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Revenue
₹94 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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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Guidance to track
- Management reiterated the ₹1,000 crore revenue target for FY28, supported by strong order book growth and pipeline.
- Management confirmed that FY26 EBITDA margin will be 35%, despite Q3 weakness, with Q4 expected to deliver strong margins.
- Management stated Q4 revenue growth will be better than the same quarter last year, but did not quantify the expected growth rate.
- Management expects the open order book at end of Q4 to be around ₹1,770 Cr or higher, implying continued strong order inflow.
Risks flagged
- Delays in state-level projects due to elections and fund release timing could persist, impacting revenue recognition in future quarters.
- Private sector customers requested AI-related scope changes, delaying billing. If such requests increase, revenue conversion may slow.
- Majority of government projects are centrally funded but disbursed via states; any delay in central grants could cascade into revenue deferrals.
Key quotes
- I would like to start saying very openly that from many of the investors perspective the Q3 has been a weak quarter.
- The open order book which was 1,500 crores at the beginning of the year has increased to 1750 plus crores 1770 crores as of December 31 which is a big jump.
- We stand behind that. Q4 is halfway done and we all know and there's no reason why we will not achieve that.
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