C.E. Info Systems (MAPMYINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 was weak due to deferred deliveries and seasonality, but management remains confident in long-term growth targets and made major investments in navigation software and HD maps IP development.

• Open order book increased to INR 1,770.7 crore as of December 31, up from INR 1,500 crore at the start of the year, ensuring strong revenue visibility.

• Significant wins across all business sectors, with several project implementations expected to complete in Q4FY26.

• Un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed without qualification by statutory auditors.

• Board approved a Rs 2 crore investment for a 20% partnership in Prashant Advanced Survey LLP, a high-definition mapping and surveying company, to support next-gen HD map initiatives.

Financial highlights

• Q3 FY26 revenue from operations was INR 93.7 crore, down from INR 114.5 crore in Q3 FY25, impacted by deferred deliveries and seasonality; nine-month revenue grew to INR 329.1 crore from INR 319.7 crore YoY.

• Q3 FY26 EBITDA margin was 28.6% (down from 36.4% YoY); PAT margin at 18.0% (down from 26.1% YoY); cash & cash equivalents rose to INR 642.8 crore.

• Q3 FY25 included a one-time revenue of INR 26 crore; excluding this, customer revenue grew in Q3 FY26.

• IoT-led business grew 44% YoY in 9MFY26 to INR 117.1 crore; map-led business saw a decline.

• Government business contributed 20% of total revenue for FY 2026, similar to the previous year.

Outlook and guidance

• Management reaffirmed FY 2028 revenue target of INR 1,000 crore and FY 2026 EBITDA margin guidance of 35%.

• Revenue growth expected to be stronger in Q4FY26 compared to Q4FY25, but not all deferred Q3 revenue will be recognized in Q4; some will spill into Q1 next year.

• The investment in Prashant Advanced Survey LLP is expected to enhance capabilities in HD mapping, supporting future growth in geospatial solutions.