Key Financial Performance (Q2FY2027)

  • Revenue from Operations: ₹131.7 crore, representing 15.8% YoY growth from ₹113.8 crore in Q2FY26
  • EBITDA: ₹45.0 crore, representing 60.1% YoY growth from ₹28.1 crore in Q2FY26
  • EBITDA Margin: 34.1% compared to 24.7% in Q2FY26
  • PAT: ₹35.3 crore, representing 90.6% YoY growth from ₹18.5 crore in Q2FY26
  • PAT Margin: 23.8% compared to 14.9% in Q2FY26

Key Financial Performance (H1FY2027)

  • Revenue from Operations: ₹271.5 crore, representing 15.3% YoY growth from ₹235.4 crore in H1FY26
  • EBITDA: ₹101.1 crore, representing 20.4% YoY growth from ₹84.0 crore in H1FY26
  • EBITDA Margin: 37.2% compared to 35.7% in H1FY26
  • PAT: ₹85.0 crore, representing 32.2% YoY growth from ₹64.3 crore in H1FY26
  • PAT Margin: 27.6% compared to 24.8% in H1FY26
  • Cash & cash equivalents (including financial instruments): ₹730.3 crore compared to ₹639.1 crore in H1FY26

Revenue by Market Segments (H1FY2027)

The company has transitioned to a new market segment reporting framework:

  • Automotive: ₹130.1 crore (48% of total revenue), 40.4% YoY growth
  • Enterprise: ₹97.2 crore (36% of total revenue), 16.5% YoY growth
  • Government: ₹44.1 crore (16% of total revenue)

Revenue by Product Categories (H1FY2027)

  • Map-led Revenue: ₹175.3 crore, 8.9% YoY growth with EBITDA margin of 47.1%
  • IoT-led Revenue: ₹96.2 crore, 29.1% YoY growth with EBITDA margin of 19.2%
  • Sale of Hardware: ₹56.1 crore (compared to ₹20.5 crore in H1FY26)
  • Sale of Map data & services: ₹40.0 crore (compared to ₹54.0 crore in H1FY26)

Quarterly Revenue Trends

Q1 Revenue Trend:

  • Q1FY27: ₹139.7 crore (Automotive ₹58.8 crore, Enterprise ₹64.2 crore, Government ₹16.7 crore)
  • Q1FY26: ₹121.6 crore (Automotive ₹45.7 crore, Enterprise ₹60.6 crore, Government ₹15.3 crore)
  • Q1FY25: ₹101.5 crore (Automotive ₹25.7 crore, Enterprise ₹56.2 crore, Government ₹19.6 crore)

Q2 Revenue Trend:

  • Q2FY27: ₹131.7 crore (Automotive ₹71.3 crore, Enterprise ₹33.0 crore, Government ₹27.5 crore)
  • Q2FY26: ₹113.8 crore (Automotive ₹46.9 crore, Enterprise ₹22.9 crore, Government ₹44.0 crore)
  • Q2FY25: ₹103.7 crore (Automotive ₹67.1 crore, Enterprise ₹21.0 crore, Government ₹15.5 crore)

Business Highlights by Segment

Automotive Segment:

  • Q2FY27 growth of 51.9% YoY driven by integrated Map-led and IoT-led mobility solutions
  • Customer deployments include Mahindra BE6 Sporteq, MSIL Brezza, Force Motors Urbania with NCASE solution suite
  • 2W deployments on Bajaj Pulsar 125, Samarth Mobility Avore and Ampere Magnus GMax
  • IoT telematics expansions with VinFast and other OEMs
  • Contract renewal from leading 2-wheeler OEM and entry into CV market with navigation solutions

Enterprise Segment:

  • Q2FY27 growth of 44.1% YoY with multiple wins across sub-verticals
  • Key wins include parcel management company, telecom operator for network planning, paints company for location services, alcoholic beverages company for sales planning
  • BFSI engagements with NBFC for Geo-Fi platform and bank for Geo-Verify AI-led customer verification
  • Solar energy company adoption for field operations and customer acquisition

Government Segment:

  • Q2FY27 revenue of ₹27.5 crore compared to ₹17.0 crore in Q1FY27 but lower than Q2FY26 due to one-off revenue last year
  • Key wins include GIS-based Asset Information Management System for Oil & Gas, Highway Infrastructure Logistics Planning, GPS Telematics for Disaster Response
  • Oil & Gas GPS Telematics and Safety Contract Go Live completed
  • New Use Case win for National Indirect Tax Territory Planning and Analytics

Operational Metrics

  • Inventory holding time reduced by more than half, indicating faster product movement
  • Customer collection timelines remained steady and consistent
  • Supplier accounts settled faster due to strong cash flow position

Management Commentary

Rakesh Verma, CMD, commented on the strong profitable growth across all business verticals, highlighting:

  • Leadership team strengthening across technology, product and business
  • Embedding of AI, ML and neural networks across map-led and IoT-led platforms
  • Over three decades of technology innovation and proprietary data positioning the company for AI-led innovation
  • Creation of new growth opportunities and driving sustainable, profitable growth

Shareholding Pattern

Top Non-Promoter Shareholders:

  • PhonePe Private Limited: 13.64%
  • Tata Mutual Fund – Tata Small Cap Fund: 5.11%
  • Icici Prudential Technology Fund: 2.82%
  • Zenrin Co., Ltd: 2.74%
  • Franklin India Opportunities Fund: 2.30%

Business Description

The company describes itself as a multi-product, multi-industry, multi-use case products, platforms, APIs and solutions company offering:

  • Map-led products: Maps, Navigation, Analytics & Business Intelligence, GIS & Digital Twins, Workflow and Workforce Automation
  • IoT-led products: IoT Hardware (GPS telematics, Dash Cameras, Infotainment Systems, Sensors, Drones) and SaaS for Mobility, Logistics and Industrial applications

Revenue Model

  • Product Licensing and Subscriptions (MaaS, SaaS, PaaS)
  • Device Sales & DaaS (Device as a Service)
  • Delivery of Solutions, Services and Systems Integration
  • Pricing models include per vehicle, per API transaction, per user, per solution for specific time periods