Event Participants
Executives
4 Rakesh Kumar Verma (Co-founder & Chairman), Rohan Verma (Joint MD & CEO), Anuj Jain (CFO), Saurabh Somani (Company Secretary)
Analysts
7 Abhishek Jain (Kriis PMS), Amar Maurya (Lucky Investment), Amit Chandra (HDFC Securities), Anmol Garg (DAM Capital Advisors), Gautam Rathi (CWC Advisors), Jainam Doshi (Kriis PMS), Pranaya Jain (Banyan Tree Advisors)
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue | ₹139.7 crore | +14.9% YoY; growth driven by IoT-led segment (₹41 crore vs ₹23.4 crore) and diversified segment mix |
| EBITDA | ₹56.1 crore | Margin at 40.2%; impacted ~4% by one-time ₹4 crore government client write-off (net P&L impact only ₹80 lakhs) |
| PAT | ₹49.7 crore | +8.6% YoY; PAT margin at 31.2% |
| Map-led Revenue | ₹98.7 crore | Up from ₹88.2 crore YoY; includes Automotive, Enterprise and map-related Government business |
| IoT-led Revenue | ₹41 crore | Up from ₹23.4 crore; hardware component surged from ₹7 crore to ₹23 crore, SaaS revenue to follow |
| Automotive Revenue | ₹58.8 crore | +29% YoY (₹45.7 crore → ₹58.8 crore); sequential trajectory: ₹26 cr (Q1 FY25) → ₹46 cr (Q1 FY26) → ₹59 cr (Q1 FY27) |
| Enterprise Revenue | ₹64 crore | +6% YoY (₹60.6 crore → ₹64 crore); wins across mobility/logistics, BFSI, manufacturing, telecom, renewable energy |
| Open Order Book | ₹1,750 crore | Grew from ₹1,500 crore (FY25 end) and ₹1,350 crore prior; provides multi-year revenue visibility |
| EBITDA Margin Guidance | 35%+ (FY27) | Management maintained full-year target despite Q1 mix impact |
Geographic & Segment Commentary
Automotive: Q1 revenue of ₹58.8 crore (+29% YoY) with strong wins including a leading two-wheeler OEM and an export mass program for an existing passenger vehicle OEM. Multiple vehicle launches went live (Tata Sierra EV for EV trip planning, Suzuki, Vespa, Ultraviolette, Ampere) alongside IoT deployments across bus and other OEMs. Management is building capability across AI-powered cockpit, in-vehicle intelligence, SDV, and EV charging networks.
Enterprise: Revenue grew 6% to ₹64 crore with wins spread across BFSI, quick commerce, mobility/logistics, and renewable energy. MapmyIndia powers Amazon Now's quick commerce operations. Management emphasized the products × industry verticals matrix as the moat for wallet-share expansion across existing customers.
Government: Q1 is historically the weakest quarter for government segment (slow starter). The one-time ₹4 crore write-off was a specific government client where recovery was deemed impossible. Government receivables carry a longer cycle than Automotive/Enterprise, and management is doing course corrections on collections.
Company-Specific & Strategic Commentary
Leadership Transition: Rohan Verma appointed Joint Managing Director (effective June 30), strengthening the leadership team. His personal focus areas include public sector (defense, oil & gas) and IoT-driven business across industries, alongside supporting the core map-based automotive and enterprise businesses.
AI-Native Strategy: AI is not new (5+ years of AI usage for map updates), but the company is accelerating AI-native product development and offerings. AI is being embedded into delivery systems to improve customer value across map-led and IoT-led platforms.
Segmental Reporting Framework Change: Market segments reorganized from A&M (Automotive & Mobility) and C&E (Consumer Tech & Enterprise) to three clear segments: Automotive, Enterprise, and Government. This aligns with how the business is operationally structured and won.
IoT Business Model: Hardware is deployed first, followed by SaaS revenue stacking in subsequent periods. Billing cycles for services vary (monthly, quarterly, annually, or biannually), so sequential quarterly comparisons can be misleading; Q4 historically records large IoT-led numbers.
