Ceinsys Tech:₹170 Cr Revenue. 119% PAT Growth. Your Friendly Neighborhood Nerd Making Maps So You Can Get Water.

Ceinsys Tech Q3 FY26 | EduInvesting

Q3 FY26 Results · Quarterly Results (Oct–Dec 2025)

Ceinsys Tech:
₹170 Cr Revenue. 119% PAT Growth.
Your Friendly Neighborhood Nerd Making Maps So You Can Get Water.

A Nagpur-based geospatial nerds’ factory just posted a 52% revenue blitz with PAT jumping 119%, order book at ₹999 crore, and a CEO who got hired then unhired then hired again. Plot twist: they’re mapping India’s water crisis while riding on Jal Jeevan Mission juice like a chai-sipping startup.

Market Cap₹2,112 Cr

CMP₹1,009

P/E Ratio14.7x

ROE19.5%

1-Yr Return-40.3%

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.

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