CE Info Systems Ltd (NSE: MAPMYINDIA) Q1 2026 Earnings Call dated Aug. 07, 2025
Corporate Participants:
Unidentified Speaker
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Rohan Verma — Non-Executive Director
Analysts:
Unidentified Participant
Shobit Singhal — Analyst
Chandramouli Muthiah — Analyst
Anmol Garg — Analyst
Abhishek Kumar — Analyst
Sameer Dosani — Analyst
Keshav Sureka — Analyst
Sagarika Chetty — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to CE InfoSystems MAP my India Q1 FY26 earnings call. As a reminder, all participant lines will be in listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shobhit Singhal from Anandrati Share and Stock Brokers Limited. Thank you. And over to you sir.
Shobit Singhal — Analyst
Good evening everyone. On behalf of Anandrati Institutional equities, we welcome you all to Q1FY26 conference call of MACMA India. We have with us today Mr. Rakesh Verma, co founder and chairman of the company, Mr. Rohan Verma, M.D. meppel’s DT Private Limited and G Trophy System Private Limited which are submitted in the company. Mr. Anuj Jain, CFO and Mr. Saurabh Sohani, 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 and A question.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Thank you. Shobit. Good evening everybody. Let me start saying that mapmania has started FY26 on a strong footing delivering robust financial performance across all key metrics. In Q1. For Q1FY26 year on year the revenue grew by 19.8% to 121.6 crore while EBITDA rose by 30.6% to 55.9 crores and FAT increased by 27.7% to 45.8 crore. In Q1FY26, EBITDA margin was 46.0% and FAT margin was 33.9%. Underscoring the strength of our business model and operational efficiency, our MAPLED business remained key growth engine delivering a strong 26% year on year growth with IoT business increasing. Sorry with EBITDA margin of 54.8% as against 50.1% in Q1FY25.
The company believing in long term prospects of its IoT business is increasing its shareholding in its IoT subsidiary B Topi Systems Private Limited from 75.98% to 96.0%. Mapus DC Private Limited, a wholly owned subsidiary has been fully operationalized to serve the large and fast growing digital transformation and digital twin needs of the government and defence sectors. From an industry lens, our automotive and mobility tech A and m revenue grew 24.4% year on year supported by growing demand for our advanced automotive solutions. The consumer, Tech and enterprise digital transformation C and E segment also performed well registering a 16.1% year on year increase.
We made meaningful progress in both customer acquisitions and deepening engagements with existing clients to upsell and cross sell of innovative solutions. Notable wins and goal lines spanned across automotive OEMs, fleet operators, technology startups, traditional enterprises and various government departments including Defense. With our focus on live high definition maps which is called HD maps, going beyond 2D and 3D standard definition maps, we have developed use cases for autonomous driving and lane level navigation experience. In August 2025 we entered into a strategic business agreement with Zepto, a leading quick Commerce company where Mapmindia, SDK and APIs will be utilized to enhance their customer and delivery experience.
Additionally, the Board has approved on 08-07-2025 a strategic financial investment of 25 crore rupees in ZEPTO. This investment will enhance the capabilities and adoption of our suite of solutions for the large and fast growing quick commerce industry. Mapmandia continues to work with and enable all players in this sector. Looking ahead, we are confident about the opportunities that lie ahead to achieve our revenue goal of 1000 crore in FY28. The strong performance in Q1 reinforces our in the scalability and sustainability of our strategy. At the same time we would like to communicate that the nature of this business is such that it should be observed more on a yearly basis rather than quarter on quarter.
And with this I conclude my opening remarks and would leave it to the participants to ask any questions. I have with me Rohan Verma who would be also would be able to answer any of your queries related to his area. Thank you very much.
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press Star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shobhed Singhan from Anandrati. Please go ahead.
Shobit Singhal — Analyst
Thank you. Congress on a good performance on margins I have two questions so first question is on a IOT led business. So last quarter also we seen around 4% decline in growth and this quarter as well it was largely flat. So how one should see the growth trajectory from here on.
Rohan Verma — Non-Executive Director
Shobhin, this is Rohan here I’ll answer the question on IoT see the long term opportunity on this is quite large. We’ve talked about it before and most recently in the investor day that we did about two months ago, we as a company had to take a call on how we want to go about addressing this IoT opportunity. Our parent company or the listed company Mapma India to automotive and corporate world is selling IoT. The wholly owned subsidiary Mappel DT is selling IoT to the government world and GTOPI is selling. The other subsidiary is selling into the transporter and corporate logistics ecosystem.
