Surveillance Stocks: How Is India’s Rising CCTV and Security Demand Creating Buying Opportunities in These Companies?
India’s surveillance industry is moving beyond traditional security cameras as government infrastructure projects, urbanisation, smart-city initiatives, commercial construction and rising security requirements increase demand for video surveillance systems.
According to Mordor Intelligence, India’s CCTV market was valued at around US$4.8 billion in 2025 and is estimated to reach US$14.25 billion by 2031, implying a CAGR of nearly 19.9% between 2026 and 2031. The market is being supported by demand from government, transportation, industrial, BFSI, retail, healthcare and residential applications.
The opportunity is also becoming more technology-oriented. Surveillance installations increasingly include network cameras, video-management systems, storage, access control and AI-based analytics rather than standalone cameras. This creates opportunities for companies that can participate across multiple parts of the surveillance ecosystem.
IP Cameras and AI Are Changing the Market
IP-based surveillance is becoming an important part of the market because these cameras can connect to networks and support remote monitoring, cloud platforms and video analytics. Mordor Intelligence estimates that India’s surveillance IP camera market could increase from US$2.17 billion in 2025 to US$4.19 billion by 2030, representing a CAGR of around 14.1%.
The transition also increases the value of each installation. AI-enabled cameras can support applications such as facial recognition, intrusion detection, number-plate recognition, crowd monitoring and abnormal-activity detection. As a result, companies can potentially generate revenue not only from cameras but also from NVRs, servers, software, analytics and maintenance services.
Aditya Infotech: CP PLUS Expands Its Surveillance Footprint
Aditya Infotech , which operates the CP PLUS brand, is one of the more prominent listed companies directly exposed to India's surveillance hardware market. The company reported Q1 FY27 revenue of Rs. 1,402.4 crore, an 89.5% YoY increase, while EBITDA rose 220% YoY to Rs. 207.8 crore. Adjusted PAT increased 332.5% YoY to Rs. 142.2 crore, with EBITDA margin improving to 14.8% from 8.8% in the year-ago period.
The company said CP PLUS accounted for around 87% of Q1 revenue, while IP products represented approximately 79% of its CP PLUS portfolio. It also reported a 43.3% share of India's video-surveillance market for FY26, based on Frost & Sullivan data cited by the company.
Capacity expansion is another important part of its strategy. Aditya Infotech currently has manufacturing capacity of around 2.5 million units per month, with its Kadapa facility expected to scale up over the next two years. A new housing and enclosure plant at Kadapa is expected to become operational in Q3 FY27, with an eventual annual capacity of 30 million units.
The company is also developing a second manufacturing cluster in Greater Noida and has formed a joint venture for manufacturing LAN and CCTV cables. For FY27, the company has indicated a revenue target of Rs. 6,000–6,500 crore , while expanding into higher-end enterprise surveillance, AI-enabled products and greater localisation. It also reiterated EBITDA margin guidance of 14% to 15%.
Prizor Viztech: Building Manufacturing Capacity
Prizor Viztech is another listed company focused more directly on CCTV and security products. The company manufactures and supplies network cameras, HD cameras, NVRs, DVRs, monitors, video-management software, access-control systems and other surveillance products.
Its Gandhinagar facility is a major part of the business. The plant has an installed capacity of 50 lakh CCTV cameras annually in a single shift, equivalent to roughly 4.16 lakh cameras per month or 16,000 cameras per day. The facility includes SMT lines for PCB production, moulding equipment, laser-branding machinery and infrastructure for P2P cloud and IP/NVR data storage.
Financially, Prizor's revenue from operations increased from Rs. 71.09 crore in FY25 to Rs. 147.94 crore in FY26, representing growth of about 108%. Net profit increased from Rs. 10.15 crore to Rs. 20.76 crore during the same period.
The company has also expanded its institutional opportunity. It received a GeM vendor assessment and was registered as an OEM on the Government e-Marketplace for CCTV camera procurement, potentially widening its access to government and institutional projects.
Magellanic Cloud: Moving From Cameras to Integrated Surveillance
Magellanic Cloud provides exposure to surveillance through subsidiaries iVIS International and Provigil Surveillance. Rather than focusing only on selling cameras, the company provides integrated e-surveillance solutions involving CCTV hardware, command-and-control centres, video analytics, real-time monitoring and AI-based systems.
Its IT Surveillance segment generated Rs. 161.85 crore of revenue and Rs. 77.12 crore of PBIT in FY26, according to its reported segment figures. This compares with the company's consolidated FY26 revenue of about Rs. 697.88 crore.
Recent contracts illustrate the type of projects the company is targeting. Its surveillance subsidiaries secured projects worth more than Rs. 118 crore during Q2 FY26, including an Rs. 85 crore Southern Railway project covering AI-powered and cyber-secure surveillance across 484 stations.
More recently, IVIS received an LOI from Manappuram Finance for proposed command-and-control-centre e-surveillance services across more than 1,000 branches. The solution includes AI surveillance, real-time event monitoring, alert management and vault monitoring.
Opportunity Extends Beyond CCTV Cameras
The surveillance opportunity is therefore broader than camera volumes alone. A single deployment can require IP cameras, NVRs, servers, storage, networking equipment, video-management software, AI analytics, access-control systems, command centres and annual maintenance.
Regulation is also influencing the industry. MeitY has brought CCTV cameras under security-related Essential Requirements under public procurement and compulsory-registration frameworks, with STQC involved in security testing. Government departments are restricted from purchasing CCTV equipment that does not meet the specified requirements.
This creates a shift towards compliant, locally manufactured and technology-enabled surveillance systems. For companies such as Aditya Infotech, Prizor Viztech and Magellanic Cloud, the key variables going forward will include manufacturing scale, IP and AI adoption, government and enterprise orders, localisation of components and the ability to generate revenue from software and services alongside hardware.