Ladies and gentlemen, good day and welcome to CE Info Systems MapMyIndia Q1 FY 2026 Earnings Call. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shobit Singhal from Anand Rathi Share and Stock Brokers Limited. Thank you and over to you, sir. Good evening, everyone. On behalf of Anand Rathi Institutional Equities, we welcome you all to the Q1 FY26 conference call of MapMyIndia. We have with us today Mr. Rakesh Verma, Co-founder and Chairman of the company, Mr. Rohan Verma, Managing Director, Mappls DP Private Limited and G20 Systems Private Limited, with us representing the company, Mr. Anuj Jain, Chief Financial Officer, and Mr. Sarvsovami, Company Secretary and Compliance Officer. I will now hand over the call to Mr. Rakesh Verma for his opening remarks. Please let's start with Q&A questions. Thank you, Shobit. Good evening, everybody. Let me start saying that MapMyIndia has started FY 2026 on a strong footing, delivering robust financial performance across all key metrics in Q1. For Q1 FY 2026, year-on-year, the revenue grew by 19.8% to INR 121.6 crore, while EBITDA rose by 13.6% to INR 55.9, and PAT increased by 27.7% to INR 45.8 crore. In Q1 FY26, EBITDA margin was 46.0% and PAT margin was 33.9%, underscoring the strength of our business model and operational efficiency. Our map business remains key growth engine, delivering a strong 26% year-on-year growth, with EBITDA margin of 54.8% as against 50.1% in Q1 FY 2025. The company, believing in long-term prospects of its IoT business, is increasing its shareholding in its IoT subsidiary, G20 Systems Private Limited, from 75.98% to 96.0%. Mappls DP Private Limited, a wholly owned subsidiary, has been fully operationalized to nurture large and fast-growing digital transformation and digital twin needs of the government and defense sector. From an industry lens, our automotive and mobility tech revenue grew 24.4% year-on-year, supported by growing demand for our advanced automotive solutions. The consumer tech and enterprise digital transformation (CLE) segment also performed well, registering a 16.1% year-on-year increase. We made meaningful progress in both customer acquisition and deepening engagements with existing clients through upsell and cross-sell of innovative solutions. Multiple wins and go-lives spanned across automotive OEMs, key corporates, technology startups, traditional enterprises, and various government departments, including defense. With our focus on live high-definition maps, which is called HD mapping stack, going beyond 2D and 3D standard definition maps, we have developed use cases for autonomous driving and lane-level navigation experience. In August 2025, we entered into a strategic business agreement with Gesto, a leading Swiss commerce company, where MapMyIndia SDK and APIs have been utilized to enhance their customer and delivery experience. Additionally, the board has approved on August 7, 2025, a strategic financial investment of INR 25 crore in Gesto. This investment will enhance the capabilities and adoption of our suite of solutions for the large and fast-growing Swiss commerce industry. MapMyIndia continues to work with and enable all players in this sector. Looking ahead, we are confident about the opportunities that lie ahead to achieve our revenue goal of INR 1,000 crore in FY 2028. The strong performance in Q1 reinforces the scalability and sustainability of our strategy. At the same time, we would like to communicate that the nature of this business is such that it will be observed more on a yearly basis rather than quarter- on- quarter. With this, I conclude my opening remarks and would leave it to the participants to ask any questions. I have with me Rohan Verma, who would be also able to answer any of your questions related to his area. Thank you very much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the questions are assembled. The first question is from the line of Shobit Singhal from Anand Rathi. Please go ahead. Thank you. Congrats on a good performance on marketing stuff. I have two questions. The first question is on an IoT-led business. Last quarter, also, we've seen around 4% decline in growth. This quarter as well, it was largely flat. How one should see the growth trajectory from here on? This is Rohan here. I'll answer the question on IoT. The large long-term opportunity on this is quite large. We've talked about it before and most recently in the investor day that we did about two months ago. We, as a company, had to take a call on how we want to go about addressing this IoT opportunity. Our parent company, or the listed company, MapMyIndia, to automotive and corporate world is selling IoT. The only one subsidiary, Mappls DP, is selling IoT to the government world. G20, the other subsidiary, is selling into the transporter and corporate logistics ecosystem. As an entire group, we are servicing the IoT business. We figured out that one of the ways that we could grow and address this IoT opportunity is to increase our shareholding in G20, which is 76% currently, to 96% right now, with the option and right to acquire value of 4%, 100% in the coming four years. Till now, till March at least, the management of G20 was being run by the earlier founders. We transitioned the management last quarter, end of last and in the beginning of Q1. We're going through this transition period where we are refocusing the business on the way MapMyIndia has been doing in the enterprise world, which is higher margin, large enterprises, and having certain typical prudences in mind. I would say that this is part of our transition. Over the course of the next quarters, we'll