C.E. Info Systems Limited (NSE: MAPMYINDIA) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Operator
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Nikhil Kumar — President, Government
Sapna Ahuja — Chief Operating Officer and President, Automotive Business
Rohan Verma — Managing Director, Mappls DT Private Limited
Anuj Kumar Jain — Chief Financial Officer
Analysts:
Anmol Garg — Analyst
Unidentified Participant
Rishabh Rathi — Analyst
Sujit Jain — Analyst
Shobit Singhal — Analyst
Gautam Rathi — Analyst
Shrinarayan Mishra — Analyst
Presentation:
Operator
Ladies and gentlemen, good day, and welcome to the C.E. Info Systems Limited, also known as MapmyIndia Q3 FY ’26 Earnings Conference Call hosted by DAM Capital. [Operator Instructions]
I now hand the conference over to Mr. Anmol Garg from DAM Capital. Thank you, and over to you, sir.
Anmol Garg — Analyst
Thank you, Ruda. Good afternoon, everyone. On behalf of DAM Capital, we welcome you all to Q3 FY ’26 conference call of MapmyIndia.
We have with us Mr. Rakesh Verma, Co-Founder and Chairman of the Company; Mr. Rohan Verma, MD, Mappls DT Private Limited; Mr. Anuj Jain, CFO of the Company; Ms. Sapna, Chief Operating Officer; and Mr. Nikhil, President of the Government Business.
I’ll now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that, we can start the Q&A session with the entire management team. Over to you, sir.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Thanks, Anmol. I’d like to welcome all the participants to this call. I would like to start saying very openly that from many of the investors’ perspective, the Q3 has been a weak quarter, and I’ll try to give as much explanations for that. And along with that, as Anmol said, the business leadership team is here, and they’ll be able to — they should be answering all your Q&A once I’m done with my commentary.
There is a seasonality factor, but I don’t want to harp on that much. Fundamentally, if you look at our — some of the numbers that I will disclose, which normally we don’t talk about it every quarter. We do it only at the end of the year, which is the open order book. The open order book, which was INR1,500 crores at the beginning of the year has increased to INR1,750-plus crores — INR1,770 crores as of December 31, which is a big jump by itself, which means — otherwise, it means that this year, we have been able to book orders worth INR600 crores. Now that probably is a big number that we have been working on, and we have been successful.
We had talked about our target for FY ’28, where we had said that we will reach around INR2,000 crores as open order book. Now that’s the good side of it. Now coming to the weak financial revenue performance or profitability performance, I would like to add simply saying that there has been a deferment or a delayed deliveries from our side to the customers in Q3. And that more or less one part was because of customers’ requests, which led to this delay. And another interesting thing that has happened is our working towards developing new age products, particularly AI related.
And we have been trying to include some of the AI elements into our products. And hence, that’s the internal reason, but it’s very important to know, for you all to know that the future lies in how much AI we build into our products and technology. So this is the overall commentary from me. I would like to add here also saying that the Company had — this is a general question everybody asks is about the Labor Code. I’m happy to report that the Labor Code practically was implemented by us in FY ’23 itself. So the auditors examined it now, and they found that no liability is incurred by the Company in the current quarter or current year.
So beyond this, the two questions that you will have in mind, whether we will reach INR1,000 crore target FY ’28 or not, what would be our EBITDA margin for the FY ’26, because we have given you a guidance of 35% EBITDA margin in FY ’26. We stand behind that. Q4 is halfway done. We all know, and there is no reason why we will not achieve that. As far as the revenue growth this year overall is concerned, I would simply say that the Q4 growth will be better than the Q4 a year back.
I think with this, I would like to end my overall commentary, leave the time to all of you for asking questions. And mainly Sapna and Nikhil would be able to give good answers for great opportunities going ahead of us and whatever the misses have happened. Thank you.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. [Operator Instructions] The first question is from the line of Anmol Garg from DAM Capital Advisors. Please go ahead.
