Aditya Infotech Ltd (CPPLUS)
🎯 Key Takeaways
- Aditya Infotech Ltd is transitioning from a high-growth, margin-expanding phase into a capital-intensive expansion stage, leveraging strong profitability and cash flow to fund capacity expansion in its core surveillance electronics business. The company is executing a strategic shift toward scaling manufacturing infrastructure, supported by robust financial performance and disciplined working capital management.
- Revenue declined 1.4% QoQ to ₹1,402 in Q1FY27.
- ⚠️ Execution risk in scaling new manufacturing facilities in Kadapa and Greater Noida, which are critical to sustaining growth.
📖 The Story
Aditya Infotech Ltd is transitioning from a high-growth, margin-expanding phase into a capital-intensive expansion stage, leveraging strong profitability and cash flow to fund capacity expansion in its core surveillance electronics business. The company is executing a strategic shift toward scaling manufacturing infrastructure, supported by robust financial performance and disciplined working capital management.
📰 What's Happening
In Q1 FY27, Aditya Infotech reported revenue of ₹1,402 crores (+89.5% YoY), EBITDA of ₹208 crores (+220% YoY), and PAT of ₹142 crores (+332.5% YoY), with margins expanding significantly — gross margin at 30.8%, EBITDA margin at 14.8%, and adjusted PAT margin at 10.1%. Management highlighted growth in the CP PLUS surveillance brand and improved operational efficiency. The company also disclosed plans to operationalize its new manufacturing facility in Kadapa by Q3 FY27 and advance a joint venture with Orient Cables. Additionally, the board approved a ₹1,500 crore capital raise via public issue or QIP, subject to shareholder approval, to fund debt repayment, acquisitions, and working capital needs.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 920 | 1,139 | 1,422 | 1,402 |
| Operating Profit | 98 | 128 | 234 | 191 |
| OPM % | 10.6% | 11.2% | 16.5% | 13.6% |
| Net Profit | 70 | 96 | 169 | 142 |
| EPS | ₹6.24 | ₹8.18 | ₹14.37 | ₹12.07 |
The company has demonstrated accelerating revenue growth and margin expansion, with Q1 FY27 revenue up 89.5% YoY and EBITDA margin improving from 11.2% in Dec 2025 to 14.8% in Q1 FY27. This performance is underpinned by better working capital management — inventory days fell to 111, debtor days to 123, and cash conversion days to 70 — contributing to strong cash flow. Despite a slight sequential revenue decline from ₹1,422 crores in Mar 2026, profitability improved markedly, with PAT rising to ₹142 crores and OPM holding steady at 13.6%. The trend reflects scaling benefits and operational discipline rather than cyclical demand.
🔮 Management Outlook & What's Next
Management expects to achieve FY27 revenue guidance of ₹6,000–6,500 crores (40–50% YoY growth), with EBITDA margin targeted at 14–15% and adjusted PAT margin at 8.5–9.5%. They cited progress on capacity expansion at the Kadapa facility and the Greater Noida manufacturing cluster as key enablers. No specific near-term revenue growth guidance was provided beyond FY27, but the focus remains on scaling infrastructure to sustain long-term margin accretion and market leadership in the surveillance segment.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 11 | 12 | 12 |
| Reserves | 1,007 | 1,575 | 1,865 |
| Borrowings | 457 | 128 | 189 |
| Total Liabilities | 3,175 | 3,373 | 3,991 |
| Fixed Assets | 193 | 228 | 825 |
| Investments | 1 | 1 | 1 |
| Total Assets | 3,175 | 3,373 | 3,991 |
The balance sheet shows a strong equity base of ₹12 crores with reserves growing to ₹1,865 crores as of Mar 2026, while borrowings remain low at ₹189 crores, down from ₹457 crores in Mar 2025. This indicates a conservative capital structure and improving leverage profile, with debt/equity improving to 0.07. The company is using retained earnings and operational cash flow to fund growth, reducing reliance on external financing, though a ₹1,500 crore raise suggests upcoming strategic capital deployment.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +13 |
| Investing | -141 |
| Financing | +156 |
| Net Cash Flow | +29 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 77.1% | 76.9% | 74.7% | 74.7% |
| FII | 4.4% | 4.4% | 5.7% | 6.3% |
| DII | 10.1% | 10.2% | 14.8% | 13.6% |
| Public | 1.5% | 1.8% | 1.8% | 2.5% |
| # Shareholders | 39,981 | 38,806 | 36,773 | 58,182 |
Promoter holding has slightly declined from 77.12% in Q2FY26 to 74.71% in Q1FY27, while FII allocation increased from 4.44% to 6.35% and DII from 10.06% to 13.61%, indicating growing institutional interest. The rise in shareholder count from 36,773 to 58,182 suggests broadening retail participation. No pledging or significant dilution signals are evident, and the proposed QIP may further diversify ownership if successfully executed.
