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    C.E. Info System

    MAPMYINDIA
    Information Technology·11 Nov 2025
    Management Summary

    C.E. Info System reported a mixed Q2 and H1 FY26, with strong revenue growth of 14.7% in H1 and significant IoT segment expansion. Key wins with IOCL and Survey of India highlight robust government and enterprise traction. However, margins were impacted by strategic investments and one-off expenses, with Q2 EBITDA margin falling to 24.7%. Management reiterated its FY28 revenue target of ₹1,000 crores and expects margins to improve as investments normalize.

    Highlights

    5

    • H1 FY26 revenue grew 14.7% over FY25 H1, indicating steady top-line expansion.

    • IoT revenue significantly increased by almost 50% to ₹74.5 crores from ₹54 crores, demonstrating successful investment in this segment.

    • Secured a landmark ₹110 crore contract with IOCL over 5 years, primarily IoT-led, and a good-sized contract with Survey of India, signaling strong government sector traction.

    • The Mappls consumer app user base crossed 40 million, showcasing strong product adoption and brand visibility.

    • Cash and cash equivalents increased to ₹639 crores from ₹565 crores a year back, reflecting a healthy liquidity position despite investments.

    Concerns

    4

    • Q2 FY26 EBITDA margin fell to 24.7% from 36.1% a year back, and H1 FY26 EBITDA margin declined to 35% from 39% YoY.

    • A one-off technical services outsourcing expense of ₹10-15 crores impacted EBITDA in the quarter.

    • The international joint venture with Hyundai Autoever is expected to take a couple more years to reach breakeven.

    • Map-led business was impacted by GST changes in the automotive vertical, and Q2/Q3 are noted as 'normal business as usual' quarters, implying lower performance compared to Q1/Q4.

    What Changed2

    vs Q3 FY26

    Guidance items6 → 5 (-1)Risks discussed4 → 6 (+2)
    Key financials

    Metrics

    6

    Periods

    3

    Headline

    4
    • H1 FY26 Revenue Growth
      14.7%
      YoY+14.7%
    • H1 FY26 EBITDA
      ₹84 Cr
    • H1 FY26 PAT
      ₹64 Cr
    • H1 FY26 EBITDA Margin
      35%

    Q2 FY26

    1
    • EBITDA Margin
      24.7%

    H1 FY26

    1
    • IoT Revenue Growth
      38%
      YoY+38%

    Segment breakdown

    Map-led Business
    47.3% EBITDA Margin
    IoT Business
    ₹74.5 Cr Revenue (H1 FY26)₹54 Cr Revenue (H1 FY25)
    List

    Order Book

    high confidence

    Inflow this qtr

    ₹ 110 crores

    Execution

    over a period of 5 years

    Composition

    Government (IOCL)(client type)
    ₹ 110 crores
    IoT-led (IOCL)(product)

    Pipeline

    deal pipeline tcv

    Potential few hundred crores opportunity from road safety vertical (IoT and government)

    "Management highlighted significant new contract wins with government entities like IOCL and Survey of India, and an MoU with DMRC, indicating strong traction in the public sector and a growing pipeline, particularly in IoT-led solutions."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    M&A

    Hyundai Autoever (JV)

    joint venture · integrated

    M&A

    Gtropy

    acquisition · closed

    Liquidity

    Cash ₹639 crores

    Cash and cash equivalents increased from ₹565 crores a year back.

    Guidance & targets

    5
    CategoryTargetPriority
    Revenue
    Revenue Target
    ₹1,000 crores
    		High
    Revenue
    Implied Growth Run Rate
    20-25%
    		Medium
    Margin
    EBITDA Margin Aspiration
    35-40%
    		Medium
    Expenses
    Technical Services Outsourcing Expenses
    Will keep coming down
    		High
    Automotive Segment
    Automotive OEM Performance
    Hope for better performance
    		Low

    Technical Services Outsourcing Expenses

    Next quarter onwards
    Current₹10-15 crores one-off expense in Q2
    TargetExpenses coming down

    Why it matters

    Reduction in these expenses is expected to contribute to margin improvement.

    We will keep investing, but maybe the investment amounts will keep coming down. So margins will keep getting better. And so this was probably the peak of the investment that we had to make, it will continue to decrease. ... In '26 only, from next quarter onwards? That's correct.

