C.E. Info Systems Ltd (MapmyIndia) Q1 FY26 – Revenue up 20%, PAT up 29%, Order Book GPS Locked at ₹1,500 Cr
1. At a Glance
MapmyIndia is that nerdy cousin who started mapping roads before Google Maps even landed in India. Fast-forward to Q1 FY26, they reported Revenue ₹122 Cr (+20% YoY) and PAT ₹46 Cr (+29% YoY) while flaunting a ₹1,500 Cr order book. Stock trades at ₹1,635, which is a polite way of saying “expensive, but desi GPS hai bhai.”
2. Introduction
In 1995, when Indians were still using foldable road atlases and asking dhaba uncles for directions, MapmyIndia was already plotting digital maps. Today, it is the OG pioneer of Indian mapping tech, offering Maps-as-a-Service, SaaS, and IoT platforms.
They’ve built a 6.5 Mn km digital road network, covering 99% of India’s roads, and mapped 23 Mn places from dhabas to EV chargers. If Ola or Flipkart know your location, chances are MapmyIndia is somewhere in the backend, snitching politely.
But here’s the funny bit: despite being in the hottest sector (mobility + AI + location), the stock has fallen ~22% in 1 year. Investors love the growth, but they’re allergic to the PE of 57x, which makes Infosys look like a discount grocery store.
Question: Do you still use Google Maps or have you ever opened the Mappls app? Be honest.
3. Business Model – WTF Do They Even Do?
Three main lanes:
Map & Data Products (~60%)
2D/3D maps with live traffic, road alerts, weather.
Coverage: India + some exports (Sri Lanka, UAE, Egypt).
Basically, “desi GPS with attitude.”
Platform & IoT (~40%)
APIs, SDKs, fleet management, geo-analytics, EV charging locators.
Automotive clients integrate MapmyIndia for in-car navigation (aka N-CASE suite).
Billing style: per car, per asset, per transaction. Imagine a gym membership, but for data.
Problem? Customer concentration. In FY23, auto sector = 54% of revenue, and top 54 clients = 80% of revenue. One bad EV policy, and this business hits a speed breaker.
4. Financials Overview
Metric
Latest Qtr (Jun’25)
YoY Qtr (Jun’24)
Prev Qtr (Mar’25)
YoY %
QoQ %
Revenue
₹122 Cr
₹101 Cr
₹144 Cr
19.8%
-15.3%
EBITDA
₹54 Cr
₹42 Cr
₹55 Cr
28.6%
-1.8%
PAT
₹46 Cr
₹36 Cr
₹49 Cr
27.7%
-6.1%
EPS (₹)
8.5
6.6
8.9
28.7%
-4.5%
Comment: Steady growth, healthy margins. But revenue fell QoQ because order execution is lumpy. For SaaS, that’s like Netflix showing you ads only every alternate month.
