Navigating a Complex World with Clarity, Innovation & Purpose
1. Global Economic Outlook: Stability Amid Uncertainty
In FY2025, the global economy continues to tread a path of cautious recovery. While the pandemic and geopolitical tensions have left long-term imprints, steady GDP growth of 3.23.3% signals resilience.
Key Trends Shaping the Global Landscape:
Inflation Cooling Off: Following the price surges of 2022 2023, global inflation is on a steady decline. Projections from the IMF suggest inflation will fall to 4.2% by 2025, with advanced economies likely returning to target levels (~2%).
Growth Divergence: While advanced economies are expected to post modest growth (12%), emerging marketsparticularly in Asiaare poised for stronger expansion at 45%, led by rising consumption and digital adoption.
Geopolitical Friction: The Russia-Ukraine conflict,
U.S.-China trade disputes, and instability in the Middle East remain major headwinds, impacting supply chains, investor sentiment, and global trade.
Tech & Policy Opportunities: Digital transformation, AI breakthroughs, and climate-focused reforms present opportunities for countries and businesses that can move swiftly and adaptively.
Outlook
Despite structural risks, the global economy appears more stable than in recent years. Yet, flexibility will be crucial in navigating potential inflation shocks, geopolitical flare-ups, and environmental disruptions. FY2026 could either cement post-pandemic recovery or force a strategic recalibration.
2. Indian Economy: A Bright Spot in a Challenging World
Amidst a global slowdown, India stands out. With projected GDP growth of 6.6%, India is not only the fastest-growing G20 economy but also a magnet for global investment.
Key Drivers of Growth for India:
Strong Private Consumption: Urbanization, rising disposable incomes, and digital access continue to boost domestic demand.
Government Capex: Strategic investments in infrastructure, digital public goods, and logistics are fuelling productivity and job creation.
Manufacturing Momentum: The "Make in India" and PLI schemes are enabling India to emerge as a global manufacturing hub, especially in electronics and automotive components.
Challenges to Monitor:
Market Volatility: Indian equities saw turbulence in early 2025, with Nifty down by 14% and the Sensex dropping 10,000 points from 2024 peaksprimarily due to FII outflows and IT sector corrections.
Global Headwinds: Export slowdowns, geopolitical risks, and tariff concerns pose near-term risks to growth.
Outlook
Despite market jitters, the long-term fundamentals remain intact. Indias structural reforms, digital ecosystem, political stability, and youthful population continue to position it as a compelling growth story for the decade ahead.
3. Industry Overview: Change in Regulatory Landscape, Building the Foundation for a Geospatial-Driven Economy
National Geospatial Policy (NGP) 2022
A game-changer for the sector, the NGP liberalizes access to geospatial data, promotes open standards, and empowers innovation across public and private sectors. The policy aims to liberalize access to geospatial data, fostering innovation and widespread utilization across governance, businesses, and academia. This initiative aims to unlock significant economic potential, with projections estimating the Indian geospatial market will reach 1 lakh crore by 2030.
Strategic Policy Highlights
No prior approvals or licenses for geospatial data acquisition
100 crore allocated for National Geospatial Mission (FY26)
Open access to public-funded geospatial data
Deep integration with PM Gati Shakti for multi-modal infrastructure
Key 2025 26 Budget Initiatives:
Operation Dronagiri: Showcasing geospatial applications in agriculture, livelihoods, and logistics
Krishi Decision Support System: Real-time precision farming using AI and geospatial analytics
Mission Mausam ( 2,000 Cr): Advanced weather forecasting powered by AI/ML
DIGIPIN: Indias geo-coded addressing system for last-mile delivery, emergency services, and governance
Together, these initiatives signal Indias ambition to be a global geospatial powerhouse.
