Aditya Infotech Ltd — Q3 FY26
Aditya Infotech delivered a strong Q3 FY26 with revenue of ₹1,139.1 crore (+37.3% YoY) and EBITDA of ₹144.6 crore (+98.7% YoY), driven by favorable product mix, higher localizat...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
73%Questions answered1Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Impact of supply chain shortages and price hike quantum for Q4 and Q1 FY27.
Asked by Reub, IIFL Capital
Management gave a range (10-25%) but did not commit to a specific number for Q4 or Q1.
no specific quantum givenrange provided but not exact
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Question
could you share a bit more detail in terms of what um to what extent you have seen the shortages impacting you... in addition to the 6 to8% price hike for Jan um would it possibly for you to quantify what is the quantum of price hike planned for fourth quarter and um subsequently first quarter 27
Management (likely CEO, name not stated)
it'll be a double digit... the next 6 months the 6 to 8 months rather the the memory and DDR is going over the roof so it could be 10 15 20 25 it we quantifying what best we can do
Answered
Medium priority
Capex numbers for FY26 closure and FY27, including backward integration.
Asked by Reub, IIFL Capital
Management provided specific details on capex funding and confirmed no major capex for Qualcomm.
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Question
how do we see um the capex numbers for uh FI26 closure and for fiscal 277 along with the backward integration plan.
Management
this year capeex we primarily funded from our own... next year I think uh the Orient cable capex uh will soon be out but it's not much... the qualcom part is more of a collaboration so there's no investment
Answered
High priority
Capacity expansion targets for FY27.
Asked by Reub, IIFL Capital
Management gave a specific capacity target (2.4-2.5 million) for FY27.
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Question
in terms of slightly longdated uh capacity expansion um where are we for fiscal 27 and capacity uh targets?
Management
we are going to raise it to 2.4 million as we mentioned Reu. So 2.4 2.5 million with the current Kaddapa plant that should suffice or FI27 or even a part of FI28
Partial answer
Medium priority
Details on Nexi View and IRA brands distribution and revenue targets.
Asked by Anir Jooshi, ICA securities
Management gave a tentative percentage range but said it's too early for a solid revenue target.
no firm revenue targettoo early to comment
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Question
in terms of Nexi View and IRA uh brands if you can share more details means uh now almost three odd months are over. So are they well distributed... is there any revenue target for these brands let's say one year down the line or 3 year down the line
Management
the product will go live uh or if all goes well end of this month or the first week of March... over the years uh 7 8% 10% of our revenue may come onto this but we we are yet to take take the final call
Partial answer
High priority
Potential to gain market share from peers due to CCTV issue and working capital impact.
Asked by Anir Jooshi, ICA securities
Management gave directional guidance but no specific numbers for market share or working capital.
no specific market share targetworking capital comment vague
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Question
is there a potential to gain material market share uh as the issue uh progresses over next uh 6 months and uh will it result in uh higher working capital also?
Management
we feel that in the next 6 to 12 months our market share will will continue to rise. Now to what percentage is early to say but uh we we we are trying to hit the halfway mark... I think we should be we should be in the similar lines in the coming year also
Answered
High priority
Sectors driving market growth and subsectors for consistent growth over 2-3 years.
Asked by Duv Jen, Ambit Capital
Management identified specific sectors (railways, NH) and gave a revenue estimate for railways.
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Question
if you could just speak about some of the sectors that in your view are doing well in terms of growth and incrementally over the next two or three years which are the two or three subsectors you expect to drive this uh growth consistently ahead.
Management
we see huge growth coming when we talk about government we see huge growth from railways national highway authority... railway coaches railway itself will be at 2 3,000 cr worth of supplies in the coming two years
Partial answer
High priority
Breakdown of growth guidance into price hike, volume, and premiumization for next year.
Asked by Duv Jen, Ambit Capital
Management discussed qualitative mix shift but did not provide a numerical breakdown of growth drivers.
no quantitative breakdown provideddeferred guidance
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Question
if you have to break down the growth guidance for the next year that would be very helpful
Management
HD is going to go flat... the whole growth is going to be on the IP maximum... we haven't to be honest factored too much on that in our guidance at the moment
Answered
Medium priority
Contribution of Dawa revenue for 9 months and expected revenue in FY27.
Asked by Duv Jen, Ambit Capital
Management gave specific revenue figures for Dawa: ~10-15 cr/month currently and <150 cr for FY27.
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Question
if you could just spell out the contribution of Dawa revenue for the 9 months in this quarter and what is the kind of revenue you expect uh to uh you know generate from that uh that vertical in FI27?
Management
Next year would be not even 150 crores of our revenue. So, it'll be just like a feeder thing... this year also the whatever inventories we had we cleared out. Now the revenue is about 10 15 crores a month kind of a thing only.
Answered
High priority
How price hikes will be absorbed given historically deflationary category.
Asked by Nosh Chadri, Aditya Bila Mutual Fund
Management explained absorption and gave a growth target (>20% unit growth) plus price hike contribution.
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Question
how you think u u the price hike would be absorbed and should not impact anything on the demand side at least for short term
Management
the channel is mentally ready... the normal growth of the market will happen in terms of 15 20%... we will target more than 20% revenue unit growth uh and the balance from price hike
Evasive
Medium priority
Growth levers beyond FY28 after core categories hit substantial market share.
Asked by Nosh Chadri, Aditya Bila Mutual Fund
Management gave broad strategic direction but no concrete numbers or milestones.
no specific targetsvague future plans
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Question
how should we you know look at Adida infoch beyond fi 28 between 28 to 3031 how the growth journey would be what are the levers we have in place
Management
we are preparing ourselves to be a global company... some inorganic plans are going on... enter into the cloud and the cloud data center and the AI services
Answered
Medium priority
Current number of players with ER and SWC certification and impact on industry dynamics.
Asked by Pratik Chadri, Samaria Capital
Management gave specific numbers of qualified brands and assessed competitive dynamics.
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Question
what would be the current number presently uh in terms of players having both ER and SWC... how do you see that uh shaping up industry dynamics over the next one two years.
Management
five six Indian brands have gotten some models and about five seven global brands have got so a dozen over brands have been have qualified... we feel we have a good year headway at least
Declined
Low priority
Revenue split between hardware and software/services in the future.
Asked by Anoj Kashab, A3 Capital
Management explicitly declined to provide a revenue split, citing early stage.
too early to shareno data available
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Question
do you have any such type of data in your mind like if like if just for imagine like 90% is hardware and 10% is software
Management
it's too early the qualcom relationship also you is currently in the PC stage... it's too early to put a percentage to that
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Market growth 15-20% expected | 20% | 37.3% | Understated vs filing |
| Target more than 20% revenue unit growth | 20% | 37.3% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.