MapmyIndia Navigates Strategic Investments for Future Growth in Q2 & H1 FY26

MapmyIndia, officially C.E. Info Systems Limited, has concluded its second quarter and first half of fiscal year 2026 with a strategic focus on innovation and long-term growth. The company reported a robust 14.7% year-on-year increase in revenue from operations for H1 FY26, reaching ₹235.4 crore. While EBITDA grew by 4.7% to ₹84.0 crore, and Profit After Tax (PAT) remained broadly stable at ₹64.3 crore, the quarter was marked by significant investments aimed at enhancing product offerings and market penetration. Management emphasized that Q2 FY26 was a period of focused investment, setting the stage for future expansion and value creation.

The company's performance reflects a dual strategy of strengthening its core Map-led business while aggressively scaling its IoT-led segment. The Map-led business continued its steady performance, with revenues growing to ₹160.9 crore in H1 FY26 and maintaining a healthy EBITDA margin of 47.3%. This segment's resilience underscores the stability of MapmyIndia's foundational offerings. In parallel, the IoT-led business demonstrated strong momentum, with revenues surging to ₹74.5 crore in H1 FY26 from ₹54.0 crore in the prior period, marking a 37.9% growth. This growth was primarily driven by increased adoption of connected telematics and mobility solutions, particularly in SaaS. However, the IoT-led EBITDA margin stood at 10.6%, impacted by a one-off cost related to the completion of acquiring a 96% stake in the IoT subsidiary, Gtropy.

Financial Highlights: A Snapshot

Strategic Wins and Market Expansion

MapmyIndia's strategic initiatives during the quarter highlight its commitment to expanding its market footprint and technological leadership. A significant achievement was securing an INR 110 crore contract over five years with Indian Oil Corporation Limited (IOCL) for a centralized vehicle tracking and management system. This project, largely IoT-led, aims to optimize costs, enhance driver safety, and improve operational efficiency for IOCL's 23,000 LPG trucks across 150 supply locations. The company was also awarded a landmark contract by the Survey of India to develop the nation's first National Geo-Spatial Platform, a project of national importance that will provide a unified foundation for geospatial data across various government sectors.

In the Automotive & Mobility (A&M) segment, MapmyIndia reported a 10% YoY growth in H1 FY26. Key wins included new vehicle programs for India and neighboring countries from leading EV OEMs. Major automotive OEMs like Maruti Victoris and TVS NTORQ 150 went live with MapmyIndia's solutions. The company is also innovating new Auto OE products for 2-wheelers and developing High-definition (HD) maps to support L2++ vehicles, crucial for advanced driver-assistance systems. The IoT-led wins in A&M included a leading ride-hailing fleet partner selecting their IoT solution and a bus fleet operator going live with video telematics, demonstrating significant benefits in fleet safety and logistics management.

Consumer and Enterprise Digital Transformation

In the Consumer Tech & Enterprise Digital Transformation (C&E) business, MapmyIndia continued its steady growth, expanding by 19% in H1 FY26 on a YoY basis. Multiple corporate wins included a leading private sector bank using their APIs for sourcing apps, a payments provider leveraging maps for managing on-ground territories, and a quick commerce provider signing a multi-year partnership for API usage. An e-commerce provider switched to MapmyIndia's maps due to higher accuracy, and an agri company adopted their field force automation solutions. New corporate go-lives included a super app showing their order tracking map widget and an e-commerce provider's entire rider fleet using MapmyIndia's APIs. The company also launched a location verification API service specifically for the BFSI sector.

Government sector wins included the Central Pollution Control Board (CPCB) for the development of a CAAQMS platform to integrate Air Quality data. Government go-lives featured a GIS-based Urban Portal for the Department of Housing and Urban Affairs, Government of Assam, and a GIS Based System Portal for Commercial Tax. India Post also signed an MoU with MapmyIndia to power the future of addressing with DIGIPIN, integrating base maps into the Know Your DIGIPIN application.

Outlook and Management Commentary

Management reiterated its commitment to strategic growth and sustained value creation, affirming the FY28 revenue target of ₹1,000 crore. Rakesh Verma, CMD, highlighted that Q2 FY26 was a period of focused investment in next-generation products and business offerings. He noted the Mappls app's user base exceeding 40 million downloads, reinforcing its position as India's leading navigation platform. Rohan Verma, MD, elaborated on the significance of the IOCL and Survey of India contracts, emphasizing their role in unlocking massive opportunities in government and IoT spaces. While investments in new ventures and the International JV impacted short-term margins, management expects these investment amounts to decrease, leading to improved profitability in the future. The company's strong balance sheet, with cash and cash equivalents at ₹639.1 crore, provides ample support for these strategic initiatives.

MapmyIndia's Q2 and H1 FY26 performance underscores a company actively investing in its future, leveraging its deep-tech capabilities to secure significant contracts and expand across diverse sectors. Despite short-term margin pressures from strategic investments, the underlying growth in both Map-led and IoT-led businesses, coupled with landmark government and corporate wins, positions MapmyIndia for sustained long-term value creation.