Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,502.60 last close on 30 Oct 2026 +0.99%
Research updated
Ce Info Systems Ltd.
NSE: MAPMYINDIATechnologySoftware - Infrastructure
- Last close
- ₹794.75
- Day change
- −₹35.65 (−4.29%)vs
- Market cap
- ₹4,954 crIndian rupees
- Research updated
- 1 report
Follow Ce Info Systems
Create an account, then follow this company for weekday briefs. You will return to Ce Info Systems after signing in.
About Ce Info Systems
Ce Info Systems Ltd., known for its brand MapmyIndia, specializes in digital mapping and geospatial services in India. The company provides an extensive range of mapping solutions, including real-time navigation, GIS, and IoT-based location technology, catering to various sectors such as automotive, telecom, and government. MapmyIndia's primary function is to create detailed, accurate digital maps and geographic data, facilitating improved transportation, planning, and logistics infrastructure for numerous industries. Its offerings support the development of smart cities and enhance the operation of connected vehicle systems through superior geographic intelligence. Furthermore, Ce Info Systems empowers businesses with location-based services to optimize operations and strategically plan logistics. By leveraging cutting-edge mapping technology, Ce Info Systems plays a crucial role in the digital transformation of India's infrastructure, bolstering both economic and technological growth. Being a pioneer in digital mapping within the region, MapmyIndia holds a significant position in the market, fostering innovation and efficiency across multiple domains.
- Sector
- Technology
- Industry
- Software - Infrastructure
- Listing
- NSE: MAPMYINDIA
- Next results
- Chief executive
- Harman Singh Arora
- Employees
- 408
- Headquarters
- New Delhi, India
- ISIN
- INE0BV301023
- Website
- mapmyindia.com
Public research · Report of
Business model & financial foundation
MapmyIndia (NSE: MAPMYINDIA), Digital mapping, location software and IoT: revenue of ₹474.1 crore in FY26 (+2.3% on FY25), an EBITDA margin of 37.0%, net profit of ₹134.2 crore and net cash of ₹678.0 crore.
- Revenue, FY26 (₹ crore)
- 474.1
- consolidated
- Revenue growth, FY26
- +2.3%
- on FY25
- EBITDA margin, FY26
- 37.0%
- EBITDA (Issuer operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 134.2
- to owners
- Return on equity, FY26
- 15.6%
- on average equity
- Net debt, FY26 (₹ crore)
- -678.0
- Net debt including financial investments (negative = net cash)
- Market capitalisation (₹ crore)
- 4,836
- at the close of 18 Oct 2026
Company profile
MapmyIndia monetises proprietary digital maps, navigation and location software through automotive licences, enterprise platforms and government projects. Its IoT offering combines hardware with services; billing and project acceptance create material quarterly volatility. Product and customer-market disclosures are alternative views of one statutory operating segment, not additive businesses.
| Item | Value |
|---|---|
| Legal name | C.E. Info Systems Limited |
| Exchange and ticker | NSE: MAPMYINDIA; BSE: 543425 |
| ISIN | INE0BV301023 |
| CIN | L74899DL1995PLC065551 |
| Sector | Information Technology |
| Industry | Digital mapping, location software and IoT |
| Headquarters | New Delhi, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | MSKA & Associates LLP (since FY26) |
| Market capitalisation | ₹4,836 crore (18 Oct 2026) |
| Shares outstanding | 5.48 crore shares (FY26) |
| Price | ₹904.7 (close, 18 Oct 2026) |
| 52-week range | ₹795.0 - ₹1,868 (to 18 Oct 2026) |
| Website | https://www.mapmyindia.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Mappls DT Private Limited | 100% | Mapping platforms and APIs |
| Gtropy Systems Private Limited | 96% | Fleet management and logistics IoT |
| C.E. Info Systems International Inc. | 100% | Overseas reseller |
Equity-method holdings include Kogo 40.17%, PT Terra Link 40% and Prashant Advanced Survey LLP 20%; minority investments are not wholly liquid treasury.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.36% | 51.36% | 51.41% | 51.41% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 4.63% | 3.90% | 3.15% | 1.52% |
| Domestic institutions | 13.07% | 13.95% | 14.32% | 12.74% |
| of which mutual funds | 8.90% | 8.64% | 12.21% | 11.71% |
| Retail | 11.90% | 11.66% | 12.02% | 15.10% |
| Other | 19.04% | 19.13% | 19.10% | 19.23% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
C.E. Info Systems owns India map/location IP monetised by OEM licences, enterprise software and government projects. IoT adds hardware/rented devices and subsequent services. Product Map/IoT and customer A&M/C&E, now Automotive/Enterprise/Government, are alternative cuts of one statutory segment, not additive businesses. Mappls DT100%, Gtropy96% and US reseller100% fully consolidate; Kogo and Indonesia JV equity method. Core asset reuse supports margins, while procurement, project acceptance and collections are outside full control.
