CE Info Systems (MapmyIndia) provided details on its Q3 FY2026 performance, attributing muted results primarily to delayed customer deliveries, especially from the government sector. The company remains confident in its long-term targets, confirming the INR1,000 crore revenue goal for FY’28. Crucially, the open order book has strengthened, growing to INR1,770 crores as of December 31, 2025, booking INR600 crores during the year.
Q3 FY26 Performance and Commentary
The management addressed the weak Q3 performance directly, noting that the muted results stemmed from delayed deliveries to customers, primarily in the government segment. Chairman Rakesh Verma stated that the company expects Q4FY26 growth to be better than Q4FY25.
Order Book Strength and Long-Term Targets
A significant positive highlight was the growth in the order book:
- The open order book increased from INR1,500 crores at the start of the year to INR1,770 crores as of December 31, 2025.
- This represents INR600 crores of orders booked during the fiscal year so far.
Management confirmed they still stand by the long-term guidance of reaching INR1,000 crores in revenue by FY ’28, despite the Q3 slowdown.
Government Business and Deferrals
Nikhil Kumar explained the decline in the C&E business mix, which is spread roughly 50-50 between government and corporates:
- Around 60% to 70% of the decline was due to delayed government businesses, specifically citing delays in fiscal grants for national flagship projects until October.
- Specific state elections also stalled work in Maharashtra and Bihar, leading to revenue shifting into Q4 and Q1 of next fiscal.
Sapna Ahuja quantified the expected catch-up, stating that the deferments attributed to Q3 are expected to be consumed 100% in Q4 and Q1, though the entire Q3 decline will not be compensated for in Q4 alone. The government segment contributes about 20% of the total revenue for FY ’26, similar to the 18%-19% seen in FY ’25.
Segment Focus: IoT vs. Map-led
Rohan Verma detailed the focus areas:
- The IoT business is on a steady growth path, now receiving increased focus from the parent company and Mappls DT.
- The Map-led business (including integrated content, services, and platform development) still accounts for 60% to 70% of the revenue mix, with IoT contributing about 20%.
Management confirmed they are not putting fixed percentage bands on the future mix, as both vectors have large TAMs and are expected to be additive to profitability.
AI Integration and New Business Wins
Rakesh Verma highlighted the focus on developing new age AI-related products, noting that the company embraced AI earlier, mitigating risks associated with recent broader IT sector concerns regarding AI readiness. New bookings include a major win for the Survey of India Integrated Geoportal.
Regarding new revenue streams:
- The IOCL project is expected to contribute around INR20 crores in the next fiscal year.
- The initial component from Survey of India is expected to contribute INR7 crores to INR8 crores in the entire next fiscal year, based on current pockets of order book.
Margin Guidance
Management declined to provide specific margin guidance for FY ’27 and FY ’28 due to evolving business mix but confirmed the guidance for the current year:
- FY ’26 EBITDA margin will definitely be 35%.
Consumer/Mappls App Metrics
Rakesh Verma provided an update on the consumer-facing side:
- The Mappls App has reached 45 million downloads.
- Overall Mappls (APIs, SDKs, Data) shows approximately 100 million Monthly Active Users (MAU).
International Expansion
The Indonesia joint venture (PT Terra Link Technologies) is currently in the build phase, facing expected operating expense losses in the short term, but is viewed as a strong potential contributor in the 3- to 7-year journey.
Source: BSE
