MapmyIndia IoT Revenue Rose 29% on OEM Hardware Sales Growth

C.E. Info Systems Limited, branded MapmyIndia, increased IoT-led revenue 29.1% year on year to Rs 96.2 crore in H1FY27, led by Rs 56.1 crore of hardware sales under a new original equipment manufacturer, or OEM, line-fit programme. IoT-led EBITDA margin rose to 19.2% from 10.6%, despite lower services revenue.

What drove MapmyIndia’s IoT-led revenue growth in H1FY27?

MapmyIndia’s IoT-led revenue growth was principally driven by capex-based hardware sales for a line-fit programme with a new OEM entrant. Hardware revenue rose to Rs 56.1 crore in H1FY27 from Rs 20.5 crore in H1FY26, an increase of Rs 35.6 crore. That increase exceeded the Rs 21.7 crore rise in total IoT-led revenue, which reached Rs 96.2 crore from Rs 74.5 crore.

The H1FY27 product split shows hardware offset a decline in IoT map data and services. That revenue category fell to Rs 40.0 crore from Rs 54.0 crore a year earlier, while hardware increased by Rs 35.6 crore. Management said the services reduction primarily reflected the transition of a large government IoT project from upfront technical-services revenue to a recurring subscription model.

The Q2FY27 figures also point to hardware as the main source of growth. IoT-led revenue rose to Rs 55.1 crore from Rs 51.1 crore in Q2FY26, as hardware sales increased to Rs 33.1 crore from Rs 13.3 crore. Over the same period, IoT map data and services revenue declined to Rs 22.0 crore from Rs 37.8 crore.

How did MapmyIndia’s IoT revenue mix change?

MapmyIndia’s IoT-led revenue mix shifted towards hardware in H1FY27. Hardware accounted for Rs 56.1 crore of the Rs 96.2 crore IoT-led total, compared with Rs 20.5 crore of Rs 74.5 crore in H1FY26. The company attributed the shift to the capex-based sale connected to the new OEM’s line-fit programme.

Map data and services remained the entire reported revenue base of the Map-led business, at Rs 175.3 crore in H1FY27 against Rs 160.9 crore in H1FY26. In IoT-led operations, the category includes royalty, annuity, subscription, software and products described as mapping-as-a-service, platform-as-a-service and software-as-a-service. The reported decline was linked to the government-project revenue transition, rather than to a disclosed removal of those offerings.

The quarterly mix moved further towards hardware in Q2FY27. Hardware sales were Rs 33.1 crore of IoT-led revenue of Rs 55.1 crore, compared with Rs 13.3 crore of Rs 51.1 crore in Q2FY26. The quarter’s Rs 4.0 crore increase in IoT-led revenue came despite a Rs 15.8 crore decline in map data and services.

Why did MapmyIndia’s IoT EBITDA margin improve?

MapmyIndia said IoT-led EBITDA margin improved because of better-margin solutions across hardware and software services. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased to Rs 18.5 crore in H1FY27 from Rs 7.9 crore in H1FY26. The resulting margin rose by 8.6 percentage points to 19.2% from 10.6%.

The same movement was visible in Q2FY27. IoT-led EBITDA increased to Rs 13.1 crore from Rs 5.9 crore in Q2FY26, while its margin rose to 23.8% from 11.5%. IoT-led revenue increased by Rs 4.0 crore in the quarter, showing that the reported EBITDA and margin expansion outpaced revenue growth.

Map-led margins were comparatively stable during the first half. Map-led EBITDA was Rs 82.6 crore on revenue of Rs 175.3 crore in H1FY27, generating a 47.1% margin, against Rs 76.1 crore and a 47.3% margin in H1FY26. Map-led revenue increased by Rs 14.4 crore, while IoT-led revenue increased by Rs 21.7 crore.

How does IoT fit into MapmyIndia’s wider H1FY27 performance?

MapmyIndia’s IoT-led growth contributed to consolidated revenue from operations rising 15.3% to Rs 271.5 crore in H1FY27 from Rs 235.4 crore. Consolidated EBITDA increased 20.4% to Rs 101.1 crore, and the EBITDA margin increased to 37.2% from 35.7%. Management said a higher contribution from Automotive and Enterprise supported improved EBITDA and profit-after-tax margins.

Automotive was the largest market segment, producing Rs 130.1 crore, or 48% of H1FY27 revenue, compared with Rs 92.6 crore and a 39% share in H1FY26. Management linked the segment’s 40.4% H1 growth to adoption of integrated Map-led and IoT-led mobility solutions. It also reported expanded telematics and video-telematics deployments with VinFast and other OEMs across line-fit and aftermarket implementations.

Enterprise revenue rose to Rs 97.2 crore in H1FY27 from Rs 83.5 crore, while Government revenue declined to Rs 44.1 crore from Rs 59.3 crore. The IoT project’s subscription transition occurred alongside lower Government segment revenue. Consolidated profit after tax increased 32.2% to Rs 85.0 crore, and cash and cash equivalents including financial instruments stood at Rs 730.3 crore.

Conclusion

MapmyIndia’s H1FY27 IoT-led performance reflected a substantial shift in product mix. Hardware sales increased by Rs 35.6 crore to Rs 56.1 crore through a new OEM line-fit programme, while map data and services declined by Rs 14.0 crore during the government project’s move to subscriptions. The combined result was 29.1% IoT-led revenue growth to Rs 96.2 crore and an EBITDA margin increase to 19.2%.

The next disclosures should show the revenue pattern following the government project’s transition to recurring subscriptions and any further contribution from the new OEM line-fit programme. Management also said it is embedding artificial intelligence, machine learning and neural networks across mapping, navigation, in-vehicle intelligence, telematics, analytics and workflow automation, without providing a financial target or timetable.