NSE: MAPMYINDIA · BSE: 543425
C.E. INFO SYSTEMS LIMITED
Builds digital maps, location-based software (APIs/SDKs) and an IoT-led telematics platform, selling them to automotive OEMs, enterprise and government clients, and consumers through the Mappls app. FY26 revenue of ₹474.1 crore came mainly from in-car navigation and map data licensing, enterprise IoT/telematics subscriptions, and government mapping projects. The IoT-led segment grew 35% YoY to ₹158.6 crore with FY26 segment margin of 16% (up from 14% in FY25) and Q4 at 33%. The Mappls consumer app crossed 45 million cumulative downloads, adding 10 million in FY26 alone. Backlog visibility is high, with an open order book of ₹1,750+ crore (including ₹780 crore of new FY26 orders and a government pipeline exceeding ₹200 crore). The biggest input cost is people: employee spend of ₹90.79 crore (19.1% of revenue), reflecting the software-product nature of the business. The company is debt-free and spent ₹42.4 crore on capex (8.9% of revenue) in FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Automotive / OEM, Enterprise & IoT-led, Government, Consumer (Mappls app). Asset-light, debt-free mapping and IoT software business with subscription-style IoT revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 200 | 281 | 379 | 463 | 474 |
| EBITDA (ex other income) | 86 | 118 | 156 | 180 | 176 |
| margin % | 43.0 | 41.9 | 41.2 | 38.8 | 37.0 |
| Owners' profit | 87 | 107 | 134 | 147 | 134 |
| EPS, as reported (₹) | 16.34 | 19.99 | 24.78 | 27.05 | 24.56 |
| ROE % · ROCE % | 19.5 · 25.8 | 19.8 · 25.5 | 20.4 · 26.7 | 18.6 · 26.4 | 14.8 · 21.4 |
| Debt / equity (x) | 0.01 | 0.03 | 0.03 | 0.03 | 0.00 |
| Cash from operations | 29 | 90 | 76 | 113 | 93 |
| Capex | (4) | (15) | (27) | (49) | (42) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 104 | 115 | 144 | 122 | 114 | 94 | 145 | 140 |
| Profit before tax | 41 | 45 | 77 | 62 | 30 | 29 | 74 | 66 |
| Net profit | 30 | 32 | 49 | 46 | 19 | 19 | 51 | 50 |
| EPS (₹) | 5.58 | 5.96 | 8.93 | 8.48 | 3.32 | 3.43 | 9.28 | 9.09 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ORACLE FIN SERV SOFT LTD. | 86,374 | 25.3 | 11.04 | 22.6 | 33.7 | 43.2 | 9.0 | 62.5 |
| TANLA PLATFORMS LIMITED | 7,716 | 14.4 | 3.10 | 9.2 | 20.5 | 25.0 | 13.5 | 17.6 |
| CAPILLARY TECHNO INDIA L | 4,593 | 108.7 | 4.49 | 35.0 | 5.1 | 4.9 | — | 4.9 |
| C.E. INFO SYSTEMS LIMITED ◆ | 4,544 | 33.0 | 5.02 | 19.7 | 14.8 | 21.3 | — | 54.2 |
| TECHNVISION VENTURES LTD. | 2,337 | 10640.6 | 155.78 | 311.9 | 1.4 | 5.5 | 25.5 | (3.0) |
| Mobavenue AI Tech Limited | 2,048 | 16.2 | 22.62 | 42.8 | 32.4 | 30.8 | — | 21.8 |
| RAMCO SYSTEMS LTD. | 1,900 | 45.5 | 5.37 | 12.3 | 11.9 | 11.0 | 2.3 | 16.0 |
| NUCLEUS SOFTWARE EXPORTS | 1,770 | 16.8 | 1.95 | 10.1 | 12.9 | 15.2 | 11.3 | 16.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 33.0 | 18.3 | 24 of 32 | 26% |
| P/B | 5.0 | 1.5 | 31 of 38 | 19% |
| ROCE | 21.3 | 4.8 | 5 of 40 | 90% |
| ROE | 14.8 | 3.5 | 5 of 38 | 89% |
| Debt / Equity | 0.0 | 0.0 | 1 of 38 | 51% |
| EBITDA margin | 54.2 | 17.2 | 8 of 35 | 79% |
| Revenue growth | 14.9 | 9.7 | 15 of 33 | 56% |
| Profit growth | 8.6 | (12.0) | 18 of 41 | 58% |
| Market cap | 4544 | 41 | 4 of 44 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Quarterly confirmation certificate for Q2 FY27 filed with exchanges | compliance | minimal | — | — |
| 14 Oct 2026 · MapmyIndia partners with MMRCL to integrate Mumbai Metro data on Mappls App | compliance | low | — | — |
| 5 Oct 2026 · MapmyIndia partners MathWorks for ADAS validation on Indian roads | compliance | medium | — | — |
| 24 Sept 2026 · Trading Window Closure from Oct 1 for Q2 Results | compliance | minimal | — | — |
| 23 Sept 2026 · Clarification on Rise in Share Volume | regulatory legal | medium | — | — |
| 23 Sept 2026 · BSE seeks clarification on volume movement; reply awaited | regulatory legal | medium | — | — |
| 22 Sept 2026 · NSE queries volume spike; MapMyIndia says it is market-driven | regulatory legal | medium | — | — |
| 22 Sept 2026 · NSE flags unusual trading volume surge, seeks clarification from company | compliance | medium | — | — |
| 18 Sept 2026 · MapMyIndia to attend Anand Rathi G-200 Investor Summit on Sept 22 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · MapmyIndia partners with ClarityX to launch Geo-FI lending platform | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.