NSE: CEINSYS · BSE: 538734
CEINSYS TECH LIMITED
Provides geospatial, engineering and technology services to government and enterprise clients in India and overseas. In FY26, the company reported revenue of ₹660.7 crore across two principal segments: geospatial and engineering services at 54.3% of segment revenue (₹358.87 crore) and technology solutions at 45.5% (₹300.91 crore), with a small 'Others' line at 0.1%. The geospatial and engineering services line covers survey, mapping, GIS and engineering work for state and central government infrastructure programs including SWSM UP, MRSAC, MSRDC, MMRDA and VVMC, and is also expanding into the U.S. geospatial market. The technology solutions segment houses IT-enabled services and product/mobility engineering work, including the AllyGrow mobility business acquired in 2022, U.S. geospatial capability from VTS acquired in 2024, and recent purchase orders such as NVMe drives supply to TSecond Inc. (~$3.16 million across three POs) and a ₹4.07 crore Hybrid Power Transfer Case beta-development order for Emotiv Mobility, LLC. Closing order book stood at ₹999 crore as of December 31, 2025, with ₹170 crore of new orders booked in Q3 FY26. The company has signed MOUs with Tech Mahindra and Aetosky Singapore for AI/ML and image-interpretation capability, and is setting up footholds in Dubai and Saudi Arabia alongside its U.S. subsidiary (which delivered ₹21 crore of top line in 9M FY26). FY26 EBITDA margin was 24.5%, with employee costs at 20.4% of revenue, other operating expenses at 49.5%, depreciation at 1.7% and no material cost of goods. Working capital cycle is held at 160–162 days. ₹24 crore was invested in tech innovation in FY26 (₹16 crore to P&L). The board has recommended a ₹3.50 per share dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Geospatial and engineering services (54%), Technology solutions (46%), Others (0%). Asset-light IT services company with government-order dependence, multi-year order book, and working-capital-heavy operations.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 203 | 219 | 253 | 418 | 661 |
| EBITDA (ex other income) | 24 | 32 | 44 | 78 | 145 |
| margin % | 11.9 | 14.5 | 17.4 | 18.7 | 21.9 |
| Owners' profit | 9 | 31 | 35 | 63 | 133 |
| EPS, as reported (₹) | 8.12 | 20.02 | 22.52 | 37.37 | 74.76 |
| ROE % · ROCE % | 5.6 · 13.2 | 15.6 · 14.8 | 15.0 · 17.9 | 15.4 · 19.4 | 19.8 · 22.0 |
| Debt / equity (x) | 0.35 | 0.28 | 0.03 | 0.10 | 0.07 |
| Cash from operations | 26 | 47 | 49 | 6 | 3 |
| Capex | (2) | (3) | (5) | (22) | (14) |
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 | 90 | 112 | 142 | 157 | 163 | 170 | 171 | 158 |
| Profit before tax | 18 | 22 | 26 | 31 | 37 | 37 | 39 | 39 |
| Net profit | 12 | 18 | 22 | 32 | 26 | 39 | 37 | 31 |
| EPS (₹) | 7.08 | 10.21 | 12.54 | 18.15 | 14.47 | 21.79 | 20.29 | 14.78 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Geospatial and engineering services | 102 | 15.5 |
| Technology solutions | 68 | 10.3 |
| Others | 0 | 0.0 |
| a. Geospatial and Engineering Services | 109 | 16.5 |
| b. Technology Solutions | 233 | 35.2 |
| c. Others | 1 | 0.1 |
| a. Geospatial & Engineering Services | 148 | 22.4 |
| Total, before eliminations | 661 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| L&T TECHNOLOGY SER. LTD. | 44,149 | 33.4 | 6.80 | 20.4 | 19.7 | 21.1 | 15.1 | 19.6 |
| INVENTURUS KNOWLEDGE SO L | 29,130 | 37.4 | 10.40 | 26.5 | 25.8 | 27.7 | — | 33.6 |
| TATA TECHNOLOGIES LIMITED | 26,718 | 48.0 | 6.81 | 29.0 | 13.9 | 14.3 | — | 18.3 |
| NETWEB TECH INDIA LTD | 24,780 | 94.8 | 34.26 | — | 28.5 | 37.5 | — | 15.7 |
| SAGILITY LIMITED | 21,553 | 21.7 | 2.23 | 12.2 | 9.6 | 11.6 | — | 22.3 |
| AFFLE 3I LIMITED | 19,072 | 39.9 | 5.22 | 26.0 | 12.5 | 15.2 | 39.3 | 25.8 |
| BLACK BOX LIMITED | 14,377 | 61.6 | 11.17 | 28.6 | 16.9 | 9.5 | 6.2 | 8.4 |
| CYIENT LIMITED | 13,177 | 34.6 | 2.14 | 11.9 | 7.5 | 9.7 | 12.0 | 13.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 17.5 | 18 of 76 | 77% |
| P/B | 2.0 | 2.2 | 33 of 70 | 54% |
| ROCE | 21.0 | 9.6 | 14 of 86 | 85% |
| ROE | 19.8 | 9.2 | 8 of 70 | 90% |
| Debt / Equity | 0.1 | 0.0 | 38 of 70 | 46% |
| EBITDA margin | 27.5 | 13.0 | 13 of 69 | 82% |
| Revenue growth | 0.8 | 20.8 | 55 of 67 | 18% |
| Profit growth | (2.2) | 14.6 | 44 of 64 | 32% |
| Market cap | 1332 | 296 | 20 of 87 | 78% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 9 Oct 2026 · SEBI compliance certificate not applicable - all shares in demat form | compliance | minimal | — | — |
| 1 Oct 2026 · MSRDC extends Ceinsys O&M contract for expressway till March 2027, about 10.27 crore | business updates | high | — | — |
| 26 Sept 2026 · AGM voting results: all 4 resolutions passed, final dividend of Rs 3.50 per share declared | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 until Q2 and H1 results are declared | compliance | minimal | — | — |
| 26 Sept 2026 · Ceinsys Tech 28th AGM: Dividend of Rs 3.50/share, FY26 Accounts Approved | board shareholder meetings | medium | — | — |
| 17 Sept 2026 · Ceinsys Tech bags Rs 24.10 cr export order from US firm T Second Inc | business updates | high | — | — |
| 16 Sept 2026 · CARE Ratings upgrades Ceinsys Tech bank facility ratings | credit debt | medium | — | — |
| 10 Sept 2026 · Ceinsys Tech wins Rs 28.17 Cr order from Rite Water Solutions for substation work | business updates | high | — | — |
| 5 Sept 2026 · Ceinsys Tech: Newspaper notice for 28th AGM on Sept 26, 2026 | compliance | minimal | — | — |
| 4 Sept 2026 · 28th AGM on Sep 26, 2026 via video conferencing; FY26 annual report link shared | compliance | minimal | — | — |
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.