Aditya Infotech IPO is one of the most anticipated public issues in India’s electronic and surveillance space. With a public issue of ₹1,300 crore, investors are curious to know whether the business is worth backing. Let’s break it down for you and try to answer the question: Should you invest in the Aditya Infotech IPO?
Aditya Infotech IPO Details
| IPO Name | Aditya Infotech |
| IPO Open & Close Date | July 29 – July 31, 2025 |
| Issue Price Band | ₹640 to ₹675 per share |
| Lot Size | 22 Shares per lot |
| IPO Type | Fresh Issue & OFS |
| Allotment Date | Aug 1, 2025 |
| Listing Date | Aug 5, 2025 |
| Retail (Min) Lot Size & Amount | 1 lot & ₹14,850 |
| Retail (Max) Lot Size & Amount | 13 lots & ₹1,93,050 |
| Small HNIs (Min) Lot Size & Amount | 14 lots & ₹1,93,050 |
| Small HNIs (Max) Lot Size & Amount | 67 lots & ₹9,94,950 |
| Big HNIs (Min) Lot Size & Amount | 68 lots & ₹10,09,800 |
| Listing | NSE & BSE |
Company Details
Aditya Infotech Limited (AIL) is a leading provider of electronic security and surveillance products in India. The company sells its products under the brand name “CP Plus“. The brand is a well-recognised name in residential and commercial CCTV cameras and security systems.
Their offerings include:
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CCTV cameras (analog and IP)
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Video recorders
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Smart home security solutions (Wi-Fi cameras, doorbells)
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AI-enabled systems (number plate recognition, heat mapping)
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Dash cams and body-worn cameras
As of March 31, 2024:
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AIL had 2,986 active SKUs (Stock Keeping Units)
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Products sold across 550+ cities and towns
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Network of 1,000+ distributors and 2,100+ system integrators
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Operates 10 warehouses, 41 branch offices, and 13 RMA centers (Return Merchandise Authorizations)
Manufacturing is done at its facility in Kadapa, Andhra Pradesh.
Sector Overview
Top 10 most surveilled cities in the world – in terms of # of CCTV cameras per 1,000 people
(excluding China), 2025
| City | Country | Population (2025) | # of CCTV Cameras | Cameras per 1,000 people |
|---|---|---|---|---|
| Hyderabad | India | 1,13,37,900 | 9,00,000 | 79.38 |
| Indore | India | 34,82,830 | 2,51,500 | 72.21 |
| Bengaluru | India | 1,43,95,400 | 5,85,284 | 40.66 |
| Lahore | Pakistan | 1,48,25,800 | 4,10,297 | 27.67 |
| Seoul | South Korea | 1,00,25,800 | 2,43,426 | 24.28 |
| Moscow | Russia | 1,27,37,400 | 2,50,000 | 19.63 |
| Kabul | Afghanistan | 48,77,020 | 90,000 | 18.45 |
| Singapore | Singapore | 61,57,270 | 1,12,999 | 18.35 |
| Saint Petersburg | Russia | 55,97,340 | 1,02,000 | 18.22 |
| Baghdad | Iraq | 81,41,120 | 1,20,000 | 14.74 |
The video surveillance market in India has grown from U.S.$1.0 billion in Fiscal 2020 to U.S.$1.3 Billion in Fiscal 2025 and is expected to grow at a CAGR of 16.46% till 2030.
Objects of the Offer
The issue size is ₹1,300 crore.
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Fresh Issue: ₹500 crore
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Offer for Sale (OFS): ₹800 crore (no proceeds to the company)
Use of the Fresh Issue Proceeds:
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₹375 crore to repay or prepay certain borrowings
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Balance amount for general corporate purposes
Note: “General corporate purposes” is not clearly defined. Check the DRHP for more details.
Financial Details
| Particulars | FY25 | FY24 | FY23 | CAGR (FY23–FY25) |
|---|---|---|---|---|
| Revenue from Operations | 3,112 | 2,782 | 2,285 | 16.71% |
| Profit Before Tax | 434 | 165 | 143 | 74.12% |
| Profit After Tax | 351 | 115 | 108 | 80.11% |
| PBT (Before Exceptional Items) | 185 | 190 | 149 | 11.58% |
| PAT Margin (%) | 11.25% | 4.12% | 4.72% | — |
| EBITDA | 258 | 236 | 181 | 19.47% |
| EBITDA Margin (%) | 8.27% | 8.46% | 7.89% | — |
| Net Worth | 1,018 | 424 | 312 | 57.18% |
| Net Debt | 231 | 335 | 38 | — |
| Return on Equity (%) | 34.53% | 27.15% | 34.76% | — |
| Return on Capital Employed (%) | 33.27% | 23.57% | 23.07% | — |
| Debt to Equity Ratio | 0.41 | 0.96 | 1.31 | — |
| Net Working Capital (Days) | 36.99 | 39.92 | 38.14 | — |
Conclusion: Should You Invest or Wait in Aditya Infotech IPO?
Positives:
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A Well-known CP Plus brand with massive pan-India reach
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The company has a strong distribution and service network
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Impressive FY25 financial performance
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IPO proceeds will help the company improve its balance sheet (₹375 Cr for debt repayment)
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Demand is rising in India’s security and smart surveillance space
Risks & Concerns:
- Out of the total issue size of ₹ 1,300 crore, ₹ 800 crore will go towards OFS, which means the money will go towards selling shares to shareholders and not the company.
- Of the ₹500 crore fresh issue, ₹ 375 crore is for debt repayment, and the remaining amount is for general corporate purposes. So, no amount of the issue is earmarked for business expansion or other growth activities.
- PAT has been flat in FY23 & 24, with a sudden spike in FY25, which is not clearly explained in the RHP
- The company is operating in a highly price-sensitive and competitive market
- Dependence on China for component sourcing is a risk.
Verdict: Apply with Caution
Aditya Infotech has a strong business with a recognisable brand, “CP Plus“. The company has a strong distribution network, and the margins are improving. However, a large OFS, with no IPO funds towards business growth, and a one-year spike in profit warrant a cautious approach.
However, if you are a long-term investor with confidence in India’s security tech space, then this IPO is worth considering.
It will be wiser to wait and watch, assess how the company performs after listing, and whether the FY25 growth is sustainable.