    How to verify

    key_financials.metrics[label='EBITDA Margin']

    Risks & concerns

    6
    RiskSeverity

    Seasonality and lumpiness of business performance

    Q2 and Q3 are considered 'normal business as usual' quarters, implying lower performance compared to Q1 and Q4, which can lead to lumpiness in results. — Management acknowledged

    medium

    Impact of GST changes and automotive sector slowdown

    The map-led business, particularly in the automotive vertical, was impacted by GST changes, and automotive sales slowed down after the August 15 announcement, affecting Q2 performance. — Management acknowledged

    medium

    One-off technical services outsourcing expenses impacting EBITDA

    A one-off expense of ₹10-15 crores for technical services outsourcing impacted EBITDA in Q2, contributing to margin compression, though management expects this to be the peak. — Management acknowledged

    medium

    Long gestation period for international joint venture to reach breakeven

    The joint venture with Hyundai Autoever in Jakarta (international business) is expected to take a couple more years to reach its first breakeven point. — Management acknowledged

    low

    Increase in trade receivables due to government business ramp-up

    Trade receivables went up as government business ramps up, especially in Q2, but management stated these are collectible in due course. — Management acknowledged

    low

    Meeting long-term guidance if short-term growth rates are missed

    An analyst expressed concern that missing short-term growth rates could jeopardize the ability to meet the long-period guidance, highlighting the importance of consistent performance. — Analyst acknowledged

    medium

    Q&A highlights

    7

    “IoT-led business already grew dramatically. If you're asking on the map-led business, there was some impact of GST, particularly in the automotive vertical. And corporate lumpiness, I think we have always said we see good revenue in Q1 and very good revenue in Q4, while Q2, Q3 are normal business as usual.”

    Analyst sought clarity on the uneven performance between segments, and management explained the impact of GST, automotive slowdown, and seasonality on map-led business, while highlighting strong IoT growth.

    asked by Chandramouli Muthiah

    2 min read6 chapters

    Detailed Narrative

    01

    Q2 & H1 FY26 Performance Overview

    C.E. Info System reported H1 FY26 revenue growth of 14.7% over H1 FY25. However, Q2 was noted as a 'different type of quarter' with EBITDA margins falling to 24.7% from 36.1% a year back, and H1 EBITDA margins declining to 35% from 39%. This was partly attributed to a one-off📎 technical services outsourcing expense of ₹10-15 crores and impacts from GST changes in the automotive sector.

    02

    Strategic Government and Enterprise Wins

    The company secured a significant ₹110 crore contract with IOCL over 5 years, primarily IoT-led, and a good-sized contract with Survey of India for building a national geospatial platform. An MoU was also signed with DMRC, signaling potential for commercial expansion in the Railways sector. These initiatives are seen as landmark entries into building government's national geospatial platforms and next-generation logistics solutions.

    03

    Map-led vs IoT-led Business Dynamics

    The IoT-led business demonstrated strong growth, with revenue rising almost 50% to ₹74.5 crores in H1 FY26 from ₹54 crores in H1 FY25. Management indicated that IOCL contract will be classified mostly into IoT-led business. The map-led business maintained a healthy EBITDA margin of 47.3%, similar to the previous year, despite some impact from GST changes in the automotive vertical.

    04

    Mappls Consumer App and Technology Showcase

    The Mappls consumer app has successfully crossed a total user base of over 40 million, showcasing the company's technological strength. While not a direct monetization focus, the app serves as a leading front-end and technology showcase, indirectly impacting B2B and B2B2C businesses by demonstrating the company's capabilities and creating pull for its technology.

    05

    Capital Position and International Expansion

    The company maintained a strong liquidity position, with cash and cash equivalents increasing to ₹639 crores from ₹565 crores a year back. Strategic investments include buying stakes in Gtropy and a joint venture with Hyundai Autoever in Jakarta. The international JV is still in its early stages and is expected to take a couple more years to reach its first breakeven.

    06

    Long-Term Vision and Margin Outlook

    Management reiterated its FY28 revenue target of ₹1,000 crores and an aspiration to achieve a 35-40% margin range. They anticipate that the one-off📎 technical services outsourcing expenses, which impacted Q2 margins, will decrease from the next quarter, contributing to margin improvement. The company's strategy focuses on sustained relationships with government clients through platform-led solutions rather than one-time📎 service offerings.

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