So as an entire group we are servicing the IoT business. We figured out that one of the ways that we could grow and adjust this IoT opportunity is to increase our shareholding in G2P which is 76% currently to 96, 97% right now. 96% right now with the option and right to acquire balance 4% 100% in the coming four years. Till now the management, till March at least the management of G Trophy was being run by the earlier founders. We transitioned the management last quarter, end of last, I mean in the beginning of Q1 and so we’re going through this transition period where we are refocusing the business on the way map Mindya has been doing in the enterprise world which is higher margin large enterprises and having certain fiscal prudences in mind.
So I would say that this is part of a transition and over the course of next quarter we’ll be both back on growth path as well as increase in profitability. As we identify certain gaps in the past we are addressing those and again we’ll be on the growth path both on top line and bottom line from a G Tropi and overall IoT led business point of view.
Shobit Singhal — Analyst
And second question, if you can share more details on your investment in Zepco and business agreement with bank like how big opportunity are we envisioning from this sector?
Rohan Verma — Non-Executive Director
I’ll. I’ll answer on behalf of Mr. Arman. This is Rohan here. I think the company over the course of last multiple decades but at least has always found certain sectors which the company has gone deep into. Automotive being one that the company went deep into since 2007 and building out this entire encase suite of solutions and then getting this large area of automotive to adopt those solutions with increasing number of use cases with E Commerce and then now quick commerce which is a pretty large and fast growing industry. We believe that Mappinia is a group across maps, IoT digital twin, digital transformation.
We have a wide gamut of software platforms and solutions which can be applied to this industry. We work with various players in this sector and we continue to do so. We wanted to work closely in a strategic manner with somebody so that we can, I would say complete our offerings or deepen our offerings for quick commerce and also see the kind of flagship adoption so that customers can get the benefit of the entire suite of Mapida solutions. So with that objective, you know, this investment is being made both from a strategic business agreement point of view wherein MAP India solutions shall be used by Zepto, but also investment point of view.
Whereas MAP India’s suite of solutions will also, through the collaboration will also be able to round out the solution, increase the product market fit, widen our gamut of solutions for quick commerce so that we can service that area or that target market in a better way today in India and then of course over time roll that out internationally also.
Shobit Singhal — Analyst
Understood. Thank you sir. I will get back in the queue later on.
operator
Thank you. The next question is from the line of Chandra Molly Muthia from Goldman Shacks. Please go ahead.
Chandramouli Muthiah — Analyst
Hi, good evening and thank you for taking my questions. My first question is just on the Zepto agreement. So I remember we had announced about 233 crores of e commerce related business order win on the 1st of July. So just wanted to confirm if this Zepto business award agreement is the same as that one or if it is incremental to that one.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
No, I think probably for lack of information you are mixing up the two. The 233crores had nothing to do with Zepto. It’s a different customer. And we talked about an E commerce company at that time also.
Chandramouli Muthiah — Analyst
Got it. Got it. So this new potential business relationship with Zepto is independent of that business award.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
See as Rohan said, In the last 15 years we went deep dive into automotive sector. Now we believe that E commerce, big commerce and allied businesses, logistics also play a role. Somehow we need to go deep dive. What happens is when you work with a customer closely, at least one customer. Like I can tell you about automotive, the first customer we worked closely with was BMW and we learned a lot of things and then it helped us move to almost all the automotive companies here also we believe that in the quick commerce the place plays a little different than the normal E commerce.
And by having a strategic business agreement that was our objective and that how do we have a strategic business alliance now in the process we failed to make that strategic business alliance more meaningful and stronger. We decided also to make an investment in that company.
Chandramouli Muthiah — Analyst
Got it. That’s helpful. My second question is on automotive and mobility. So this quarter I think there’s pretty good 24.5% revenue growth in that business. This comes at a time when broader automotive volume growth in India seems to be in the low to mid single digits. So I just want to understand what are some of the factors that have driven this relatively robust growth in an industry environment that’s been relatively more modest.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Yeah, so it’s a happy news. Right? So the reason is the more we are able to get into more depth of automotive in the automotive sector as Rohan talked about our encased solutions and what it is doing is it’s getting more and more, it’s getting adopted more and more. And in spite of the overall automotive industry that didn’t grow that much, our part of the solutions did get a better adoption. And that’s the only reason I can tell you that we could. The tax rate increased. Okay, so this is how we have been successful in Q1.
