Target: ₹1,800
CMP: ₹1,498.30
We initiate coverage on Aditya Infotech (CP PLUS) with a Buy rating driven by its strengthening leadership in India’s fast-growing video surveillance market.
We note AIL is positioned at the core of a multi-year demand cycle supported by the rising IP-camera adoption and the shift towards STQC-certified products; the company has built one of India’s largest CCTV manufacturing capacities (source: DRHP), which is expected to rise from 1.8 million units/month to 2 million units/month by Q4-FY26.
CP Plus brand market share has increased steadily from about 21 per cent in FY25 to around 31 per cent in H1-FY26 and we model it to reach about 40 per cent by FY28E; multi-brand strategy allows it to service customers across different price points.
The Government mandate of installation of CCTV across schools and public infrastructure also supports long-term revenue visibility.
CCTV camera is likely to move from ‘nice to have’ to ‘must have’ category. We model AIL India to report revenue/PAT CAGRs of 24.3/65.2 per cent over FY25–28.
Key risks: Rapid technological changes; steep increase in competition; delay/failure in launch of new products; and steep inflation in commodity prices.
Published on December 8, 2025
