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CPPLUS (Aditya Infotech Ltd) 🚀FY27 Guidance Increased from previous levels with Strong Growth Outlook for FY27 Revenue guidance increased to 6000 to 6500 cr from 5,350–5,550 Cr EBIDTA Margins increased to 14-15% from 12-13% PAT Margins increased to 8.5–9.5% from 7.5-8.5% 🚀Implied growth For FY27 (YoY) ⏺️Revenue growth 40-50%+ ⏺️EBITDA growth 45-65%+ ⏺️PAT growth 50-65%+ Implied PAT for FY27 is 510–617 Cr (at midpoint revenue 6,250 Cr × 9%) 🔥 Key Triggers ⏺️Demand/Pricing DDR3 memory production stopped by all major vendors globally, so structural price escalation until 2027 ASP increasing ~25% in FY27 so price hikes already initiated in Q4 FY26, monthly hikes continuing Volume growth expected 15–17% (market) + share gains = lead to dual growth engine ⏺️Supply Chain / Make in India Kadapa plant at 2.5M units/month, targeting 90–100% utilisation HAC job work shifting to EMS partner (~500K units/month from Jun/Jul) - margin lever Cable, housing, lens localisation underway - structural COGS reduction ahead ⏺️Strategic Partnerships (BIG): Qualcomm - AI-enabled video security (edge AI) L&T Semiconductor - co-development of AI surveillance SoCs (India semiconductor ecosystem play) Orient Cables JV - backward integration in cables Non-Chinese SoC vendors locked in: Ambarella, Novatek, Realtek, Augentix ⏺️Product/GTM CP PLUS 2.0 multi-brand strategy - Vedaan, ViDu, CP Plus Pro (Taiwan R&D), Nexivue, Eyra, Dahua HD Galaxy Store programme - 75 elite partners, co-funded salesforce IPL Punjab Kings title sponsorship + Vijay Sethupathi (TN) + Prithviraj (Kerala) - brand building at scale ⚠️ Risks to Watch Price pass-through lag - company explicitly admits tapered pricing may cause margin realization delay Cash conversion cycle increased - 67 to 78 days (creditor days shrinking faster than inventory/debtors) Debtor days still elevated at 121 days - channel credit risk High marketing & operational cost base (IPL, celebrity, airport ads) - OpEx pressure Kadapa manpower/supply chain issues under improvement - execution dependency ⌛️Bottomline Results are genuinely Blockbuster on execution. Guidance upgrade on revenue and margins simultaneously is rare - market should re-rate. Key monitorable is whether HAC shift to EMS + localisation delivers margin expansion as guided, or gets absorbed by freight/insurance costs. Watch Q1 FY27 numbers for first proof point. #CPPlus #vismaya