01 — At a Glance
The GIS Maverick That Maps Infrastructure While Management Plays Musical Chairs
- 52-Week High / Low₹1,952 / ₹797
- Q3 FY26 Revenue₹170 Cr
- Q3 FY26 PAT₹39.9 Cr
- TTM EPS₹66.9
- Annualised EPS (Q3 Avg × 4)₹87.16
- Book Value / Share₹262
- Price to Book3.85x
- Order Book (31 Dec)₹999 Cr
- Revenue Visibility3x (OB/TTM)
- ROCE26.6%
Flash Summary: Ceinsys just delivered Q3 FY26 operational revenue of ₹170 crore (up 52% YoY), PAT of ₹39.9 crore (up 119% YoY), and EBITDA margin expanded 452 basis points to 23.48%. The stock has tanked 40% in a year despite the business growing at 78%. Order book of ₹999 crore provides 3x revenue visibility. The stock is cheaper than yesterday’s leftover biryani, trading at just 14.7x P/E while the business prints 19.5% ROE and 26.6% ROCE. Meanwhile, the CEO got appointed, then resigned, then came back — all while the company executed like a Swiss watch. Chaos on the marquee. Excellence on the balance sheet.
02 — Introduction
The Cartographer’s Revenge: How a Meghe Group Company Is Mapping India’s Infrastructure
Let’s start with the uncomfortable truth: you probably have no idea who Ceinsys Tech is. Your neighbour has never heard of them. But that uncle who brags about his engineer son? That uncle’s son’s company is probably using Ceinsys’ software to design electricity grids or water networks. Since 1998, this Nagpur-headquartered outfit has been quietly mapping India’s infrastructure — not with pen and paper, but with LiDAR, drones, AI, and enough computing power to make Google jealous.
The business model is deceptively simple: take geospatial data (satellite imagery, drone feeds, sensor data), throw machine learning at it, sell it as digital intelligence to governments and enterprises who need to build/maintain infrastructure. Throw in some mobility engineering (car design consulting for Bajaj, Mahindra, etc.), add a dash of emerging tech (AI, IoT, digital twins), and you have a company that nobody talks about but everybody needs.
Q3 FY26 was the kind of quarter that makes auditors weep with joy. Revenue ripped 52% YoY to ₹170 crore. Profit after tax jumped 119% to ₹39.9 crore. EBITDA margin expanded by 452 basis points to 23.48%. The order book closed at ₹999 crore as of December 31, 2025 — enough to keep the lights on for 2 years at current burn rate. Yet the stock is down 40% in a year. Welcome to India’s market inefficiency museum.
Concall Insight (Feb 2026): Management said margins are “at least stable” going forward and they “sustainably hope to improve quarter-on-quarter” — which is code for “we’re just getting started.” They attributed order inflow delays to election code of conduct eating 6 months of tendering. Translation: this quarter might have been compressed by politics, next quarter might be a blowout. CFO emphasized working capital is tightly managed at 160–162 days, unbilled revenue is a known quantity (₹250 crore), and collections are “matching operational revenue” — which is what CFOs say when they’re not sweating at night.
03 — Business Model: WTF Do They Even Do?
They Map Stuff. Very Expensive, Very Indian Stuff. And They’re Laughably Undervalued.
Ceinsys operates in a sweet spot: B2G (business to government) and B2B2G where the customer pays reasonably well and the contract life is measured in years, not months. Here’s the portfolio breakdown: Geospatial & Engineering Services (52% of 9M revenue) and Technology Solutions (48%). The geospatial side includes water management, energy grids, urban planning, transportation, telecom networks, and oil & gas pipelines. The technology side is IoT platforms, cloud dashboards, digital project management systems, and AI-powered analytics.
Revenue composition in 9M FY26: Water dominates at 51% (thank you, Jal Jeevan Mission), followed by Mobility & Engineering at 24%, Enterprise at 12%, Geospatial at 11%, and scraps from Energy, Transport, and Telecom. Client mix: 55% from top 10 customers. Concentration risk? Yes. But these are government agencies and PSUs — not going anywhere. Government contracts have embedded stickiness. Once you’re in, you’re in.
The company has 1,200+ employees globally, is ISO/CMMI Level 5 certified (which means their quality processes are tighter than a biryani rice cooker), and has completed 15,500+ miles of water network mapping and 650,000+ miles of high-resolution imagery processing. They literally helped design parts of India’s water and electricity infrastructure. Nobody gave them a statue, but they should have.
Water Revenue51%of 9M FY26
Mobility & Eng24%of revenue
Enterprise12%of portfolio
Top-10 Clients55%concentration
Fun fact from the concall: Management said they won orders worth ₹107 crore from Uttar Pradesh State Water & Sanitation Mission, ₹19.61 crore from MMRDA for change detection + BIM, and ₹12 crore from MSRDC for digital project management. All in one quarter. One quarter. And the stock is down 40% because investors are too busy tweeting about Nvidia to notice.
04 — Financials Overview
Q3 FY26: When Numbers Go So Vertical They Make Ropeman Jealous
