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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹170 Cr
verified against source
Revenue YoY
52%
reported change
EBITDA
₹40 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Ceinsys Tech (rebranded as CStech AI) delivered a stellar Q3 FY26 with revenue of ₹170 crore (+52% YoY), EBITDA of ₹40 crore (+88% YoY), and PAT of ₹39 crore (+119% YoY). EBITDA margin expanded 452 bps to 23.48%, driven by operating leverage and a shift toward higher-margin technology solutions. Geospatial & engineering services revenue surged 122% YoY to ₹109 crore, while technology solutions dipped 3% to ₹61 crore. The order book stood at ₹999 crore as of December 31, 2025, with new orders of ₹170 crore in Q3. Management cited election-related code of conduct delays for slower order inflows but expects a strong Q4 pipeline. Strategic MoUs with Tech Mahindra and Etos Sky aim to expand global footprint, particularly in the US and Middle East. Key risk: continued delays in government order conversions could pressure FY27 revenue visibility.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to close the order book at around ₹900 crore by the end of Q4 FY26, despite delays due to election code of conduct.
- The US subsidiary is expected to contribute ₹23-25 crore in revenue for FY26, with EBITDA margins around 20% before BD expenses.
- Management indicated that the due diligence for an acquisition is almost complete and expects to conclude the deal within the next 2-3 months.
- Management aims to reduce the working capital cycle from ~160 days to around 120-130 days by Q4, similar to last year's achievement.
Risks flagged
- Management cited that back-to-back election code of conduct periods lost four months of operational time, delaying order closures and potentially impacting FY27 revenue visibility.
- Despite earlier guidance of a 1-2 month timeline, the acquisition has been delayed by 3-4 months due to compliance issues, raising concerns about execution discipline.
- With ₹40 crore infused into the US subsidiary and only ₹19 crore revenue in 9 months, the return on investment remains low, and management was evasive on profitability details.
- Multiple senior-level changes including CFO and CEO exits over 12-15 months were raised by analysts; management attributed them to planned transitions but did not fully address underlying stability concerns.
Key quotes
- This quarter marks an important milestone in the growth journey. Our focus remains on the building of predictable and resilient business, one that delivers consistent quarter on quarter growth while maintaining financial discipline.
- We are trying to create a pipeline which would be sustainable for next 7 to 8 years.
- We don't give projections and for forward-looking statements. But if you can see the growth momentum of last eight quarters, quarter on quarter year on year, we have been growing more than even this quarter.
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