Aditya Infotech Ltd.

“Aditya Infotech is a contractual Hikvision distributor with no pricing power, no proprietary IP, and total revenue concentration in a single termination-at-will supplier relationship that faces escalating geopolitical restriction in India's government procurement channel. At 105x trailing earnings and 16x book value, the market is pricing in compounding that this business cannot structurally deliver — a fair-value multiple for this business quality implies 70-80% downside. The combination of permanent-impairment risk (government ban, Hikvision direct-to-market shift) and an egregious valuation makes this an unambiguous avoid at any near-current price.”