Clarify the ₹4 Cr write-off impact—whether it is net ₹80 lakhs or a 4% EBITDA margin hit.

Rakesh Verma explained that the ₹4 Cr write-off hit EBITDA via other expenses, while the corresponding ₹3.2 Cr payable reversal appeared in other income below EBITDA; thus reported EBITDA margin was impacted by 4%, though net P&L impact was only ₹80 lakhs.

Why Map-led core business grew only 6% YoY while hardware drove overall growth, and what is the outlook for map-led growth?

Rohan Verma cited stand-alone vs consolidated distortions due to inter-company subcontracting, and called out that Q1 is seasonally weak for Government; Rakesh Verma stressed the value of diversification and urged an annual lens, but did not provide specific Map-led growth drivers.

What percentage of total receivables comes from government contracts?

Rohan Verma estimated total receivables at FY26-end were ₹176 Cr, acknowledged that the majority came from Government but could not give an exact figure, stating 'I can't give the exact number, but it was a majority.'

C.E. Info System Q1 FY27 Earnings Call — Analysis (NSE: MAPMYINDIA)

Q1FY27 revenue grew 14.9% YoY to ₹139.7 Cr, but a one-time government write-off compressed reported EBITDA margin to 40.2%, masking an underlying ~43% margin.

8 Aug 2026 · Analysis by Alpha Inflection

The take

Q1FY27 Revenue ₹139.7 Cr ( +14.9% YoY ) . New guidance — FY27 fy27 ebitda margin 35% plus . New story: AI-native product acceleration .

Results

Revenue ₹139.7 Cr (+14.9% YoY); EBITDA margin 40.2% (-4pp from write-off); PAT ₹49.7 Cr (+8.6% YoY).

Financial highlights

C.E. Info System Q1 FY27 reported figures
Metric	Value	Change	Basis
Revenue	₹139.7 Cr	+14.9%	yoy · Q1FY27
EBITDA	₹56.1 Cr		none · Q1FY27
EBITDA Margin	40.2%		none · Q1FY27
PAT	₹49.7 Cr	+8.6%	yoy · Q1FY27
PAT Margin	31.2%		none · Q1FY27
Open Order Book	₹1,750 Cr		point_in_time · FY26 · as of FY26 end

Guidance

FY27 EBITDA margin target of 35%+ reiterated, with full-year growth anchored by a ₹1,750 Cr open order book.

What management committed to

We have kept a target to achieve an EBITDA margin of 35% plus for the whole year [FY27]. — 35% plus, FY27
This increase [in IoT hardware revenue] will lead to SaaS revenue in the time to come. — in the time to come

Key themes

AI-native pivot, Automotive strength, and Government receivables caution.

How the narrative shifted

AI-native product acceleration: Management positions AI as a long-standing capability now being accelerated into native products, claiming it will drive a 'golden era' of growth.
IoT hardware-led growth with SaaS lag: Hardware revenue surging first will temporarily compress margins, but management assures SaaS revenue will follow as a cumulative build.
Government receivables risk and write-off: A one-time write-off and longer government payment cycles are acknowledged; management says it is carefully tracking receivables and calibrating future deal selection.
Automotive resilience and contract recovery: Time-shifted OEM contracts dented FY26 growth but Q1FY27 already shows 29% YoY Automotive growth; management expects re-adoption of technology in more vehicles.
Order book visibility: A growing open order book of ₹1,750 Cr is presented as a strong leading indicator of future revenue, with annual disclosure of fixed vs volume-based split.
Segment reclassification for transparency: Reporting segments changed from A&M/C&E to Automotive, Enterprise, Government to make the business structure simpler and easier to understand.
Leadership transition: Appointment of Rohan Verma as Joint MD is framed as strengthening leadership for future growth.

Operational commentary

Market segment reporting changed from A&M/C&E to Automotive, Enterprise, Government (AEG) for clearer tracking.
Rohan Verma appointed Joint Managing Director, strengthening leadership.
AI-native product development accelerated; AI being embedded across products and organisation; management frames AI as a long-standing differentiator now entering a 'golden era'.
IoT-led revenue surged (hardware from ₹7 Cr to ₹23 Cr YoY) while services lagged; management expects SaaS revenue to follow hardware ramp, creating a mix-driven margin drag in the near term.
Government business saw a one-time ₹4 Cr gross write-off (net P&L impact ₹80 lakhs); management cites careful tracking of government receivables and calibrated deal selection.
Automotive segment grew 29% YoY (₹46 Cr to ₹59 Cr) despite a time-shifted OEM contract that suppressed 2H FY26 growth; management expects recovery as OEMs re-adopt technology.
Open order book at ₹1,750 Cr (up from ₹1,500 Cr) provides revenue visibility; split disclosed annually between fixed-price and volume-based contracts.
International business (Southeast Asia JV, Middle East) remains nascent and not material to revenue; management taking a calibrated, patient approach.

Analyst Q&A

Q. Clarify the ₹4 Cr write-off impact—whether it is net ₹80 lakhs or a 4% EBITDA margin hit.
Rakesh Verma explained that the ₹4 Cr write-off hit EBITDA via other expenses, while the corresponding ₹3.2 Cr payable reversal appeared in other income below EBITDA; thus reported EBITDA margin was impacted by 4%, though net P&L impact was only ₹80 lakhs.
Q. Why Map-led core business grew only 6% YoY while hardware drove overall growth, and what is the outlook for map-led growth?
Rohan Verma cited stand-alone vs consolidated distortions due to inter-company subcontracting, and called out that Q1 is seasonally weak for Government; Rakesh Verma stressed the value of diversification and urged an annual lens, but did not provide specific Map-led growth drivers.
Q. What percentage of total receivables comes from government contracts?
Rohan Verma estimated total receivables at FY26-end were ₹176 Cr, acknowledged that the majority came from Government but could not give an exact figure, stating 'I can't give the exact number, but it was a majority.'

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