Aditya Infotech Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Aditya Infotech Ltd filed with BSE on 03 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Aditya Infotech reported Q4 FY26 revenue growth of 45.5% year-on-year to Rs 1,422 crore and EBITDA growth of 162% with margins improving 800 basis points to 18%, while full year FY26 revenue rose 35.6% to Rs 4,220.8 crore. Management said market share in the video surveillance industry reached approximately 45.4% as of Q3 FY26, up from around 30% at the start of the transition. The company raised its FY27 guidance to revenue of Rs 6,000-6,500 crore, EBITDA margin of 14-15%, and PAT margin of 8.5-9.5%.
Numbers mentioned
Revenue: INR1,422 crores (Q4 FY26)
p. 5
“revenue grew 45.5% year-on-year to INR1,422 crores”
Aditya Khemka, page 5 of the filed PDF · View the filing
EBITDA: INR258.3 crores (Q4 FY26)
p. 6
“EBITDA increased 162% year-on-year to INR258.3 crores with margins improving by 800 basis points to 18%”
Aditya Khemka, page 6 of the filed PDF · View the filing
Adjusted PAT: INR169.1 crores (Q4 FY26)
p. 6
“Adjusted PAT stood at INR169.1 crores, up 207.7% year-on-year, attributed to lowering of finance cost by 38% and better cost efficiencies.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Revenue: INR4,220.8 crores (FY26)
p. 6
“revenue grew 35.6% year-on-year to INR4,220.8 crores, driven by market share gains across geographies”
Aditya Khemka, page 6 of the filed PDF · View the filing
EBITDA: INR579 crores (FY26)
p. 6
“EBITDA increased 124.1% to INR579 crores, with margins expanding by 540 basis points to 13.7%.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Adjusted PAT: INR368 crores (FY26)
p. 6
“Adjusted PAT rose to INR368 crores, reflecting 166.1% year-on-year growth, aided by disciplined cost management and a 27.8% reduction in finance cost following debt repayment from IPO proceeds.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Market share: approximately 45.4% (Q3 FY26)
p. 3
“As of Q3 FY 2026, our market share reached approximately 45.4%, establishing us as the clear market leader in India's organized surveillance industry.”
Aditya Khemka, page 3 of the filed PDF · View the filing
Manufacturing capacity: 2.5 million units
p. 5
“Our manufacturing capacity has now reached 2.5 million units, marking a significant milestone in our operational growth.”
Aditya Khemka, page 5 of the filed PDF · View the filing
CP PLUS share of AIL revenue: 86% (Q4 and full year FY26)
p. 5
“In Q4 and full year, the CP PLUS brand continued its strong trajectory, contributing 86% of overall AIL revenue.”
Aditya Khemka, page 5 of the filed PDF · View the filing
IP products share of CP PLUS portfolio: 73% (Q4 and full year FY26)
p. 5
“IP products made up 73% of CP PLUS portfolio, underscoring the sustained shift towards higher value IP solutions.”
Aditya Khemka, page 5 of the filed PDF · View the filing
Dividend: INR1.6 per equity share (FY26)
p. 7
“We have announced a dividend of INR1.6 per equity share on equity shares of face value of INR1 each.”
Aditya Khemka, page 7 of the filed PDF · View the filing
Brand Galaxy stores: 141 stores
p. 7
“Currently, we have 141 Brand Galaxy stores across Pan-India operational.”
Aditya Khemka, page 7 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR6,000 crores to INR6,500 crores · FY2027
stated firmly by Aditya Khemka
p. 7
“we would like to set the tone for the upcoming financial year by upping our initial guidance for FY 2027, on the revenue side to INR6,000 crores to INR6,500 crores, which is almost 50% growth over the last year”
Aditya Khemka, page 7 of the filed PDF · View the filing
EBITDA margin — 14% to 15% · FY2027
stated firmly by Aditya Khemka
p. 7
“EBITDA margin to 14% to 15%; and PAT around 8.5% to 9.5%.”
Aditya Khemka, page 7 of the filed PDF · View the filing
Revenue growth rate — 25% to 30% · coming year
stated as an aspiration by Aditya Khemka
p. 7
“We intend to surpass the industry growth rate and aim to grow in the range of 25% to 30% in the coming year.”
Aditya Khemka, page 7 of the filed PDF · View the filing
Average selling price per unit — 20% to 25% · coming year
stated conditionally by Aditya Khemka
p. 7
“With the continued price rise in the market ASP and the shift in the product mix, the average per unit camera recovery is expected to rise by 20% to 25%.”
