CE Info Systems Ltd

NSE:MAPMYINDIA

Q2-2026 Earnings Call

[Operator]

Ladies and gentlemen, good day, and welcome to MapmyIndia Q2 and H1 FY '26 Earnings Conference Call hosted by Anand Rathi Share and Stock Brokers Limited. [Operator Instructions] 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.

[Shobit Singhal, analyst]

Thank you, Ekra. Good morning, everyone. On behalf of Anand Rathi Shares and Brokers, we welcome you all to Q2 FY '26 Conference Call of MapmyIndia. We have with us today, Mr. Rakesh Verma, Co-Founder and Chairman of the company; Mr. Rohan Verma, MD, Mappls DT Private Limited and Gtropy Systems Private Limited, which are subsidiaries of the company; Mr. Anuj Jain, CFO; and Mr. Saurabh Somani, Company Secretary and Compliance Officer.

I will now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that, we will start with Q&A session. Over to you, sir.

[Rakesh Verma, executive]

Thank you, Shobit, and good morning to all the participants. I hope most of the participants have gotten a chance to look at the outcome of the Board meeting along with the detailed presentation that we enclosed yesterday evening.

This session today will be slightly different than the usual ones because the quarter also has been slightly different. We will -- between me and Rohan, we'll try to address different parts of the business and see that all the participants get a fair view of what we have done and at least to the extent possible, where we are heading.

As we have been saying it in the past also that Q2, in particular, is a different type of quarter. Now when it is -- something is well known to us, what we do, we try to achieve a high level of operational efficiency by utilizing the people in a manner which gives us strength for future product and technology development.

This is the key that has been success that -- through which we have achieved success for many, many years. And I'll explain it to you what it means, even ultimately what it meant in terms of numbers also.

So what did we do in Q2 FY '26, before I jump into numbers. We felt that we need to take our products and platforms for the next generation. And since it's a totally intellectual property, IP-based business that MapmyIndia is in, a lot of folks, a lot of people, a lot of time, a lot of energy, thinking, vision was deployed towards making that happen.

And I'll give you 3, 4 examples straightaway. The first one you might have -- if you've observed and if you followed what was happening to the Mappls app, the consumer app, the leading front-end app which showcases MapmyIndia's strength and technology and its platform, which no other company shows it that way in India.

So this Mappls app, on one side, while we crossed a total user download or user base to over 40 million due to several factors. Those factors, again, if you want to know, in the Q&A, I'll explain it to you. What that led to was our spending, investing a lot in the technology when we grow -- when that kind of momentum happens, and we never -- we didn't fail during this last 2 months of while this was happening of the huge downloads.

We worked on the technology, improved it. Now this consumer app has a direct impact on our B2B and B2B2C business because when the enterprise or the government or the automotive customers see that there is a pull of Mappls app, they feel all the more good about the technology that we are using.

And as we go forward, when we talk about A&M and C&D, you will hear from us what -- how this kind of an activity helped us garner new businesses. Now beyond this Mappls app, we had been working hard -- very -- we were working quite hard to secure some of the very large revenue-generating business.

Two revenue-generating business, which in October, we concluded with the actual order and contract, and they were related to -- one of them is related to IOCL. I'm sure all of us are extremely happy or should be happy that INR 110 crores contract over a period of 5 years, you can easily just take it, divide it by 5 and think about the revenue generation over every year.

Now that kind of a business, which is IoT-led, I'm not saying only IoT, IoT-led, the hardware component might be out of INR 100 crores, might not be more than INR 10 crores, INR 15 crores. I'm giving you that number so that you don't think it's a very large hardware part of component in the whole business.

So with -- being a PSU, it's a kind of a government business. So government business, when you do like this, your money is secured also, and you don't end up into poor collection. Along with this, a landmark entry into building the government's national geospatial platform based on MapmyIndia's own platform, that means the core platform remains MapmyIndia's. It is something like Aadhaar was built, it is something like UPI was built by others.

