CPPLUS
Large CapAditya Infotech Limited
Industrials
Aditya Infotech Ltd. (CPPLUS) provides intelligent security systems, including CCTV hardware, firmware, and AI-powered video analytics solutions. The company focuses on in-house R&D, manufacturing, and localization, with strategic partnerships for semiconductor and AI-based 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, management trust is supportive, price trend is neutral, and recent execution is mixed.
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 31 Mar 2026
Excellent · 100/100Rev +46% YoY · PAT +207% YoY · margin expansion · +25% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,422 Cr | +45.5% | +24.9% |
| EBITDA | ₹257 Cr | +162.2% | +83.6% |
| Operating margin | 18.0% | +800 bps | +600 bps |
| PAT | ₹169 Cr | +207.3% | +76.0% |
| PAT margin | 11.9% | +625 bps | +345 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
CPPLUS reports robust Q4 FY26 and FY26 financial performance with significant YoY growth in Revenue, EBITDA, and PAT, driven by volume growth and price increases. FY27 guidance upgraded for revenue and profitability.
The company delivered strong financial results for Q4 and FY26, with substantial margin expansion. Management's upgraded FY27 guidance, supported by capacity expansion, localization efforts, and new product launches, indicates continued positive momentum. However, component price volatility and operational costs remain factors to monitor.
Volume Growth
Expected to contribute approx. 25% to FY27 revenue growth, with the market expected to grow at 15%-17%.
ASP Rise
Expected to contribute approx. 25% to FY27 revenue growth due to component price volatility and operational costs.
New Brands
Two new brands, Nexivue & Eyra, are planned to drive further market share expansion.
High-Value Specialized Solutions
Increased focus on high value specialized solutions to enhance revenue.
Kadapa Plant Expansion
Capacity now 2.5M units per month, targeting 90–100% utilization. Looking at acquiring large land parcel adjacent to existing facility for future expansion.
Housing Plant Development
Own plant with 50 machines, Phase 1 operational by Q2 FY26, Phase 2 operational by Q4 FY26.
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.
Improved Supply & Technology Flexibility
Strong alignment with non-Chinese SOC vendors (Ambarella, Qualcomm, Novatek, Realtek) and sensor partners (Smartsens, Sony, SOI).
Backward Integration Strategy
Manufacturing coaxial and network cables for captive consumption; Joint Venture with Orient Cables for manufacturing.
India Semiconductor Localization
Strategic partnership with L&T Semiconductor Technologies for co-development of semiconductor and AI-based surveillance.
Global Semiconductor & Memory Supply Disruption
All major memory vendors stopped DDR3 production, leading to global supply chain shortages.
Price Escalation
Price rise expected to continue up until 2027 due to volatility in component prices, operational costs, and USD.
Lag in Margin Realization
Company is passing on price rises gradually to ensure linear consumption, which may lead to some lag in margin realization.
Higher Operational Costs
Higher freight and insurance costs are contributing to increased operational expenses.
Component Price Volatility
Supply side price rises are expected to continue, with geopolitical factors contributing to elevated raw material costs.
Supply Chain Disruptions
Global semiconductor and memory supply disruption, along with general global supply chain shortages, pose risks.
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 investor presentation primarily provides year-over-year comparisons for both quarterly and full-year financial results, indicating this is the preferred basis for evaluating performance trends.
Revenue from Operations
Q4 FY26: INR 1,422 Cr (+45.5% YoY); FY26: INR 4,221 Cr (+35.6% YoY)
EBITDA
Q4 FY26: INR 258 Cr (+162.4% YoY); FY26: INR 579 Cr (+124.1% YoY)
Adjusted PAT
Q4 FY26: INR 169 Cr (+207.7% YoY); FY26: INR 368 Cr (+166.1% YoY)
Gross Margin
FY26: 28.8% (FY25: 21.5%, +7.2%)
Upgraded FY27 Revenue Outlook
Guidance for FY27 revenue upgraded to INR 6,000 Cr - INR 6,500 Cr (from earlier 5,350-5,550 Cr).
Upgraded FY27 PAT Outlook
Guidance for FY27 PAT margin upgraded to 8.5% - 9.5% (from earlier 7.5-8.5%).
Complete Backward Integration Target
Target 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 |
|---|---|---|
| Revenue Growth | FY26: +35.6% YoY | FY27 revenue growth of 40-50%+ as per management's outlook. |
| Adjusted PAT Margin | FY26: 8.7% | Achievement of FY27 PAT margin guidance of 8.5-9.5%. |
| Capacity Utilization & Expansion | Kadapa plant targeting 90-100% utilization; new housing plant phases operational. | Ramp-up of new housing plant, automatic lens line, and Noida expansion, along with progress on 2X capacity target by FY28. |
| Cash Conversion Days | FY26: 78 days | Sustained improvement in working capital management, especially given the slight increase in cash conversion days. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +75.4% / mo · near 52W high
Technical chart
CPPLUSdaily · 3Y+132.1%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 83. Wait for confirmation.
- SMA20 rising (~17.6% over last month) — short-term momentum positive.
- RSI(14) at 83 — overbought zone; risk of mean reversion.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 6% off 52W high · 158% 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.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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 18/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Penalty bucket subtracts 1 points.
- Fair-value margin of safety is negative at -147.7%.
- 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: +0 points.
Factor attribution
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 90th percentile of the scored universe and 89th percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 74.8%. Key concern: Promoter holding fell 2.2%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 89th pctile, median 68 · Large: 74th pctile, median 74
29 documents indexed, 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 74.8%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.10.
- ▸ROCE is 29.6%.
Trust risks
- ▸Promoter holding fell 2.2%.
- ▸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.
Intrinsic value
Fundamentals
Valuation
- P/E
- 110.00
- P/B
- 21.53
- EV/EBITDA
- 65.16
- Market Cap
- 40347.00Cr
Profitability
- ROE
- 25.40%
- ROCE
- 29.60%
- ROA
- 9.22%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 30.00%
- EPS 5Y
- 66.00%
- Revenue 3Y
- 23.00%
- EPS 3Y
- 48.00%
Balance Sheet
- Debt/Equity
- 0.10
- Interest Coverage
- 18.87×
- Altman Z
- 8.35
- Book Value
- 159.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 13.00 Cr
- EPS TTM
- 31.24
Shareholding
- Promoter Hold
- 74.75%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 89%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.