Ceinsys Tech Limited has delivered exceptional financial performance in the third quarter of FY26, demonstrating strong growth momentum across key business segments. The company, which has rebranded to CS TECH Ai while maintaining its corporate name, continues to strengthen its position as a leading technology solution provider in the IT-enabled sector.

Strong Financial Performance in Q3 FY26

The company's operational revenue showed remarkable growth, increasing by 52% year-on-year to ₹170 crores in Q3 FY26. This growth was accompanied by significant margin expansion, with EBITDA increasing by 88% to ₹40 crores and margins improving to 23.48%, reflecting an improvement of 452 basis points compared to the previous year.

Nine-Month Performance Highlights

For the nine months ended December 31, 2025, Ceinsys Tech maintained its strong performance trajectory with operational revenue growing 78% year-on-year to ₹490 crores. EBITDA increased by 107% to ₹106 crores, with margins at 21.59%, representing an improvement of 302 basis points year-on-year.

Segment-wise Business Performance

The company's performance was driven by strong growth across both business segments. In Q3 FY26, Geospatial and Engineering Services revenue increased significantly by 122% year-on-year to ₹109 crores, while Technology Solutions revenue declined moderately by 3% to ₹61 crores.

For the nine-month period, both segments showed robust growth with Geospatial and Engineering Services revenue increasing 77% year-on-year to ₹257 crores, and Technology Solutions revenue growing 79% to ₹233 crores.

Order Book and Working Capital Management

During Q3 FY26, the company secured new orders totaling ₹170 crores, excluding mobility and product services, bringing the closing order book to ₹999 crores as of December 31, 2025. The company maintained disciplined working capital management with a net working capital cycle in the range of 160 to 162 days. Collections during the quarter matched operational revenue at ₹170 crores, with significant collections realized from projects under the Jal Jeevan Mission.

Strategic Investments and New Contract Wins

Ceinsys Tech invested ₹24 crores in technology innovations and business development during the quarter, with ₹16 crores charged to the profit and loss account. The company secured several significant contracts including:

• Extension from State Water and Sanitation Mission, Uttar Pradesh for third-party inspection services valued at ₹107 crores
• Work orders from Maharashtra Remote Sensing Application Center under National Soil Mapping Program totaling ₹7 crores
• System integrator contract from Maharashtra State Road Development Corporation worth ₹12 crores
• Two mandates from MMRDA for urban change detection and BIM implementation aggregating ₹20 crores
• Project management consultant appointment from Vasai Virar Municipal Corporation valued at ₹12 crores

Strategic Partnerships and Expansion Plans

The company has entered into strategic partnerships with Tech Mahindra and Aetosky to expand its service offerings and geographical reach. These partnerships complement the company's existing capabilities and provide platforms for expanding services across new geographies. Ceinsys Tech is also establishing its presence in Dubai and Saudi Arabia markets as part of its international expansion strategy.

Investment in Growth Markets

The company continues to invest strategically in the U.S. market, where it has mobilized approximately $28 million for inorganic growth opportunities. The U.S. subsidiary contributed around ₹19 crores to the top line during the nine-month period, with total revenue including other items reaching ₹21 crores. The company expects this contribution to improve as business development efforts gain traction.

Ceinsys Tech Limited has received its monitoring agency report from CARE Ratings Limited for the quarter ended December 31, 2025, confirming compliance with fund utilization objectives under SEBI regulations. The report, submitted on February 10, 2026, validates the company's adherence to its preferential issue commitments with no deviations reported.

Monitoring Agency Assessment

CARE Ratings Limited, serving as the appointed monitoring agency, confirmed that Ceinsys Tech maintained full compliance with its fund utilization framework during Q3FY26. The monitoring report verified that all fund deployments aligned with the original objectives disclosed in the offer document, with no material deviations observed.

Fund Utilization Progress

The company reported minimal fund utilization during the quarter, with Rs. 105.02 Cr remaining unutilized from the total raised amount of Rs. 235.06 Cr. The monitoring agency noted that there was no utilization of funds during Q3FY26 across the stated objectives.

Fund Deployment and Investment Strategy

As of December 31, 2025, the company has strategically deployed its unutilized proceeds in fixed deposits with State Bank of India, earning returns between 5.60% to 6.30%. The total market value of investments including accrued interest stands at Rs. 112.59 Cr.

Implementation Timeline and Compliance

The monitoring agency confirmed that all fund utilization activities remain within the prescribed timeline of 36 months from receipt of funds. The company received Rs. 105.03 Cr representing 100% consideration for equity shares and 25% for share warrants, with the balance Rs. 130.03 Cr expected within 18 months from the allotment date of September 20, 2024.

CARE Ratings Limited's report emphasizes that the undersubscription in the issue, which reduced the total from Rs. 243.40 Cr to Rs. 235.06 Cr, may affect the viability of the stated objects. However, no immediate concerns were raised regarding the company's compliance or fund management practices.