In the space of geospatial, we worked very hard in Q2. And in October, we achieved it in terms of a contract of a good-sized value. For technical reasons with Survey of India, since they have not disclosed the value, we are not at liberty to disclose the exact value also.

Now like this, several other initiatives have been taken in the company to take the company to the next 3 years, 5 years as part of the road map of what -- how -- where we want to invest, how much to invest, when to invest. So obviously, the impact was -- in terms of expenses was felt in Q2. I'm talking about on an overall basis. Now the more details of this, I'll ask Rohan later when he starts his part to tell you about this Survey of India and IOCL thing.

Actually, along with this, we also signed -- I mean, you might have heard our honorable IT Minister Vaishnaw saying that Railways will be signing an MoU with MapmyIndia. The first step of that has happened where DMRC, Delhi Metro Rail Corporation, has already signed an MoU, which is not only just the data sharing between Metro and MapmyIndia, but also gives full scope to the commercial exploitation and doing things for DMRC. So these are the kinds of things that have happened in Q2.

Coming to the financial part of it, yes, Q2 by itself in isolation if looked at may give one perspective. But when we look at H1, which is the year-to-date and in any case, always, we have been saying, please look at our financials on, one, on a year-to-date basis; number two, for the whole year and not look at quarterly performance in isolation.

If you look at H1 FY '26, we have -- revenue has grown 14.7% over FY '25 H1. I don't think feel -- think that that's a poor performance personally and as a company. When we are making these other investments, we know that there's a huge bump that happens in Q4 that takes care of whatever the year's overall achievement has to happen is quite well taken care of in Q4 by itself.

That's -- in terms of EBITDA, we also for the half year, secured INR 84 crores of EBITDA on a year-on-year basis. And coming to the PAT, of course, the PAT has remained stable for -- at INR 64 crores for the half year, considering all the expenses that we have incurred and spent.

Now if I have to look at map-led business and IoT business, map-led business provided a 47.3%, which is almost similar to the year back of the EBITDA margin. In terms of IoT, the revenue growth really rose to INR 74.5 crores from INR 54 crores, which is almost like, I don't know, 50% or something like that.

So we -- 2, 3 years back, we said we will make investments in IoT and we'll grow that business. And you can see that this is what has already happened. And on top of that, IOCL -- we will classify IOCL mostly into the IoT-led business.

With this much of talk, I will take a pause, and then I'll come back again to talk about more details on the A&M particularly. So I'll let Rohan talk a little bit about our -- on these lines about the -- how we are gearing up ourselves for the future.

[Rohan Verma, executive]

Thank you, Mr. Verma. This is Rohan here. As Mr. Verma mentioned about Survey of India and IOCL, Indian Oil, I'd just like to share a little bit about that because both kind of are landmark or big initiatives, which kind of give a trend towards what the future holds for the country, but also what the future holds for MapmyIndia.

In terms of Survey of India, I guess this is the first time that the country is now engaging and building an entire national geospatial platform. This is a follow-up on the liberalization of the geospatial sector in 2021, when the Honorable Prime Minister said, this is a kind of a Class A industry with a lot of geostrategic importance.

Now the survey of India has been in the business of collecting lots of different data that is useful for various ministries in the government. But with the fact that MapmyIndia has entire next-generation modern comprehensive technology platform which can enable the cataloging of such data, the shared role-based access to such data, basically making the democratization of such data that Survey of India collects to be used and usable by various other government organizations.

So creating access to such information will basically help all other government departments benefit from that. And so you can think of also rectified imagery that is happening from drone data collection, digital elevation models from the topographic of foundational surveys, administrative boundaries, the geodetic reference screens, et cetera.

And so what -- the investments MapmyIndia has been making in building its mGIS platform for geospatial systems over the last many years, we're able to bring that to the fold to enable Survey of India today to, at a mass scale, make that available in a G2G basis, government-to-government basis.

But what's interesting for -- so that goes along with the country wanting to make more and more data available that the government has been collecting for the benefit of other stakeholders.