Applications Fuelling Growth:
Urban Planning & Smart Cities
Precision Agriculture
Logistics, Fleet Optimization & Mobility
Public Safety and Disaster Response
National Mapping Mission & Digital Twin
4. Sectoral Insights
A. Automotive & Mobility: Shifting Gears
Towards Electrification & Connectivity
The Indian automotive industry is undergoing transformation driven by evolving industry standards, changing consumer preferences, and a growing emphasis on sustainability. This has led to the rise of Mobility-as-a-Service (MaaS), connected cars, shared mobility, and the adoption of smart factories. Indias auto industry is in the midst of a digital and electric transformation. FY202324 recorded a historic 4.21 million passenger vehicle sales, with SUVs contributing more than half the volume.
Key Trends:
SUV Boom: Sales up by 25.8%, indicating a consumer shift toward larger, feature-rich vehicles.
Decline in Small Cars: A 14.4% drop in passenger car sales points to inflationary pressures and shifting preferences.
Electric Vehicles (EVs): The sector witnessed robust growth of 27% YoY, with 1.94 million units sold.
Electric Two Wheelers (E2Ws): Dominated the segment with 1.14 million units, up 33%
Electric Three Wheelers (E3Ws): Accounted for
35% of EVs sold, up 18%
Electric Passenger Vehicles (EPVs): Saw an 82% jump, led by Tata Motors and JSW MG Motor
Digital Disruption:
Connected cars, real-time traffic mapping, in-vehicle infotainment, and smart street management systems are now mainstream.
Embedded navigation and geospatial integration are becoming standard across vehicle categories.
Future Outlook
By 2030, Indias EV market could touch USD 120 billion. As autonomous and shared mobility models mature, demand for map-centric services and real-time geospatial solutions will surge.
B. Consumer Tech & Enterprise: Digital-First
India
Digital transformation is a cornerstone of modern economic development, reshaping industries and accelerating the growth of digital maps and location-based services. Digital transformation is no longer a strategyits a necessity. In India, the digital services economy is expected to grow at 12.1% CAGR, reaching USD 92.3 billion by 2030, well ahead of traditional IT.
Shifts Accelerating This Growth in India:
Cloud, AI & Automation: Dominating enterprise tech stacks for cost reduction and enhanced agility.
Location Intelligence: Crucial for hyper-personalized marketing, logistics optimization, and smart infrastructure.
Mobile-First Behaviour: Over 536 million vernacular internet users expected by 2027, reshaping content, advertising, and engagement models.
Public Initiatives Powering Inclusion:
Digital India, BharatNet, and PM-WANI are bridging the rural-urban digital divide.
Government-backed platforms are enabling real-time digital access to education, healthcare, and services.
Macro Overview Conclusion: Embracing the Future with Confidence
FY2025 marks a pivotal chapter in the MapmyIndia growth journey. Backed by favorable macroeconomics, a thriving innovation ecosystem, and a rapidly evolving regulatory environment, the company is well-positioned to lead the future of geospatial intelligence in India and beyond. From powering connected mobility to enabling precision governance, MapmyIndias technology is no longer just about mapsits about making smarter, faster, and more impactful decisions.
We are ready for whats nextand ready to lead it.
MapmyIndia FY25: Accelerating into a Transformational Future
A Trailblazer in Indias Digital Evolution
MapmyIndia is not just a company; its a movement thats redefining how India navigates the digital world. As the nations foremost provider of advanced digital maps and geospatial technology, we have cemented our legacy with 30 years of pioneering work. Today, we stand tall as a multifaceted powerhouse offering cutting-edge Maps-as-a-Service (MaaS), SaaS, and PaaS platforms that fuel businesses, governments, and consumers alike.
In FY25 alone, we empowered over 1,000 customers with intelligent digital solutions, solidifying our market leadership with innovation, scale, and impact.
Product Engines That Power Growth
Map-Led Business Our Bedrock
This segment is the heart of our business, driven by the licensing of our robust, richly detailed digital maps. It contributed 345.6 Cr, a staggering 74.6% of our revenue, and boasted a healthy 47.2% EBITDA margin. With decades of investment already made, this high-margin business offers exponential scalability.
