Aditya Infotech IPO

About Aditya Infotech IPO

Aditya Infotech Limited IPO is an IPO of up to TBA equity shares of face value of ₹1 each aggregating up to ₹1,300 crores. It consists of an offer for sale of up to 1,18,51,851 equity shares of face value of ₹1 each aggregating up to ₹800 crores and a fresh issue of up to 74,07,407 equity shares of face value of ₹1 each aggregating up to ₹500 crores.

The IPO opens on July 29, 2025 and closes on July 31, 2025. The shares will be listed on Aug 5, 2025. The shares will be allotted on Aug 1, 2025. The credit of shares to the demat account will take place on Aug 4, 2025 and the initiation of refunds will take place on Aug 4, 2025.

Aditya Infotech Limited provides advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under their 'CP PLUS' brand. They do not have any listed peers in India. Their competitors include companies such as Prama Hikvision India Private Limited, Samriddhi Automations Private Limited, Uniview Technologies, Axis Communications, Bosch Security Systems, Honeywell Security and others. These companies operate in similar markets, offering comparable products and solutions in the field of surveillance technology.

Objective of Aditya Infotech IPO

• Prepayment and/or repayment of all or a portion of certain outstanding borrowings availed by the company.
• General corporate purposes.

Industry Outlook

Frost & Sullivan estimates the global video surveillance market to be valued at U.S.$3,590 crores in fiscal 2025. The market (in terms of revenue) is estimated to grow at a compound annual growth rate (CAGR) of 10.36% from fiscal 2025 till fiscal 2030.

India is one of the fastest-growing major economies in the world. There has been significant focus from the government on infrastructure with initiatives like Smart Cities, Digital India, PM Gati Shakti Scheme, Bharatmala Scheme, etc. Security and safety remain critical in any of these initiatives, and hence the installation of video surveillance systems is important. The private sector, enterprises and businesses deploy CCTV systems not just for surveillance but also for other use cases like people counting, energy management, automatic number plate recognition, etc. From close to U.S.$100 crores in fiscal 2020, the video surveillance market in India reached U.S.$130 crores billion in fiscal 2025, with growth until 2030 estimated at a CAGR of 16.46%.

Overall, the video surveillance market has been evolving owing to the needs of different sectors and the development of technology that has played a big role in introducing newer products. The video surveillance camera market is estimated to rise, with substantial growth anticipated in both unit sales and revenue generation. The volume of units is expected to increase, starting from 23 million units in fiscal 2020 and reaching 61.0 million units in fiscal 2030. In terms of revenue, the market shows a very similar pattern, with revenues increasing from ₹4,320 crores in fiscal 2020 to an estimated ₹13,760 crores in fiscal 2030.

India's residential video surveillance market has been on a steady climb since fiscal year (fiscal) 2020, with this trend expected to continue until fiscal 2030. In 2025, a significant 2.9 million units are to be sold, generating revenue of ₹780 crores. The market is projected to experience a healthy compound annual growth rate (CAGR) of 12.4% in terms of unit sales and 15.3% in revenue from fiscal 2025 to fiscal 2030.

Company Information

Aditya Infotech Limited offers a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under their ‘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 their distribution network that 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.

Their product line comprises high definition (HD)-analogue cameras, digital video recorders (DVRs), internet protocol (IP) network cameras, network video recorders (NVRs), biometric products, 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 indigenised innovations including Indian-made Systems on Chips (SoCs) and thermal cameras.

Strengths of Aditya Infotech IPO

• Largest Indian player in the growing Indian security and video surveillance market focusing on commercial and consumer segments with strong brand recall.

• Pan-India sales, distribution and service network catering to a diversified customer base.

• Comprehensive portfolio of electronic security and surveillance products, solutions and services, providing end-to-end security solutions across verticals.

• Advanced Manufacturing and Research and Development Capabilities with Focus on Quality.

• Entrenched relationships augmenting technology competencies and sourcing capabilities.

• Experienced management team backed by a committed employee base.

Risks of Aditya Infotech IPO

• Their financial performance is primarily dependent on the revenue from the sale of closed circuit television (CCTV) cameras, network video recorders (NVRs), digital video recorders (DVRs) and pan-tilt-zoom (PTZ) cameras which collectively contributed to 78.92% of their revenue from operations in fiscal 2024.