And so we see a large opportunity for MapmyIndia to provide the similar platform at different scale to different government organizations and then, of course, to large -- other large data kind of repository providers in the public and private sector. So that's one.

The second is around IOCL, which Mr. Verma talked about. See, this is the next generation of logistics, fleet and transport management and safety. IOCL being a Maharatna company is looking at a centralized vehicle tracking and management system for its entire fleet of LPG truck vehicles on a pan-India basis, about 23,000 LPG trucks across 150 supply locations.

And using MapmyIndia's IoT stack of hardware, of software, of services and ability to create kind of a integrated command and control center, we're able to create geofencing, virtual perimeters, we're able to do journey risk management and also on a real-time basis, alert drivers to any road safety issues as well as give clarity to IOCL stakeholders on location and movement and even emergency response as well as finally, ultimately data analytics.

This basically, from an ROI point of view, drives cost optimization, driver safety, asset security, operational efficiency and more further for IOCL. And again, this is a scale solution for IoT. This is easily replicable across many, many large fleets in the public and private sector, and there's also further upselling opportunities of MapmyIndia that's available on that.

I'll refer a little bit to one of the things that we talked about in our investor presentation, which is a one-off technical services outsourcing expenses that have risen in this quarter, and that has had an impact on the EBITDA impact. It's to the tune of about INR 10 crores to INR 15 crores, in that range. I don't want to be specific but it's in that range.

And now we want to explain why, amongst the other things that Mr. Verma said, this was one of the things we wanted to invest in. This is also to do with the initiative of the government and requirement of the country at a national and large scale. It's to do with road safety and what is called the golden hour management.

When an accident happens on the road, if an ambulance can come, take that victim to a hospital emergency within what they say an hour, the chance of saving lives increases dramatically. Now to do this requires an extreme amount of planning, coordination and real-time orchestration of all the ambulances, all the highway petrol vehicles, all the kind of control and command centers across the roads or highways, and of course, kind of workflow management or access coordination at hospitals.

This is an area of road safety and then there will be an area of traffic management also but in this area of road safety, which is an initiative of MoRTH and MoHFW, the Ministry of Health, we have been working on a large project which requires a lot of domain expertise besides our technology platforms and products, which covers IoT, maps, digital transformation suite, et cetera.

And for that, we have been making investments, some of which is -- a large part of which is reflecting in that one-off technical service outsourcing expense, but suffice to say, over the next 3, 5, 7 years, we see a potential few hundred crore opportunity just from this vertical of IoT and government because it can be replicated at center, state and even city level.

And of course, allied to road safety will be the whole traffic management, congestion management thing or aspect and one of which you saw in the Mappls app with the live traffic signal timer showing up. It's an example of V2X, vehicle to anything smart city infrastructure, married to smart vehicle technology, which also MapmyIndia provides, married to smart apps, which go in apps and APIs, which also MapmyIndia provides.

So these investments are driven towards commercially large opportunities in the government and IoT space, but also these technologies are replicable in the private sector to automotive and corporate, which is why we are making that.

[Rakesh Verma, executive]

Okay. If you look at the financials of P&L and balance sheet, since it's a half yearly one, we can explain the balance sheet also, most of the revenue-related things we already just talked about. I'll get back to, again, a little later on this A&M kind of a thing.

On the margin side, Rohan explained why the margin or the EBITDA from a year back of 37.5% which has fallen to 28.1% -- sorry, from 36.1% to 24.7%. And for the half year, it has fallen from 39% to 35%. One of the other factor is also our investment in international business.

Now while the other investments we talked about, I didn't touch upon much on the international, which is our joint venture with Hyundai Autoever in Jakarta. Now that investment and that company, of course, will take a couple of years. I think a year has passed and a couple more years it will take or maybe a year it will take to bring it to the first breakeven.

