MapmyIndia Q1 FY27: consolidated PAT +9% YoY as hardware mix dilutes margins
PAT +8.58% YoY · revenue +14.89% · margins compressing
₹139.72 Cr
+14.89% YoY
₹49.74 Cr
+8.58% YoY
31.21%
-2.6pp YoY
₹9.09
C.E. Info Systems (MapmyIndia) reported consolidated revenue of ₹139.72 Cr for Q1 FY27, up 14.9% YoY but down 3.7% QoQ, with consolidated PAT (including share of associates/JV) of ₹49.74 Cr, up 8.6% YoY and down 2.3% QoQ. Standalone PAT was ₹55.42 Cr (+10.1% YoY, +18.9% QoQ). EPS came in at ₹9.09 (consolidated, basic) versus ₹10.12 standalone. No exceptional items were disclosed on either statement, so these are clean YoY comparisons.
Q1 FY-2027 vs prior quarters
The growth was hardware-led, not services-led: device/hardware revenue more than tripled YoY to ₹23.11 Cr from ₹7.60 Cr (+204%), while the core map-data-and-services line — roughly 84% of the topline — grew just 2.3% YoY to ₹116.61 Cr from ₹114.01 Cr. That mix shift pushed cost of materials consumed up 213% YoY (₹4.74 Cr to ₹14.83 Cr) and compressed the operating margin (EBITDA on revenue from operations) to ~40.2% from 45.9% a year ago and 44.7% last quarter; net margin (on total income) eased to 31.2% from 33.9% YoY. The effective tax rate also rose to 24.2% from 23.4% YoY, and the outsized ₹16.96 Cr deferred-tax benefit booked in Q4 FY26 shrank to just ₹0.93 Cr this quarter — both dragging reported PAT growth below revenue growth.
The stock went into the print at ₹1,148.1, up 21.2% over the past month of trading.
Management is optimistic for FY27, expecting sustained growth driven by a strong order pipeline exceeding INR 1,750 crores and improved visibility. They anticipate a significant recovery in the government business and continued growth in IoT. While a specific revenue target for FY27 was not explicitly stated, the compa
— This quarter: met
No Street consensus for this specific quarter's numbers turned up in search; recent brokerage commentary is split (bullish target from one house, a large cut from another), but none of it yields a hard PAT/revenue estimate to grade against, so vsStreet is unknown. Against management's own May 2026 commentary — an order pipeline exceeding ₹1,750 Cr, an expected government-business recovery, continued IoT growth, and a longer-term FY28 ₹1,000 Cr revenue goal — the IoT/device-led growth is visible directly in this quarter's device revenue, but the 'margin expansion' strand of that guidance ran the opposite way this quarter. Group share of associate/JV losses narrowed to ₹0.64 Cr from ₹1.57 Cr YoY. Separately, the board also disclosed Mr. Nikhil Kumar's exit as Whole Time Director of wholly-owned subsidiary Mappls DT Pvt Ltd, effective August 3, 2026.
W1
Whether core map-data/services revenue (~84% of mix, +2.3% YoY this quarter) reaccelerates, versus another quarter of low-single-digit core growth masked by hardware
W2
Execution against the >₹1,750 Cr order pipeline flagged at the Q4 FY26 call and progress toward the FY28 ₹1,000 Cr revenue goal
W3
Operating margin trajectory — whether it stabilizes back toward the 44-46% band seen in the trailing two quarters as the device mix (device revenue +204% YoY) normalizes
Source in ₹ Lakh, converted ÷100 to Cr. Consolidated PAT used here is post associate/JV share (row VII, ₹49.74 Cr, matches our DB comparison basis); pre-associate PAT was ₹50.38 Cr (row V), with associates/JV net loss of ₹0.64 Cr this quarter vs ₹1.57 Cr YoY. No exceptional/one-off items disclosed in either period, so raw and adjusted growth are the same. Standalone and consolidated growth rates track closely (no material basis divergence).
Informational and educational content only. Not investment advice.