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
✓ 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.
50%Questions answered5Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Breakdown of CNE business decline between corporate and government, and FY28 revenue guidance.
Asked by Anmul, Dam Capital Advisor
Management gave specific split (50/50) and attributed 60-70% decline to government, and reaffirmed FY28 guidance.
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Question
how much of this business is currently corporate solutioning and APIs SDK sale... have we seen the larger impact because of... the corporate side... versus the government side... on our longerterm outlook of revenues of 1,000 K by FI28 does Do we still stand there
Nikl (management)
the spread... is about 50/50 in the CN DNA sides government and private corporates but primarily if you see the decline has been 60 to 70% is due to government delayed businesses... Yes. I think yes that's what had mentioned in his initial commentary also we do stand by that
Evasive
High priority
Quantification of deferred revenue and government business mix.
Asked by Anmul, Dam Capital Advisor
Management did not quantify the deferment amount, only gave qualitative timing.
no specific number givendeferred to future quarters
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Question
if you can quantify how much has been the delay which will come in the fourth quarter... what was the total amount of deferment?
Nikl (management)
This deferment as I said is primarily on the government side... I won't say that 100% of that is going to be consumed in quarter 4... something in quarter four and lot of that in quarter 1 next year
Answered
Medium priority
Government revenue as percentage of total revenue.
Asked by Anmul, Dam Capital Advisor
Management provided specific percentages for current and prior year.
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Question
from the overall government business... How much that would be as of now and what was it last year?
Nikl (management)
20% is the total government revenue of our total revenue in this quarter... FY25 was almost same 18 19% maybe 1% here and there
Declined
High priority
Margin profile outlook for FY27 and FY28.
Asked by Mishra, Fin investors
Management explicitly declined to provide margin guidance for FY27/28.
refused to give forward guidanceonly gave current year margin
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Question
what kind of margin do we expect in FI27 and FI 28?
Nikl (management)
I don't think we would like to make any commentary on FY27 FY28 margin at this point of time... this fiscal year our margin definitely will be ITA margin will definitely be 35%.
Answered
Medium priority
Impact of recent AI developments on business.
Asked by Mishra, Fin investors
Management gave a clear answer that AI is already integrated and no negative impact expected.
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Question
does it affect a business in any way positively or negatively?
Nikl (management)
We embraced AI much earlier... the impact that we took is much earlier than the impact that you are seeing at large in the IT industry... it is not going to be even likely going to impact in the manner in which the other IT sector is going to be impacted.
Evasive
High priority
Whether Q4 growth will achieve 20% FY26 growth target.
Asked by Mishra, Fin investors
Management avoided confirming whether FY26 growth will reach 20%.
did not confirm or deny 20% targetonly said Q4 will be better YoY
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Question
are we going to reach around 20% kind of a growth in FY26... for that Q4 has to be around 70% kind of YUI growth
Nikl (management)
I did not make that statement I made the statement saying that Q4 year on year will be better than last Q4 course.
Evasive
High priority
Medium-term mix between maps and IoT business and order book burn timeline.
Asked by Rishab Rati, Goldman Sachs
Management declined to provide a target mix or timeline for order book execution.
no fixed mix givenno timeline for order book burn
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Question
how do you look at the steady state or the medium-term outlook in the mix between mapled and IoT business... how should we look at the timelines for the revenue burn of this 1770 K order book
Rohan (management)
steady state we don't want to kind of put a fixed number I think because we want to let both of the businesses kind of achieve whatever best they can achieve
Partial answer
Medium priority
Why N&M revenue growth lagged auto production growth.
Asked by Rishab Rati, Goldman Sachs
Management gave a plausible reason but did not quantify the gap or provide other factors.
only one reason givenno quantification of impact
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Question
auto production in third quarter Y increased at around 18%. While our N&M revenue growth seems to be slightly lower at around 15%. So why has there been a decrease or slight miss from the production?
Rohan (management)
our technology infusion is primarily happening in the vehicles which are connected it's not happening in the non-connected vehicles. So that's that could be one of the reason why you see a difference there.
Declined
High priority
Whether Q4 revenue will be around 200 crores to achieve 15% FY26 growth.
Asked by Sujit Jen, Bajage Life Insurance
Management explicitly declined to provide a Q4 revenue estimate.
refused to give specific numberonly repeated qualitative guidance
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Question
without putting you to a number but easily do a sales of something like 200 crores a respectable number so is that the case that we'll have a good robust fourth quarter
Nikl (management)
I wish I had the liberty of disclosing the number exactly... when we have said it will be better than last year year on year that's the best I can share at this time
Partial answer
Medium priority
How management tracks long-term planning and granularity across business segments.
Asked by Sujit Jen, Bajage Life Insurance
Management gave a high-level answer but did not explain specific mechanisms for cross-segment compensation.
no specific planning process detailsgeneric diversification answer
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Question
how do you bring more granularity to business so that if one piece doesn't work for a quarter or even for a year other pieces kind of pull in in terms of revenue growth
Rohan (management)
the business is resilient and diversified. Automotive is a different vector, corporate different vector, government different vector and IoT... we have all the pieces to be able to go after all these opportunities well
Answered
High priority
Revenue contribution from IOCL and Survey of India projects in next 12 months.
Asked by Shirid Singhal, Anandra Rati
Management provided specific revenue estimates for both projects.
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Question
what is the revenue contribution expected from the newly one project with IOCL, Survey of India ETA in the next 12 months?
Nikl (management)
next year if you ask me it will be around close to 20 cr revenue... from survey of India I would expect... to the tune of around 7 to 8 crown.
Answered
Medium priority
Status of Indonesia joint venture.
Asked by Shirid Singhal, Anandra Rati
Management gave a detailed update on the JV's progress and timeline.
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Question
what is the current status of a joint venture in Indonesia?
Rohan (management)
it's in build phase... the product is getting made nicely... the go-to market is happening to a variety of OEMs... we have to be patient allowing them to build out a strong product
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| IOCL project revenue expected close to 20 cr next year. | ₹20 cr | ₹94 cr | Understated vs filing |
| Survey of India project revenue expected 7-8 cr next year. | ₹7.5 cr | ₹94 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.