Good news is we have gotten entry into the revenue part already. It's not that it's a zero revenue scenario. So keeping all that in mind, I'm just trying to say that, that also, if you see the line item in the P&L of the contribution of loss coming from the joint venture.

If you look at the balance sheet overall, then you can easily find that the cash and cash equivalent when we look at a year back, it was INR 565 crores. Today, we are sitting at INR 639 crores in spite of the fact that we have made some organic investment in terms of buying stakes of the original founders of Gtropy and also basically, that's what has happened.

Return on capital employed, excluding cash, is also a healthy 78%. When you see the trade receivables, inventory and trade payables, all those numbers are in line with the business which we are doing, keeping in mind that there is a difference between receivable, which is the moment we do the billing versus actually the amount due.

And amount due, in case of government, we typically take it as average of -- we take it as 90 to 120 days, and beyond that is what we call it as overdue. In the private sector, we take it at 30 to 60 days and amounts beyond that is what we call it as overdue.

So coming back to understanding of A&M and C&E, let me talk about the A&M particularly. There has been very nice new OEM wins in the leading EV OEM in their new vehicle program for neighboring countries that is in the south -- or the Southeast Asia also. And from the existing OEM customers, major automotive OEMs went live in India that included Maruti Victoris and TVS NTORQ ISO (sic) [ TVS NTORQ 150 ].

New auto OE product innovations to provide a more intuitive navigation solution for mass market 2-wheelers and also high-definition maps readiness to support L2++ vehicles in the future. So these are some of the ones I wanted to speak related to automotive.

In terms of corporate, what you say, C&E, Consumer Tech & Enterprise, the corporate part, the -- what's happening is one of the largest -- the largest quick delivery company, they have started using MapmyIndia's -- on a multiyear contract, MapmyIndia's APIs across internal and external use cases. Also, we are seeing some of the rider platforms also using MapmyIndia's platform.

Now here again comes -- what we are trying to do is see that they start using Mappls app also for the rider and the user. And it's happening slowly. And we are hopeful that as Mappls app gets better and better and people love it, the demand automatically will happen and drivers will get used to Mappls app also.

Now with this, let me hand over to Rohan again.

[Rohan Verma, executive]

Yes, I'll just end with 1 minute more. Just to give clarity also, you might have seen trade receivables and trade payables go up. Trade receivables because as government business ramps up, especially in Q2, that will show up as receivables in the half year balance sheet, but these are all payments that we can collect in the due course.

We're also managing working capital in that way by tying some of the trade payables to the trade receivables. So that way, we are able to manage the working capital. And of course, as I said before, the INR 10 crores to INR 15 crores one-off expense, if you adjust for that, the EBITDAs are similar, if not higher than previous quarters.

[Rakesh Verma, executive]

With that, I would like to -- we would like to conclude. We took a lot of time of yours. We wanted to make sure that you know the facts and -- so that you can make an informed decision. Thank you.

[Operator]

[Operator Instructions] The first question is from the line of Chandramouli Muthiah from Goldman Sachs.

[Chandramouli Muthiah, analyst]

My first question is just around, I think, some of the lumpiness that you addressed. There has been a positive lumpiness in the IoT-led business this quarter, maybe headwind on lumpiness in the map-led business. So I just want to understand if there are any one-off factors there in either IoT or map-led which potentially reverse into the back half of the year? Just if you could address the lumpiness and factors behind that, that would be helpful.

[Rakesh Verma, executive]

IoT-led business already grew dramatically. So -- but if you're asking on the map-led, then yes, there were some -- in the automotive, particularly, there was some impact of GST. And corporate lumpiness, it's -- I think we have always defined that it's high in Q1, good revenue in Q1 and very good revenue in Q4, and Q2, Q3 are normal business as usual.

[Chandramouli Muthiah, analyst]

Got it. That's helpful. Second question is just around the clarity that Rohan had provided between INR 10 crores to INR 15 crores of you consider that sort of one-off investment for the future on potential revenue-generating business that you could get from these efforts. I just want to understand if you expect more sort of investment of this nature within this particular project or this set of projects in the future as well? Or if it's restricted to sort of this quarter?

