C.E. Info Systems Limited — Q1 FY26
CE Info Systems (MapMyIndia) delivered a strong Q1 FY26 with revenue of 121.6 cr (+19.8% YoY), EBITDA of 55.9 cr (+30.6% YoY), and PAT of 45.8 cr (+27.7% YoY).
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
58%Questions answered3Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Why IoT business flat and how to achieve growth?
Asked by San, Anendraati
Management gave qualitative reasons but no quantitative growth trajectory or timeline.
no specific growth timelineattributed to transition
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Question
So first question is on IoT business. So last quarter also we seen around 4% decline in growth and this quarter as well it was largely flat. So how one should achieve a growth trajectory from here on.
Rohan (management)
We figured out that one of the ways that we could grow is to increase our shareholding in Groy which is 76% currently to 96-97%... We transitioned the management... we are refocusing the business on higher margin large enterprises... over the course of next quarter we'll be back on growth path.
Evasive
Medium priority
Details on Zepto investment and business opportunity size.
Asked by San, Anendraati
Management did not quantify the opportunity size, only described strategic intent.
no size or revenue potential givengeneric strategic rationale
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Question
If you can share more details on your investment in Zapto and business agreement with B like how big opportunity are we envisaging from this sector.
Rohan (management)
We wanted to work closely in a strategic manner with somebody so that we can complete our offerings or deepen our offerings for quick commerce... this investment is being made both from a strategic business agreement point of view...
Answered
Medium priority
Is Zepto agreement the same as the 233 crore order?
Asked by Chandra Muli Mutya, Goldman Shacks
Management clearly stated the 233 crore order is separate from Zepto.
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Question
I remember we had announced about 233 crores of e-commerce related business order win on the 1st of July. So just wanted to confirm if this Zepto business award/agreement is the same as that one or if it is incremental.
Management (unclear who)
No no I think probably for lack of information you are mixing up the two that 233 crores had nothing to do with webto it's a different customer.
Partial answer
High priority
What drove 24.5% automotive revenue growth despite low industry growth?
Asked by Chandra Muli Mutya, Goldman Shacks
Management gave a general reason but no specifics on which segments drove growth.
no specific customer or product breakdownvague 'attach rate' explanation
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Question
This quarter I think there's pretty good 24.5% revenue growth in that business. This comes at a time when broader automotive volume growth in India seems to be in the low to mid single digits. So just want to understand what are some of the factors that have driven this relatively robust growth.
Management (unclear who)
The reason is the more we are able to get into more depth of automotive sector... our NK solutions are getting adopted more and in spite of the overall automotive industry that didn't grow that much our part of the solutions did get a better adoption and that's the only reason... the attach rate increased.
Answered
High priority
What is the current cash balance after investments?
Asked by Chandra Muli Mutya, Goldman Shacks
Management provided a specific cash balance figure and detailed upcoming outflows.
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Question
Looks like we've made commitments to invest close to 50 crores of rupees in both Grop and Zepto. So just want to understand what is our current cash balance as of end of the June quarter.
Management (unclear who)
If we include both cash cash in bank as well as liquidity I'll give you the full figure was 667 676 crores as of 30th June now three major cash outflows... zero which is 25 crores... G trophy another 25 crores and the 20 crores dividend... So if you add up the three, it comes out to 70 crores.
Evasive
Medium priority
How will mapping stack evolve for autonomous mobility and new use cases?
Asked by Sukit D. Patel, Eyesight Fra Private Limited
Management gave a high-level description but no concrete plans or timelines.
no specific product roadmapgeneric positioning statement
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Question
As India is moving forward towards autonomous mobility and hyper local intelligence, how is MAPMA India planning to evolve its real view and 4D mapping stack to serve emerging use cases like drone corridors, EV routing infra and special commerce by FI30?