International Expansion: Southeast Asia JV share of loss reduced in P&L. Smaller investments ongoing in Middle East and other geographies, selling full-stack map-led and IoT-led solutions. International revenue not yet material.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| EBITDA Margin | 35%+ for FY27 (full year) | Maintained target despite Q1 at 40.2% (after write-off impact); quarterly fluctuations expected due to segment mix |
| Revenue Growth | No quantitative guidance | Open order book of ₹1,750 crore gives strong visibility; growth expected to populate through execution and billing |
| Automotive Segment | Growth expected in FY27 | FY26 growth was suppressed by time-shifting of a large auto OEM's technology adoption (2H FY26 start); OEM believed to be in process of adding more vehicles with company technology |
| Government Segment | Heavier second half expected | Q1 typically weakest; execution and collections being carefully managed |
Risks & Constraints
| Risk | Context |
|---|---|
| Government Receivables | Collections cycle longer than Automotive/Enterprise; one Q1 write-off of ₹4 crore taken after management concluded recovery impossible. Majority (but not large majority) of receivables from government. Management tracking carefully and making course corrections. |
| Auto OEM Contract Time-Shifting | A large OEM decided not to deploy navigation technology (across industry, not just MapmyIndia) into certain vehicles starting 2H FY26. This suppressed FY26 Automotive growth (₹182 cr → ₹190 cr). Worst-case scenario is contract extension; management believes OEM is transitioning to include more vehicles with the technology. |
| IoT Hardware Mix Pressure | Rapid hardware growth (₹7 cr → ₹23 cr) creates near-term margin dilution before recurring SaaS revenue kicks in. Q1 EBITDA margin of 40.2% reflects this mix shift. |
| International JV Dilution | Southeast Asia JV losses reduced but still present; international revenue not material. Management emphasizes patience for medium-term payoff. |
| Competitive Digital Twin Landscape | Peer companies have faced bad receivables issues in government digital twin projects; CE Info positioned with geospatial + IoT + process twin platform but will remain calibrated in project selection. |
Q&A Highlights
Leadership Focus & Strategic Priorities
- Question: What are key focus areas for new JMD role? (Anmol Garg, DAM Capital)
- Answer: Core map-based automotive and enterprise business remains profit driver with growth opportunities. Rohan focused personally on public sector (defense, oil & gas - strong green shoots) and IoT-driven business across industries. India gov-tech space offers right-to-win across full product range beyond geospatial. (Rakesh Verma)
Auto OEM Contract Time-Shifting
- Question: Did the auto OEM reduction happen in 2H last year, making 2H FY27 easier? (Anmol Garg)
- Answer: Not a contract reduction, but OEM decided against deploying technology (not just ours) in certain vehicles. Started in 2H last year. Worst case is contract extension or change; management believes OEM is transitioning to more vehicles with our technology. Automotive would have grown more without this time-shifting - FY25: ₹182 crore, FY26: ₹190 crore, but Q1 FY27 jumped 29% YoY to ₹58.8 crore. (Rakesh Verma)
Write-Off Reconciliation & EBITDA Impact
- Question: Why does press release say 4% EBITDA impact but management said only ₹80 lakhs P&L impact? (Gautam Rathi, CWC)
- Answer: ₹4 crore receivable written off was offset by back-to-back payment of ₹3.2 crore not required. EBITDA hit by 4% (write-off in other expenses), but benefit of avoided payment flows through below EBITDA line. Had write-off not happened, EBITDA margin would be 43%+. (Rakesh Verma)
Segment Growth Concerns
- Question: Why is map-led growth flat (6%) while IoT hardware drives overall growth? (Amar Maurya, Lucky Investment)
- Answer: Standalone analysis is misleading - government and IoT business is won at MapmyIndia level but executed through subsidiaries. Consolidated shows map-led: ₹88.2 cr → ₹98.7 cr, IoT-led: ₹23.4 cr → ₹41 cr. Government is a slow starter in Q1 each year. Automotive grew 29%, Enterprise 6%, and company diversification minimizes risk from any single contract delay. (Rakesh Verma)