[Rohan Verma, executive]

We will keep investing, but maybe the investment amounts will keep coming down. So margins will keep getting better. And so this was probably the peak of the investment that we had to make, but there will continue to be some but increasing -- I mean, continuing to decrease. And then, of course, the scale will also grow because opportunities set, as I said, we see is quite large around this load safety and the traffic management.

[Chandramouli Muthiah, analyst]

Got it. That's helpful. And just lastly, in terms of our sort of 3-year vision and target, the INR 1,000 crore revenue target by FY '28. I just want to understand, if you look at it on a full year basis for F '26, maybe sort of the implied growth run rate should be in the range of that 20% to 25% run rate. The first half has been, because of all of this lumpiness, maybe a little lower than that. So I just want to understand if we seem to be on track on an annual basis towards that plan, both on yours -- I think you've spoken about aspiration to meet the 35% to 40% margin range and then on the top line run rates you discussed as well.

[Rohan Verma, executive]

Yes, I think your thinking is right. I don't think we're changing any goal for FY '28. Yes, FY '28 definitely not changing.

[Operator]

The next question is from the line of Krupa Desai from Electrum Capital.

[Krupa Desai, analyst]

Am I audible?

[Rakesh Verma, executive]

Yes.

[Krupa Desai, analyst]

Sir, my question was on, you just said that we are expecting to sign an MoU with the railways. Can you tell me what is the opportunity size there?

[Rakesh Verma, executive]

Well, you know what happens is an MoU gives from the top, from the absolutely top level, it gives -- not exactly freedom, but it lays down the contour of what all can be done. I mean if you think like that, we can -- that's what happens. Now opportunity you can think about in railways, it's for us to imagine, you to imagine, but if you're asking me any numbers that have been written in the MoU, MoU doesn't -- they don't write the numbers there. It is for us to start converting it into business. DMRC is just one small set of railways.

[Rohan Verma, executive]

Railways is a huge organization, huge infrastructure, huge operations, I mean, extremely large from an economic size and impact, and hence, it's a huge consumer of technology. And our type of technologies, which covers the three pillars of maps, IoT and digital twin, digital transformation, railways can -- there are tens of different use cases.

So it can be a massive opportunity size for us, a very large vertical. And that's kind of the idea that what MapmyIndia has been doing is unlocking more and more verticals and making them quite large. And so like there's defense, there's railways, these are all pretty key industry verticals.

[Rakesh Verma, executive]

And road.

[Rohan Verma, executive]

Roads anyways, we have been doing a lot in, but now we are able to expand it significantly. But for us, the railways, defense, these are all sunrise sectors. And so that's what gives us the bullishness for the time to come, and you're seeing the contracts and the MoUs, which are kind of precursors to that.

[Krupa Desai, analyst]

Okay, sir. And my one question was on this technical outsourcing expenses. So do we continue to expect these expenses at this scale or it will come down in the coming years or in the coming quarters?

[Rohan Verma, executive]

Relatively, they will come down, yes.

[Krupa Desai, analyst]

Okay. In FY '26 or we can expect it from '27?

[Rohan Verma, executive]

That's correct. Yes, that's correct. With regards to this, definitely, they will come down.

[Krupa Desai, analyst]

In '26 only, from next quarter onwards?

[Rohan Verma, executive]

Yes.

[Krupa Desai, analyst]

And you are saying that these expenses would help us in other government projects. Is my understanding correct on this?

[Rohan Verma, executive]

That's correct.

[Operator]

The next question is from the line of Shobit Singhal from Anand Rathi.

[Shobit Singhal, analyst]

So, sir, my first question is, sir, given the user base now have increased to around 4 crores in our B2C Mappls app, so how are we trying to monetize it going forward? And what kind of potential are we envisaging?