Aditya Khemka, page 7 of the filed PDF · View the filing
Housing manufacturing capacity — 30 million housing and enclosures per year
stated firmly by Aditya Khemka
p. 6
“With the housing plant, we have targeted to achieve a production capacity of 30 million housing and enclosures per year.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Lens assembly capacity — 5 lakh lenses per month, scalable up to 1 million lenses monthly
stated firmly by Aditya Khemka
p. 6
“We are also commissioning a new lens assembly line with an initial capacity of 5 lakh lenses per month, scalable up to 1 million lenses monthly to support future growth.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Housing plant Phase-1 — operational · Q2 FY27
stated firmly by Aditya Khemka
p. 6
“The housing plant development is progressing as planned, with Phase-1 expected to become operational by Quarter 2 FY27 and Phase-2 by Quarter 4 FY27.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Noida Sector 68 facility — 3 lakh square feet facility · Q4 FY2027
stated firmly by Aditya Khemka
p. 6
“In Noida, we have proposed to secure a 3 lakh square feet facility in Sector 68, expected to be operational by Q4 FY 2027.”
Aditya Khemka, page 6 of the filed PDF · View the filing
Overall production capacity — 2x of existing capacity · FY28
stated as an aspiration by Aditya Khemka
p. 6
“Looking ahead to FY28, our vision is to expand overall production capacity to 2x of the existing capacity, achieve complete backward integration across key components and establish a fully functional global R&D presence”
Aditya Khemka, page 6 of the filed PDF · View the filing
Capex — INR200 to 300 crores · FY27
stated conditionally by Aditya Khemka
p. 12
“We had planned for INR200 crores odd plus minus few numbers, but I think as we are upping the guidance, we feel we might require a little more.”
Aditya Khemka, page 12 of the filed PDF · View the filing
EBITDA margin — 14%-15% · FY27, FY28
stated firmly by Aditya Khemka
p. 15
“I think 14%-15% should be the new normal FY27, FY28 as we move forward.”
Aditya Khemka, page 15 of the filed PDF · View the filing
Orient Cables JV manufacturing facility — commercial operations · Q2 to Q3 FY2027
stated firmly by Aditya Khemka
p. 4
“We plan to set up a manufacturing facility in Rajasthan which will span approximately 1 lakh square feet, with commercial operations expected to commence between Quarter 2 and Quarter 3 FY 2027.”
Aditya Khemka, page 4 of the filed PDF · View the filing
Export business — coming year
stated as an aspiration by Aditya Khemka
p. 15
“I think we will start some action hopefully in this year.”
Aditya Khemka, page 15 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed the increase to a combination of price rise, low-cost inventory, and SKU mix shift, and said margins are factored to be sustainable though slightly lower than Q4 levels going forward.
Answered by Anup Nair
Asked by Ankur Sharma: What drove the sharp increase in Q4 gross margins and is it sustainable?
p. 8
“So, we think the margins are sustainable, but if you see our guidance, we have factored for that, our guidance for the whole year is higher than our last year guidance but slightly lower than the Q4.”
Anup Nair, page 8 of the filed PDF · View the filing
Management said price rises are being implemented monthly in small increments rather than abruptly to avoid market shock.
Answered by Aditya Khemka
Asked by Ankur Sharma: How is the company managing price hikes given memory/SoC shortages?
p. 9
“So, we're doing monthly price rise of few basis points every month.”
Aditya Khemka, page 9 of the filed PDF · View the filing
Management said its scale and purchasing power let it secure supplies ahead of smaller competitors amid the global shortage.
Answered by Aditya Khemka
Asked by Ankur Sharma: How well-placed is the company on memory/SoC supply versus competitors?
p. 9
“We are actually with the strong purchasing power that we have, the volume we have, and the relationships we have with all these guys, are securing our supplies much ahead of, as I said, competition.”
Aditya Khemka, page 9 of the filed PDF · View the filing
Management said the housing, cable and lens localization will contribute to EBITDA basis points, mainly from FY2028, with marginal impact possible later this year.
Answered by Aditya Khemka
Asked by Dhruv Jain: What margin benefits will backward integration initiatives like the housing plant deliver, and by when?
p. 11
“So, all these things and then the lens, so these three things will definitely contribute in FY 2028.”
Aditya Khemka, page 11 of the filed PDF · View the filing
Management said this was a muted estimate factoring in cost rise effects, with premium segments seeing lower cost increases than entry-level products.
Answered by Aditya Khemka
Asked by Dhruv Jain: Why does management still expect 15-16% unit growth despite ASP hikes potentially hurting demand like in mobiles/laptops?
p. 11
“So, we did all that simulation and then figured out that overall quantity of 15% may grow, which earlier we were expecting more than 20%”
Aditya Khemka, page 11 of the filed PDF · View the filing
Management acknowledged the cash conversion cycle has increased due to advance procurement of chips and memory, but said this is factored into working capital plans and funding will come mainly from internal accruals and some debt.