Anmol Garg
Yeah. Hi. Sir, first question is on the C&E business. The larger part of dip has been seen in this business. So just wanted to understand how much of this business is currently corporate solutioning and APIs, SDK sale? And in this year, have we seen the larger impact because of — because the impact in the corporate side of the business versus the government side of the business? That will be my first question. And second is on our longer-term outlook of revenues of INR1,000 crores by FY ’28. Do we still stand there given that it will require greater than 35%, 36% kind of CAGR over the next two years to achieve that number?
Rakesh Kumar Verma
Just a little bit on the C&E, the primary reason has been the delayed delivery of the government sector. Okay rest, Ankeet — sorry, Nikhil will talk about.
Nikhil Kumar
So your question, if I understood it correctly, were two parts. One is related to the decline in C&E, which I’ll discuss and what is the contributory factor coming from the government alone. And the second is what is the spread going forward in FY ’28, if I understood you correctly.
So let me answer your question first. So this is — the spread that you are talking is about 50-50 in the C&E side, government and private corporate. But primarily, if you see the decline has been 60% to 70% is due to government delayed businesses. And there are two reasons for that. I will explain because it can be a question as to why that delay was there. So there are multiple factors, but if I were to attribute two major factors, because two states where we were working, in general, first, that the fiscal grant to the state for the national flagship projects that we are involved in got delayed this time. Something we were expecting in May, June timeframe actually got converted into October timeframe, giving us very little headroom to do the billing or finish the work. So that’s the fundamental underpinning.
Within two, two major states, and I will — I can name Maharashtra and Bihar, they went first, one, the urban local body elections, wherein we get a lot of revenue, and that stalled our entire work, leading to this revenue coming from quarter four and next fiscal quarter one. And the second from the state of Bihar also, which got delayed though the work had already started. That’s not in terms of the order booking delay, but because there was no work that we could do during that point in time that got delayed. So these were two from that perspective. And the third answer that I’ll give from the government side is that there is a lot of push that we could anticipate from Made in India to Owned in India.
And if you see their major win that we have announced this year is for Survey of India Integrated Geoportal, which is a big deal, which is an anchor project, which is going to scale in multiplicity. And there rather than relying on the outside components, we actually indigenized this in the wake of the focus that we were seeing Owned in India, which, of course, delayed the project, but I can tell you with very definitive terms, not only that we could secure that business and also looking forward to far more stronger multiplier, but this led to a delay, which is going to be taken care in quarter four and quarter one next fiscal.
Second question related to how does it look in terms of FY ’28? Mr. Verma has already talked about the total order booking, which is a major thing from convincing the customer going in for our solution. And then second comes the delivery and execution. We are pretty upbeat with the kind of both organic and inorganic mix of competencies and capability we are bringing on board, we’ll be able to do it very fast.
Anmol Garg
Right. But do we still stand at our INR1,000 crore guidance for FY ’28?
Sapna Ahuja
Yes. I think yes, that’s what had mentioned in initial commentary also, we do stand by that.
Anmol Garg
Okay. And secondly, if I do look at some of the delays, if you can quantify how much has been the delay which will come in the fourth quarter because even if I consider similar Y-on-Y growth rate as it was there in last year, which implies that our revenue will double in fourth quarter versus the 3Q levels. So what was the total amount of deferment?
Nikhil Kumar
Let me respond to that. This deferment, as I said, is primarily on the government side. And four major cases, which we have already given. I will say that 100% of that is going to be consumed in quarter four. This is going to be what I will say, something in quarter four and a lot of that in quarter one next year. So while we will have a good growth in quarter four, quarter-over-quarter or year-over-year, but I won’t say that entire decline that was attributed for quarter three is going to be compensated for in quarter four and on.
Anmol Garg
Right. Right. And just the last thing is on the overall government business in our business mix, how much that would be as of now? And what was it last year?
Nikhil Kumar
In terms of percentage, 20% is the total government revenue of our total revenue.
Sapna Ahuja
In this quarter.
Nikhil Kumar
Overall. Overall. For the fiscal.
Anmol Garg
For FY ’26?
Nikhil Kumar
Yeah.
Rakesh Kumar Verma
Yes.
Anmol Garg
And will it be similar last year in FY ’25?
