MapmyIndia (C.E. Info Systems Ltd.) – Long-Term Investor Report
🏢 Company Overview
C.E. Info Systems Ltd., better known as MapmyIndia, is India’s leading provider of digital maps, geospatial data, and IoT solutions under the Mappls brand. With over 3 decades of experience, the company powers navigation, mobility, logistics, and digital transformation solutions for automotive OEMs, enterprises, startups, and government agencies.
Its strong positioning in HD maps, location APIs, IoT fleet solutions, and digital twin technologies makes it a key beneficiary of India’s rapid digital and mobility transformation.
🌏 Industry Outlook
Digital Maps & Geospatial Tech: Rising adoption across automotive (connected vehicles, EVs, ADAS), logistics, e-commerce, fintech, and smart governance.
IoT Growth: Fleet management, video telematics, driver monitoring, and EV tracking are expanding rapidly.
Government Push: Smart cities, defense modernization, pollution monitoring, and disaster response are driving demand for geospatial intelligence.
Quick Commerce & E-commerce: Partnerships (like Zepto) enhance integration of maps and APIs into hyperlocal delivery chains.
📊 Historical Performance (Sales & Profits)
✅ 5-Year CAGR (FY20–FY25):
Sales: ~23%
Profits: ~44%
Margins consistently above 30% since FY21
📌 Q1FY26 Highlights
Revenue: ₹121.6 Cr (+19.8% YoY)
EBITDA: ₹55.9 Cr (+30.6% YoY), Margin: 46%
PAT: ₹45.8 Cr (+27.7% YoY), Margin: 34%
EPS: ₹8.49 (+28% YoY)
Cash Reserves: ₹677 Cr – strong liquidity for investments.
Segmental Growth:
📍 Map-led: ₹98.2 Cr (+26% YoY), Margin 55%
📡 IoT-led: Flat at ₹23.4 Cr, Margin 9% (management expects recovery post restructuring of subsidiary Gtropy).
Markets:
🚘 Automotive & Mobility Tech (A&M): +24.4% YoY – wins from EV OEMs & Tier-1 suppliers.
💻 Consumer Tech & Enterprise (C&E): +16.1% YoY – strong traction in fintech, logistics, and government contracts.
🔑 Key Insights from Concall
Zepto Deal: Strategic alliance + ₹25 Cr investment to capture quick-commerce tech integration.
IoT Business: Short-term weakness due to transition, but expected rebound as Gtropy integration stabilizes.
International Expansion: JV with Hyundai AutoEver in Southeast Asia to go live from FY27.
Revenue Guidance: Company aims for ₹1000 Cr revenue by FY28.
Margin Guidance: EBITDA expected 35%+ annually, Q1FY26 margin of 46% provides strong comfort.
📈 Valuation Benchmarks
🎯 Target Price Range FY26: ₹1,526 – ₹3,623
🎯 Long-term FY30 Estimate: ₹5,737
🎯 Ultra Long-term FY35 Estimate: ₹13,600+
⚖️ Peer Comparison
✅ MapmyIndia commands premium valuations due to high margins, scalable platform, and duopoly-like market position in India.
📌 Technical View (as per chart)
Buy Zone: ~₹1411
Target (12 months): ₹3277
Long-term upside: High probability of compounding with earnings growth.
⚠️ Risks
High dependence on auto & mobility sector – slowdown could impact growth.
IoT business execution challenges.
Increasing competition from Google Maps & global peers.
Valuations remain expensive – requires sustained growth.
📝 Conclusion
MapmyIndia is a rare high-margin, debt-free, cash-rich tech company with leadership in India’s geospatial and digital twin space. Strong Q1FY26 results, long-term partnerships in auto & quick-commerce, and expansion into international markets reinforce its compounding potential.
For long-term investors, MapmyIndia fits into a structural growth + innovation portfolio, but allocations should consider its premium valuations.