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | ebitda margin, FY26 (%) |
|---|---|---|---|---|---|
| Map-led product business | 315.5 | 16.6% | 149.5 | 85.2% | 47.4% |
| IoT-led product business (not Gtropy standalone) | 158.6 | 8.4% | 26.0 | 14.8% | 16.0% |
| A&M old market classification (ceased Q1FY27) | 230.0 | 12.1% | |||
| C&E old market classification (ceased Q1FY27) | 244.1 | 12.9% | |||
| Automotive AEG management recast | 189.8 | 10.0% | |||
| Enterprise AEG management recast | 174.4 | 9.2% | |||
| Government AEG management recast | 109.9 | 5.8% | |||
| Customers located within India | 370.7 | 19.5% | |||
| Customers outside India | 103.4 | 5.5% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Genesys International (GENESYS) | Closest Indian mapping and digital-twin analogue; more project-led and earlier commercialisation. |
| Ceinsys Tech (CEINSYS) | GIS and government surveying analogue; engineering and distribution mix differs. |
| Tata Elxsi (TATAELXSI) | Automotive embedded software; services versus owned-map licensing. |
| KPIT Technologies (KPITTECH) | Connected-vehicle software; global ER&D economics. |
| L&T Technology Services (LTTS) | Transportation engineering and IoT; diversified services. |
| Sasken Technologies (SASKEN) | Connected devices, automotive and wireless R&D. |
| Cyient (CYIENT) | Geospatial and transport engineering; diversified business mix. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 200.4 | 281.5 | 379.4 | 463.3 | 474.1 |
| Cost of revenue (vendor classification) * | 76.1 | 107.6 | 128.8 | 132.2 | 144.3 |
| Other operating costs (vendor classification) * | 38.1 | 44.1 | 81.9 | 138.8 | 142.5 |
| EBITDA (vendor classification) * | 127.8 | 141.7 | 180.6 | 202.9 | 201.1 |
| EBIT * | 119.5 | 141.7 | 177.7 | 208.5 | 190.4 |
| Finance cost including lease finance expense | 2.16 | 2.48 | 2.93 | 3.17 | 1.78 |
| Profit before tax as reported | 117.3 | 139.3 | 175.1 | 205.7 | 189.0 |
| Total tax expense | 30.3 | 31.7 | 40.7 | 58.1 | 55.0 |
| Consolidated PAT including associates/JV and NCI | 87.1 | 107.5 | 134.4 | 147.6 | 134.0 |
| Diluted EPS (₹) | 15.94 | 19.51 | 24.58 | 26.77 | 24.46 |
| Materials, traded goods and inventory change | 63.5 | 56.7 | 60.3 | ||
| Employee benefits expense | 74.6 | 83.5 | 90.8 | ||
| Other operating expenses including technical services | 85.1 | 143.1 | 147.5 | ||
| Technical outsourcing and project software | 22.8 | 63.6 | 75.4 | ||
| Issuer operating EBITDA excluding other income | 156.2 | 179.9 | 175.5 | ||
| Other income | 38.2 | 52.4 | 52.4 | ||
| Depreciation and amortisation | 14.8 | 19.6 | 30.4 | ||
| Exceptional items separately disclosed | n.d. | n.d. | n.d. | ||
| PAT attributable to non-controlling interests | 0.42 | 0.40 | -0.14 | ||
| Associates and JV share of profit/(loss), net of tax | -1.52 | -3.91 | -6.74 | ||
