Aditya Infotech, the owner of the CP PLUS brand commands a leading ~31% market share in India's CCTV segment as of H1 FY26, which ICICI Securities expects to rise to ~40% by FY28, driven by STQC-certified IP cameras, multi-brand strategy, and deep distribution reach across 1,000+ distributors and 3,000+ system integrators.
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ICICI Securities Report
ICICI Securities has initiated coverage on Aditya Infotech Ltd., the owner of the CP PLUS brand, with a Buy rating and a target price of Rs 1,800, implying a 19% upside from the current market price of Rs 1,513.
The brokerage highlights Aditya Infotech's strong positioning in India's fast-growing video surveillance market, supported by regulatory tailwinds, rising penetration, and robust manufacturing capabilities.
Market leadership in a fast-growing industry
CP PLUS brand is among the leading CCTV and security solutions brands in India with ~30% market share in video surveillance market. India will likely be the fastest-growing CCTV market globally (~16.5% CAGR FY25–30E) (Source: DRHP), propelled by infrastructure investments and installation mandates at schools and public places.
Aditya Infotech's scale, service capability and product breadth make it the largest beneficiary of this structural industry growth.
Key risks
Rapid technological changes; steep increase in competition; delay/failure in launch of new products; and steep inflation in commodity prices.
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