be both back on growth path as well as increase in profitability as we identify certain gaps in the past. We are addressing those. We'll be on the growth path both on top line and bottom line from a G20 and overall IoT-led business point of view. Wonderful. Just about the second question, if you can share more details on your investment in Gesto and business agreement with them, like how big opportunity are we emphasizing from this sector? On behalf of Mr. Verma, this is Rohan here. I think the company over the course of the last multiple decades, at least, has always found certain sectors which the company has gone deep into, automotive being one that the company went deep into since 2007, and building out this entire end case suite of solutions. Then getting this large area of automotive to adopt those solutions with an increasing number of use cases. With e-commerce and now Swiss commerce, which is a pretty large and fast-growing industry, we believe that MapMyIndia as a group across maps, IoT, digital twin, digital transformation, we have a wide gamut of software platforms and solutions which can be applied to this industry. We work with various players in this sector, and we continue to do so. We wanted to work closely in a strategic manner with somebody so that we can, I would say, complete our offering or deepen our offerings for Swiss commerce and also see the kind of flagship adoption so that customers can get the benefit of the entire suite of MapMyIndia solutions. With that objective, this investment is being made both from a strategic business agreement point of view, wherein MapMyIndia solutions shall be used by Gesto, but also an investment point of view, where MapMyIndia suite of solutions will also suit a collaboration. We'll also be able to round out the solution and see the product markets with widen our gamut of solutions for quick commerce so that we can service that area or that target market in a better way today in India and then also over time roll that out internationally also. Understood. Thank you. I will get back in the queue later on. Thank you. The next question is from the line of Chandramoli Muthiah from Goldman Sachs. Please go ahead. Hi, good evening, and thank you for taking my questions. My first question is just on the Gesto agreement. I remember we had announced about INR 233 crore of e-commerce-related business order wins on the 1st of July. I just wanted to confirm if this Gesto business award/agreement is the same as that one or if it is incremental to that one. No, no. I think you're probably, for lack of information, you are mixing up the two. The INR 233 crore had nothing to do with Gesto. It's a different customer, and we talked about an e-commerce company at that time also. Got it. Got it. This new potential business relationship with Gesto is independent of that business award? See, as Rohan said, like for in the last 15 years, we went deep dive into the automotive sector. We believe that e-commerce, quick commerce, and allied businesses with logistics also play a role. Somehow, we need to go deep dive. What happens is when you work with a customer closely, at least one customer, like I can tell you about automotive, the first customer we worked closely with was BMW. We learned a lot of things, and it helped us move to almost all the automotive companies. Here also, we believe that in the quick commerce, the place plays a little different than the normal e-commerce. By having a strategic business agreement, that was our objective then. That how do we have a strategic business alliance? Now in the process, we've had to make that strategic business alliance more meaningful and stronger. We decided also to make an investment in that company. Got it. That's helpful. My second question is on automotive and mobility. This quarter, I think there's this pretty good strength, 4.5% revenue growth in that business. This comes at a time when broader automotive volume growth in India seems to be in the low to mid-single digits. I just want to understand what are some of the factors that have driven this relatively robust growth in an industry environment that's been relatively more modest? Yeah. It's a happy news, right? The reason is the more we are able to get into more depth of the automotive sector, as Rohan talked about, our NPS solutions, and what it is doing is getting more and more, it's getting adopted more and more. In spite of the overall automotive industry that didn't grow that much, our part of the solutions did get a better adoption. That's the only reason I can tell you that we could, the CAC rate increased, okay? This is how we have been successful in Q1. Got it. If I could just clarify, most of this growth, is it coming from EVs? Is it coming from four wheelers? Is it coming from two wheelers? Any additional color you're able to provide that? It's broad-based, honestly. Definitely, all the EVs that you're seeing in the market are ready with something new. Like you saw that in Tata Motors, Harrier.ev. The Mahindra BEV. The Mahindra BEV. Actually, you can get the color yourself. Mahindra has become the second largest automotive company. I hope we are all aware of that. We are very deeply entrenched with Mahindra. That also helps. Honda is also ramping up. Got it. That's helpful. Lastly, it looks like we've made commitments to invest close to INR 50 crore in both G20 Systems Private Limited and Gesto. We just want to understand what is our current cash balance as of the end of the June quarter, if we include both cash, cash in bank, as well as liquid investment. I'll give you the full figure. About INR 