The company behind India’s surveillance camera market leader CP Plus, Aditya Infotech Ltd, listed at Rs 1,018 per share in August 2025, marking a 51% premium over its IPO price of Rs 675. Eight months later, the stock touched Rs 2,285, delivering a 2.2x return in under a year. The rally has been backed by strong operating performance. In Q3 FY26, revenue grew 37% year-on-year, while adjusted profit after tax (PAT) surged 139% and EBITDA margins expanded from 8.3% in FY25 to 12.7%. In a weak broader market, such momentum raises two questions: what is driving this transformation, and do current valuations still hold up? Three factors make this story compelling right now. The first is the Standardisation Testing and Quality Certification (STQC) mandate that effectively curtailed Chinese brands in India’s surveillance market, creating a structural advantage for CP PLUS, nearly doubling its market share from 21% to 39% within a year. The second is the business model transformation.…