C.E. Info Systems (MAPMYINDIA) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 was weak due to deferred deliveries, seasonality, and government project delays, but management remains confident in long-term growth and order book strength.

• Open order book increased to INR 1,770.7 crore as of December 31, 2025, up from INR 1,500 crore at the start of the year, ensuring strong revenue visibility.

• Un-audited financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed without qualification by statutory auditors.

• Board approved a Rs 2 crore investment for a 20% partnership in Prashant Advanced Survey LLP to support next-gen HD map initiatives.

• Major investments were made in navigation software and HD maps IP development.

Financial highlights

• Q3 FY26 consolidated revenue was Rs 9,368 lakhs, down from Rs 11,454 lakhs in Q3 FY25; nine-month revenue was Rs 32,906 lakhs, up from Rs 31,971 lakhs year-over-year.

• Q3 FY26 EBITDA margin was 28.6% (down from 36.4% YoY); PAT margin at 18.0% (down from 26.1% YoY); cash & cash equivalents rose to Rs 642.8 crore.

• Q3 FY25 included a one-time revenue of Rs 2,600 lakhs; excluding this, customer revenue grew in Q3 FY26.

• IoT business contributed around 35% of revenue in the first nine months, up from 25% last year.

• Standalone net profit after tax for Q3 FY26 was Rs 2,249 lakhs, compared to Rs 3,261 lakhs in Q3 FY25.

Outlook and guidance

• Management reaffirmed FY 2028 revenue target of INR 1,000 crore and FY 2026 EBITDA margin guidance of 35%.

• Q4 revenue is expected to be better year-over-year, but not all deferred Q3 revenue will be recognized in Q4; some will spill into Q1 of the next fiscal year.

• The investment in Prashant Advanced Survey LLP is expected to enhance HD mapping capabilities and support future geospatial growth.