676 crore as of June 30th. Now, three major cash outflows either have happened or are going to happen shortly. One is Gesto, which is INR 25 crore. One is G20, another INR 25 crore. The INR 20 crore dividend, which is getting paid right now. If you add up the three, it comes out to INR 70 crore. Got it. That's helpful. Thank you very much and all the best. Thank you. The next question is from the line of Sucrit Patil from Eyesight Fintrade Private Limited. Please go ahead. Thank you, the management, and thank you for the impactful commentary. I had a question on how your mapping stack could evolve with India's next-gen tech insight. My question is, as India is moving forward towards autonomous mobility and hyper-local intelligence, how is MapMyIndia planning to evolve its real view and 4D mapping stack for emerging use cases like drone corridors, EV routing infra, and spatial commerce by FY 2030? Could this also open up monetization opportunities beyond automotive, for example, in urban planning, climate mapping, or immersive retail? Yes, I have one more question. Thank you very much. Wonderfully framed question, and that's exactly these are all the growth areas, Sunrise Sector, that we are absolutely well positioned for. MapMyIndia is doing a 4D digital twin, so not just 2D, but 4D, not just standard definition, but high definition in 360, real-time updating, near real-time updating digital twins, including the real-world metaverse, what we call real-world, with immersive views. All of the sectors that you're seeing is where more and more adoption of our maps and allied technologies will happen. We are positioned in each of them. As those markets grow, our tasks and hence our growth in each of these segments will grow. Remember, we are a product and platform company, meaning that we have the data product. We have the software product, software platform, and we have the capability to provide solutions to each of the industry verticals. It's a very rare thing to be product, platform, and solution subsidy providing APIs or apps, as is required by the customer. That's what positions us well for coming times. Okay, great. That pretty much answers my question. Thank you very much. Putting me and Gesto on your speaker. Thank you. Before we take the next question, we would like to remind participants to press star and one to ask a question. The next question is from the line of Anmol Garg from TAM Capital. Please go ahead. Yeah, hi. Thanks for the opportunity. A couple of questions from my side. From the growth perspective, we have grown at around 20% in this particular quarter. Do you believe that the growth this year would be more back-ended? I also wanted to understand that has that INR 233 crore order started to contribute into revenues for us? Now, what was your second statement? That the INR 233 crore order that we want has started to come into revenues. Let me answer the second part. Yes, it has. Number one. Number two, on the other one, back-ended. I don't call it back-ended. What I call, but from your language, it is also correct. What we say always is that it is the entire year that you have to look at. There are certain seasonalities in our business, and history has shown us that Q4 is quite high compared to anything in Q1, Q2, Q3. If you call it as a back-ended growth that will happen, the answer appears to be right, yes. Rohan may like to add something. Yeah, I was just going to say that definitely from a government part of the business point of view, it is back-ended. Wonderful. Secondly, on this Gesto contract, what can be the potential revenue from this particular client from an annualized basis that we are looking at? Would, and as this part of investment, would we be also sharing some data with the company? We won't be able to talk about specific numbers on specific contracts. You can imagine that they're a large player of scale and growing fast, and hence their technology needs and technology consumption or technology trends will be significant. There's potential, but we'll see as the business relationship builds up. Of course, they shall be using our solutions like we mentioned, the APIs, SDKs, etc. What I wanted to understand is that apart from the APIs, normal APIs that we provide to customers, would there be any other data sharing which will happen with this customer? See, the opportunities are diverse. APIs also are an interesting APIs SDK. APIs SDK for what? There are so many different types of APIs SDK. When a customer wants to get something done quickly without developing a complete technology behind it, they use the APIs SDK. It could be analytics also. It could be so many other things also. Let's not think that it is a small opportunity. The opportunity is pretty large. They like the idea that they would like to focus on their business rather than just creating maps. Understood. Sure, sir. Thanks so muchm Thank you. The next question is from the line of Abhishek Kumar from JM Financial Limited. Please go ahead. Thanks for taking my question. I think good performance on margins. My question is on margin only. You know, MapLed margins have gone up to 64%. Is this the new normal? Is this a sustainable level on for Mappl business? Again, you're looking at the quarter. Please look at the whole year. We compared that 51%, 54% is more than 50% last quarter. If you look at the, I don't remember exactly, but what was the Mappl margin for the whole year last year? We would like to do better than last year. Overall margin, we have given a guidance for this year. I think we have clearly said that where we would like to be. If Gesto has come to 46% this