Nikhil Kumar
FY ’25 was almost same, 18%, 19%, maybe 1% here and there, but it was like that only. The mix is generally the same.
Anmol Garg
Okay, sure, sure. I’ll get back in the queue. Thank you for answering my questions.
Operator
Thank you. The next question is from the line of Vaibhav Mishra [Phonetic] from Finvestors. Please go ahead.
Unidentified Participant
Hello, sir. Sir, my question is related to the margins. Like as you already guided that your guidance of INR1,000 crore revenue by FY ’28 is intact. I just wanted to know the margin profile going ahead on the blended level as we are venturing a lot into IoT-related and new verticals. So what kind of margin do we expect in FY ’27 and FY ’28?
Rakesh Kumar Verma
Okay. I don’t think we would like to make any commentary on FY ’27, FY ’28 margin at this point of time. When we work on the budget and look at FY ’27 revenue mix, we’ll be able to give you guidance at that time, which is at the next quarter, but at this point of time, I made the statement that this fiscal year, our margin definitely will be — EBITDA margin will definitely be 35%.
Unidentified Participant
All right, sir. All right. And sir, another question is related to the recent developments in the IT sector related to some Anthropic launches. So does it affect our business in any way positively or negatively?
Nikhil Kumar
So if you are referring to the AI part in general and Global AI Summit is happening coinciding with your question, as you speak, let me tell you that we embraced AI much earlier and therefore, the impact that we took is much earlier than the impact that you are seeing at large in the IT industry. The work that we are doing is an integrated content and services platform based, which taking into account a lot of AI things without that, we would not have been able to deliver. So it is integral to our part.
We innovated in that a long time ago, and we again reinvested in that. So the recent hiccup that came in converting that into billing, the order into billing was also from the modified scope of work that we saw from some of the private enterprises. So the 30% has an impact coming from private and 70% from the government. That 30% wanted to ensure that what are the AI component that we are going to be deploying. So that delayed in terms of rationalizing them. But the good news is they are fully on board with our competencies on AI.
So answer is, I mean, we are already there. We are making investment. We have made investment. We took the impact, and therefore, it is not going to be even likely going to impact in the manner in which the other IT sector is going to be impacted.
Unidentified Participant
All right. That’s great to know. And sir, one last question, small regarding the 20% kind of growth that we were targeting in FY ’26. So if Q4 is going to be like 70%, 80% kind of growth Y-o-Y — on Y-o-Y basis to get to some number around 20% overall?
Rakesh Kumar Verma
I think this — when we say INR1,000 crore FY ’28, order book is there. So I think anybody can do the calculation, please.
Unidentified Participant
Sir, I was asking about FY ’26, like Q4. Like are we — I mean Q4 is going to be bigger, as you said. But are we going to reach around 20% kind of a growth in FY ’26? For that, Q4 has to be around 70% kind of Y-o-Y growth. That’s what I was…
Rakesh Kumar Verma
I did not make that statement. I made the statement saying that Q4 year-on-year will be better than last Q4.
Unidentified Participant
All right. All right. Okay. Thank you so much, sir. Thank you for your time and all the best for the future quarters.
Operator
Thank you. The next question is from the line of Rishabh Rathi from Goldman Sachs. Please go ahead.
Rishabh Rathi
Hi, sir. Good morning, and thank you for taking my questions. Just in terms of IoT business and the Map-led business, we’ve been seeing IoT business has been growing sharply and hence, the mix of revenues from IoT business has kept increasing. So how do you look at the steady state or the medium-term outlook in the mix between Map-led and IoT business?
In terms of the order book as well, you might be — you might have more visibility in terms of the mix between the two. So how should we think of a steady state or a medium-term outlook between the two? And just secondly on that, how do you — how should we look at the timelines for the revenue burn of this INR1,770 crore order book? That will be my first question.
Rakesh Kumar Verma
I think Rohan can speak on the IoT thing.