[Rakesh Verma, executive]

See there are different aspects of looking at it. I just had mentioned that we are looking at Mappls app as a technology showcase. Converting into a business or anything like that is not in our today's agenda. So I will not speak anything on that, but it has a direct or indirect impact on our entire business that we do.

[Shobit Singhal, analyst]

Okay. And sir, my second question is, so Q2 usually tends to be a stronger quarter for A&M segment, but however, this quarter, some of the deliveries, I think, got shifted to Q3 due to the GST rate cut. So now given the record auto sales both PV and 2-wheelers we have seen in October, so that -- so similar performance has been seen in our A&M segment as well?

[Rakesh Verma, executive]

Yes. You're right. I mean, after 15th August announcement by honorable Prime Minister, the sale of automotive really slowed down. And it picked up in the last week of September, but that was not enough from our perspective. So let's hope that Q3, the automotive OEM, they do -- they are doing better, no doubt about it. And we are hoping that it will reflect on us also.

[Operator]

The next question is from the line of [ Gaurav Kumar Shah ] from Harshad Gandhi Securities.

[Unknown Analyst]

Can you hear me, sir?

[Rakesh Verma, executive]

Yes.

[Unknown Analyst]

Sir, can you please provide some color on the future pipeline of any municipal orders or tenders within next 6 months? Any opportunity size we are aiming for?

[Rohan Verma, executive]

I mean I definitely won't provide anything, I mean, but suffice to say, our team is very active in a large number of opportunities in the government. As we've said before, this has become an area of focus. We pick the right types of orders, which are more product and platform aligned and to our core areas of maps, IoT, digital twin and digital transformation. And we engage at center, state and city municipal corporation levels, so across center, across state and across cities as well as in key PSUs and areas like defense and railways.

[Unknown Analyst]

Okay. So no specific number as such like no -- provide?

[Rohan Verma, executive]

We talked about a few orders that we've won in the quantum, so given some color.

[Rakesh Verma, executive]

Yes. What has happened, we gave it like IOCL, as an example. Survey of India, for technical reasons, I'm unable to specify the number, but it's a good sized number.

[Operator]

The next question is from the line of Gautam Rathi from CWC.

[Gautam Rathi, analyst]

Actually, I have a couple of them. First one, Mr. Verma or Rohan, if you can just help me understand this IoT revenue was slightly better. For sure, there was a strong uptick, but the uptick also came from the map-led part, right, not the hardware, like the INR 37.8 crores looks to be a significant uptick. Can you just share some more details there, like what's leading to this? Because my understanding was you need devices first sold to get this recurring income, right? But suddenly, we see a large income coming in there.

[Rohan Verma, executive]

Gautam, can you repeat the question? Sorry I missed it.

[Gautam Rathi, analyst]

So the question is, basically, in the IoT business, right, so there is this hardware revenue and then there is the service/map led revenue, right? We see a significant uptick, INR 37.8 crores number which you have reported in the services part/the map-led -- sorry, IoT-led, but map-related and service-related revenue.

That's more recurring in nature, right? The understanding we had was, first, you have to sell devices or hardware to get this income, but suddenly we see a very large number there after a few quarters, right? So can you throw some more light there?

[Rohan Verma, executive]

Yes, correct, correct. No, I understand. Yes. See, that's the -- the good part about the IoT-led business is that definitely, once you sell hardware, you are able to make some SaaS annuities, and that keeps going up, but it's not exclusively in IoT-led projects that we have to sell hardware. We can offer on an OpEx basis. Also, we are able to just offer our SaaS solution.

So there can be a mix change towards more SaaS versus hardware sale followed by SaaS. And so that mix is also playing out. But it's not that one or the other is better. Both have their place. We look at overall what is the total IRR to us over a period of time.

And the other is pretty much just cash management in terms of working capital management, but we have a very strong balance sheet to support this IoT, if it requires hardware upfront or in the case of government, if it requires working capital investments upfront. So the good thing that you are seeing in the IoT-led business is that there's a large proportion of SaaS revenue...

