Aditya Infotech IPO Subscription status & Overview

Core Business & Overview

• Incorporated in March 1995 (originally Perfect Lucky Goldstar International Ltd), renamed Aditya Infotech Limited in August 1997. Registered in New Delhi with active status and CIN U74899DL1995PLC066784.
• Operates primarily under the CP PLUS brand—specializing in CCTV, digital and IP cameras, DVRs/NVRs, biometric and access-control, thermal and body‑worn cameras, AI‑enabled surveillance, IoT solutions (OnVigil), plus integrated electronics like routers, SMPS, cables, displays, etc.
• Business segments: (i) manufacturing and after‑sales services of CP PLUS products; (ii) trading/distribution of Dahua‑branded products in India.
• Pan‑India presence: Products sold in 550+ cities, supported by 41 branch offices, 13 RMA centres, 1,000+ distributors, 2,100+ system integrators, and 69 CP PLUS Galaxy stores as of FY 2025.
• Manufacturing facility in Kadapa, Andhra Pradesh spans ~204,000 sq ft, capacity ~17.2 million units/year, making it the third-largest CCTV production facility globally in FY 2025.
• R&D team of 86 employees in Noida, developing AI/IoT platforms, software like HMS/AMS, CRM, analytics, and customized solutions for enterprise clients.

Strengths

• Market leader in India’s surveillance industry: Commanded ~20.8% market share in FY 2025, largest Indian‑owned player in video security by revenue.
• Strong pan‑India distribution: Wide reach via extensive distributor and system integrator network, branch offices and experience stores; well diversified across customer segments and geography.
• Comprehensive product and service portfolio: End‑to‑end security solutions—hardware, software, AI analytics, security‑as‑a‑service, field maintenance, tailored enterprise implementations.
• Advanced manufacturing & R&D capabilities: High‑capacity local production facility in Andhra Pradesh and in‑house R&D innovation centre delivering Make‑in‑India solutions including AI/IoT, firmware, SoCs etc..
• Experienced promoters and stable financials: Leadership with decades-long experience in security and IT hardware. Financial risk profile rated “CARE A‑ Stable” with improving gearing (~1.03× in FY 2024), healthy interest coverage (~7×) and adequate liquidity.

 Potential Risks

• Intense competition: The surveillance market in India is dominated by CP PLUS, Dahua, Hikvision (together ~70–75% market share), leaving little scope for differentiation and creating pricing pressure.
• Working‑capital intensity: The distribution model requires 2.5–3 months of credit to customers while sourcing from Dahua on -120‑day credit terms, making operations highly working‑capital‑dependent and increasing financial leverage.
• Supplier and forex exposure: -80–85% of components are imported from China (via JV with Dixon), creating reliance on Dahua and exposure to foreign exchange fluctuations despite hedging measures.
• Volatile margins: EBITDA and PAT margins remain narrow (typically 7–8% and ~4–5% respectively) and fluctuate with marketing costs, competition, raw material costs, and forex swings.

Financial Performance Table

Revenue

• From FY 2022 to FY 2023: Increased from ₹1,646.21 Cr to ₹2,284.55 Cr — 38.74% growth
• From FY 2023 to FY 2024: Increased from ₹2,284.55 Cr to ₹2,782.43 Cr — 21.79% growth

Continuous revenue growth indicates strong market demand, expansion, and the strength of the CP PLUS brand.

Profit

• From FY 2022 to FY 2023: Increased from ₹96.93 Cr to ₹108.31 Cr — 11.73% growth
• From FY 2023 to FY 2024: Increased from ₹108.31 Cr to ₹115.17 Cr — 6.33% growth

Profit is increasing steadily, though at a slower pace than revenue. This may be due to cost pressures or competitive pricing.

Total Assets

• From FY 2022 to FY 2023: Increased from ₹1,214.48 Cr to ₹1,708.76 Cr — 40.66% growth
• From FY 2023 to FY 2024: Decreased from ₹1,708.76 Cr to ₹1,644.18 Cr — 3.77% decline

The drop in FY 2024 assets could be due to debt repayment, inventory optimization, or other operational shifts.