Rohan Verma
Yeah. Good afternoon, everybody. The IoT business is kind of on a steady growth path. We went through a management transition first half of the year and the organization is fully stable, in fact, kind of fully geared up for accelerated growth. And the growth from the IoT business is coming not just from the subsidiary, G2P, which is charged with kind of executing thing on the IoT delivery, but there’s also quite an increased focus within the parent company, the listed entity, MapmyIndia as well as the government subsidiary, Mappls DT, in terms of the strengthened go-to-market around IoT. And we all know that IoT has a huge TAM.
So in that sense, we have unleashed or kind of freed up everybody to also go after IoT in the set of customers that they focus on. So it becomes a good upsell and creates stickiness amongst the customers. And also, they are being able to go after new customers where IoT is the first thing that is sold and then they can upsell maps there, too. So IoT, we are hopeful will be on a pretty strong growth path. It’s independent vector to the Map-led business, at least on the government side, I can talk about that. There’s a lot of Map-led business that is there to be achieved.
And Nikhil kind of talked about delays in some, but we’ll see that kind of correct itself over the course of time. So steady state, we don’t want to kind of put a fixed number, I think, because we want to let both of the businesses kind of achieve whatever best they can achieve. From a resourcing point of view, I think we are happy to kind of resource both the businesses given that Map-led has pretty strong margins and IoT has pretty big TAM.
Rishabh Rathi
Thank you for that. And just the second question, auto production in third quarter Y-o-Y increased at around 18%, while our A&M revenue growth seems to be slightly lower at around 15%. So why has there been a decrease, a slight miss from the production?
Sapna Ahuja
Yeah. So we do see — if you look at the industry growth versus the growth otherwise with respect to MapmyIndia’s A&M business. Yeah. Am I audible to all of you?
Operator
Yes, ma’am.
Sapna Ahuja
Okay. So yes, as compared to the industry, we do — I mean, the growth has not been as much as the way industry grew. But please also look at our technology infusion is primarily happening in the vehicles, which are connected. It’s not happening in the non-connected vehicles. So that could be one of the reasons why you see a difference there. In general, we have been seeing more and more adoption of our technology, of our products into vehicles into both four-wheelers, two-wheelers and commercial vehicles. So that’s been a pretty good growth story that we have there. Specifically, if I talk about a few — so I think that’s where I would like to close my response.
Rishabh Rathi
Got it. Thank you and all the best.
Operator
Thank you. The next question is from the line of Vishal from Bajaj Life Insurance. Please proceed.
Sujit Jain
Yeah, thank you. This is Sujit Jain from Bajaj Life. This is to Rakesh ji. So when we say that in the base quarter, fourth quarter last year, what growth we clocked, we will have better growth fourth quarter this year. And just to reach a respectable number of 15% overall growth for FY ’26, it means we can — I mean, without putting you to a number, but easily do a sales of something like INR200 crores, a respectable number. So is that the case that we’ll have a good robust fourth quarter?
Anuj Kumar Jain
I wish I had the liberty of disclosing the number exactly. One is still 15 days are availed and the second thing is we are working on it closely to see what best we can get. So when we have said it will be better than last year, year-on-year, that’s the best I can share at this time. I know I’m disappointing you, but please think about my situation also. We will attain 35% plus EBITDA.
Sujit Jain
Fair enough. And when we look at the opportunity for this Company, the INR1,000 crore number when you look at the TAM and overall use cases looks quite doable. However, as we go quarter after quarter, we are lagging behind. So a, in terms of our long-range planning within, I presume it will be three years, but broken into periods, do you do one-year planning or you do a quarterly tracking of that long-term plan?
Anuj Kumar Jain
Okay. I can answer that. Definitely, we do the three-year planning, as you said. Otherwise, we would not have talked about FY ’28. Quarterly planning is a very internal thing where the focus is on three parts. Part one is what is the funnel that gets created for — from the customers, which can be converted into orders. So there is a certain percentage of funnel that gets converted. The second part is how much we’ll be able to generate revenue, that is a function of how much we are able to deliver. The third part is collection, how good the collections are happening. So this is the way internally, the business leaders, they conduct the four areas we have, the automotive, the corporate, the government and the IoT, all the four business leaders take care of that. That’s our planning and execution process.
