Buy C. E. Info Systems Ltd For Target Rs. 2,620 By JM Financial Services
Investor day takeaways – Mapping the future
MMI, at Investor Day 2025, reiterated its FY28 revenue target of INR 10bn+ with 35%+ EBITDA margins. This is supported by a strong order book which is projected to reach INR 20bn+ by April 2028. In Auto, MMI sees attach rates rising to 23% in FY28. This could imply volumes of c.5.4mn (at c.90% market share). In SEA, MMI sees a similar opportunity as India, with the TLT JV targeting 50%/30% market share in map data/software by 2030. The JV is building a unified map for the region, thus reducing implementation costs for OEMs. In Enterprise, MMI is focused on scaling through verticalization and wallet share gains. They also plan to expand into SEA. MDT – the govt. business subsidiary is focused on scalable, IPled solutions through an integrated platform and maintaining discipline in execution.
* Auto business roadmap: In FY25, NCASE was deployed in 3mn vehicles, implying 91% market share (total vehicles attached - 3.3mn). MMI expects vehicle sales to reach 27mn units in FY28 (4% CAGR, FY25-28) and the attach rate for maps and tech to reach 23% from 14% currently. At c.90% market share, this translates to 5.4mn vehicles for NCASE in FY28. Rising adoption of EVs, connected vehicle, SDVs, ADAS systems and higher mix of premium cars and SUVs are expected to drive this attach rate expansion. Additionally, MMI’s NCASE platform is seeing go-lives beyond navigation. Predictive driver assistance, ADAS simulation/testing and EV range prediction are some of the new go-lives.
* SEA – India 2.0 with premium realizations: Management sees Southeast Asia as a parallel to India in scale and opportunity. MMI is building a unified map data platform across countries in the region, thus lowering implementation costs for OEMs. The TLT JV targets 50%/30% market share in map data/software in SEA by 2030. MMI’s IP and TLT’s GTM engine and partnerships, supports delivery of SEA-ready HD maps and value-added content, driving market share. Revenue from SEA has commenced and realisations are considerably higher than India. However, ramp up with OEMs is expected to take time.
* Enterprise – Verticalization: MMI has transitioned from generic offerings to verticalspecific platforms, with Q-comm, BFSI, and logistics as core focus areas. A focus on plugand-play APIs and an integrated solution stack is expected to drive upsell/cross-sell opportunties. MMI expects customer opportunity count to reach 500 by FY28 and sees greater profitability in mining customers vs. acquiring new clients. The company also plans to enter SEA market in FY26, starting with MNCs operating in the region.
* MDT – Scalable and disciplined: MDT –focused on govt. business is positioning itself as a digital transformation partner for central/ state governments, urban bodies, and defence agencies. Govt. customer count rose to 90 in FY25 vs. 30 in FY23, with a target of 180 by FY28. The Mappls Gov platform integrates digital twin, IoT, AI, and geospatial analytics into a unified solution stack – enabling large, replicable projects. MMI however is selective, avoiding pure services work and focusing on scalable, milestone driven deployments to manage DSO. Defence is another key growth opportunity, with battlefield awareness and drone-based mapping gaining traction across the tri-services.
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