Revenue - Map-Led (INR Cr)
345.6 267.0
FY24 FY25
IoT-Led Business The Future is Connected
Our IoT-led segment is where hardware meets SaaS brilliance. We sold over 2.1 lakh smart IoT devices, driving 117.7 Cr in revenue. More significantly, IoT SaaS subscription income surged 40%, proving the recurring value of our connected ecosystem. Devices like Mappls Gadgets are gaining strong aftermarket traction in both 2-wheeler and 4-wheeler segments.
Revenue - IoT-Led (INR Cr)
117.7 112.4
FY24 FY25
Sectoral Triumphs Serving Every Terrain
Automotive & Mobility Tech (A&M) Driving Innovation
We are the tech pulse behind Indias automotive revolution. From connected navigation to electric mobility, weve become indispensable to OEMs like Hyundai, Kia,
MG, Mahindra, & BYD.
FY25 saw 3 million new vehicles integrated with Mappls tech, up 20% YoY.
Major go-lives include Mahindra XUV3XO, Kia
Carnival, Ather Rizta, and BYD Atto 3, among others.
Weve built platforms for fleet optimization, video telematics, and state-wide safety systems like Maharashtras AIS-140 emergency network.
Revenue grew 13% YoY in this segment, hitting 210.8
Crtestament to our trusted status with OEMs and logistics leaders like Safexpress and Avis.Alignment with PM Gati Shakti
Revenue - A&M (INR Cr)
210.8 185.8 151.6
FY23 FY24 FY25
3 million new vehicles (4-wheelers, 2-wheelers and CVs, across ICE and EV segments), went built-in with MapmyIndia Mappls in FY25, up 20% from 2.5 million during FY24
Number of new vehicles built-in with MapmyIndia Mappls
3.0 2.5 1.9
FY23 FY24 FY25
Consumer Tech & Enterprise Digital Transformation
(C&E) A Year of Bold Strides
Our Consumer Tech & Enterprise Digital Transformation (C&E) business soared 60% in Q4 FY25 over Q4 FY24, with a robust 30% YoY growth for FY25 reflecting sustained momentum.
We secured landmark deals across social media, eCommerce, and quick commerce sectorsdriving innovations in merchant discovery, address intelligence, and real-time order tracking to elevate user experience and operational efficiency.
In BFSI, a leading card provider adopted our cutting-edge, location-powered digital KYC suitemarking a significant breakthrough.
Workmate, our AI-driven field workforce solution, gained traction across BFSI, Energy, and Consumer Appliance sectors, and expanded internationally with our first Southeast Asian client in the Oil & Gas space.
We advanced mission-critical use cases:
Defence: Electronic Nautical Chart analytics
Land & Urban Governance: Land records under Programme NAKSHA
Infrastructure: Incident management and BI dashboards for national highways across 25 regions Our Geotech innovation also powered:
Drone-based mapping and property tax assessments for a major western city
Metaverse creation for heritage conservation
Tracking and analytics for a major PSU in container logistics A major highlightour GeoAI-powered bridge anomaly detection system was selected by Indian Railways for seamless integration with its Bridge Management System.
Revenue - C&E (INR Cr)
252.5 193.6
129.6
FY23 FY24 FY25
Were not just supporting digital India; were helping lead it.
Strategic Vision: A Stronger, Smarter Tomorrow
A Thriving Order Book
Our open order book surged 10% to 1500 Cr, fueled by a strong inflow of 633.5 Cr in new bookings. Importantly, high-quality, fixed-price contracts grew by 74% YoYdemonstrating customer confidence in our delivery capabilities.
Fixed Pricing business under new orders have grown significantly in FY25 to Rs 417.9 Cr.
