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Government Project Execution Delays
View Risks →CE Info Systems Ltd — Q3 FY26
CE Info Systems (MapMyIndia) reported a weak Q3 FY26, with revenue and profitability impacted by deferred deliveries, primarily in the government segment (60-70% of the decline).
bearish
high
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CE Info Systems (MapMyIndia) reported a weak Q3 FY26, with revenue and profitability impacted by deferred deliveries, primarily in the government segment (60-70% of the decline). Two major states (Maharashtra, Bihar) delayed projects due to elections and fund release timing. Private sector also saw scope changes for AI infusion, causing ~30% of the deferment. Management reaffirmed the FY28 revenue target of ₹1,000 crore and FY26 EBITDA margin guidance of 35%, citing a strong order book of ₹1,770 crore (up from ₹1,500 crore at year-start) and Q4 growth expected to exceed last year's Q4. However, the company did not provide specific Q4 revenue guidance, and the deferment recovery may spill into Q1 FY27. Risk: Execution delays in government projects could persist if state-level funding cycles remain unpredictable.
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Read Transcript →Quarter Snapshot
Open Order Book
₹1,770 Cr
+18% YTD
Order book increased from ₹1,500 Cr at start of FY26 to ₹1,770 Cr as of Dec 31, indicating strong order inflow of ₹600 Cr.
Order Inflow (9M FY26)
₹600 Cr
+50% YoY (approx)
Management disclosed order inflow of ₹600 Cr in first 9 months, implying strong booking momentum despite weak revenue.
MapMyIndia App Downloads
45M
N/A
Consumer app downloads reached 45 million, indicating growing user acceptance.
Monthly Active Users (MAU)
100M
N/A
Total MAU across all platforms (APIs, SDK, data) reached 100 million, reflecting broad platform usage.
What Changed vs Last Quarter
NEW
Q4 FY26 Revenue Growth to Exceed Q4 FY25 YoY
Management stated Q4 revenue growth will be better than the same quarter last year, but did not quantify the expected growth rate.
NEW
Order Book to Remain at Similar or Better Levels at Q4 End
Management expects the open order book at end of Q4 to be around ₹1,770 Cr or higher, implying continued strong order inflow.
UPDATED
FY28 Revenue Target of ₹1,000 Cr Reaffirmed
Management reiterated the ₹1,000 crore revenue target for FY28, supported by strong order book growth and pipeline.
UPDATED
FY26 EBITDA Margin Guidance of 35% Maintained
Management confirmed that FY26 EBITDA margin will be 35%, despite Q3 weakness, with Q4 expected to deliver strong margins.
DROPPED
IoT business growth to resume from Q2
Management expects IoT business to return to growth path and improve profitability from next quarter after transition.
DROPPED
JV TLT revenues to start from FY27
The Hyundai JV (TLT) is in build phase and expected to start generating revenues from end of FY26 or Q1 FY27.
NEW RISK
Government Project Execution Delays
Delays in state-level projects due to elections and fund release timing could persist, impacting revenue recognition in future quarters.
NEW RISK
AI Infusion Scope Changes Causing Billing Delays
Private sector customers requested AI-related scope changes, delaying billing. If such requests increase, revenue conversion may slow.
NEW RISK
Dependence on Central Government Funding Disbursement
Majority of government projects are centrally funded but disbursed via states; any delay in central grants could cascade into revenue deferrals.
RISK GONE
IoT business turnaround uncertainty
IoT business was flat in Q1 due to transition at G-Tropy; management expects improvement but timeline is uncertain.
RISK GONE
Back-ended revenue concentration
Management acknowledged that government business is back-ended, with Q4 typically being the strongest quarter, posing execution risk.
RISK GONE
Competition in digital twin and urban planning
Analyst raised concern about established players in digital twin space; management argued product-platform approach provides advantage.
RISK GONE
Zepto investment may not yield expected returns
The 25 cr investment in Zepto is strategic but revenue potential is unclear; management declined to provide specific numbers.
Fast read
Guidance and risk preview
Management reiterated the ₹1,000 crore revenue target for FY28, supported by strong order book growth and pipeline.
Delays in state-level projects due to elections and fund release timing could persist, impacting revenue recognition in future quarters.
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