šŸ’° Financial Performance

Revenue Growth by Segment

Standalone revenue from operations grew by 99.40% YoY, increasing from INR 35.65 Cr in FY24 to INR 71.09 Cr in FY25. In H1 FY26, revenue reached INR 42.01 Cr, representing a 35.4% YoY growth compared to H1 FY25 (INR 31.03 Cr). The growth is driven by the expansion of the dealer network and diversification into LED televisions and monitors.

Geographic Revenue Split

The company has a presence across 19 states and 2 union territories. Key revenue-contributing regions include Maharashtra, Gujarat, Tamil Nadu, Delhi, Andaman & Nicobar Islands, and Jammu & Kashmir. Specific percentage splits per state are not disclosed, but the network includes over 9,000 dealers.

Profitability Margins

Net Profit Margin (Standalone) was 14.27% in FY25, a slight decrease from 15.47% in FY24 (down 8.00%) due to higher proportional increases in operating expenses and cost of goods sold. H1 FY26 PAT margin stood at 14.1%, a 30 bps improvement over H1 FY25 (13.8%).

EBITDA Margin

EBITDA margin for FY25 was 21.1% (Standalone). In H1 FY26, EBITDA margin expanded by 190 basis points to 22.8% (INR 9.56 Cr) compared to 20.9% in H1 FY25, reflecting stronger operating leverage and disciplined cost management as the company scales.

Capital Expenditure

Capital Work in Progress (CWIP) saw a significant increase of 617%, rising from INR 1.86 Cr in March 2025 to INR 13.36 Cr by September 2025, indicating heavy investment in manufacturing capacity or infrastructure. Property, Plant, and Equipment increased from INR 8.27 Cr to INR 9.74 Cr in the same period.

Credit Rating & Borrowing

The Debt-Equity ratio improved significantly by 88%, dropping from 1.45x in FY24 to 0.18x in FY25 due to a substantial increase in the shareholder fund. Finance costs for H1 FY26 were INR 1.35 Cr, up from INR 0.41 Cr in H1 FY25, reflecting increased short-term borrowing for working capital.

āš™ļø Operational Drivers

Raw Materials

The company primarily deals in 'Stock in Trade' and 'Materials Consumed'. Purchase of Stock in Trade accounted for INR 62.83 Cr in FY25, representing approximately 88% of total revenue, indicating a high reliance on third-party manufactured goods for the LED TV and monitor segments.

Import Sources

Not explicitly disclosed in the documents, though the company mentions global market resilience and third-party manufacturing for its non-CCTV product lines.

Capacity Expansion

Current annual manufacturing capacity is 50 Lakh units. The company is currently investing in an R&D center and expanding its team to handle larger order flows, particularly in anticipation of STQC (Standardisation Testing and Quality Certification) approval for government projects.

Raw Material Costs

Cost of materials consumed was INR 5.53 Cr in FY25, while Purchase of Stock in Trade was INR 62.83 Cr. In H1 FY26, cost of materials consumed was INR 25.07 Cr. The shift in cost structure reflects the company's dual model of in-house manufacturing for CCTV and third-party sourcing for TVs.

Manufacturing Efficiency

Inventory Turnover Ratio decreased by 21% from 4.19 in FY24 to 3.32 in FY25, suggesting that inventory is staying on the books longer as the company scales its product range.

Logistics & Distribution

The company utilizes regional partnerships and a 9,000+ dealer network to ensure efficient product delivery across 19 states.

šŸ“ˆ Strategic Growth

Expected Growth Rate

35.40%

Growth Strategy

Growth is targeted through the development of AI-enabled CCTV products at the new R&D center, securing STQC certification to unlock large-scale government projects, and expanding the dealer network beyond the current 19 states. The company also leverages its partnership with IndieSemic for technological integration.

Products & Services

Security and surveillance solutions (CCTV cameras), LED televisions, monitors, touch panels, and associated software apps (Prizor Pro and Prizor Eye).

Brand Portfolio

Prizor

New Products/Services

AI-enabled CCTV products, IOT-integrated surveillance, and ANPR (Automatic Number Plate Recognition) systems are currently in development at the R&D center.

Market Expansion

Expansion plans focus on deepening presence in existing 19 states and increasing the SKU count, which currently stands at 390+.

Strategic Alliances

Strategic partnership with IndieSemic Private Limited to enhance technological capabilities in the semiconductor/surveillance space.

šŸŒ External Factors

Industry Trends

The industry is shifting toward AI, IoT, and Sustainability. Prizor is positioning itself by developing AI-enabled products and seeking STQC certification to align with 'Make in India' and government security standards.

Competitive Landscape

The company competes in a fragmented market of security solutions and consumer electronics, facing competition from both domestic brands and global surveillance giants.

Competitive Moat

Moat is built on a massive 9,000+ dealer network and multiple certifications (ISO 9001, 14001, 27001, and BIS). These certifications act as a barrier to entry for government and high-security infrastructure projects.

Macro Economic Sensitivity

The company is sensitive to changes in government regulations and tax laws, as noted in their cautionary statement. Economic downturns affecting infrastructure and retail spending directly impact demand for surveillance.

Consumer Behavior

Increasing demand for smart security (app-based monitoring) and high-definition displays in the retail and education sectors is driving the shift toward AI and touch-panel products.

Geopolitical Risks

Global market conditions and supply chain disruptions are cited as risks, particularly as the company scales its manufacturing and third-party sourcing.

āš–ļø Regulatory & Governance

Industry Regulations

Operations are governed by BIS certifications for CCTV and televisions. Compliance with STQC standards is currently a critical regulatory focus for government project eligibility.

Environmental Compliance

The company holds ISO 14001:2015 certification for environmental management systems.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 25.7% (INR 3.52 Cr tax on INR 13.67 Cr PBT).

Legal Contingencies

The company states it does not have any pending litigations that would impact its financial position as of the March 31, 2025, audit report.

āš ļø Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of STQC certification approval, which is critical for H2 FY26 government project execution. A delay could result in underutilization of the expanded capacity.

Geographic Concentration Risk

While present in 19 states, there is a 'strong presence' in Maharashtra and Gujarat, suggesting a concentration risk in Western India.

Third Party Dependencies

High dependency on third-party manufacturers for the LED TV and monitor segments, as evidenced by INR 62.83 Cr in 'Purchase of Stock in Trade'.

Technology Obsolescence Risk

Rapid changes in AI and surveillance technology require continuous R&D; failure to innovate could render the current 390+ SKU portfolio obsolete.

Credit & Counterparty Risk

Trade receivables increased by 55% in six months (from INR 15.74 Cr in Mar-25 to INR 24.39 Cr in Sept-25), indicating potential credit risk or lengthening collection cycles from the dealer network.