C.E. Info Systems held its Q4 FY26 Earnings Conference Call on May 20, 2026, hosted by DAM Capital Advisors, with participation from Co-Founder & Chairman and Managing Director Rakesh Verma, MD of Mappls DT Private Limited Rohan Verma, CFO Anuj Jain, COO Sapna Ahuja, and President of Government Business Nikhil Kumar. The call covered the company's financial performance, order book dynamics, capital allocation strategy, and outlook for FY27.

Q4 FY26 Financial Performance

Management highlighted a strong sequential recovery in Q4 FY26, with revenue growing 54.80% quarter-on-quarter. EBITDA increased 141% sequentially, while PAT grew 171% on the same basis. The EBITDA margin expanded 460 basis points year-on-year to 44.60%, and PAT margin improved 230 basis points year-on-year to 31.30%. The Board declared a final dividend of ₹3.50 per equity share of ₹2 face value at a rate of 175% for FY26.

Management also provided a five-year perspective since the IPO, noting a revenue CAGR of 24%, EBITDA CAGR of 19%, and PAT CAGR of 11% over the period.

Order Book and Revenue Conversion

The open order book at the end of FY26 stood at ₹1,754 Cr, up from ₹1,500 Cr at the start of the year. During FY26, new orders of ₹780 Cr were booked, of which approximately ₹200 Cr were converted into revenue within the year, leaving ₹580 Cr for future execution. Of the opening order book of ₹1,500 Cr, approximately 18% was converted into revenue during FY26, amounting to approximately ₹270 Cr.

Management explained that the difference between billing figures (₹520 Cr) and sales figures (₹470 Cr) in the order book slide is attributable to GST inclusion in order booking, while revenue is reported excluding GST.

Revenue Miss and Pushouts

Analysts raised questions about an estimated ₹45–₹50 Cr revenue miss in Q4 relative to prior guidance. Management attributed this to specific customer- and execution-related delays rather than internal capability issues. Key factors cited included: an IoT order in the automotive sector worth approximately ₹20 Cr that was delayed due to regulatory requirements now fulfilled; a large Energy Response System order for a major state government that was delayed by the government itself; and a large IoT-related government tender that went for re-tendering. Management confirmed these are pushouts expected to reflect in Q1 and Q2 of FY27.

Segment Performance and Reporting Changes

For the full year FY26, the Consumer & Enterprise (C&E) vertical recorded a decline of approximately 3%, while the Automotive & Mobility (A&M) vertical grew approximately 9%. Management attributed the C&E decline primarily to delays and deferrals in government contracts. On the corporate side, management highlighted the integration of Mappls APIs and SDKs into Amazon Now, which has fully launched in Bangalore and is rolling out in Mumbai, as an example of growing enterprise adoption.

Management indicated a plan to change segment reporting from Q1 FY27, moving from the current A&M and C&E classification to three segments: Auto & Retail, Corporate, and Government, with retrospective breakups for FY26 quarters to enable comparison.

IoT Business and Margin Dynamics

The IoT-led business delivered strong margin performance in Q4 FY26, with management attributing this to operating leverage, improved revenue mix with higher SaaS contribution, and cost efficiency initiatives. IoT EBITDA margin improved from 14% to 16% over the course of FY26, with Q4 recording 33%. Management noted that IoT contracts are structured on an opex model for customers, with hardware treated as a fixed asset on the company's books and depreciated over three years, requiring ongoing capital allocation as the business scales.

On inventory levels, management clarified that inventory build-up reflects anticipated demand growth across the IoT portfolio and is not driven by inventory gains from price appreciation.

Government Business and Receivables

Management provided colour on the increase in trade receivables from ₹133 Cr in March 2025 to ₹176 Cr in March 2026, attributing this to the nature of government payment cycles rather than credit risk. Mappls DT, the wholly owned subsidiary focused on government business, crossed ₹100 Cr in cash collections and ₹100 Cr in billing during FY26, and ended the year with an open order book significantly above ₹200 Cr. Management emphasised that the company has maintained near-zero bad debt in the government segment, with delays in payment being the primary characteristic rather than non-payment.

Capital Allocation and FY27 Outlook

Management disclosed that capital allocation in FY26 amounted to ₹120 Cr, directed toward organic growth across government business, IoT, and intellectual property creation, with a smaller component for acquisitions. For FY27, management stated that organic growth remains the first priority, with continued investment in IoT (given its capital-intensive opex model) and working capital support for the government business.

On the ₹1,000 Cr revenue target, management reaffirmed the goal while noting that the timing may shift, with FY28 remaining the reference point. Management expressed confidence in a meaningful growth recovery in FY27, supported by the ₹1,750+ Cr open order book, strong pipeline, and improving execution momentum across segments.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0BV301023/4f836e70ddfb4659.pdf

C.E. Info Systems Limited has announced an earnings conference call to discuss its financial results for the quarter and year ended March 31, 2026. The call is scheduled for Wednesday, May 20, 2026, at 11:00 a.m. IST, and has been intimated to the stock exchanges pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was filed on May 14, 2026, and signed by Saurabh Surendra Somani, Company Secretary & Compliance Officer.

Earnings Call Details

The Q4 FY26 post-results conference call is being facilitated by DAM Capital Advisors Ltd. The senior management team of C.E. Info Systems Limited is expected to participate in the call. Key logistical details for the call are outlined below:

Participants are advised to dial in at least 5–10 minutes prior to the scheduled time to ensure timely connection.

Contact Information

For further information regarding the earnings call, participants may reach out to the following contacts:

DAM Capital Advisors Limited:

• Anmol Garg / Dev Shah / Chinmay Parab
• Phone: +91 22 4202 2596 / 2567 / 2671
• Mobile: 97686 37537
• Email: anmol@damcapital.in / dev@damcapital.in / chinmay@damcapital.in

IR Team at C.E. Info Systems Limited:

• Saurabh Surendra Somani
• Email: investor.relations@mapmyindia.com
• Phone: +91 11 46009900

The announcement underscores the company's commitment to timely disclosure and investor communication in line with regulatory requirements.