| PAT attributable to owners | 134.0 | 147.2 | 134.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 445.8 | 542.3 | 678.6 | 810.8 | 905.2 |
| Borrowings including lease liabilities | 19.1 | 29.4 | 25.7 | 29.9 | 7.04 |
| Cash and cash equivalents | 40.6 | 76.1 | 51.6 | 67.4 | 61.1 |
| Trade receivables | 43.5 | 58.3 | 104.7 | 133.0 | 176.4 |
| Inventories | 7.97 | 12.2 | 8.34 | 14.7 | 17.2 |
| Trade payables | 6.09 | 13.1 | 28.7 | 41.1 | 62.5 |
| Net PPE and intangible assets | 1.95 | 17.3 | 44.5 | 77.1 | 86.8 |
| Capital work in progress * | 0.09 | ||||
| Total assets | 516.6 | 670.5 | 791.9 | 941.8 | 1,036 |
| Net debt including financial investments (negative = net cash) | -531.6 | -630.1 | -678.0 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 77.2 | 129.1 | 75.5 | 117.1 | 93.3 |
| Free cash flow (vendor definition) * | 24.8 | 67.4 | 45.1 | 63.8 | 50.9 |
| Dividends paid (outflow negative) | -10.7 | -16.2 | -18.9 | -19.1 | |
| Capital expenditure (the provider's sign: an outflow is negative) | -3.90 | -15.4 | -30.4 | -40.3 | -42.4 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued paid-up shares at year end | 5.32 | 5.37 | 5.41 | 5.44 | 5.48 |
| Diluted weighted-average shares | 5.45 | 5.50 | 5.48 | ||
| Issuer cash and financial investments | 557.3 | 659.9 | 685.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 103.7 | 114.5 | 143.5 | 121.6 | 113.8 | 93.7 | 145.0 | 139.7 |
| Cost of revenue (vendor classification) * | 16.0 | 34.0 | 30.5 | 37.0 | 35.1 | 37.9 | 41.2 | 47.2 |
| Other operating costs (vendor classification) * | 29.7 | 38.9 | 42.7 | 28.8 | 50.6 | 29.0 | 39.1 | 36.4 |
| EBITDA (vendor classification) * | 47.0 | 50.8 | 78.0 | 68.0 | 36.8 | 35.1 | 81.3 | 75.8 |
| EBIT * | 41.5 | 45.4 | 73.9 | 61.1 | 28.9 | 27.4 | 73.4 | 66.6 |
| Finance cost | 0.75 | 1.06 | 0.73 | 0.82 | 0.41 | 0.40 | 0.15 | 0.18 |
| Comparable PBT after associates/JV share | 40.7 | 44.3 | 73.5 | 60.3 | 28.5 | 27.0 | 73.2 | 65.8 |
| Total tax expense | 10.4 | 12.0 | 24.5 | 14.5 | 9.95 | 8.25 | 22.3 | 16.1 |
| Consolidated PAT including associates/JV and NCI | 30.4 | 32.3 | 49.0 | 45.8 | 18.5 | 18.8 | 50.9 | 49.7 |
| Diluted EPS (₹) | 5.52 | 5.90 | 8.83 | 8.39 | 3.30 | 3.41 | 9.24 | 9.05 |
| Materials, traded goods and inventory change | 16.0 | 13.1 | 17.3 | 10.9 | 15.8 | 14.2 | 19.4 | 21.7 |
| Employee benefits expense | 20.6 | 20.9 | 21.3 | 26.1 | 19.3 | 23.7 | 21.8 | 25.6 |
| Technical outsourcing and project software | 9.92 | 19.6 | 22.4 | 11.3 | 32.6 | 12.2 | 19.4 | 13.3 |
| Other operating expenses including technical services | 29.7 | 38.9 | 47.0 | 28.8 | 50.6 | 29.0 | 39.1 | 36.4 |
| Issuer operating EBITDA excluding other income | 37.5 | 41.7 | 57.9 | 55.9 | 28.1 | 26.8 | 64.7 | 56.1 |
| Other income | 9.92 | 9.39 | 23.4 | 13.7 | 10.5 | 10.5 | 17.8 | 19.7 |
