C.E. Info Systems Ltd (MapmyIndia) Q2FY26 – Maps, Moats, and Mad Valuations: ₹235 Cr Revenue, ₹84 Cr H1 EBITDA, ₹110 Cr IOCL Order, and a Detour from Zepto’s Zipping Deal
1. At a Glance
Welcome to MapmyIndia Q2FY26, where digital maps are sharp, the EBITDA margins are slick, and the valuation… well, let’s just say you’ll need a compass to find “fair value”. The stock sits at ₹1,703, with a market cap of ₹9,314 crore and a nosebleed P/E of 64x. Revenues for Q2FY26 came in at ₹114 crore, while PAT stood at ₹18.5 crore, down 39% YoY — proving that even India’s most intelligent maps sometimes take a wrong turn.
Despite a slowdown in quarterly profit, the company flexed its tech-muscles with a ₹110 crore IOCL tracking contract and a fancy new Survey of India award to build a national geo-spatial platform. Operating profit margins (OPM) at 23% this quarter may have looked thinner than last year’s 38%, but the half-year EBITDA of ₹84 crore suggests the fundamentals are still stronger than your Google Maps signal during monsoon in Gurgaon.
MapmyIndia has mapped over 6.5 million km of roads, covering 99% of India, with 7,900 towns, 6.3 lakh villages, and 23 million places — from dhabas to EV chargers. The company’s moat isn’t a moat, it’s a GIS fortress. Yet, the stock has been lost in direction — down nearly 19% in 6 months. Irony much?
2. Introduction – From Paper Maps to Power Moves
Remember those fat Eicher road atlases in your glove box? Now they’re just nostalgia, thanks to C.E. Info Systems Ltd, better known as MapmyIndia, which digitized India’s geography before most of us even digitized our parents’ landline numbers. Founded in 1995, this company was mapping highways when others were mapping wedding halls.
From mapping potholes to powering EV navigation, MapmyIndia has grown into India’s ultimate data-driven GPS overlord. They offer a triad of tech goodness — Maps-as-a-Service (MaaS), Software-as-a-Service (SaaS), and Platform-as-a-Service (PaaS). In short, it’s SaaS but with better direction.
Their data empire is now baked into cars, phones, and fintechs — literally the invisible engine behind brands like PhonePe, Flipkart, Hyundai, and Airtel. When you order a cab, check fuel prices, or find your nearest dosa, chances are some MapmyIndia algorithm quietly did the heavy lifting.
But 2025 hasn’t been all smooth cruising. The company’s deal to acquire Zepto didn’t materialize (maybe they got lost en route), and profits took a detour despite record revenue growth. Yet, with a ₹1,500 crore order book and new government projects, the business is steering firmly on course.
3. Business Model – WTF Do They Even Do?
If you think MapmyIndia just draws maps, you’re about 25 years late. This company isn’t a cartographer; it’s a data economy. Here’s the simplified breakdown:
Map & Data Products (60%) – Their bread and butter. They create digital twins of India, updated in real-time for 7,900 towns, 6.3 lakh villages, and 23 million places. These maps are more up-to-date than your last relationship status.
Platform & IoT (40%) – Think of this as their “brain layer.” It powers GPS tracking for fleets, EVs, logistics firms, and smart-city projects. The N-CASE automotive suite helps OEMs embed navigation, telematics, and analytics into cars.
Revenue Model: Subscription, royalty, and license fees — recurring, predictable, and gloriously cash-rich. 84% of revenue comes from long-term, high-margin contracts.
Clients: Everyone from ISRO and NITI Aayog to PhonePe, HDFC Bank, and Hyundai. Basically, they map for both the government and the people trying to escape traffic fines.
Their order book of ₹920 crore (FY23) ensures visibility for years, and recent IOCL and Survey of India projects suggest this GPS powerhouse is in no mood to take a U-turn.
4. Financials Overview
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue
₹114 Cr
₹104 Cr
₹122 Cr
+9.7%
-6.6%
EBITDA
₹26 Cr
₹37 Cr
₹54 Cr
-29.7%
-51.8%
PAT
₹18.5 Cr
₹30 Cr
₹46 Cr
-38.9%
-59.8%
EPS (₹)
3.38
5.58
8.47
-39.4%
-60.1%
Commentary: From ₹122 crore in June to ₹114 crore this quarter, revenues decelerated, but still grew YoY. Profit margins got run over by higher costs (maybe those satellite feeds aren’t cheap). EPS crashed like a missed exit on a highway. Yet, annualized EPS stands at ₹13.5, and at ₹1,703 per share, that’s a P/E of ~126x — higher than most SaaS startups that don’t even make profits.
5. Valuation Discussion – The “Fair Value” Maze
Let’s use three lenses — because one isn’t enough when the P/E is this wild.
(a) P/E Method: Annualized EPS = ₹3.38 × 4 = ₹13.52 At 64x industry-average P/E → Fair Value = ₹866 At 80x premium SaaS P/E → Fair Value = ₹1,081 ✅ Range: ₹850–₹1,100
(b) EV/EBITDA Method: FY25 EBITDA = ₹176 Cr Current EV = ₹9,277 Cr → EV/EBITDA = 52.7x Industry average = 30x → Fair EV = ₹5,280 Cr Fair Value per Share = ₹5,280 / 9,314 × ₹1,703 ≈ ₹966 ✅ Range: ₹950–₹1,100