Annual New Orders
594.0 215.6 286.9
224.9 240.0 417.9 FY23 FY24 FY25 Fixed Pricing Volume Projections
Building for the Future Bold Investments
MapmyIndia doesnt just growit evolves. FY25 saw three strategic investments:
PT Terra Link (Indonesia JV with Hyundai Autoever)
Our leap into Southeast Asia. Acquired 40% stake in the JV at an investment of USD 4 million
Kaiinos GeoSpatial Investments in GIS and simulation-led ADAS tech for autonomous systems. Acquired 19.8% stake on a fully diluted basis for
2 Cr.
Simdaas Autonomy Pvt. Ltd. Investments in simulation-driven development for autonomous systems. Acquired 9.4% stake on a fully diluted basis for 3 Cr.
These arent just investments; theyre launchpads for the next frontier of geospatial and mobility technology.
Financial Highlights Momentum Backed by
Performance
Total Income: 515.7 Cr. in FY25 a 23% YoY growth
Operating Revenue: 463.3 Cr. In FY25 a 22% YOY growth
Operating Profit (EBITDA): 179.9 Cr. up 15% YoY
Net Profit (After-Tax): 147.6 Cr. 10% YoY growth
Open Order Book (April 1, 2025): 1500.0 Cr. 10% growth YoY
Summary of Consolidated Financial Performance for the Year ended March 31, 2025, is as below.
Consolidated Balance Sheet (In Rs. Cr, Figures have been rounded)
Particulars | FY25 | FY24 | % Change |
Property, plant & equipment | 31.1 | 19.6 | 58.7% |
Investments | 262.1 | 238.4 | 9.9% |
Goodwill | 4.3 | 4.3 | 0.0% |
Intangible Assets | 47.2 | 35.1 | 34.5% |
Other non-current assets | 38.4 | 60.2 | -36.2% |
Total non-current assets | 383.1 | 357.7 | 7.1% |
Investments | 226.6 | 170.7 | 32.7% |
Trade Receivables | 133.0 | 104.7 | 27.0% |
Cash & cash equivalents | 67.4 | 73.5 | -8.3% |
Other current assets | 131.7 | 85.5 | 54.0% |
Total current assets | 558.7 | 434.3 | 28.6% |
Total Assets | 941.8 | 791.9 | 18.9% |
Equity | 791.7 | 659.7 | 20.01% |
Lease Liabilities | 0.9 | 2.2 | -59.1% |
Other non-current liabilities | 13.8 | 10.7 | 29.0% |
Total non-current liabilities | 14.7 | 12.9 | 14.0% |
Lease Liabilities | 1.3 | 5.1 | -74.5% |
Trade Payables | 30.2 | 25.1 | 20.3% |
Other current liabilities | 103.9 | 89.2 | 16.5% |
Total current liabilities | 135.4 | 119.3 | 13.5% |
Total Equity and Liabilities | 941.8 | 791.9 | 18.9% |
Assets
Total assets increased by 18.92% from Rs. 791.9 Cr in FY2024 to Rs. 941.8 Cr in FY2025, primarily due to increased investments, trade receivables, intangible assets and plant and property.
Equity
Total equity increased by 20% from Rs. 659.7 Cr in FY2024 to Rs. 791.7 Cr in FY2025, primarily due to to inflow of surplus funds into other equities and reserves.
Liabilities
Total liabilities increased by 13.5% from Rs. 119.3 Cr in FY2024 to Rs. 135.4 Cr in FY2025, primarily due to decrease in non-current lease liabilities and paired with increased trade payables.
Consolidated Profit and Loss Statement
(In Rs. Cr, Figures have been rounded)
Particulars | FY25 | FY24 | YoY Change |
Revenue from Operations | 463.3 | 379.4 | 22.1% |
Other Income | 52.4 | 38.2 | 37.2% |
Total Income | 515.7 | 417.6 | 23.5% |
Expenses | 306.1 | 240.9 | 27.1% |
EBITDA | 179.9 | 156.2 | 15.2% |
EBITDA % on Operating Income (%) | 38.8% | 41.2% | -240bps |
Profit Before Tax (PBT) | 205.7 | 175.1 | 17.5% |
PBT % on Total Income (%) | 39.9% | 41.9% | -200 bps |
Profit After Tax | 147.6 | 134.4 | 9.8% |
PAT % on Total Income (%) | 28.6% | 32.2% | -360 bps |
MapmyIndia continues its stellar financial growth, with revenues growing by 23.5% on a YoY basis. EBITDA grew by 15.2% on a YoY basis, continuing to display industry leading margins. The company was able to maintain
EBITDA margin around 40%.
