C.E. Info Systems (MapmyIndia) reported results for the seasonally weak quarter of Q3FY26. While quarterly revenue faced seasonal and deferral impacts, management confirmed confidence in the full-year 35% EBITDA margin guidance. Crucially, the company’s open order book surged to ₹1,770.7 crore as of December 31, 2025, providing strong long-term revenue visibility. The IoT-led business demonstrated significant 9MFY26 growth of 44%.
Management Commentary on Q3 Performance
Rakesh Verma, CMD, noted that the financial performance for the quarter was weak due to seasonality and deferred customer deliveries. However, major investments in Navigation Software and HD Maps are underway, with several project implementations expected to complete in Q4FY26. The company remains confident in achieving its guidance of a 35% EBITDA margin on a full-year basis, projecting stronger revenue growth in Q4FY26 compared to Q4FY25.
A key highlight is the significant increase in the company’s open order book, which grew from ₹1,500 crore (as of March 31, 2025) to ₹1,770.7 crore as of December 31, 2025, indicating clear, long-term revenue visibility.
Consolidated Financial Highlights (Q3FY26)
For the nine-month period ended Q3FY26 (9MFY26), Revenue from Operations grew to ₹329.1 crore from ₹319.7 crore in 9MFY25, with EBITDA at ₹110.8 crore and PAT at ₹83.1 crore.
For Q3FY26 specifically, Revenue from Operations was ₹93.7 Cr. The 9MFY26 EBITDA Margin stood at 33.7%.
Cash and cash equivalents, including financial instruments, remained strong, crossing the ₹642.8 Cr+ mark at the quarter’s end due to healthy collections. Note that Q3FY25 included a one-time revenue of ₹26 crore from other customers.
Revenue Breakdown by Product: Map-led vs. IoT-led
The IoT-led business was a strong performer, growing 44% during 9MFY26 to ₹117.1 Cr from ₹81.3 Cr in 9MFY25. Quarterly EBITDA margins for both Map-led (41.9% in Q3FY26) and IoT-led (12.4% in Q3FY26) segments were reported as comparatively stable.
Market Segment Performance: A&M (Automotive & Mobility Tech)
The A&M business achieved a YoY growth of 12% at the end of Q3FY26. Key developments included major automotive OEM wins, such as a new passenger vehicle program and contract renewals. Notable 4W go-lives included the facelift of XUV700 and Tata Sierra, alongside new product innovations like 3D building maps and navigation for 1000+ cities. The segment also saw significant IoT wins, including a leading ride-hailing partner selecting their solution.
Market Segment Performance: C&E (Consumer Tech & Enterprise Digital Transformation)
The C&E business segment saw a decline of 6% YoY for 9MFY26, primarily impacted by deferred delivery schedules on a few major contracts. Revenue growth in C&E is expected to be stronger in Q4FY26. Major wins across the corporate sector involved go-lives for a large e-commerce platform for order tracking and new wins in workforce automation for a bank. Government sector wins included the LPG Centralized Vehicle Tracking & Management System (CVTMS) Solution for IOCL.
Shareholding Pattern Overview
The ownership structure as of Q3FY26 shows that Promoters hold 51% of the company. The largest Non-Promoter shareholder listed is PhonePe Private Limited with a holding of 13.7%, followed by Zenrin Co. Ltd and Tata Mutual Fund – Tata Small Cap Fund, both holding 3.4%.
Source: BSE
