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MapmyIndia (C.E. Info Systems) Q3 FY26: Seasonal Headwinds vs. Record Order Book

Lesson 243/323 | Study Time: 20 Min

Course: Quarterly Result Updates & Analysis

MapmyIndia (C.E. Info Systems) Q3 FY26: Seasonal Headwinds vs. Record Order Book

MapmyIndia’s Q3 FY26 results reflect a "quarterly hiccup" in an otherwise robust long-term growth story. While the top and bottom lines saw a double-digit decline YoY due to seasonality and execution deferrals in government projects, the surge in the open order book to a record ₹1,770.7 Cr indicates massive revenue visibility for the coming years.

The Snapshot

Metric	Details
Current Market Price (CMP)	₹962
Market Cap	~₹5,400 Cr
Rating	Accumulate on Dips
Core Moat	India's only integrated Map-led & IoT ecosystem

The "Wow" Factor

Record Order Visibility: The open order book has hit an all-time high of ₹1,770.7 Cr, representing nearly 4x the company's entire FY25 revenue. This provides a massive buffer against quarterly volatility.
Dominant B2B Moat: While global giants lead B2C, MapmyIndia is the "de facto" choice for Indian OEMs (Maruti, Mahindra) and critical government agencies (Survey of India, IOCL).
HD Mapping Leap: The strategic investment in Prashant Advanced Survey LLP positions MapmyIndia to lead the Next-Gen HD Maps market, essential for future Autonomous Driving (ADAS) in India.
Cash Rich: With ₹642.8 Cr in cash reserves, the company has the firepower to acquire niche AI/Drone startups without diluting equity or taking on debt.

Operational KPI Table

To understand the business beyond the financial headline, we track these sector-specific KPIs:

KPI	Q3 FY26	Context
Open Order Book	₹1,770.7 Cr	Up significantly from ₹1,500 Cr in March 2025
Map-led Revenue Mix	60% - 70%	Core high-margin segment including GIS & SaaS
IoT-led Revenue Mix	~20%	Includes the high-growth fleet telematics business
AI & Security Tools	~10%	Emerging segment for security and intelligence agencies
EBITDA Margin	28.6%	Compressed by seasonality and AI-scope investments

Financial Performance (Consolidated)

The following figures are verified against the Un-Audited Consolidated Financial Results for the quarter ended December 31, 2025.

Particulars (₹ in Cr)	Q3 FY26 (Current)	Q3 FY25 (YoY)	Change (%)
Revenue from Operations	93.7	114.5	-18.2%
Other Income	10.5	10.4	+1.0%
Total Income	104.2	124.9	-16.6%
EBITDA	26.8	41.7	-35.7%
Profit After Tax (PAT)	18.8	32.3	-41.8%

Key Takeaways from the Earnings Call

Execution Delays: Management noted that Q3 weakness was primarily due to deferred deliveries in the government sector and state elections (Maharashtra/Bihar) stalling work.
100% Catch-up Expected: CFO Sapna Ahuja stated that the deferments seen in Q3 are expected to be consumed 100% in Q4 FY26 and Q1 FY27.
Mappls App Growth: The consumer app has reached 45 Million downloads, with the overall ecosystem (APIs/SDKs) serving nearly 100 Million Monthly Active Users (MAU).
New Wins: Secured the prestigious Survey of India Integrated Geoportal contract, highlighting the shift from 'Made in India' to 'Owned in India' data.

Analyst View: Risk vs. Reward

The Risk: Quarterly lumpiness is a reality for MapmyIndia given its 20% revenue exposure to government projects. The spike in outsourced technical services (up 3x) needs to be monitored for margin sustainability.

The Reward: The core Map-led business maintains structural EBITDA margins above 40%. As the ₹1,770 Cr order book converts, the operating leverage will be significant.

Forward Guidance

Management remains committed to the ₹1,000 Cr revenue target by FY2028. For the current year (FY26), they have reaffirmed an EBITDA margin guidance of 35%, implying a very strong Q4 performance.