quarter, that's great news, which helps. It gives us a couple of different opportunities. It will support us in our growth, revenue growth also. I guess you can remind us the guidance. I'd like to remind Rohan here. It's a function of the mix of products that we are selling, and it's also a function of the quantum theme that we're doing. Like Mr. Verma said, we have kind of a yearly objective. It really is on us. It gives us some headroom to focus on growth or other types of products, which you know ultimately is that portfolio that will lead to that overall EBITDA margin. It's good in this quarter we had higher margins that may get balanced out over the course of the year or just depending on the mix. I just wanted to, you know, check what was the margin guidance for FY 2026 if you can just remind us. I think we have said that it will be 35% plus. If I remember from my investor meetings, which happened some months back, guidance is a guidance, okay? That's what I said. Now you see in Q1, it is 46%. Okay. Second is on IoT. I understand you are now increasing your stake. Just wanted to understand the reason for decline this quarter. Is it linked to this change in ownership and therefore some delayed decision internally, etc.? If so, how should we look at the growth in hardware especially within the IoT-led segment for the rest of the year? Yeah. A few factors I can explain. We want to see the contribution margin in our IoT business, especially around hardware sales, go up. There's a conscious effort to increase contribution margins. We also felt that the inventory that we had on hand in G20 was a bit too high compared to what our comfort factor would be. We wanted to run down the inventory a little bit, but without affecting the contribution margins. In general, we shied away from a few different types of hardware sales. Our OpEx business, where we give the hardware out on rent, continues to go well, and we have multiple new wins as you would have seen in the A&M and CME highlights. Multiple wins across people, land goods, movement, etc., across cement or automotive or toolbox, etc. Increasing the contribution margin was an objective which we achieved. Achieving, you know, run the margins is something that we achieved. Definitely, there's a fixed cost element in the company that has had increased, and we want to right-size it. That is a little bit part of change of management and how to manage personnel, who to keep, to not to keep, etc. There's that fixed cost, addressing. A few of the things around systems, which led to a little bit increase in OpEx, especially around thin costs and thin usages because it's an IoT company. A few of the systems we have to also, kind of, clean up because, like I said, we see a pretty large headroom for growth in this IoT. We'd rather do all this cleanup and consolidation right now so that from there, the growth can be secular. Again, there's enough contribution margin in this business that the operating leverage will keep. You've seen that in the last, instead, quarters of performance in this company. There comes a time when you need to consolidate a little bit, so that you are orienting the ship in a way so that next phase of growth, you don't again face issues every quarter, every few quarters. There is going to be growth in this. It's a pretty large, there's going to be increased profitability. We will make investments in G20 in terms of, you know, the right type of investments around sales, the right type of investments around, or, or resource allocation and efforts around products and productivity. Those things will happen, to see the business to win a good win in the coming quarters or years. Yeah. I'll just add a little bit where we stand for the IoT for the next few quarters, and you'll see what's a good thing happening in due course of time. We'll look forward to those good things. One last question from my side. Any particular rationale for creating a separate subsidiary for government and defense sector? If you can just talk about how is that demand in that sector and pipeline looking? Thank you. I think it's a case of focus. Again, there's a large business to be done around government digital transformation, government digital twin, and government defense tech. The rationale to house that business within the wholly owned subsidiary is to create focus. In the longer term, it might create some value also. I mean, of course, it could create some value also, but primarily, right now, it is from a management perspective, giving the focus. The two is their end-to-end focus on servicing the needs of the government. In terms of wins, again, you would have seen in the CME part of the highlights, especially on the government side, lots of new wins across central, states, and local governments, including also in defense, covering our map-led, IoT-led, digital transformation, and defense tech setup solutions. Quite good. We're quite happy. Of course, you know, the opportunity is large, and that's where the team is focused on to keep increasing every quarter. That's very helpful. Thank you and all the best. Thank you. The next question is from the line of Sameer Dosani from ICICI Prudential AMC. Please go ahead. Yeah, thanks for the opportunity. I see you have mentioned updates on Southeast Asia business. First, you've gone live with the tier one supplier to a major car OEM. Is this Hyundai AutoEver, or apart from that, have you started doing business with some other OEMs? That is the first question. If you can share some updates on how we are doing with other OEMs in Southeast Asia, that would be helpful if you can give some