Sujit Jain
And government is — see, the audio of some of your colleagues was not clear. You can check with other participants. But government, we heard is 20% of this full year business, full year revenues?
Anuj Kumar Jain
Yeah. You heard it right. 20%, maybe 20% plus. Last year, it was 20% minus.
Sujit Jain
Within that, how much would be state agencies and how much would be central agencies?
Anuj Kumar Jain
I mean one has to look at the exact numbers. But overall, I will just say that we only pick up the orders where we know we can get money collected.
Nikhil Kumar
Can I add on that, Anuj?
Anuj Kumar Jain
Nikhil, you add.
Nikhil Kumar
So if you ask from the funding perspective, majority of the things that we do, and when I say majority, let me define 90% around that mark, is central funded schemes. Now sometimes this allocation is done by, of course, central government, but sometimes it is used or disbursed to the vendor by the urban local bodies or the state. State is a very small component, let me tell you that. It is primarily urban local bodies and the central government. But primarily the 90% is funded. Like say, I’ll just give you an example. When you say AMRUT or previously, we used to say Smart City, all this actually fund goes to urban local who actually makes the disbursements. But these are centrally funded schemes, if that helps your question.
Sujit Jain
Yeah. Thank you. And one last question to Rakesh ji and if Rohan is there, is that how do you bring more granularity to business so that if one piece doesn’t work for a quarter or even for a year, other pieces kind of pull in, in terms of revenue growth. That is one. And a path to monetization for Mappls? Thanks.
Rakesh Kumar Verma
Rohan, would you like to say something?
Rohan Verma
Sir, I mean, basically, the business is resilient and diversified. Automotive is a different vector, corporates different vector, government different vector and IoT to logistics, let’s say, different vector. And from a product portfolio point of view, also a pretty diverse set of products, Map-led, IoT-led, and you’ll hear this over the course of time, what we call GIS-led, which is more GIS software platform led. So I think we have all the pieces to be able to go after all these opportunities well.
Okay, it might be taking a quarter or a few quarters more than what we would have liked and probably what investors would have liked. But the fact is that we are always pretty heavily product focused in terms of building the product and also a heavily go-to-market focus in terms of diversifying our customer base. So that’s how we put together the strategy to be pretty resilient and diversified business, but of course, with the same core, which is kind of around this maps and around this IoT and around our software or technology capabilities where AI is playing an increasing role. So that supposed to be more on the B2B.
Sujit Jain
And on Mappls.
Rakesh Kumar Verma
Rohan can speak a bit, but it doesn’t matter. You’re talking about the Mappls App because for us, Mappls means our entire business. Which one you’re talking about.
Sujit Jain
Mappls App?
Rakesh Kumar Verma
Mappls App, we have touched almost like — I can share some data. Mappls App, we have touched 45 million downloads. Now the whole — and the app is very stable. People are liking it. That’s the overall feedback we are getting from the users. User community is really using it. So the whole idea was to make sure that the Mappls App gets accepted by the users as a serious choice.
Now just overall Mappls if you talk about which has APIs, SDKs, Data, everything, we just did some computation and found that we have 10 crores, 100 million users in some way or the other, monthly active users. I’m talking about MAU. So the popularity of Mappls as a business from a data perspective, from a software perspective, even from a hardware perspective is increasing really very well. And that shows us the future. There are Mappls App by itself. Someday something will happen to that very nicely. We — I can’t talk about it today till the times we have a very concrete plan on that.
Sujit Jain
Thank you.
Operator
Thank you. The next question is from the line of Shobit Singhal from Anand Rathi. Please go ahead.
Shobit Singhal
Yeah. Sir, what is the revenue contribution expected from the newly won project with IOCL, Survey of India, etc., in the next 12 months?
Anuj Kumar Jain
Well, if you look at IOCL, let me put it into two different buckets. The next year, if you ask me, it will be around close to INR20 crores.
Rakesh Kumar Verma
Revenue.
Anuj Kumar Jain
Revenue. And from Survey of India, would expect around — so the one — I can only comment on the one that we have already in our pocket, but we also have add-on business opportunity from Survey of India.
Rakesh Kumar Verma
And oil and gas also.