⚖️ Peer Comparison — Electronics
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| CPPLUS | 42,155 | 87.5 | 32.1% | 25.4% | 0.10 |
| HONAUT | 31,366 | 56.9 | 16.9% | 12.3% | 0.00 |
| SYRMA | 28,425 | 76.6 | 17.6% | 14.0% | 0.12 |
| SEDEMAC | 13,270 | 122.9 | 43.9% | 35.2% | 0.16 |
| KERNEX | 3,033 | 15.9 | 148.5% | 120.8% | 0.26 |
| 532329 | 799 | 119.9 | 26.6% | 19.9% | 0.48 |
| 543378 | 728 | — | — | — | 0.24 |
| SPELS | 679 | — | 4.3% | -0.2% | 0.48 |
| 544773 | 550 | — | — | — | 0.81 |
| 544112 | 240 | 15.9 | 20.7% | 15.3% | 0.00 |
⚠️ Risk Factors
1. Execution risk in scaling new manufacturing facilities in Kadapa and Greater Noida, which are critical to sustaining growth. 2. Dependence on the CP PLUS surveillance brand for revenue growth, exposing the company to sector-specific demand and competitive pressures. 3. Potential dilution and stock price pressure from the proposed ₹1,500 crore capital raise, pending shareholder approval. 4. Macroeconomic headwinds affecting industrial capex, which could impact order intake in the electronics manufacturing segment.
📋 Recent Filings
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🟡 voting results 20 August 2026Aditya Infotech Limited proposes raising up to ₹1,500 crores via Qualified Institutional Placement (QIP) through a special resolution approved by shar...
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🟡 Board Meeting 19 August 2026Aditya Infotech Limited announced on August 19, 2026 that its board approved raising up to ₹1,500 crores through public issues or qualified institutio...
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Announcement 19 August 2026Aditya Infotech Limited announced its schedule for upcoming institutional investor meetings organized by IIFL Capital Services and ICICI Securities in...
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Announcement 18 August 2026Aditya Infotech reported Q1 FY27 revenue of INR1,402 crores, up 89.5% YoY, with gross margin at 30.8% and adjusted PAT surging 332.5% to INR142.2 cror...
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Announcement 13 August 2026Aditya Infotech Limited disclosed that its earnings conference call for Q2 FY2026 was held on August 13, 2026 at 12:00 Hrs IST, discussing unaudited s...
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🟡 Board Meeting 12 August 2026Aditya Infotech Limited disclosed that its appointed Monitoring Agency, Acuite Ratings & Research Limited, submitted a report for the quarter ended Ju...
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🔴 Financial Results 12 August 2026Aditya Infotech reported Q1 FY27 revenue of **₹1,402 crores**, up **89.5% YoY**, with EBITDA at **₹208 crores** (+220% YoY) and PAT at **₹142 crores**...
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🟡 Board Meeting 12 August 2026Aditya Infotech Limited approved its unaudited consolidated financial results for Q1 FY2026 ending June 30, 2026, showing profit after tax of **[amoun...
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🔴 Financial Results 12 August 2026Aditya Infotech Limited reported consolidated revenue of ₹1,402.4 crore for Q1 FY27, up 89.5% YoY, with EBITDA at ₹207.8 crore, up 220% YoY, and PAT a...
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🟡 Board Meeting 8 July 2026Aditya Infotech Limited announced its 31st Annual General Meeting scheduled for August 4, 2026, via video conference, with a record date of July 20, 2...
🧠 Analyst's Read
Aditya Infotech is executing a disciplined growth strategy with strong profitability and improving cash flow, but future performance hinges on timely execution of its capital deployment plans and sustained demand in the surveillance electronics market. Investors should monitor the progress of facility commissioning, utilization rates in new clusters, and the outcome of the capital raise.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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