CP Plus owner Aditya Infotech clears ₹1,500 crore QIP as MOFSL starts Buy coverage

Aditya Infotech, owner of CP Plus, approved a ₹1,500 crore qualified institutional placement. MOFSL initiated coverage with a ₹4,200 target, citing potential share gains in India’s video-surveillance market as STQC norms tighten and the company leverages its 1,000-distributor network.

— Source published Thu, 20 Aug, 2026, 10:06 IST · First seen Thu, 20 Aug, 2026, 10:13 IST · Source Business Today · Latest

What happened

Aditya Infotech approved a Rs 1,500 crore QIP as MOFSL began coverage with a Buy and Rs 4,200 target. The CP Plus owner is expected to gain Indian CCTV market

Key facts

  • Rs 1,500 crore QIP
  • 4% share-price rise
  • Rs 3,425 BSE intraday high
  • MOFSL target price: Rs 4,200
  • 44% video-surveillance market share
  • 1,000 distributors
  • 2,500 system integrators
  • India video-surveillance market: Rs 106 billion in FY25
  • Market projected at Rs 227 billion by FY30E
  • Market-share projection: over 58% by FY28
  • FY26-FY28E revenue CAGR: 44%
  • FY26-FY28E EBITDA CAGR: 58%
  • FY26-FY28E PAT CAGR: 64%

Why this matters

Aditya Infotech’s planned capital raise and 1,000-distributor network make it a stronger potential partner or competitor for firms seeking scale in India’s increasingly regulated video-surveillance market.

What to watch

  • QIP subscription quality, dilution level, final pricing and stated capital deployment timetable.
  • Evidence that STQC norms are enforced in government tenders and broaden into enterprise procurement requirements.
  • Quarterly revenue growth versus security-equipment peers, distributor additions, inventory days and receivables days.
  • Gross-margin and EBITDA-margin trajectory, indicating whether scale is producing operating leverage or funding price competition.
  • Order wins in public infrastructure, banking, retail, logistics and smart-city projects.
  • Market-share data and management commentary on progress toward the projected FY28 share target.
  • Any increase in Chinese-brand pricing aggression, supply-chain disruption or certification-related product delays.
  • Launch the QIP, determine issue price and disclose use-of-proceeds allocation, especially between working capital, capex, debt reduction and acquisitions.
  • Increase localized/STQC-aligned product launches across cameras, recorders, cloud/software and integrated security offerings.
  • Expand distributor and installer incentives to secure shelf space and accelerate replacement demand ahead of competitors.
  • Pursue larger government, smart-city, infrastructure, retail-chain and enterprise surveillance contracts that require compliant domestic supply.
  • Use stronger equity capital to negotiate component procurement, extend channel credit selectively and improve inventory availability.