Aditya Infotech Ltd

- No significant new fundraising through debt or equity is planned for the near future. - Current capex (capital expenditure) for FY26 and FY27 will primarily be funded through internal accruals. - Joint venture with Orient Cables is a 50-50 partnership, with capex funded by both partners; this capex is not material or significant. - The Qualcomm collaboration involves no capex, as it is structured on a cost and revenue-sharing model without investment. - Any inorganic growth plans that may require separate fundraising will be considered separately, but none are highlighted at this time.

- FY26 capex primarily funded internally focusing on capacity expansion and corporate office (R&D center) expected to be completed by Q1 FY27. - Capex for FY26-27 guided within INR 100-150 crores range. - Capacity expansion at Kadapa plant to 2.4-2.5 million units expected to suffice FY27 and part of FY28. - 30 million enclosures and 1 million lenses per month planned; rest imported. - Potential second manufacturing facility under evaluation for post-FY28 period. - Collaboration with Qualcomm involves no capex but a cost and revenue share model. - MoU signed with Orient Cables for backward integration in manufacture of coaxial and network cables mainly for captive consumption. - Strategic focus on R&D with expansion of Taiwan R&D setup for global technology development.

- Expecting 15-20% volume growth primarily driven by IP cameras, with HD cameras remaining flat. - Revenue growth targeted around 30-35% for FY 2027, aiming for INR 5,350-5,550 crores. - Price hikes of 6-8% passed in January 2026, with further double-digit price hikes anticipated due to rising input costs (memory, DDR, Flash). - ASP (Average Selling Price) expected to rise due to premiumization as IP cameras cost 3-3.5 times analog cameras. - Market growth forecasted at 16-18% year-on-year, with government sectors (railways, highways) and private enterprise driving demand. - Long-term plans include expansion into AI, analytics, cloud services, and global markets beyond FY 2028. - Plans to increase manufacturing capacity to 2.4-2.5 million units by FY 27 to support growth. - New brands (Nexivue, Eyra) expected to contribute 7-10% revenue over time.

- FY 2026 guidance: - Revenue expected between INR 3,900 - 4,100 crores, closer to the higher end - EBITDA margins projected at 11% - 12% - PAT margin expected to rise from 6%-7% to 7%-7.5% - FY 2027 outlook: - Revenue targeted between INR 5,350 - 5,550 crores, indicating 30%-35% growth over FY 2026 - EBITDA margins expected to improve further to 12%-13% - PAT margins projected between 7.5%-8.5% - Growth drivers include: - Increasing market share in CCTV/IP cameras, especially with CP PLUS brand - Shift towards IP cameras and AI-enabled surveillance offering premiumization - Expansion into new sectors like government (railways, NHAI) and enterprises - Entry into cloud data center and AI services as future growth levers - Management targets 20%+ volume growth and additional growth from price increases

- Railway orders have already started flowing in and are locked in the system. - Material procurement for railway orders is underway, with billing expected in the current quarter and majority in H1 of next year. - Multiple tenders are ongoing, with Aditya Infotech positioned to capture significant market share as the largest player. - Orders related to schools are in the slow execution phase, largely on a school-wise and district-wise basis rather than large state-driven tenders. - The company anticipates strong demand from government sectors like railways and National Highway Authority, with an expected supply value of INR 2,000 to INR 3,000 crores over the next two years. - Overall, the order book is robust with continuous inflow, supporting the company’s growth trajectory.