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    C.E. Info System

    MAPMYINDIA
    Information Technology·12 May 2025
    Management Summary

    C.E. Info Systems reported strong Q4 and full-year FY25 results, driven by robust revenue and EBITDA growth. The company achieved an order book of INR 1,500 crores, reinforcing its confidence in reaching INR 1,000 crores revenue by FY28. While IoT device installations saw a decline due to a strategic shift to SaaS, IoT-led SaaS revenue significantly increased. The company declared a final dividend of INR 3.5 per share and is actively deploying cash reserves for strategic growth, including its international JV which is currently incurring initial losses.

    Highlights

    6

    • Q4 FY25 revenue grew 34% YoY to INR 143.5 crores.

    • Q4 FY25 EBITDA rose 47% YoY to INR 58 crores, with EBITDA margins at 40%.

    • Full-year FY25 revenue grew 22% to INR 463 crores, and EBITDA grew 15% to INR 179 crores.

    • Order book grew to INR 1,500 crores at the end of FY25, supporting the INR 1,000 crores revenue target by FY28.

    • Map-led business maintained a healthy EBITDA margin of 47%, and IoT-led business EBITDA margins expanded from 12% to 14% in FY25 due to improved product mix and increased SaaS income.

    • New licenses in automotive increased to 3+ million vehicles in FY25, up from 2.5 million in FY24.

    Concerns

    3

    • New IoT devices installed, rented, and sold decreased to 2.1 lakhs in FY25, down from 2.9 lakhs in FY24, attributed to a strategic shift towards SaaS revenue over hardware sales.

    • The Indonesia JV (TerraLink Technologies) resulted in an INR 2.8 crores impact on PAT in Q4 FY25 due to initial losses.

    • Government business, while growing, has increased receivable days to 94 days, though management noted no bad debt and sufficient cash reserves.

    What Changed3

    vs Q1 FY26

    Guidance items2 → 5 (+3)Risks discussed3 → 4 (+1)Q&A highlights8 → 6 (-2)
    Key financials

    Metrics

    8

    Periods

    2

    Q4 FY25

    4
    • Revenue
      ₹143.5 Cr
      YoY+34%
    • EBITDA
      ₹58 Cr
      YoY+47%
    • PAT
      ₹49 Cr
      YoY+28.0%
    • EBITDA Margin
      40%

    FY25

    4
    • Revenue
      ₹463 Cr
      YoY+22%
    • EBITDA
      ₹179 Cr
      YoY+15%
    • PAT
      ₹148 Cr
      YoY+10%
    • EBITDA Margin
      39%

    Segment breakdown

    • Consumer Tech & Enterprise Digital Transformation (C&E)₹252 Cr25.5%
    • Automotive & Mobility Tech₹210 Cr21.3%
    • Map-led Revenue₹345 Cr34.9%
    • IoT-led Revenue₹117 Cr11.8%
    • IoT-led SaaS Revenue₹64 Cr6.5%
    Donut· Share of FY25 Revenue

    Order Book

    high confidence

    Total Value

    ₹ 1,500 crores

    as of 2025-03-31

    quantified

    Execution

    3 to 4 years to convert INR 1,500 crores into revenue

    Composition

    Government(client type)
    20.0%

    "The company's order book grew to INR 1,500 crores by the end of FY25, with government orders constituting approximately 20%. Management expects this order book to convert into revenue over 3-4 years, providing confidence for future growth targets."

    Source:
    Prepared remarks

    Capital allocation

    3
    high confidence
    CategoryHeadline
    Dividend

    ₹3.5/share (final)

    M&A

    TerraLink Technologies (Indonesia JV)

    joint venture · integrated · Consideration ₹NaN (cash)

    Liquidity

    Cash ₹660 crores

    Cash reserve of INR 660 crores, with INR 80 crores planned for deployment in government and IoT businesses, and remaining kept for future strategic opportunities like JVs.

    Guidance & targets

    5
    CategoryTargetPriority
    Revenue
    Total Revenue
    INR 1,000 crores
    		High
    Revenue
    International Automotive Business Revenue
    Good automotive revenue
    		Medium
    Revenue
    Government Business Revenue
    Significant growth
    		Medium
    Margin
    EBITDA Margin
    35-40%
    		High
    Advertising Spend
    Advertising Spend as % of Revenue
    Around 3%
    		High

    Indonesia JV profitability

    End of FY26
    CurrentINR 2.8 crores PAT impact (loss) in Q4 FY25
    TargetReduced losses, moving towards breakeven

    Why it matters

    The JV is a key part of international expansion, and its profitability will indicate the success of this strategy.

