1. Opening Hook
When a company changes its brand to “CS Tech AI,” you’d expect chatbots and cloud analytics. Instead, Ceinsys mapped its way to record profits by, quite literally, mapping things on Earth. From water projects to river linkages, the company’s geospatial and engineering mix is churning numbers faster than Google Maps recalculates routes. But amid all this tech swagger, investors couldn’t resist bringing up the juicier subplot — ESOPs, resignations, and U.S. subsidiaries burning cash in the name of business development.
Stick around — because between ₹1,092 crore order books and “AI efficiency drives,” Ceinsys is quietly plotting its course to the big leagues. Or maybe just plotting. 😏
2. At a Glance
- Revenue ₹164 Cr (+82%)– The kind of growth Excel formulas dream of.
- EBITDA ₹36 Cr (+112%)– Margin at 21.8%, up 310 bps; CFO grinning.
- PAT ₹26 Cr (+120%)– Net margins of 15.7%, pure GPS precision.
- Order Book ₹1,092 Cr– Enough to keep the mapping drones busy for 2 years.
- H1 Revenue ₹320 Cr (+95%)– Already above FY24’s full-year total.
- Operational Cash Surplus ₹47 Cr– CFO’s favorite map pin: “Positive territory.”
- Technology Solutions 54% of sales– AI & IoT are now officially billable buzzwords.
3. Management’s Key Commentary
“This was our best Q2 ever, marked by record revenue and EBITDA.”(Translation: The Google Earth of profits — zoomed all the way in.)
“Technology Solutions revenue grew 2.5x YoY.”(Translation: We finally found the Ctrl+C + Ctrl+V formula for growth.)
“We invested ₹21 crore in tech innovation for the U.S. market.”(Translation: Translation = Fancy words for ‘sales team on U.S. tour’.)
“Our working capital cycle stands at 160 days but will drop to 120.”(Translation: Payments from babus move slower than our satellites.)
“We mobilized $28 million for future acquisitions.”(Translation: We’re shopping, but haven’t decided what to buy yet.)
“Margins are improving as old projects fade and high-tech ones kick in.”(Translation: Goodbye pipes, hello Python scripts.)
“AI/ML initiatives cut delivery time by 30%.”(Translation: AI’s not replacing jobs, just our excuses for delays.)🤖
4. Numbers Decoded
| Metric | Q2 FY26 | YoY Growth | Remarks |
|---|---|---|---|
| Revenue | ₹164 Cr | +82% | Record-breaking quarter |
| EBITDA | ₹36 Cr | +112% | Margin 21.8%, best yet |
| PAT | ₹26 Cr | +120% | Profit curve steeper than India’s monsoon |
| H1 Revenue | ₹320 Cr | +95% | Already beat FY24 full-year |
| Order Book | ₹1,092 Cr | — | Heavy on water, light on worry |
| Cash Surplus | ₹47 Cr | — | Yes, “surplus” – rare word here |
| U.S. Subsidiary Loss | ₹7–8 Cr | — | “Business development” in disguise |
| Tech Investments | ₹21 Cr | — | 13 Cr expensed this quarter |
| Working Capital Days | 160 | — | Targeting 120–130 by Q4 |
(Government receivables are the real “AI challenge” — Artificially Invoiced, actually delayed.)
5. Analyst Questions
Q:What’s up with the ESOP allotments and resignations?A:All at par, nothing shady. (Translation: HR drama, officially “closed.”)
Q:Why’s the U.S. arm losing ₹7–8 crore every quarter?A:It’s investment, not loss. (Because accountants love optimism.)
Q:Any new big orders?A:₹115 crore from MMRDA. Pipeline ₹700–800 crore. (Translation: “Soon,” like a Marvel release date.)
Q:River linking project progress?A:₹48 crore booked of ₹381 crore total. (Translation: Government keeps redrawing the river.)
Q:Why did employee cost ratio fall so sharply?A:Same salary, higher output. (Translation: Free coffee worked.)