Anuj Kumar Jain
Yeah. As well in IOCL-related projects. So — but to just crisply answer your question, it will be to the tune of around INR7 crores to INR8 crores.
Shobit Singhal
This is for the full year you are saying for Survey of India?
Anuj Kumar Jain
This is for entire next fiscal.
Shobit Singhal
Okay, understood.
Anuj Kumar Jain
There is a current order book in hand. I’m not talking of the pipeline. It is also very interesting, but I’m keeping it only limited to the ones that we have in the pocket.
Shobit Singhal
Understood. And sir, what is the current status of our joint venture in Indonesia?
Rakesh Kumar Verma
Rohan?
Rohan Verma
Yeah. So it’s in build phase. This is something that we had expected. And so what TLT — TLT, Terra Link Technologies has been doing, and they are active in terms of kind of presenting the updates on their social media, tltmaps.com and through TLT Maps on LinkedIn, etc. The product is getting made nicely. MapmyIndia is contributing its part for various countries, and they also have partnerships with other local providers in a variety of countries. The go-to-market is happening to a variety of OEMs. Of course, Hyundai, Kia being one of them because it’s the parent company for the majority partner in the JV for Hyundai Autoever.
But there are also a lot of other OEMs that they are targeting who are liking the quality and accuracy of the maps vis-a-vis the other incumbents. They have also now opened up the enterprise sales of the TLT Maps and solutions to other nonautomotive customers in the corporate and government world. And also, they are also going down the path of Advanced Maps, ADAS Maps or SD PLUS and HD Maps, similar to kind of how we’ve been doing in India. So I would say it’s in a good build phase. We have to be patient, allowing them to kind of build out a strong product.
And kind of once monetization starts off, it’s another India-like opportunity. So that’s what gives us the confidence that in the three-year to five-year, seven-year journey, it’s going to be a pretty good contributor the way what we have done here in India with us kind of already having generated revenue from the JV. But yeah, I mean, if you notice kind of our PAT, it is impacted every quarter by a couple of crores of kind of operating expense related losses. But that’s to be expected in a JV, which over the course of time will contribute in the tens of millions.
Shobit Singhal
Understood. And sir, last question is on our IoT business. So what kind of revenue — what kind of contribution do we see on an overall mix going forward from IoT-led business? Because last year, it contributed around 25%. And as of nine months, it has contributed around 35%. So will it be in this range or will it increase going forward as well?
Rohan Verma
I answered that question before that these are independent vectors, IoT and Maps, both have their own TAMs and their own opportunities. Automotive, corporate and government have huge kind of opportunities, both around Map-led and IoT-led and the teams are expanding focus on both and the teams are also expanding. And then, of course, we have our own international focus as a company, I mean, independent of the JV and others in various geographies. At least I wouldn’t want to put a kind of percentage band. Both the businesses should contribute as much to the overall kitty of the Company. And there’s operating leverage baked into both. So it will always be additive from a profitability point of view besides growth.
Shobit Singhal
Thank you, sir. That’s all from my side.
Operator
Thank you. [Operator Instructions] The next question is from the line of Gautam Rathi from CWC. Please proceed.
Gautam Rathi
Hey. Hi. Thanks for taking my question, Mr. Verma, thanks for giving some clarity on how you look at Q4, right? But even if — so the question which I want to just have some views on is if you deliver the Q4, which you’re talking about at least, right, do you have the visibility on the funnel that you would be able to maintain the current order book also at the end of Q4, right? Because the revenue which you deliver in Q4 seems to be very large. And if you have given an order book in Q3, which you have, to sustain it, you would have to have another INR200 crores of inflow. So how do you look at the funnel or how are you seeing the funnel?
Rakesh Kumar Verma
I think a few things have happened in Q4 where — because we are talking about the order book — open order book as of 31st December. Since then, January has gone, February halfway has gone and things have also happened, but those numbers are not disclosed at this time. So to answer your question very nicely is yes, the new order book is happening in Q4.
Gautam Rathi
Great. So if I want to just summarize, you were trying to say that at the end of Q4 also, it’s fair to assume similar or better order book level — closing levels, right?
