C.E. Info System Q2 FY27 Results (NSE: MAPMYINDIA)
Signal: Margin expansion
The read
The trajectory is a device-led recovery rather than broad-based platform acceleration: Q2 revenue grew 15.8% YoY, but map-data and services revenue declined 1.2%; operating EBITDA margin nevertheless expanded to 34.1% from 24.7% as technical outsourcing and other operating costs fell, while gross margin contracted 680bps because materials rose to 20.7% of revenue from 13.9%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹131.74 Cr | +15.8% | -5.7% |
| EBIT | ₹35.65 Cr | +75.8% | |
| Net profit | ₹35.25 Cr | +90.3% | |
| EPS | ₹6.41 | +93.1% | |
| EBIT margin | 34.1% |
P&L walk
Revenue grew 15.8% YoY as device sales rose 137.8% while map-data and services revenue fell 1.2%; gross margin compressed to 79.3% from 86.1% as material costs rose 72.7%, but operating EBITDA margin expanded to 34.1% from 24.7% as technical outsourcing and other operating costs fell, lifting PAT 90.3% to ₹3,525 lakh.
Key positives
- Device revenue reached ₹3,306 lakh, up 137.8% YoY, making hardware the clear growth engine while total revenue rose 15.8%.
- Operating EBITDA margin expanded to 34.1% from 24.7%, with operating EBITDA up 59.9% to ₹4,498 lakh despite revenue growth of 15.8%.
- Operating cash flow rose to ₹7,809 lakh in H1FY27 from ₹4,511 lakh, while the asset base and capex both increased, supporting a clean depreciation-to-capex check.
Key concerns
- Map-data and services revenue declined 1.2% YoY to ₹9,868 lakh, so the recurring platform business did not yet participate in the headline growth.
- Gross margin compressed 680bps to 79.3% as cost of materials increased to 20.7% of revenue from 13.9%; the filing does not disclose the driver, indicating material-cost absorption risk.
- The FY27 EBITDA-margin claim of 35% plus remains unresolved: Q2 operating EBITDA margin was 34.1%, while the half-year outcome is not presented as a stated management target in this filing.
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