Date: October 28, 2026

Management Comment

Mr. Ketan Patel, Chairman & Managing Director, commented on Q2 FY27 performance:

  • Consolidated total income stood at ₹754.80 crore, registering growth of 14.43% YoY compared to ₹659.59 crore in Q2 FY26
  • EBITDA increased by 50.70% YoY to ₹40.11 crore, with EBITDA margin improving to 5.31% from 4.04% in Q2 FY26
  • Profit After Tax (PAT) stood at ₹25.94 crore, growth of 36.88% YoY despite higher finance costs
  • For H1 FY27, consolidated total income was ₹1,231.65 crore, up 16.55% YoY
  • H1 FY27 EBITDA of ₹65.01 crore (YoY up 55.78%) at margin of 5.28%
  • H1 FY27 PAT of ₹39.47 crore (YoY up 35.49%)
  • Cash flow from operating activities for H1 FY27 stood at ₹351.24 crore, a significant turnaround from outflow of ₹91.65 crore in H1 FY26
  • Net working capital days stood at 45 as of 30 September 2026

Strategic milestones achieved:

  • Proposed acquisition of Infinova (India) Private Limited to build Make in India surveillance technology platform
  • Partnership with Drona Aviation to broaden access to drone-based STEM learning
  • Partnership with Jupiter Electric Mobility to strengthen drone technology portfolio

Financial Results (Consolidated)

Q2 FY27 Performance:

  • Total Income: ₹754.80 crore (vs ₹659.59 crore in Q2 FY26, +14.43% YoY)
  • Revenue from Operations: ₹752.14 crore
  • Other Operating Income: ₹2.67 crore
  • Gross Margin: 11.34% (vs 7.90% in Q2 FY26)
  • EBITDA: ₹40.11 crore (vs ₹26.62 crore in Q2 FY26, +50.70% YoY)
  • EBITDA Margin: 5.31% (vs 4.04% in Q2 FY26)
  • Profit Before Tax: ₹30.12 crore (vs ₹21.80 crore in Q2 FY26, +38.18% YoY)
  • Profit After Tax: ₹25.94 crore (vs ₹18.95 crore in Q2 FY26, +36.88% YoY)
  • PAT Margin: 3.44% (vs 2.87% in Q2 FY26)
  • Diluted EPS: ₹14.94 (vs ₹10.85 in Q2 FY26)
  • Interest Expense: ₹9.30 crore (vs ₹4.49 crore in Q2 FY26)

H1 FY27 Performance:

  • Total Income: ₹1,231.65 crore (vs ₹1,056.78 crore in H1 FY26, +16.55% YoY)
  • Revenue from Operations: ₹1,228.21 crore
  • Other Operating Income: ₹3.44 crore
  • EBITDA: ₹65.01 crore (vs ₹41.73 crore in H1 FY26, +55.78% YoY)
  • EBITDA Margin: 5.28% (vs 3.95% in H1 FY26)
  • Profit After Tax: ₹39.47 crore (vs ₹29.13 crore in H1 FY26, +35.49% YoY)
  • PAT Margin: 3.20% (vs 2.76% in H1 FY26)

Standalone Financials Q2 FY27:

  • Total Income: ₹664.55 crore (vs ₹617.13 crore in Q2 FY26, +7.68% YoY)
  • Revenue from Operations: ₹662.07 crore
  • Other Operating Income: ₹2.47 crore
  • EBITDA: ₹26.16 crore (vs ₹14.70 crore in Q2 FY26, +77.99% YoY)
  • EBITDA Margin: 3.94% (vs 2.38% in Q2 FY26)
  • PAT: ₹12.65 crore (vs ₹7.09 crore in Q2 FY26, +78.43% YoY)
  • PAT Margin: 1.90% (vs 1.15% in Q2 FY26)

Standalone Financials H1 FY27:

  • Total Income: ₹1,112.83 crore (vs ₹974.07 crore in H1 FY26, +14.25% YoY)
  • EBITDA: ₹46.17 crore (vs ₹24.89 crore in H1 FY26, +85.50% YoY)
  • EBITDA Margin: 4.15% (vs 2.56% in H1 FY26)
  • PAT: ₹21.66 crore (vs ₹12.40 crore in H1 FY26, +74.66% YoY)
  • PAT Margin: 1.95% (vs 1.27% in H1 FY26)

Business Update & Strategic Developments

Recent Brand Agreements & Developments:

  • Proposed acquisition of Infinova (India) Private Limited to build Make in India surveillance technology platform
  • Strategic partnership with Drona Aviation for drone-based STEM learning
  • Partnership with Jupiter Electric Mobility to strengthen drone technology portfolio
  • Launched own consumer electronics brand WOZOYO operating in India & US

Market Positioning:

  • Exclusive tie-ups with Matrix and Sparsh (STQC-certified Indian surveillance brands)
  • Partnerships with CyberPower and Honeywell for technology solutions
  • Nationwide network across 300+ cities covering retail, modern trade, and e-commerce
  • Building surveillance as strategic vertical aligned with Smart Cities Mission and Safe City Projects
  • Focus on AI infrastructure, data centers, enterprise networking, cybersecurity, and intelligent edge computing

Financial Outlook:

  • Target ₹6,000 crore revenue by FY29
  • FY29 target revenue mix: 60% from Market Entry business, 40% from Brand business

Market Context:

  • India CCTV market valued at USD 4.8 billion in 2025, forecast to reach USD 12.25 billion by 2030 (20.60% CAGR)
  • India Data Center market estimated at USD 10.11 billion in 2025, expected to reach USD 21.80 billion by 2030 (16.61% CAGR)
  • India AI market estimated at USD 22.85 billion in 2025, expected to reach USD 325.34 billion by 2033 (38.10% CAGR)
  • India IoT market estimated at USD 2.89 billion in 2024, expected to reach USD 10.28 billion by 2030 (23.20% CAGR)