Aditya Infotech Limited offers a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under the 'CP PLUS' brand which has strong recall value. In addition, they offer solutions and services such as fully integrated security systems and Security-as-a-Service directly and through the distribution network who address the requirements of end-customers engaged in a broad range of sectors such as banking, insurance, real estate, healthcare, industrial, defence, education, hospitality, manufacturing, retail and law enforcement. The business is primarily classified as: (i) manufacturing and trading activities; and (ii) trading activities. The manufacturing and trading activities include the manufacture and sale of the CP PLUS products and the provision of after-sales services in relation to the CP PLUS products sold by them, while the trading activities are limited to distribution of products of Dahua. The product portfolio, including products that they source from third parties, deploy wide variety of security technologies such as artificial intelligence ('AI') and machine learning ('ML') to deliver Edge-based AI analytics, all developed in house by the dedicated research and development ('R&D') team, integrated Internet of Things ('IoT') ecosystem for connected and smart homes as well as a number of cloud services, including health monitoring systems ('HMS') and attendance management systems ('AMS'). The product line comprises high definition ('HD')-analog cameras, digital video recorders ('DVRs'), internet protocol ('IP') network cameras, network video recorders ('NVRs'), biometric 241products, access control products, mobile surveillance solutions, body-worn cameras, thermal cameras, temperature screening solutions, interactive displays, routers, cables, power supplies ('SMPS'), racks and other accessories and products. They also partner with other companies and government agencies to develop indigenized innovations including Indian-made Systems on Chips ('SoCs') and thermal cameras. In Fiscal 2025, they offered 2,986 stock keeping units ('SKUs'). They offer field management services that include annual preventive maintenance services and quick response services, electric vehicle station management services, IoT automation services, door automation and access control systems. The services are made available through the partners, system integrators and system assemblers to their end-customers. They also assist in conceptualizing and executing customized products and solutions for diverse security requirements of customers. They have recently launched, CP PLUS AI powered by an AI-solution that extends the functionality of traditional CCTV cameras to include intelligent video analytics. In Fiscal 2025, they sold products in over 550 cities and towns in India. The operations are backed by the network of 41 branch offices and 13 return merchandise authorization ('RMA') centres across India, as of March 31, 2025. They sold the surveillance products through the network of over 1,000 distributors in tier I, tier II and tier III cities, and over 2,100 system integrators in Fiscal 2025. To reach customers across India, they have also established 69 dedicated CP PLUS Galaxy stores operated by the distributors across India as of March 31, 2025. As of March 31, 2025, the manufacturing facility in Kadapa, Andhra Pradesh ('Kadapa Facility') has an installed capacity of 17.20 million units per annum. Spread over an area of 2,04,157.36 square feet, the Kadapa Facility includes advanced manufacturing infrastructure such as high-speed surface mount technology ('SMT') lines, assembly lines and stringent quality control equipment. They have backward integrated the major manufacturing processes. A sof March 31, 2025, they had 1,274 employees, many of whom are trained and specialized employees with experience in engineering, IT infrastructure and technical aspects of the operations. As per financial performance, Aditya Infotech Limited has posted total income / net profits of Rs 2,295.56 Cr / 108.31 Cr (FY23), Rs 2,795.96 Cr / Rs 115.17 Cr (FY24) and Rs 3,122.93 Cr / 351.37 Cr (FY25). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 22.02 and average RoNW of 34.53% for last three fiscals. Issue is priced at a P/BV of 7.06 as per NAV of Rs 95.64/- as on 31.03.25. If we attribute latest earnings of FY23, FY24 and FY25 on equity post issue, then asking price is at a P/E of around 73.05, 68.70 and 22.52 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, ICICI Securities Limited and IIFL Capital Services Limited are associated with this IPO, and have handled 93 IPOs in last three fiscal years. ( As on 26.07.25 ) As per financials, Aditya Infotech Limited has shown good growth, RoNW is 34.53% and P/E is 73.05, 68.70 and 22.52 respectively as per FY23, FY24 and FY25 earnings. So issue looks fully priced. Company is in business of advanced video security and surveillance products, which is highly competitive business segment. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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