[Gautam Rathi, analyst]

Right, right. That's quite helpful. But is it fair to assume this is -- like the uptick which we are seeing is more recurring in nature? Is that fair assumption?

[Rohan Verma, executive]

Yes.

[Gautam Rathi, analyst]

Because it's platform, right, like SaaS or a platform-based service. Very interesting.

The other thing, Rohan, I just wanted to understand, like a lot of government-related work which you're doing now, which I just heard over the call and the presentation, right, it looks more platform-led or, say, mGIS for Survey of India, right, which is again a product or a platform.

So again, would this also become recurring in nature rather than our general notion of government being a lumpy business, Q4-heavy, et cetera? Are these now more recurring in nature?

[Rohan Verma, executive]

Gautam, these are -- it's a mixture. See, in the government also, once they engage in digital transformation, they also need to continue it. So many times, these extensions also happen. The nature of the beast is that they can't have an open contract. So they will give it for a particular time frame, a particular solution. But in many cases, if there's continuity in the government or the policies, et cetera, they do extend.

[Rakesh Verma, executive]

I'll give you two examples. So many years back, we signed contract with GSTN and CBDT. The contract got -- was over. Again, they renewed the contract. So the whole game is if you get in with a platform and a product way into the government, after all, they need to keep providing service to their citizens or users. So that's exactly what is our strategy. So instead of getting into a pure onetime service thing and just done it and shake hands and...

[Rohan Verma, executive]

If it was a pure kind of survey, those things, that's what other folks are focused on while we are focused on a genuine platform that exists for many years.

[Rakesh Verma, executive]

And we are building new ones also from the government angle.

[Gautam Rathi, analyst]

Amazing, amazing. No, this was great. If I can just squeeze one more in. On the C&E side, this time in the presentation, when I read the kind of wins or go lives, those are more and more looks to be API-driven or your product as a platform as a service related wins, right?

So -- but at the same time, when we -- during our channel checks or when we talk to developer folks, we always hear this feedback that somewhere the APIs are a bit more difficult to consume or/the developers are not so used to MapmyIndia API. So are we doing something there like to kick off that developer motion more and more? If you can share anything will be really helpful.

[Rohan Verma, executive]

I think the focus from a MapmyIndia point of view has been if you segment the market of developers, there's large enterprises, then there is a mid-market and then there's a long tail of developers, Indi or start-ups, et cetera.

MapmyIndia is positioned, given that majority of our business, if not all of our business, has been coming from India and the propensity to pay is, I mean, more in the enterprise, I think we're geared up towards supporting large enterprises in India who have an ability to pay rather than use the API or focus on API as marketing, we use Mappls app as marketing, but we focus on customers who have the ability to pay and we provide them full service.

So that's why maybe when you talk to developers who are either Indi or startup or who are individuals in a large organization, the self-serve aspect of it may not be coming out of it. Not that we don't want to do that. It's just a choice that which do you focus more on.

There could be a -- if we see a large opportunity around large volumes, small value, then we will orient our -- or at least orient ourselves or additionally orient ourselves to cater to that. But as of now, we are geared towards large enterprises, which move the needle for us compared to our most peers.

[Operator]

The next question is from the line of Shrinarayan from Baroda BNP Paribas AMC.

[Shrinarayan Mishra, analyst]

So you said whatever investments that you have done to secure this government orders, can you highlight whether these costs are booked in the map-led business or IoT-led business? I just want to look at the EBITDA margins from a normalized perspective. So if you can give some color on that.

[Rohan Verma, executive]

More in IoT-led.

[Shrinarayan Mishra, analyst]

Okay. So how do you segregate? I mean, it's based on the potential business that you would be getting, that's how you allocate between the segments?

[Rohan Verma, executive]

It's based on which product leads the solution for the customer.

[Shrinarayan Mishra, analyst]

Okay. Okay. So basically, delving more into the earlier question -- earlier participant's questions that the service component of IoT-led business has risen significantly. So in that sense, our EBITDA margin of IoT-led business in a normalized sense would have risen significantly, but it's because of this investment that IoT-led margins have come down by 1% year-on-year. Is that...

