Aditya Infotech Limited (CPPLUS)
Large CapIndustrials stocks · Large cap · NSE
Aditya Infotech Limited (CPPLUS) is an Indian provider of intelligent security systems, specializing in CCTV hardware, firmware, and software. The company focuses on in-house R&D, manufacturing, and localization of components for surveillance technologies.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +89% YoY · PAT +330% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,402 Cr | +89.5% | -1.4% |
| EBITDA | ₹204 Cr | +234.4% | -20.6% |
| Operating margin | 15.0% | +700 bps | -300 bps |
| PAT | ₹142 Cr | +330.3% | -16.0% |
| PAT margin | 10.1% | +567 bps | -175 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
CPPLUS reports robust Q4 FY26 performance with 45.5% YoY revenue growth and 207.7% YoY PAT growth. FY26 saw 35.6% YoY revenue growth and 166.1% YoY adjusted PAT growth, driven by strong margins and operational efficiency.
The company delivered strong financial results for Q4 and FY26, significantly improving margins. Management has upgraded its FY27 revenue and profitability guidance, indicating continued positive momentum and strategic execution in localization and capacity expansion.
Volume Growth & Price Increase
FY27 revenue outlook supported by both volume growth (25% approx. due to units scaling up) and price increase (25% approx. due to ASP rise).
New Brands & Market Share
Two new brands, Nexivue & Eyra, are expected to drive further market share expansion.
Capacity & R&D Expansion
Expansion on Manufacturing Capacity, R&D, Localization, Market & Channel efforts are expected to help grow numbers.
High-Value Solutions Focus
Increased focus on high value specialized solutions to drive growth.
Kadapa Plant Expansion
Capacity now 2.5 M units per month, targeting 90–100% utilization. Looking at acquiring large land parcel adjacent to existing facility for future expansion.
Housing Plant Development
Phase 1 operational by Q2 FY26, Phase 2 operational by Q4 FY26 with 50 machines.
Automatic Lens Line
Auto Assembly line ordered, initial capacity 500,000/month, scalable to 1M units/month.
Noida Quick Expansion
Securing leased facility in Sector 68, expected operational timeline: Q4 FY27.
Diversified SOC Partnerships
Strong alignment with non-Chinese SOC vendors like Ambarella, Qualcomm, Augentix, Innofusion, Novatek, Realtek, ensuring supply & technology flexibility.
Sensor Alignment
Strong partnerships with Smartsens, Sony, SOI ensuring technology & supply continuity.
Localization Progress
Progress in cable localization (Cat6, Co-axial, Fiber, Camera & Recorder cables), own housing plant, auto assembly line for lenses, IR LED & SMD Board/WIFI/4G Module.
Upgraded FY27 Guidance
Management upgraded FY27 revenue guidance to INR 6,000-6,500 Cr and PAT to 8.5-9.5%.
Global Supply Chain Disruptions
Global Semiconductor & Memory Supply Disruption and Global Supply Chain Shortages (DDR3 production stopped) are ongoing issues.
Component Price Escalation
Price rise is inevitable and expected to continue up until 2027 due to volatility in component prices, operational costs, and USD.
Operational Cost Increases
Higher operational cost in terms of higher freight and insurance cost.
Margin Realization Lag
Company passing on the price rise in a tapered manner to ensure linear consumption, which may lead to some lag in margin realization.
Supply Chain & Component Price Volatility
Global semiconductor and memory supply disruptions, along with component price increases, pose risks to cost and production stability.
Operational Cost Management
Higher freight and insurance costs could impact profitability if not effectively managed or passed on.
Margin Compression from Tapered Price Hikes
Passing on price increases gradually to maintain consumption may result in a lag in margin realization, potentially impacting short-term profitability.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports quarterly and annual results with explicit YoY comparisons. The nature of the business (security systems, project-based sales) often has seasonal elements, making YoY a more reliable indicator of underlying performance.
Q4 FY26 Revenue Growth
Revenue from Operations: INR 1,422 Crore, 45.5% YoY Growth.
FY26 Revenue Growth
Revenue from Operations: INR 4,221 Crore, 35.6% YoY Growth.
Q4 FY26 Adjusted PAT Growth
Adjusted Profit after Tax: INR 169 Crore, 207.7% YoY Growth.
FY26 Adjusted PAT Growth
Adjusted Profit after Tax: INR 368 Crore, 166.1% YoY Growth.
FY27 Revenue Target
Management targets INR 6,000 Cr - INR 6,500 Cr revenue for FY27.
FY27 PAT Target
Management targets PAT of 8.5% - 9.5% for FY27.
Backward Integration Goal
Aim to achieve complete backward integration across all components by FY28.
Global R&D Presence
Establish fully functional global R&D presence, including Taiwan operations, by FY28.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| FY27 Revenue Growth | 35.6% YoY (FY26) | 40-50%+ YoY (FY27 guidance) |
| FY27 Adjusted PAT Margin | 8.7% (FY26) | 8.5-9.5% (FY27 guidance) |
| Kadapa Plant Utilization | Under improvement | 90-100% utilization |
| Backward Integration Progress | Localization progress across components | Complete backward integration by FY28 |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
67Bullishfull bull SMA stack · MACD + · near 52W high
Technical chart
CPPLUSdaily · 1Y · AUTO+116.9%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 57.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 57 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 10% off 52W high · 202% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 36.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +11.9%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 53 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -130.6%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: -2 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 88th percentile of the scored universe and 88th percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 74.7%. Key concern: Promoter holding fell 2.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 88th pctile, median 68 · Large: 74th pctile, median 73
28 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 74.7%.
- ▸Promoter pledge is zero.
- ▸ROCE is 28.6%.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Promoter holding fell 2.4%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 91.80
- P/B
- 23.30
- EV/EBITDA
- 57.40
- Market Cap
- 43826.00Cr
Profitability
- ROE
- 25.40%
- ROCE
- 28.60%
- ROA
- 11.95%
- Dividend Y
- 0.04%
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 66.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 0.14
- Interest Coverage
- 29.54×
- Altman Z
- 8.63
- Book Value
- 159.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 13.00 Cr
- EPS TTM
- 40.57
Shareholding
- Promoter Hold
- 74.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 86%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Industrials, ranked by similarity
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.