People First: Our Most Valuable Asset
With a 9.2% increase in workforce to 1,411 employees, were not just expanding in numberswere enriching our talent pool. Despite an industry grappling with attrition, our rate stood firm at 11.2%, much below the sector average. This is a direct reflection of our culture, purpose, and leadership
Looking Ahead: Charting the Next Orbit
We are aiming for 1000 Cr in revenue by FY27/28, with confidence rooted in:
The rise of smart, electric, and connected vehicles
Nationwide demand for digital transformation
Global traction and partner-led international expansion
Nascent but promising sectors like drones, defence tech, and simulated autonomy
MapmyIndia The Pulse of a Digital Nation
From streets to satellites, from cities to supply chainsMapmyIndia is enabling India and the world to move smarter, safer, and faster. With passion in our core and precision in our code, FY25 was a breakthrough yearand the journey ahead promises to be nothing short of extraordinary.
Treasury Management
Investment Management Committee
The surplus fund of C.E. Info System is professionally managed by experienced professionals who are specialized in their respective fields across fixed income, research, alternates & risk management. The Committee comprises of 6 members. Namely Mr. Rakesh Verma Co-Founder, Chairman & Managing Director, Ms. Rakhi Prasad Director, Mr. Anuj Jain CFO and 3 members from the Investment Advisory firm, namely Nuvama Wealth
Management Ltd. They meet every fortnight to discuss market conditions, events and economic forecasts and provide their inputs on optimal portfolio allocations across asset classes with various maturity buckets.
Market Update for FY 2024-25
The Indian financial landscape during FY 2024-25 witnessed notable shifts across multiple asset classes. The RBI maintained its cautious stance for most of 2024 before initiating a gradual easing cycle in February 2025, reducing the repo rate by 25 basis points to 6.25%. This move came as inflation moderated to the 4-5% range, providing the central bank room to maneuver. The 10-year Indian G-sec yield, which stood at 7.15% on 1st April
2024 declined to 6.58% by 31st March 2025, the changing interest rate environment and improved investor sentiment.
Strategies followed by C.E. Info System
In such a volatile scenario we acted proactively by adding some fixed Income Instruments available at good spread over other similar securities. We started the year with a portfolio of Rs 462.42 Crore. Initially we invested in money market instruments like Arbitrage Fund, and short-term bonds with less than one-year maturity. Later, we added some new issuers and different structures with high credit quality and good spread over similar Rating like REC, IREDA, Axis Finance, Hinduja Leyland Finance. From the total Invested portfolio of Rs 489.29 Crore we were able to generate an approx. income of Rs 37.25 Crore which comprises of the following instruments.
Instrument Type | % Allocation |
Fixed Deposit | 18% |
Bond Portfolio | 42% |
SDL Index Funds | 29% |
Arbitrage Fund | 2% |
Invit | 4% |
VDF/AIF/ Others | 5% |
More than 91% of the portfolio is invested in AA and above rating.
Credit Rating | % Allocation |
Sovereign | 29% |
AAA | 28% |
AA+ | 31% |
AA | 3% |
A+ | 1% |
Arbitrage | 2% |
Others | 5% |
In FY 2022-23 the strategy of investing close to 30% of the portfolio in SDL index fund had helped us generate steady income with tax advantage.
Our whole strategy played out very well, Despite the unpredictability and turbulence in the market, our investment strategy and risk management practices have enabled us to build a safe sustainable portfolio.
Overall, we consider our Treasury Fund to be an indispensable element of our financial strategy, and we remain steadfast in our commitment to managing it responsibly and transparently. We will continue to keep you updated on the funds progress in future annual reports and look forward to sharing our advancements with you.
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