    We think that towards the end of FY '26, this share of loss should start going down. That's what our assessment is. Right now, we saw INR2.8 crores impact on our PAT due to the share of loss. But as their revenues start coming in on their somewhat fixed cost base by FY '26, and we think that they should start being a turnaround.

    How to verify

    key_financials.metrics[label='PAT']

    Risks & concerns

    4
    RiskSeverity

    Decline in new IoT device installations

    New IoT devices installed, rented, and sold decreased to 2.1 lakhs in FY25 from 2.9 lakhs in FY24, attributed to a strategic shift towards SaaS revenue over hardware sales. — Management acknowledged

    medium

    Initial losses from Indonesia JV

    The international JV with Hyundai AutoEver (TerraLink Technologies) resulted in an INR 2.8 crores impact on PAT in Q4 FY25, though profitability is expected by end of FY26. — Management acknowledged

    low

    Increased receivable days from government business

    Government business has led to an increase in receivable days to 94 days, but management stated there is no bad debt and the company has sufficient cash. — Analyst acknowledged

    medium

    Competition and potential price wars in B2B automotive sector

    Analysts raised concerns about new competitors like Ola Maps and Genesys, and potential price wars in the B2B automotive sector, but management expressed confidence in their comprehensive solutions beyond just HD maps. — Analyst downplayed

    medium

    Q&A highlights

    6

    “Well, when you're talking about 30% growth average CAGR, what confidence we have, this is not just for automotive, it is all inclusive. So that's point number one. The second is the automotive business from the international operations is going to kick off. The JV has been formed, certain revenues have started coming. And I think it's a matter of 1-2 years where you will see a good automotive revenue from the international market also.”

    Analyst questioned the feasibility of the FY28 revenue target given a slowdown in the Automotive & Mobility Tech segment, and management clarified it's an overall target supported by international expansion.

    asked by Shobit Singhal

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Q4 and Full-Year FY25 Performance

    C.E. Info Systems delivered robust financial results for Q4 FY25, with revenue growing 34% YoY to INR 143.5 crores, EBITDA increasing 47% YoY to INR 58 crores, and PAT rising 28% YoY to INR 49 crores. For the full fiscal year 2025, revenue reached INR 463 crores, a 22% YoY increase, while EBITDA grew 15% to INR 179 crores and PAT increased 10% to INR 148 crores. The company maintained a healthy EBITDA margin of 39% for the full year.

    02

    Order Book and FY28 Revenue Target Confidence

    The company's open order book expanded to INR 1,500 crores by the end of FY25, providing strong visibility for future revenue. Management expressed confidence in achieving its stated milestone of crossing INR 1,000 crores in annual revenue by FY28, with the current order book expected to convert into revenue over the next 3-4 years. Government orders currently constitute approximately 20% of the overall business and new orders.

    03

    Strategic Shift in IoT Business Towards SaaS

    While the IoT-led business revenue grew 5% to INR 117 crores in FY25, the number of new IoT devices installed, rented, and sold decreased to 2.1 lakhs from 2.9 lakhs in FY24. This decline is attributed to a strategic shift in focus towards higher-margin SaaS revenue over hardware sales. Consequently, IoT-led SaaS revenue increased to INR 64 crores in FY25 (from INR 45 crores in FY24), now representing over 50% of total IoT-led revenue, and IoT-led EBITDA margins expanded from 12% to 14%.

    04

    International Expansion and JV Performance

    The joint venture in Indonesia, TerraLink Technologies, formed with Hyundai AutoEver, is progressing through its business development phase. While it incurred an initial loss of INR 2.8 crores impacting Q4 FY25 PAT, management anticipates that the share of loss will begin to decrease by the end of FY26, with significant automotive revenue from international operations expected within 1-2 years. The company views Southeast Asia as an incredible long-term opportunity mirroring India's market potential.

    05

    Capital Allocation and Shareholder Returns

    The company maintains a strong liquidity position with INR 660 crores in cash reserves. Approximately INR 80 crores of this cash is planned for deployment to grow the government and IoT businesses. The remaining cash is being preserved for strategic opportunities, such as the investment of $4 million (INR 35 crores) into the Hyundai AutoEver JV. The Board declared a final dividend of INR 3.5 per equity share (175%) for FY25.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.