Answered by Anup Nair
Asked by Nikhil Kale: How should investors think about cash flow generation and working capital needs given rising inventory and payables pressures?
p. 13
“So, the cash conversion cycle is essentially slightly gone up due to the creditors coming down because of what we are doing in terms of, securing our supplies.”
Anup Nair, page 13 of the filed PDF · View the filing
Management confirmed 14-15% margin should be the new normal for FY27 and FY28.
Answered by Aditya Khemka
Asked by Naushad Chaudhary: Is the new 14-15% EBITDA margin guidance the new normal or could it change in FY28?
p. 15
“I would say Naushad, this should be the new normal for this business.”
Aditya Khemka, page 15 of the filed PDF · View the filing
Management said FY26 volume growth was roughly 18-20% with the rest from ASP growth, and expects FY27 ASP growth of about 25% and volume growth of 25-30%.
Answered by Anup Nair
Asked by Neel: What was the volume versus value growth split in FY26 and expected for FY27?
p. 14
“So, we think the volume growth would be about roughly 18%-20% and rest would be the ASP growth.”
Anup Nair, page 14 of the filed PDF · View the filing
Management said Nexivue is already certified and shipping since April, while Eyra faced R&D rework due to supply chain disruption and is expected to be certified in about two months.
Answered by Aditya Khemka
Asked by Vedanta Bhadania: What is the status of the Nexivue and Eyra brand certifications?
p. 17
“Nexivue is already certified for the first set of products and more are underway.”
Aditya Khemka, page 17 of the filed PDF · View the filing
Management said the company has a head start in localization, capacity, R&D and supply chain, and expects this advantage to continue through next year.
Answered by Aditya Khemka
Asked by Udit Gajiwala: Does management see rising competitive threat as peers' STQC certifications pick up pace?
p. 18
“We are far ahead than most of them, be it localization or capacity or R&D or product range or supply chain.”
Aditya Khemka, page 18 of the filed PDF · View the filing
Management said capacity utilization will depend on sustained 25-30% volume growth over the next few years and potential export or ODM/OEM demand.
Answered by Aditya Khemka
Asked by Darshil Jhaveri: When will the doubled capacity by FY28 reach full utilization given growth targets?
p. 20
“So, right now we are in 2026, so 2028 we plan to double. So, looking at a 3-year horizon, we will see how much growth we will do in our quantity.”
Aditya Khemka, page 20 of the filed PDF · View the filing
Risks flagged
Global semiconductor and memory supply disruption raising component costs and lead times
p. 4
“Critical components such as SoC, DDR, flash, and sensors remain under severe supply pressure, resulting in extended lead times and rising procurement challenges across industries.”
Aditya Khemka, page 4 of the filed PDF · View the filing
High US dollar increasing landed cost of imported components
p. 4
“Furthermore, the US dollar continues to remain at historically high levels, increasing the landed cost of imported part of electronic components and the raw materials.”
Aditya Khemka, page 4 of the filed PDF · View the filing
Geopolitical conflict in the Middle East raising insurance and freight costs
p. 4
“The ongoing geopolitical tensions and conflict in the Middle East have also led to a sharp rise in global insurance premiums and freight costs, adding further pressure to the overall supply chain and operating environment.”
Aditya Khemka, page 4 of the filed PDF · View the filing
Continued industry-wide cost escalation expected through 2027
p. 4
“Industry trends indicate that costs are likely to continue rising until 2027.”
Aditya Khemka, page 4 of the filed PDF · View the filing
Time lag between cost increases and price pass-through to customers affecting profitability growth pace
p. 7
“While the company is passing on these increased costs to customers, there is an inherent time lag in the transmission of such price revisions.”
Aditya Khemka, page 7 of the filed PDF · View the filing
Exhaustion of low-cost inventory requiring procurement at higher replacement cost
p. 7
“the benefit of company's earlier low-cost inventory has now been exhausted, and replacement inventory is being procured at a higher cost”
Aditya Khemka, page 7 of the filed PDF · View the filing
Memory shortage due to manufacturers shifting capacity to DDR5 and above for AI demand
p. 9
“half of them have stopped making DDR3 because of these major AI demand leading them to shift all their capacities to DDR5 and above”
Aditya Khemka, page 9 of the filed PDF · View the filing
Supply agreements becoming unstable amid rapid cost and supply-demand volatility
p. 13
“most of the agreements if you talk about across the industry are going haywire because the supply-demand is totally going haywire, the cost is rising on every fortnight, weekly basis”
Aditya Khemka, page 13 of the filed PDF · View the filing
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