C.E. Info Systems (MAPMYINDIA) Q2 25/26 earnings summary

Executive summary

• Achieved significant progress in government and enterprise verticals, securing landmark contracts with IOCL and Survey of India, and signing MoUs with DMRC and India Post, expanding presence in public sector and infrastructure projects.

• Focused on next-generation product and technology development, leveraging the Mappls app's growing user base (over 40 million downloads) to enhance B2B and B2B2C business traction.

• Strategic wins in automotive, government, and enterprise sectors, with continued expansion in IoT and international joint ventures.

• Board approved unaudited standalone and consolidated financial results for Q2 and H1 ended September 30, 2025, with a clean limited review report from auditors.

• Additional investment made to increase stake in Gtropy Systems Private Limited to 96%.

Financial highlights

• H1 FY26 consolidated revenue grew 14.7% year-over-year to ₹235.4 crore, with EBITDA at ₹84 crore and PAT stable at ₹64.3 crore, despite increased investments.

• IoT-led business revenue rose to ₹74.5 crore from ₹54 crore year-over-year, reflecting nearly 50% growth.

• Mappls business maintained a strong EBITDA margin of 47.3% in H1 FY26.

• Cash and cash equivalents increased to ₹639.1 crore as of September 30, 2025, supporting ongoing investments and acquisitions.

• Standalone revenue for H1 FY26 was ₹188.14 crore, up from ₹170.03 crore in H1 FY25.

Outlook and guidance

• Management reaffirmed the FY28 revenue target of ₹1,000 crore, maintaining a 20-25% annual growth aspiration and 35-40% margin range.

• Investments in government and IoT projects expected to decrease in coming quarters, with margins anticipated to improve.

• Large opportunities seen in government, railways, defense, and municipal sectors, with recurring revenue potential from platform-led contracts.

• The new IOCL contract is expected to drive future revenue and operational growth over the next five years.

• Strategic focus on growth and sustained value creation for stakeholders remains unchanged for the year.