updates on that. So, too far to Southeast Asia, what is what MapMyIndia is doing and selling its solutions to customers, kind of in that area and customers directly? In that, you would have seen a win in A&M, which is around the tier one for our end automotive clients. Yeah, end automotive clients, there is Hyundai, but the tier one is different, and it's for a solution of MapMyIndia. You would have also seen a win in the enterprise side, which is an oil and gas company in Southeast Asia, Hyundai Space, we might have mentioned. That's what is going well, in terms of expanding the awareness and hence the interest and eventually the adoption of MapMyIndia's international solution in that market. Finally, the JV also is there, TerraLinks Technologies, TMC, which is the JV with Hyundai AutoEver. As they own 30% and we own 40%. The JV is in building. They're doing a good job. They're putting together the map for 10 large countries in the Southeast Asia regions, and then making that available to OEM customers as a map company. The way that MapMyIndia historically has done in India, and in fact, for many years. That whole field is going well. Of course, the anchor customers there would be the parent company of Hyundai AutoEver, but conversations are also on with other OEMs. This is in the next one, two, three years, you know, so, start of FY 2027 onward, the TMC kind of revenues will also start coming in in a good way. Okay. Thanks for this update, and wish you good luck. Thank you. The next question is from the line of Keshav from Niveshaay. Please go ahead. Yeah, thanks for the opportunity. and congrats for the performance. As you mentioned that you have plans to go into implementing a lot of strategic research. Given that best customers are already established in the state and around our entire city, do you think that they have a whole competitive advantage over you? Yes. Remember, they are a core platform API solution company, both, and we've been doing this digital twin data maybe without, you know, tagging it as such, digital twin solutions. If you see the wins that we are doing, most of the wins that we are having in the government have an element of digital twin already, whether at a local or state levels. I would say the competitive advantage for customers is with MapMyIndia, they're able to get the maps, the software, both rather than just engage for services and not being able to use, you take, beyond the service type of activity. Like we said before, we're a bit careful with how we pick up business. I mean, we make sure that these are collectible, these are executable. You know, there's an intelligence left to how we pick up certain business rather than just picking business for the sake of business. I'll just add a little bit, give you some color or flavor. If I go back to a little bit of history, when we were building the products and platforms whereby what to where we have succeeded so much today, and we are far ahead, or rather far, we are probably the only one in many senses. There were plenty of services companies who were making the maps for a company, for somebody, and they would have some kind of a software to do some job. Now, over a period, and this is a 2D map I'm talking about, not digital twin. Over a period of time, what has happened now? The end, the company now, the end users, they are not interested in getting the survey done or rather use the final product, which is approved software and some platform. Same thing I'm foreseeing that with this kind of a services-oriented digital twin kind of a thing will go away ultimately. What will happen is those companies like us who will provide the right platform and product will succeed and will be sustainable. Got it. Thank you so much for the detailed explanation. Thank you. The next question is from the line of Sagarika Chetty from Anand Rathi. Please go ahead. Hi. Am I audible? Yes. Okay. Apologies for joining the call a little late. I just wanted to get a sense of when can we expect a turnaround in the JV in terms of the losses that we're currently making? Secondly, what is the trajectory, and what kind of, and when can we expect the revenue contributions from our international size and size of business to be sort of sizable in our overall top line? If you can give us a sense of or color on the trajectory, that would be great. Yeah. On the international revenues, they've already started to flow in. That's still from MapMyIndia. I'll come to the JV. For MapMyIndia, some international revenues have already started to come in, and it will only increase over the time to come. We are having wins every quarter. Of course, for it to become sizable enough, it will probably take, like we said, about a year or two, but it depends. For the JV, also we've talked about that end of FY 2026 or Q1 FY 2027 is when the JV will start also generating revenue. Imagine that especially in automotive, once you win the contract, the grow lines take some time. That's when the JV will also start kind of contributing. Okay, sir. Thank you so much. Thank you. Ladies and gentlemen, this was the last question. I now hand the conference over to the management for the closing comments. Thank you, and over to you, sir. Thanks to all of you for listening to us. I can only say in the end that we are on the right trajectory. We are confident, we feel very confident that FY 2028 will reach our goal of INR 1,000 crores. We wish you good wishes. That's how I would like to end. Thank you. On behalf of CE Info Systems, MapMyIndia Limited, we conclude this conference. Thank you for joining us, and you may now disconnect your lines.