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ICICI Securities Report
The brokerage ICICI Securities has maintained a ‘Buy' rating on Aditya Infotech Ltd. maker of CP Plus while sharply raising the target price to Rs 3,100 from Rs 1,850 earlier, implying an upside potential of about 17% from current levels.
ICICI Securities highlighted that Aditya Infotech exited FY26 with strong operational momentum, significantly outperforming earlier expectations on growth and margins. The company's market share expanded to ~45.4%, supported by localisation, manufacturing scale, and regulatory tailwinds such as STQC implementation.
Aditya Infotech's revenue grew by 45.5% YoY driven by strong brand traction across segments. Ebitda grew by 161.9% YoY led by brand mix, operating leverage and higher localisation.
Adjusted PAT grew 207.7% YoY due to lower interest cost. Gross margin expanded 934 bps YoY, as CP PLUS' contribution to revenue increased to 90% in Q4 FY26. Ebitda/PAT margin also expanded 803 bps/627 bps YoY.
Key risks: Steep increase in commodity prices; and material increase in competitive pressures
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