Aditya Infotech LimitedUnclassifiedCPPLUS
Q1 FY27 earnings callAditya Infotech Limited
Aditya Infotech delivered exceptional Q1 growth with revenue up 89.5% and PAT up 332.5%, driven by strong traction of its CP PLUS brand and market share gains, while advancing manufacturing, innovation, and AI initiatives.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | INR1,402 crores | 89.5% | |
| Gross Margin | 30.8% | 810 bps | |
| EBITDA | INR208 crores | 20% | |
| EBITDA Margin | 14.8% | 604 bps | |
| Adjusted PAT | INR142.2 crores | 332.5% | |
| CP PLUS Revenue Contribution | 87% | — | |
| IP Products in CP PLUS Portfolio | 79% | — | |
| Market Share (FY2026) | 43.3% | — |
TL;DR
- Q1 revenue was INR1,402 crores, up 89.5% year-on-year.
- EBITDA margin improved by 604 basis points to 14.8%.
- Adjusted PAT grew 332.5% year-on-year to INR142.2 crores.
- CP PLUS brand contributed 87% of overall revenue, with IP products making up 79% of its portfolio.
- Market share in the Indian video surveillance industry stood at 43.3% in FY2026.
- Gross margin moderated slightly from Q4 due to exhaustion of lower-cost inventory.
Said on the call
“This quarter reflects the strength of our business model, disciplined execution, and our continued focus on innovation, market expansion, and operational excellence.”
From the Q&A
| Topic | What management said |
|---|---|
| Price Hikes | Management has taken price increases of 10% to 20% so far, done gradually on a monthly or quarterly basis to avoid an inflationary shock. They expect to take 15% to 20% increase by H1 end and monitor for further hikes, having guided for ~25% for the full year. |
| Backward Integration Margin Impact | Management stated it is too early to quantify the exact margin improvement from backward integration projects (housing, cables, lenses, PCBs) but confirmed there will be 'couple of basis points' addition as each aspect scales up. |
| New Product Categories & TAM | New initiatives include CP PLUS Pro series for high-end enterprise/government, home IoT (door phones, locks, doorbells), and exploratory categories like industrial robots and drone cameras. Management called them 'good adjacencies' but could not confirm a specific TAM expansion, though an analyst suggested an additional INR5,000-10,000 crores opportunity. |
| Margin Sustainability & Guidance | Management reiterated full-year EBITDA margin guidance of 14% to 15% (Q1 was 14.8%) and stated they will try to beat it internally. They attribute margin moderation from Q4 to exhausted low-cost inventory but plan to pass through cost escalations gradually. |
| Competitive Moat & Policy Risk | Management cited brand strength, distribution, manufacturing scale, and R&D as key moats. They noted CCTV is a government priority sector and see no policy deviation, with STQC norms already transitioned and over 40 certified brands now in the market. |
| Cable JV Contribution | The cable JV is expected to contribute not less than 5% of CP PLUS's revenue as an accessories business. The backward integration benefit for camera harness cables will be minimal, in single-digit percentage points. |
| Sourcing & Import Dependency | Currently, ~35% of BOM is semiconductors from Taiwan, and 15-20% is passive electronics from Taiwan/China. Management aims for ~40% domestic sourcing as localization initiatives kick in. They hedge 85-100% of forex exposure weekly to manage currency risk. |
| Capacity & Expansion | Current capacity is 2.5 million units/month at 85-90% utilization. The plan is to double capacity over the next three years via expansions in Kadapa and a new cluster in Greater Noida. |
Guidance
- EBITDA margin guidance for the year is 14% to 15%.
Source
Summary written from the transcript filed by Aditya Infotech Limited for the call held on 13 Aug 2026; published 18 Aug 2026, 19:45 IST.