Management (unclear who)
Map India is doing this 4D digital twin. Not just 2D but 3D, not just standard definition but high definition in 360 realtime updating digital twin including the real world metaverse... all of the sectors that you're saying is where more and more adoption of our maps will happen.
Answered
High priority
Will growth be backended and has the 233 crore order started contributing?
Asked by Anmul Gulk, DAM Capital
Management confirmed the order has started contributing and acknowledged backended nature.
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Question
From the growth perspective, we have grown at around 20% in this particular quarter. Do you believe that the growth this year would be more backended and also wanted to understand that has the 233 cr order has it started to contribute into revenues for us.
Management (unclear who)
Yes, it has number one. Number two on the other one backended. I don't call it backended. What we say always that it is the entire year that you have to look at and there are certain seasonalities... Q4 is quite high compared to anything in Q1, Q2, Q3.
Declined
Medium priority
What is potential annual revenue from Zepto contract?
Asked by Anmul Gulk, DAM Capital
Management explicitly declined to provide revenue estimates.
refused to give numbersspeculative language
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Question
On this Zepto contract what can be the potential revenue from this particular client from an annualized basis that we are looking at?
Management (unclear who)
Definitely we won't be able to talk about specific numbers on specific contracts, but you can imagine that they're a large player of scale and growing fast and so hence their technology needs and technology spend will be significant.
Partial answer
High priority
Is 54% margin sustainable? What is margin guidance?
Asked by Abishek Kumar, GM Financial Limited
Management did not confirm sustainability but pointed to annual guidance and mix effects.
no direct sustainability answerreferred to yearly guidance
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Question
Maple margins have gone up to 54%. Is this the new normal? Is this a sustainable level for maple business?
Management (unclear who)
Again you are looking at a quarter. Please look at the whole year... we have given a guidance for this year. I think we have clearly said that where we would like to be... if our EBITDA has come to 46% this quarter that's a great news.
Answered
High priority
What is the EBITDA margin guidance for FY26?
Asked by Abishek Kumar, GM Financial Limited
Management provided the guidance figure of 35%+ EBITDA margin.
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Question
Just wanted to check what was the margin guidance for FY26 if you can just remind us.
Management (unclear who)
I think we had said that it will be 35% plus if I remember from my investor meet which happened two months back but guidance is a guidance okay but that's what I said and now you see in Q1 it is 46%.
Partial answer
Medium priority
Update on Southeast Asia business and OEM wins.
Asked by Samir Dosani, ICICF Credential AMC
Management gave some color but did not quantify progress with other OEMs.
no specific revenue or timeline for other OEMsfocused on JV build phase
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Question
I see you have mentioned updates on Southeast Asia business. First this we have gone live with tier one supplier to a major car OEM. So is this auto ever or apart from that we have started doing business with some other OEMs?
Management (unclear who)
Two parts to Southeast Asia one is what mapendia is doing... you would have seen a win in&M which is around this tier one for end automotive client and yeah end automotive client there is Hyundai... the JV also is there Terrell link technologies TLT which is the JV with Hyundai Auto.
Answered
High priority
When will JV turn around and international revenue become sizable?
Asked by Sahara Chetti, Anendraati
Management provided specific timelines for JV revenue and international scale.
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Question
When can we expect a turnaround in the JV in terms of the losses that we're currently making. And secondly, what is the trajectory and when can we expect the revenue contribution from our international side to be sizable in our overall top line?
Management (unclear who)
For MMI from international revenues have already started to come in... for it to become sizable enough it will probably take about a year or two... for the JV also we've talked about that end of FY26 or Q1 FY27 is when the JV will start also generating revenues.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| EBITDA margin guidance of 35%+ for FY26 | 35% | 46% | Understated vs filing |
| EBITDA margin of 46% in Q1 FY26 | 46% | 46% | Matches filing |
| Automotive revenue growth of 24.5% in Q1 | 24.5% | 19.8% | Overstated vs filing |
| Overall revenue growth of around 20% in Q1 | 20% | 19.8% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.