Adiance Technologies

Indicative price history

Key highlights

• Revenue ₹19.2 Cr (FY23) → ₹52.8 Cr (FY24) → ₹131.2 Cr (FY25, +148%); FY25 operating margin 22.8%, PAT ₹17.5 Cr.
• OEM/ODM CCTV designer-manufacturer in Ahmedabad since 2003 with own Adiance brand and ArcisAI software; non-Chinese chipsets for trusted-source tenders.
• Promoters hold about 90.3%; about 13.96 lakh shares of ₹10 implied by UnlistedZone's ₹314 Cr market cap.
• UnlistedZone indicative ₹2,250 dated 28 Aug 2025 (52w ₹2,200–₹2,250, lot 100) — stale; no newer quote found.

About Adiance

Adiance Technologies is an Ahmedabad-based electronics company that designs and manufactures video-surveillance hardware — IP and analogue CCTV cameras, network and digital video recorders, thermal and ANPR cameras — and the video-management and AI analytics software that runs on them. Most of its output is sold on an OEM/ODM basis to other security brands and system integrators that market the products under their own names; the company also sells under its own Adiance brand and its cloud/AI platform ArcisAI. Its pitch is a 'Make in India' supply chain that avoids Chinese chipsets, which matters as government and critical-infrastructure buyers are required to source CCTV from trusted vendors under the 2024 security-certification rules.

The business has operated since 2003 (the company says it has over two decades in video surveillance) and is promoted by its founders, who hold about 90.3% of the equity according to the dealer research note. Dealer research refers to the company as Adiance Technologies Private Limited; it has an ISIN (INE0T9101011) and dematerialised shares, which is how the small float reaches the unlisted market. The registry CIN, incorporation date and directors were not captured in this research and must be verified.

Growth has been explosive on the back of the trusted-source CCTV mandate: revenue of ₹19.2 Cr in FY23 rose to ₹52.8 Cr in FY24 and ₹131.2 Cr in FY25 (+148%), with an operating (EBITDA) margin of about 22.8% in FY25 and profit after tax of ₹17.5 Cr against ₹3.2 Cr in FY24 — figures from an UnlistedZone research note that compares Adiance's earnings multiple of about 27x with CP Plus (Aditya Infotech) at about 91x. Balance-sheet details were not disclosed in the snippets and are estimated here.

UnlistedZone's page shows an indicative price of ₹2,250, but the figure is dated 28 August 2025 — more than a year old at the time of writing — with a 52-week range of ₹2,200–₹2,250, a lot of 100 shares and a stated market capitalisation of ₹314 Cr, which implies about 13.96 lakh shares of ₹10 face value. No more recent dealer quote was found. On those numbers the stock trades at about 18 times FY25 earnings and roughly 8–9 times estimated book value; given FY26 growth, the real market level may differ materially from ₹2,250.

Verification status (10 Oct 2026): ISIN, face value, lot, market capitalisation and the ₹2,250 rate are from UnlistedZone (dated 28 Aug 2025); FY23–FY25 revenue, FY24–FY25 PAT, the 22.8% margin and the 90.3% promoter holding are from UnlistedZone's research note; the business description comes from the company's website and IndiaMART listing via search snippets. The incorporation date, CIN, directors, registered-office detail, headcount, balance sheet, cash flows and segment split are estimated or unknown. No audited filing was reviewed.

Where the revenue comes from

• OEM/ODM cameras & recorders70%

  Surveillance hardware made for other brands and system integrators (estimate)

• Adiance-brand products20%

  Own-brand CCTV, NVR/DVR and specialty cameras (estimate)

• ArcisAI software & services10%

  Cloud video management, AI analytics licences and support (estimate)

Products & services