Rakesh Kumar Verma
Yes, it seems like that only. Anyway, Sapna do you have some idea?
Sapna Ahuja
It should be like that.
Rakesh Kumar Verma
It should be around that only, maybe better also. Maybe better also, she is saying.
Gautam Rathi
Great. Which means the inflow for the year, which is INR600 crores [Phonetic] already should be like somewhere around INR800 crores [Phonetic], which looks like a strong number after a few years where we have seen this number at around INR500 crores [Phonetic] to INR600 crores [Phonetic], barring FY ’25…
Rakesh Kumar Verma
Yeah. We are anxiously waiting because both Sapna, Nikhil and the third one who is not here, Ankeet, they are doing their best to garner as much orders because they don’t just look at the quarter. The quarter, the delivery team under them are most looking at. These folks are really focused on how to get in more orders and orders and orders.
Rohan Verma
I’ll just add from my side. If you look at the confidence level and kind of focus and energy level of the teams inside, it’s quite heartening to see. I mean, I get the pulse directly from the IoT team, but — and the government team. But also when I see the energy with which the automotive and corporate folks in the whole team from the leadership downwards, it’s really a strong place we are in. Sometimes numbers don’t show up like it didn’t show up in Q3, but it doesn’t change the fundamentals and the outlook for the business.
Rakesh Kumar Verma
Thank you.
Gautam Rathi
That’s helpful. Just if I may, another question, right? So like Rohan mentioned on the call, right? The way you look at the business, there are five vectors, which is IoT, map, consumer, auto and government. We understand there are overlaps between IoT-led and Map-led. But if you just circle out, say, specifically consumers, right? When you remove government/defense business and also remove the IoT business, which saw a strong growth, that vertical seems to be decelerated a bit, consumer and enterprise. Was there anything specific beyond government or IoT, which led to this slowness? Or is it fine? Like if you can just help understand that.
Rohan Verma
IoT is not…
Sapna Ahuja
Yeah. IoT is — So basically, yes, when it comes to the reduction in the business for C&E, majority is attributed towards government, but there is private sector also that’s playing some role over there. There has been a delay in us being able to bill our customers in quarter three, primarily because I think Nikhil had touched upon this slightly while he was explaining and he was talking. There have been changes in scope of work in some of the projects that we had undertaken. And the changes were primarily around infusion of AI for these specific customers. And that is something that we have been able to do and the results will show up in Q4 and subsequent Q1, but that also did impact us in being able to — in the reduction in C&E business. So if we say majority was government, private was also — private sector also played some role there.
Gautam Rathi
Got it. So mainly, it’s a slight delay in delivery and nothing else changed, right? It’s just because you are infusing this new features ability in your products. That’s what led to it.
Sapna Ahuja
It’s primarily coming as demand from the customer. As far as infusion of AI in the Company goes, it’s been happening for years across our different product lines. And we have been — in fact, our entire data creation process is already AI-enabled.
Gautam Rathi
Superb. Thanks a lot. Thanks for answering the questions. Thanks.
Operator
Thank you. The next question is from the line of Shrinarayan Ram Kishore [Phonetic] Mishra from Baroda BNP. Please proceed.
Shrinarayan Mishra
Thank you for the opportunity. Sir, my first question is, in the presentation, we have highlighted one-off INR26 crores in 3Q FY ’25. So just wanted to know what was the nature of this one-off? And what kind of margins we made here? And did 4Q FY ’25 also include these kind of one-offs?
Sapna Ahuja
Can you repeat your question? You were not loud enough. Can you — is your question that this one-off reduction that happened in quarter three, is that going to happen in future? Is that your question? No.
Shrinarayan Mishra
No, no, no. So in the presentation, we are highlighting that third quarter of last year had one-off INR26 crores revenue, right?
Sapna Ahuja
Okay. Yeah, yeah. That’s correct.
Shrinarayan Mishra
So what was that? And what kind of margins we made in this business — one-off business? And 4Q FY ’25, did that also include such one-offs?