• They import a portion of their parts and materials primarily from China.

• Their manufacturing facility is located in Andhra Pradesh, which exposes their operations to potential risks arising from local and regional factors such as adverse social and political events, weather conditions and natural disasters.

• They rely primarily on their synergies with AIL Dixon Technologies India Private Limited and Dixon Technologies (India) Limited for the manufacture of their products.

• Any disruption or shutdown of their warehouse facilities, or failure to achieve optimal capacity utilisation at such facilities could adversely affect their business, results of operations and financial condition.

• If they are unable to maintain their relationships with their distributors and system integrators or if any of these parties change the terms of their arrangements with them, their business could be adversely affected.

• They face competition that may result in a loss of their market share and/or a decline in their profitability.

• Pricing pressure from customers may affect their gross margin, profitability and ability to increase their prices, which in turn may adversely affect their business, results of operations, cash flows and financial condition.

Peers Comparison

There are no listed companies in India that are comparable in all aspects of business and services that the company provides. Hence, it is not possible to provide an industry comparison in relation to the company.

Anchor Investor Information: 28 July 2025

IPO Registrar and Book Running Lead Managers

Book running lead managers:
ICICI Securities Limited
IIFL Securities Limited

Registrar for the IPO is Link Intime India Private Limited

Business Model

The company earns its revenue through the following sources:

• Offering a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments
• They offer solutions and services such as fully integrated security systems and Security-as-a-Service directly and through their distribution network.

Company Growth Trajectory

Aditya Infotech Limited has shown consistent financial growth in recent years, with their revenue from operations, EBITDA and profit after tax having grown at a CAGR of 16.71%, 19.47% and 80.11%, respectively, from fiscal 2023 to fiscal 2025.

Total income increased by 11.69% from ₹2,795.96 crores in fiscal 2024 to ₹3,122.93 crores in fiscal 2025 primarily on account of an increase in revenue from operations. Revenue from operations increased by 11.84% from ₹2,782.43 crores in fiscal 2024 to ₹3,111.87 crores in fiscal 2025 primarily on account of an increase in operating revenue. Other income decreased by 18.32% on account of reduction in interest income on bank deposits, gain on currency fluctuation and translation (other than considered as finance cost)(net) and provisions/liabilities no longer required written back.

Their restated Profit After Tax (PAT) increased to ₹351.37 crores in fiscal 2025 compared to ₹115.17 crores in fiscal 2024.

Company Market Position

Aditya Infotech Limited is the largest Indian-owned company offering video security and surveillance products, solutions, and services with a market share of 20.2% of the video surveillance industry in India in terms of revenues in fiscal 2024.

They are the third largest manufacturer of surveillance products globally in terms of units manufactured in fiscal 2024. (Source: F&S Report) They are also the largest manufacturer (outside China) for surveillance products in terms of units manufactured in fiscal 2024.

How To Check Allotment Status of Aditya Infotech Limited IPO?

You can check the allotment status of shares either on the website of the Bombay Stock Exchange (BSE) or on the website of the registrar Link Intime India Private Limited. To check the status on the BSE website:

• Visit the BSE website
• Click on “Investor Services” and choose “Application Status Check”
• Choose the issue type — Equity or Debt (Equity in this case)
• Select the Issue Name from the drop-down. The issue name is the company’s name, which is Aditya Infotech Limited
• Enter your application number or PAN number
• Check the box which says “I’m not a Robot” and click on “Search” to know the allotment status

Follow these steps to know the allotment status on the registrar’s website:

• Visit the Link Intime India Private Limited website
• Choose “Public Issues” from the “Investor Services” drop-down
• Select Aditya Infotech Limited from the drop-down
• Enter your PAN number or Application number
• Click on “Submit” to know the allotment status

How to Apply for Aditya Infotech IPO?

To apply for this IPO:

• Step 1: Log in to your Kotak Securities Demat account: Log in to your Demat account to access IPO investments. Next, select the current IPO section
• Step 2: Specify IPO details: Enter the number of lots and the price you wish to apply for
• Step 3: Enter UPI ID: After entering your UPI ID, click submit. This will place your bid with the exchange
• Step 4: Mandate Notification: Your UPI app will receive a mandate notification to block funds
• Step 5: Approve Request: Your funds will be blocked once you approve the mandate request on your UPI