[Rohan Verma, executive]

Overall, EBITDA of the company would have been higher and overall EBITDA of IoT-led would have been higher. Operating leverage -- but for this investment that we wanted to make, have been making and will make but in a calibrated move down also.

[Shrinarayan Mishra, analyst]

So basically, much of the margin improvement will come in the IoT-led segment. The map-led segment margins would remain, I mean, 35% kind of range.

[Rakesh Verma, executive]

No, no, no, map-led margin is 47%.

[Shrinarayan Mishra, analyst]

So normalized basis, how much would have been the margin in current quarter if it was not for the investment that we made?

[Rohan Verma, executive]

I think we've called it out somewhere. As Mr. Verma explained, that corporate revenue tends to be lumpy. So don't look at quarter-on-quarter margin. Look at year-to-date margins. So one quarter, like last quarter, you must have seen an extremely high margin for maps-led. That was much beyond 47%. It was probably 50s or 60 or something like that, in that range.

[Operator]

The next question is from the line of Sujit Jain from Bajaj Life.

[Sujit Jain, analyst]

I'm joining the call a little late. So even if there's repetition of questions, please pardon. While one understand that this company should be looked at like a trailing 12-month basis, not quarter-to-quarter, as you just explained, but there are milestones in between. If we kind of miss the growth rates, then the long period guidance that we have, we'll not be able to meet. So, a, your comment on that, what are the milestones in between that we should track?

Number two, what is the big picture opportunity of India eventually deploying sovereign platforms and therefore, in the area that we operate? That is a big picture answer that one is looking forward to.

[Rohan Verma, executive]

Look at full year, that's what we've always said. Mr. Verma talked about Q1, Q4 dynamics. So look at full year, that will give you a kind of picture into where we are with regards to our FY '28 milestone.

And 100% India has to be Atmanirbhar in all sorts of areas, especially in geostrategic technologies. And this area of maps and IoT and digital transformation is -- I mean, India has no option but to become Atmanirbhar, and why just Atmanirbhar it can be the leading provider of product platforms globally.

So it was maybe till -- I mean, I think in the last month, 2 months, what became clear is from the very top of the government, they recognize that in this area of maps, IoT and digital transformation related to these areas, there exists a deep tech products and platforms company called MapmyIndia which is no less than the best of the West.

And I think we are up to the challenge, not just from the consumer app point of view as Mappls app but being the platform of backbone for the public sector, for the defense, for the railways, for the private sector, be it automotive or the corporate world.

And if you look at kind of the suite of solutions we offer and the capabilities that MapmyIndia has to be able to provide end-to-end indigenous, meaning designed, engineered and manufactured, I'm using the word manufactured loosely because we are primarily software and map and solutions, but even...

[Rakesh Verma, executive]

We are also manufacturing.

[Rohan Verma, executive]

We are manufacturing that. But even the hardware that we choose, we can do it indigenous. So I think absolutely, and that the Survey of India is one indicator to you of how the government, I mean, is working with MapmyIndia to build out this national geospatial platform which is kind of, as Mr. Verma said, the DPI equivalent of UPI or these others, Aadhaar, I mean -- so -- but like this, there will be many others that we will do at center, state and local level. That's the big opportunity for us, and we are working hard towards it.

[Operator]

Thank you. Ladies and gentlemen, due to time constraint, this was the last question for today. I now hand the conference over to the management for closing comments.

[Rakesh Verma, executive]

Well, I would like to thank all the participants and your effort to understand MapmyIndia's business, not just now -- for now, but long term, and I will just say that we have tried to be as transparent as possible. Please feel free to ask any questions later through e-mail and send it through whether our PR, E&Y, or direct to Saurabh Somani and we'll be happy to respond.

[Operator]

Thank you very much, sir. On behalf of Anand Rathi Share and Stock Brokers Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.