
Threats:
- Chinese imports, rapid tech shifts, data privacy regulations
8. Balance Sheet 💰
| FY25 | FY24 |
|---|---|
| Assets ₹3,175 Cr | ₹1,644 Cr |
| Net Worth ₹1,018 Cr | ₹424 Cr |
| Borrowings ₹413 Cr | ₹405 Cr |
| Debt-to-equity? A chill 0.41x. Clean. |
9. Cash Flow (FY23–FY25)
| Year | Operating | Investing | Financing |
|---|---|---|---|
| FY25 | Positive | Negative (capex, R&D) | Neutral |
| Cash flow behaves like a disciplined gym rat—strong, predictable. |
10. Ratios – Sexy or Stressy?
| Ratio | FY25 |
|---|---|
| ROE | 34.5% |
| ROCE | 33.3% |
| PAT Margin | 11.2% |
| D/E | 0.41 |
| Verdict: Ratios so hot they need their own CCTV. |
11. P&L Breakdown
| Year | Revenue | EBITDA | PAT |
|---|---|---|---|
| FY23 | ₹2,296 Cr | ₹181 Cr | ₹108 Cr |
| FY24 | ₹2,796 Cr | ₹236 Cr | ₹115 Cr |
| FY25 | ₹3,123 Cr | ₹258 Cr | ₹351 Cr |
| Topline rising, bottom line flying. |
12. Peer Comparison
| Company | Revenue | P/E | ROE |
|---|---|---|---|
| Aditya Infotech | ₹3,123 Cr | 22.5x | 34.5% |
| CP Plus (Global) | N/A | ~18x | 25% |
| Hikvision (China) | Global leader | ~16x | 22% |
| Peer verdict: Priciest player, but brand monopoly justifies some of it. |
13. EduInvesting Verdict™
Aditya Infotech IPO is Big Brother meets Dalal Street. Stellar financials, killer ROE, and monopoly vibes make it tempting. But retail allocation is low, and pricing is aggressive.
Conclusion: IPO flippers may win big; long-termers need to believe India’s CCTV obsession is just starting. Keep your eyes wide open.
Written by EduInvesting Team | 27 July 2025
Tags: Aditya Infotech, CP Plus, ₹1,300 Cr IPO, Security Surveillance, EduInvesting Premium
