C.E. Info Systems (MAPMYINDIA) Q2 25/26 earnings summary

Executive summary

• Achieved significant progress in government and enterprise verticals, securing landmark contracts with IOCL and Survey of India, and signing MOUs with DMRC and India Post, expanding presence in public sector and infrastructure projects.

• Focused on next-generation product and technology development, leveraging the Mappls app's growing user base (over 40 million downloads) to enhance B2B and B2B2C business traction.

• Strategic growth continues with core business maintaining strong margins, while new segments (IoT, government, international JV) are in investment and scale-up mode.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2025, with a clean limited review report from auditors.

• Additional investment made to increase stake in subsidiary Gtropy Systems Private Limited to 96%.

Financial highlights

• H1 FY26 consolidated revenue grew 14.7% year-over-year to ₹235.4 crore, with EBITDA at ₹84 crore and PAT stable at ₹64.3 crore, despite increased investments.

• IoT-led business revenue rose to ₹74.5 crore, up 37.9% year-over-year, reflecting strong growth.

• Mappls business maintained a strong EBITDA margin of 47.3%.

• Cash and cash equivalents increased to ₹639.1 crore as of September 30, 2025, even after organic investments.

• Standalone revenue for H1 FY26 was ₹188.14 crore, up from ₹170.03 crore in H1 FY25.

Outlook and guidance

• Management reaffirmed the FY28 revenue target of ₹1,000 crore, maintaining a 20-25% annual growth aspiration and 35-40% margin range.

• Investments in government and IoT projects expected to decrease in coming quarters, with margins anticipated to improve.

• The new IOCL contract is expected to drive future revenue and operational growth over the next five years.

• New business segments are in investment and scale-up phase to capture large market opportunities.