C.E. Info Systems Ltd Q2 FY27 Results

C.E. Info Systems (MapmyIndia) posted consolidated PAT of ₹35.25 Cr for Q2 FY27, up 90.3% YoY from ₹18.52 Cr but down 29.1% QoQ from ₹49.74 Cr. Consolidated revenue from operations rose 15.8% YoY to ₹131.74 Cr (-5.7% QoQ from ₹139.72 Cr) — a steady mid-teens YoY pace that is actually in line with Q1 FY27's own 14.9% YoY print, so the headline PAT jump is not matched by a comparable acceleration in topline; it owes more to a soft year-ago base (Q2 FY26 PAT itself had fallen ~39% YoY) and genuine margin recovery than to a step-change in growth. No reliable Q2 FY27-specific street consensus could be found (only a full-year FY27 revenue consensus of ~₹609.6 Cr, +28.6% YoY, from trendlyne) — against that annual bar, this quarter's 15.8% YoY revenue growth implies H2 needs to accelerate meaningfully, so vsStreet is left unknown rather than inferred from an annual number.

The margin story is the real driver: consolidated OPM (operating profit ex-other income, ex-finance cost and D&A, over revenue) expanded to 34.15% from 24.72% a year ago, and NPM (PAT/total income) to 23.84% from 14.91%. Both eased sequentially from Q1's 40.17%/31.21%, a genuine quarter-on-quarter softening rather than a seasonality artifact given MapmyIndia's enterprise/B2G revenue mix. The mix is shifting: consolidated device/hardware sales more than doubled YoY (₹33.06 Cr vs ₹13.90 Cr) while the higher-margin Map-data-and-services line was roughly flat YoY (₹98.68 Cr vs ₹99.87 Cr) — cost of materials consumed rose 63% YoY on this device-led mix, a headwind the company still absorbed into expanding margins via opex leverage elsewhere.

The stock went into the print at ₹929, up 6.4% over the past month of trading.

Against management's own FY27 guidance of 35%+ EBITDA margin (from the Q1 FY27 call, alongside a ₹1,750 Cr open order book and a stated government/IoT/automotive cross-sell focus), the half-year cumulative OPM of 37.25% stays above the bar, so guidance reads as on-track, even though the standalone Q2 quarter-level print of 34.15% alone sits just under it. Standalone (parent-only) PAT of ₹31.26 Cr grew a faster 69.1% YoY on 31.2% YoY revenue growth (₹112.16 Cr) — both standalone growth rates run well ahead of the consolidated group figures (15.8%/90.3%), a >3-percentage-point divergence that points to softer growth at the subsidiary/JV level than at the parent; the management press release was not available in this filing to corroborate either number, so no company framing could be checked against the print. This quarter's board also approved a clutch of leadership changes (new CTO, CIO, CPTO) and the company signed MMRCL (Mumbai Metro data) and MathWorks (ADAS validation) partnerships, both of which track directly to the stated government and automotive cross-sell priorities, alongside an insider trading-window closure ahead of results.