Anuj Kumar Jain
If you’re asking about that INR26 crores, last year Q3, it was a onetime. It was a onetime thing that we got with a good margin, respectable margin. And that — of course, it was a onetime — so what — at the end of the day, what you see that this year that if I remove that INR26 crores, then the reduction is not that much and the growth has happened. So — but that’s not an excuse from our side because the onetime things also are important for us.
Shrinarayan Mishra
But fourth quarter of last year did not have any one-offs, right? So that would be like-for-like growth, which you are saying in 4Q FY ’26 when we would grow. So I should assume that fourth quarter did not have any one-offs. Is that understanding correct?
Anuj Kumar Jain
Fourth quarter doesn’t have any one-off.
Shrinarayan Mishra
Okay. Okay, got it. And again, sorry, I’m asking it again on the deferment issues. So again, if you can give some color on whether we are facing any issues from the customer end in terms of adoption? Or is it more at our end that we — from a readiness perspective that these deferments are happening. And okay, then next question I’ll ask later.
Anuj Kumar Jain
Are you facing any problem from the customers because of which you — it got deferred or something else?
Nikhil Kumar
The question is related to if there is any doubt in the minds of the customer in our ability to execute, I mean that is not the case because that is manifested by our always growing booking orders. The customers’ way of showing confidence materially is in the form of the businesses that they award. They have been doing a plenty and it’s growing. Assured on that side. And also in our ability to execute, let me tell you, that it was delayed because of the reason that we already cited, but I do not see any doubts or I don’t have any comms with respect to our execution as well. So no, nothing of the sort. Rest assured on that part.
Shrinarayan Mishra
Okay. Okay. Okay, thank you. And sir, on the order book side, if you can highlight what kind of orders we have from government. And within that, of course, you had already highlighted the mix between state and central. But I think when the schemes are funded by central government, but although the disbursements are to be made from state governments, then these are more likely to get delayed because states have their own constraints and funding issues. So is that understanding correct?
Nikhil Kumar
Yeah. I will — let me respond. I understand your doubts as well, let me clarify that. So we could have grown much faster in government space than what you are seeing today. But we are very choosy in picking of the type of contract we should take. There are a lot of state government, even if the funding is from the central government, there are a lot of businesses which other geospatial agencies take. But since we know that there is going to be a lot of execution problems also tomorrow, the recovery problems, we do not tend to get into those use cases.
The use cases primarily we take. For instance, if I give you an example, even if it’s happening at the state level project NAKSHA, there is a central agency Survey of India involved in executing and giving approvals. Once that happens, it becomes much simpler. I don’t say government — you know that government is never simple, but it becomes much simpler as compared to had the state been instrumental in both approving and granting. So these are the kitties, which are earmarked for states, but there are nodal agencies which actually orchestrate and monitor this. So that makes the life a little better, if that answers your question.
Shrinarayan Mishra
Yeah. And sir, on the order book mix in terms of government projects?
Nikhil Kumar
If you say mix, so very high on Map-led. But when I say Map-led, as I said in my initial remarks, we are integrated content and services, which means a lot of data as well as a lot of development. Rohan talked about GIS platform. Our mix primarily goes from this combination from the Map-led side, which is 60% to 70%. And about 20%, we have this IoT mix. And remaining 10% is a very different AI kind of tools that we are developing for some, I will say, security and intelligence agencies.
Shrinarayan Mishra
Okay. Okay. Okay. Thank you, sir.
Operator
Thank you. Ladies and gentlemen, we will take that as the last question for today. I now hand the conference over to management for closing comments. Over to you, sir.
Rakesh Kumar Verma
Question — closing remarks. Okay. I would like to thank all the participants for patiently hearing our business leaders about what we have done and what we plan to do and hope your confidence in MapmyIndia’s future continues. The business is absolutely on the track. The management team, leadership team is on track. So how the market reacts is something I have not been able to learn yet. That’s the thing I wish I can learn from all of you, but business is doing well. And this hiccup of quarter-by-quarter, I had talked about it a long time back that it will happen. 2028, we still hope we can make it. That’s where we are working on. Thank you.
Operator
[Operator Closing Remarks]
Anuj Kumar Jain
Thank you.