MAPMYINDIA
Large CapC.E. Info Systems Limited
IT
C.E. Info Systems Limited (MapmyIndia) is an Indian provider of digital maps, geospatial software, and location-based IoT technologies. It offers solutions across automotive & mobility tech (A&M) and consumer tech & enterprise digital transformation (C&E) markets, with a focus on AI adoption and a growing Mappls App ecosystem.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/5 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 45/100Rev +1% YoY · PAT +4% YoY · margin expansion · +54% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹145 Cr | +0.7% | +54.3% |
| EBITDA | ₹64 Cr | +16.4% | +156.0% |
| Operating margin | 44.0% | +600 bps | +1800 bps |
| PAT | ₹51 Cr | +4.1% | +168.4% |
| PAT margin | 35.2% | +114 bps | +1496 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 sees strong sequential recovery with Revenue up 54.8% QoQ, EBITDA up 141.9% QoQ, and PAT up 171.3% QoQ, reversing earlier year's softening momentum. Full-year revenue growth was measured, but EBITDA margins remained healthy at 37%.
The company demonstrated a strong sequential rebound in Q4 FY26, reversing a softer trend from earlier quarters. Management is optimistic about sustained upward trajectory in FY27, supported by a robust order pipeline and growing demand across segments. The long-term thesis appears intact, but execution on the order book and margin sustainability are key.
Strong Order Pipeline
Order pipeline of over ₹1750+ Cr provides enhanced revenue visibility and strengthens confidence in delivering improved growth momentum in FY27.
IoT-led Business Growth
IoT-led revenue grew 35% YoY in FY26, with EBITDA up 55% YoY, driven by a higher contribution from high-margin SaaS-led revenues.
Mappls App Ecosystem Adoption
45+ Mn downloads, 10+ Mn in FY26, with increasing consumer acceptance and evolving into a comprehensive digital location and mobility ecosystem.
Strategic Order Wins
Secured several large and strategic order wins across Automotive OEMs, Enterprise Digital Transformation, Government, Logistics, and Mobility segments.
Investment in Indoor Navigation
Invested ₹2 Cr for a 6.06% stake in IwayPlus Technologies to strengthen indoor navigation and smart mobility ecosystem.
Investment in Geospatial Surveying
Contributed ₹2 Cr for a 20% partnership in Prashant Advanced Survey to accelerate HD maps and expand geospatial data capabilities.
IoT Inventory Stocking
Inventory days increased to stock up for servicing upcoming demand growth for IoT.
Improved Business Momentum
Q4 marked a positive inflection point with improving business activity and stronger execution, reversing earlier year's softening momentum.
Growing Demand
Growing demand across businesses, supported by a stronger order pipeline and improved visibility.
AI Adoption
Continued focus on technology and innovation, particularly around the adoption of AI to drive productivity and innovation.
Government Business Growth
Overall Govt business has grown well, with an open order book of Rs 200+ Cr, billing of Rs 100+ Cr, and cash collection of Rs 100+ Cr.
Softer Momentum in Earlier Quarters
The earlier part of FY26 saw a gradual softening in momentum from Q1 through Q3.
Temporary Reduction in Map-led Business
Map-led business, including Geospatial business, experienced a temporary reduction.
Working Capital Management
Receivable days and payable days increased as Government business increased, yet remains healthy vis-à-vis industry.
Attrition Rate
Attrition rate increased to 14% in FY26 from 11.2% in FY25.
ROCE (Ex-Cash) Decline
ROCE (Ex-Cash) appears lower this year as ~Rs 120 Crore has been invested to support organic growth, including IoT inventories and fixed IoT assets.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
QoQ comparison is crucial to assess the strong sequential recovery and 'positive inflection point' in Q4 FY26 after a softer Q1-Q3. YoY comparison provides context for full-year performance and margin expansion.
Q4 Revenue from Operations (QoQ)
₹145 crore, up 54.8% from ₹93.7 crore in Q3 FY26.
Q4 EBITDA (QoQ)
₹64.7 crore, up 141.9% from ₹26.8 crore in Q3 FY26.
Q4 PAT (QoQ)
₹50.9 crore, up 171.3% from ₹18.8 crore in Q3 FY26.
Q4 EBITDA Margin
44.6%, expanded 460bps YoY.
Optimistic for FY27
Optimistic that this renewed upward trajectory will sustain through FY 2026-27, supported by a stronger order pipeline.
Focus on Technology & Innovation
Continued to sharpen focus on technology and innovation, particularly around the adoption of AI to drive productivity and innovation.
Sustainable Value Creation
Highly confident about the long-term opportunities ahead and committed to creating sustainable value for all stakeholders.
Mappls Platform Evolution
The Mappls platform is evolving beyond navigation into a comprehensive digital location and mobility ecosystem for consumers, enterprises, and developers.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Conversion | Open Order Book to Revenue conversion ratio is estimated to be 3-4 years. | Timely execution and billing of the ₹1754.4 Cr order book to drive sustained revenue growth. |
| IoT Business Margin | IoT-led EBITDA margin improved to 16% in FY26 from 14% YoY, driven by higher SaaS contribution. | Continued improvement in IoT-led EBITDA margin, indicating successful shift to higher-margin SaaS revenues. |
| Mappls App Engagement | 45+ Mn downloads till date, 10+ Mn during FY26, with increasing consumer acceptance. | Sustained growth in user engagement metrics, retention behavior, and expanding use cases for the Mappls platform. |
| Working Capital Efficiency | Receivable days and payable days increased in FY26, particularly with increased Government business. | Stabilization or improvement in working capital metrics to ensure efficient cash flow management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
43NeutralSMA20 -33.0% / mo · near 52W low
Technical chart
MAPMYINDIAdaily · 1Y-49.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 48. Wait for confirmation.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 48 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 52% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 11/15 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 85th percentile of the scored universe and 79th percentile within IT. Main check: results consistency is weak at 43/100.
High Trust Lite: Promoter pledge is zero. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · IT: 79th pctile, median 68 · Large: 66th pctile, median 74
97 documents indexed, but claim history is not strong enough yet.
5 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸8 years of positive FCF.
- ▸Debt/equity is 0.01.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.40
- P/B
- 5.10
- EV/EBITDA
- 23.19
- Market Cap
- 4608.00Cr
Profitability
- ROE
- 15.80%
- ROCE
- 22.00%
- ROA
- 12.93%
- Dividend Y
- 0.42%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 23.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 84.50×
- Altman Z
- 8.52
- Book Value
- 165.00
Cash Flow
- FCF Yield
- 0.98%
- FCF Positive Y
- 8/5
- OCF
- 93.00 Cr
- EPS TTM
- 24.50
Shareholding
- Promoter Hold
- 51.41%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 4%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.