Order Book Mix & Disclosure
- Question: Can you provide order book split by segment and Enterprise deal traction? (Amit Chandra, HDFC Securities)
- Answer: Order book disclosed annually (Q4) split by fixed pricing vs volume-based, not by segment, for competitive reasons. Internally tracked at segment and sub-vertical level. Enterprise wins across mobility/logistics, BFSI, manufacturing, telecom, renewable energy. MapmyIndia powers Amazon Now's quick commerce operations. (Rohan Verma, Rakesh Verma)
Government Receivables
- Question: What portion of receivables is from government, and any further write-off risk? (Amit Chandra)
- Answer: Write-off was one-time for a very specific customer where recovery was 100% impossible - better to write off than keep in receivables. Government receivables have longer cycles; receivables better than peer companies in government space. Majority but not large majority of receivables from government. Course corrections ongoing. (Rohan Verma, Rakesh Verma)
IoT Seasonality & Revenue Model
- Question: Why is IoT services revenue declining sequentially (₹37 cr → ₹27 cr → ₹24 cr → ₹18 cr)? (Gautam Rathi)
- Answer: Not seasonality - hardware comes first, SaaS revenue stacks later. Billing cycles vary (monthly, quarterly, annually, biannually), so sequential comparisons mislead. Q4 historically a large IoT-led number. Hardware growth (₹7 cr → ₹23 cr) will translate to future SaaS revenue. (Rakesh Verma)
International Business Status
- Question: How is international business progressing? (Gautam Rathi)
- Answer: JV share of loss reduced in P&L. Smaller investments in Middle East and other geographies selling full-stack solutions (map-led + IoT-led). Still developing; patience required especially in Southeast Asia. Course corrections ongoing. International not material to current revenue. (Rohan Verma)
Contract Structure & Pricing
- Question: What do typical contracts look like - tenure, pricing structure, escalation provisions? (Pranaya Jain, Banyan Tree)
- Answer: No typical tenure - varies from 1 to 5 years depending on customer. Pricing per vehicle, per API transaction, per user, or per solution. Revenue models include MaaS, SaaS, PaaS, device sales/device-as-a-service and systems integration. All bespoke per customer. Wallet share expansion driven by multiple products cross-sold to existing customers. (Rohan Verma)
Digital Twin & Government Opportunities
- Question: How are you approaching digital twin cities and Maharashtra's Naksha scheme? (Jainam Doshi, Kriis PMS)
- Answer: Strong position in digital twin capability - platform spans geospatial, IoT, and process twin. Careful selection of projects given peer companies' bad receivable issues in this space. Aggressive pursuit but calibrated approach to protect receivables quality. (Rohan Verma)
Key Takeaway
CE Info Systems delivered Q1 FY27 revenue of ₹139.7 crore (+14.9% YoY) with EBITDA margin of 40.2%, suppressed roughly 4% by a one-time ₹4 crore government write-off (net P&L impact only ₹80 lakhs). IoT-led revenue nearly doubled (₹23.4 cr → ₹41 cr) on hardware deployments that will convert to recurring SaaS, while Automotive grew 29% to ₹58.8 crore on new OEM wins (two-wheelers, EV programs, exports). The company reported an open order book of ₹1,750 crore, up from ₹1,500 crore last year, providing multi-year visibility. Strategic focus centers on AI-native product development, a newly streamlined three-segment framework (Automotive, Enterprise, Government), and Rohan Verma's elevation to Joint MD. Management maintains 35%+ EBITDA margin guidance for FY27 and emphasizes diversification as the risk mitigant across segments. Watch items include government receivable cycles, the auto OEM technology time-shifting trajectory, and IoT hardware mix margin dilution - while the company positions itself for a stronger second half on government execution and SaaS revenue conversion from Q1 hardware wins.