FAIRVALUE :

https://docs.google.com/spreadsheets/d/e/2PACX-1vTz0Y02H0UDk9xSN5iZtSe2GcU89voh01fSMB68GTTJXgs3vO6b00XencRASimyQrsbTmwQVTnX260l/pubhtml?gid=987769575&single=true

Financial Disclosure: This report is for educational purposes only. We are SEBI-registered advisors.

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Piyush Patel

Product Designer

4.83

Profile

Class Sessions

MapmyIndia (C.E. Info Systems) Q3 FY26: Seasonal Headwinds vs. Record Order Book

MapmyIndia (C.E. Info Systems) Q3 FY26: Seasonal Headwinds vs. Record Order Book

The Snapshot

Metric

Details

Current Market Price (CMP)

₹962

Market Cap

~₹5,400 Cr

Rating

Accumulate on Dips

Core Moat

India's only integrated Map-led & IoT ecosystem

The "Wow" Factor

Record Order Visibility: The open order book has hit an all-time high of ₹1,770.7 Cr, representing nearly 4x the company's entire FY25 revenue. This provides a massive buffer against quarterly volatility.

Dominant B2B Moat: While global giants lead B2C, MapmyIndia is the "de facto" choice for Indian OEMs (Maruti, Mahindra) and critical government agencies (Survey of India, IOCL).

HD Mapping Leap: The strategic investment in Prashant Advanced Survey LLP positions MapmyIndia to lead the Next-Gen HD Maps market, essential for future Autonomous Driving (ADAS) in India.

Cash Rich: With ₹642.8 Cr in cash reserves, the company has the firepower to acquire niche AI/Drone startups without diluting equity or taking on debt.

Operational KPI Table

To understand the business beyond the financial headline, we track these sector-specific KPIs:

KPI

Q3 FY26

Context

Open Order Book

₹1,770.7 Cr

Up significantly from ₹1,500 Cr in March 2025

Map-led Revenue Mix

60% - 70%

Core high-margin segment including GIS & SaaS

IoT-led Revenue Mix

~20%

Includes the high-growth fleet telematics business

AI & Security Tools

~10%

Emerging segment for security and intelligence agencies

EBITDA Margin

28.6%

Compressed by seasonality and AI-scope investments

Financial Performance (Consolidated)

The following figures are verified against the Un-Audited Consolidated Financial Results for the quarter ended December 31, 2025.

Particulars (₹ in Cr)

Q3 FY26 (Current)

Q3 FY25 (YoY)

Change (%)

Revenue from Operations

93.7

114.5

-18.2%

Other Income

10.5

10.4

+1.0%

Total Income

104.2

124.9

-16.6%

EBITDA

26.8

41.7

-35.7%

Profit After Tax (PAT)

18.8

32.3

-41.8%

Key Takeaways from the Earnings Call

Execution Delays: Management noted that Q3 weakness was primarily due to deferred deliveries in the government sector and state elections (Maharashtra/Bihar) stalling work.

100% Catch-up Expected: CFO Sapna Ahuja stated that the deferments seen in Q3 are expected to be consumed 100% in Q4 FY26 and Q1 FY27.

Mappls App Growth: The consumer app has reached 45 Million downloads, with the overall ecosystem (APIs/SDKs) serving nearly 100 Million Monthly Active Users (MAU).

New Wins: Secured the prestigious Survey of India Integrated Geoportal contract, highlighting the shift from 'Made in India' to 'Owned in India' data.

Analyst View: Risk vs. Reward

The Risk: Quarterly lumpiness is a reality for MapmyIndia given its 20% revenue exposure to government projects. The spike in outsourced technical services (up 3x) needs to be monitored for margin sustainability.

The Reward: The core Map-led business maintains structural EBITDA margins above 40%. As the ₹1,770 Cr order book converts, the operating leverage will be significant.

Forward Guidance

Management remains committed to the ₹1,000 Cr revenue target by FY2028. For the current year (FY26), they have reaffirmed an EBITDA margin guidance of 35%, implying a very strong Q4 performance.

FAIRVALUE :

Financial Disclosure: This report is for educational purposes only. We are SEBI-registered advisors.

Piyush Patel

Class Sessions