| Depreciation and amortisation | 5.57 | 5.45 | 4.05 | 6.88 | 7.94 | 7.69 | 7.91 | 9.15 |
| Exceptional items separately disclosed | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| PAT attributable to non-controlling interests | 0.02 | -0.12 | 0.45 | -0.30 | 0.01 | -0.01 | 0.16 | -0.03 |
| Associates and JV share of profit/(loss), net of tax | -0.36 | -0.24 | -2.98 | -1.57 | -1.75 | -2.19 | -1.23 | -0.64 |
| PAT attributable to owners | 30.3 | 32.4 | 48.6 | 46.1 | 18.5 | 18.8 | 50.8 | 49.8 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 31.5% | 40.4% | 34.8% | 22.1% | 2.3% |
| EBITDA margin | 41.2% | 38.8% | 37.0% | ||
| Net margin | 35.3% | 31.8% | 28.3% | ||
| Return on equity | 21.9% | 19.8% | 15.6% | ||
| Return on capital employed | 28.4% | 27.3% | 27.9% | 27.0% | 21.7% |
| Return on assets | 18.3% | 17.0% | 13.6% | ||
| Net debt (₹ crore) | -531.6 | -630.1 | -678.0 | ||
| Net debt / EBITDA | -3.40x | -3.50x | -3.86x | ||
| Interest cover | 55.3x | 57.2x | 60.6x | 65.8x | 106.9x |
| Asset turnover | 0.42x | 0.47x | 0.52x | 0.53x | 0.48x |
| Receivable days | 79 | 76 | 101 | 105 | 136 |
| Inventory days (on revenue) | 15 | 16 | 8 | 12 | 13 |
| Payable days (on revenue) | 11 | 17 | 28 | 32 | 48 |
| Cash conversion | 0.56x | 0.80x | 0.70x | ||
| Capex intensity | 1.9% | 5.5% | 8.0% | 8.7% | 8.9% |
| Free cash flow (₹ crore) | 73.3 | 113.8 | 45.1 | 76.7 | 50.9 |
| Dividend payout | 12.1% | 12.9% | 14.2% | ||
| EPS, diluted (₹) | 15.94 | 19.51 | 24.58 | 26.77 | 24.46 |
| Book value per share (₹) | 83.73 | 101.1 | 125.5 | 149.0 | 165.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Issuer operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including financial investments (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (Issuer operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 18 Oct 2026); market data at the close of 18 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Ce Info Systems includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Ce Info Systems
- Research reportLatest
Same sector
More research in Technology
Infosys Ltd.
NSE: INFY
Technology · Information Technology Services
₹1,185.00 last close on 30 Oct 2026 +3.36%Research updated
HCL Technologies Limited
NSE: HCLTECH
Technology · Information Technology Services
₹1,428.10 last close on 30 Oct 2026 +1.72%Research updated
Wipro Ltd.
NSE: WIPRO
Technology · Information Technology Services
₹198.31 last close on 30 Oct 2026 +4.32%Research updated
Tech Mahindra Ltd.
NSE: TECHM
Technology · Information Technology Services
₹1,790.80 last close on 30 Oct 2026 +1.20%Research updated
LTIMindtree Ltd
NSE: LTM
Technology · Information Technology Services
₹4,233.50 last close on 30 Oct 2026 +3.39%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 18 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.