Aditya Infotech Ltd Q1FY26 concall decoded: Security cameras, IPO cash & India’s ‘China Plus One’ play

Opening Hook
In a week where half the country was debating AI-generated political ads, Aditya Infotech (the CP PLUS guys) decided to remind us that actual surveillance cameras are still the OG AI. Listed just three weeks ago, they’re already flaunting a ₹1,300 crore IPO raise, 16% revenue growth, and debt falling faster than your Instagram attention span. With India mandating STQC-certified cameras (April 2025), Chinese imports are drying up faster than cheap sunscreen at a Goa shack. The company claims to be the largest non-Chinese surveillance player globally—but can CP PLUS guard its margins while scaling to 25% growth? Stay tuned, because this call had more plot twists than a Netflix crime docuseries.

At a Glance

• Revenue ₹740 cr (+16%) – security is a growth hack now
• EBITDA ₹65 cr (+48%) – margins finally learning karate
• PAT ₹33 cr (+46%) – bottom line spotted moving up the CCTV footage
• Debt cut 89% post-IPO – CFO flexing balance sheet yoga
• Guidance: 25% revenue growth FY26 – management smells blood in the Chinese slowdown

Management’s Key Commentary

1. “We are India’s largest surveillance manufacturer outside China.”
   Translation: Hikvision can cry, but we’re the new big brother.
2. “STQC mandate is a reset of the industry.”
   Translation: Government just handed us a cheat code.
3. “IPO reduced debt by 89%.”
   Translation: From “please call banker” to “please call investor.”
4. “Capacity: 1.5m units/month, scaling to 2.3m.”
   Translation: More cameras than Tinder profiles in Delhi.
5. “CP PLUS brand now 90%+ of revenue.”
   Translation: Bye-bye Dahua, hello margin multipliers.
6. “Exports are a China+1 opportunity.”
   Translation: Finally, India exporting something besides cricket and memes.

Numbers Decoded

Analyst Questions

• On STQC: “Does this kill Chinese competition?”
  Mgmt: Yes, only CP PLUS has largest certified range.
  Translation: We finally got the home-ground advantage.
• On margins: “How much expansion possible?”
  Mgmt: 10–11% EBITDA, 6–7% PAT for FY26.
  Translation: Don’t expect