Chandramouli Muthiah — Analyst
Got it, got it. If I could just clarify most of this growth, is it coming from EVs, is it coming from four wheelers, is it coming from two wheelers? Any additional color you’re able to provide.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
That it’s broad based?
Rohan Verma — Non-Executive Director
Honestly definitely all the EVs that you’re seeing in the market are anyways coming.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Like you saw that Tata Motors Harrier. Ev, the Mahindra Bev. The Mahindra Bevc. And actually I must just. You can get the color yourself. Mahindra has become the second largest automotive company. I hope we are all aware of that and we are very deeply entrenched with Mahindra. That also helps. Honda is also ramping up.
Chandramouli Muthiah — Analyst
Got it. That’s helpful. Just lastly looks like we’ve made commitments to invest close to 50 crores of rupees in both G Tropi and Zepto. So just want to understand what is our current cash balance as of end of the June quarter. If we include both cash, cash in bank as well as liquid investment I’ll.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Give you the full figure for 676 crores as of 30 June. Now three major cash outflows either have happened or is going to happen shortly. One is Zepco which is 25 crores. One is GTOPI, another 25 crores and the 20 crores dividend which has been which is getting paid right now. So if you add up the three, it comes out to 70 crores.
Chandramouli Muthiah — Analyst
Got it. That’s helpful. Thank you very much and all the best.
operator
Thank you. The next Question is from the line of Sucre Deep Atil from Eyesight Fintrade Private Limited. Please go ahead.
Unidentified Participant
Thank you for the insightful commentary. I had a question on how your mapping stack could evolve with India’s next gen infra. So my question is as India is moving forward towards autonomous mobility and hyper local intelligence, how is Mathma India planning to evolve its real view and 4D mapping stack to serve emerging use cases like drone corridors, EV routing infra and spatial commerce by FY FY30? And just a follow up question on this, could this also open up monetization opportunity beyond automotive say for example in urban planning, climate mapping or immersive retail? Yes, that was my question.
Thank you very much.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Wonderfully framed question. And that’s exactly. These are all the growth areas sunrise sectors that we are absolutely well positioned for. You know Map India is doing this 4D digital twin. So not just 2D but 3D. Not just standard definition but high definition in 360 real time updating, near real time updating digital twin including the real world Metaverse, what we call real world. So immersive views. So all of the sectors that you’re seeing is where more and more adoption of our maps and allied technologies will happen. We are, well we are positioned in each of them.
As those markets grow, our attach and hence our growth in each of these segments will grow. And remember we are a product and platform company meaning that we have the data product, we we have the software product, software platform and we have the capability to provide solutions to each of the industry verticals. I mean it’s a very rare thing to be product, platform and solution company providing APIs or apps as is required by the customer. And so that’s what positions us well for coming time.
Unidentified Participant
Okay, great. That pretty much answers my question.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Thank you.
Unidentified Participant
Thank you very much. Good evening and best of luck for all your future endeavors.
operator
Thank you. Before we take the next question, we would like to remind participants to press star N1 to ask a question. The next question is from the line of Anmol Galg from TAM Capital. Please go ahead.
Anmol Garg — Analyst
Yeah. Hi, thanks for the opportunity. Couple of questions from my side. So from the growth perspective we have grown at around 20% in this particular quarter. Do you believe that the growth this year would be more back ended? And also wanted to understand that has the 233 crore order, has it started to contribute into revenues for us.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Now? What was your second statement?
Rohan Verma — Non-Executive Director
That the 2:33 crore order that we won, has it started to come into revenues?
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Let me answer the Second part. Yes, it has number one, number two on the other one back ended. I don’t call it back ended what. I call but from your language it is also correct what we say always that it, it is the entire year that you have to look at and there are certain seasonalities in our business and history has shown us that the Q4 is quite high compared to anything in Q1, Q2, Q3. So if you call it as a back ended growth that will happen, the answer appears to be right. Yes. But Rohan may like to add something.
Rohan Verma — Non-Executive Director
Yeah, I was just going to say that definitely from a government part of the business point of view, it is back in this.
Anmol Garg — Analyst
Understood. Secondly, on this contract, what can be the potential revenue from this particular client from an annualized basis that we are looking at and, and as part of investment would we be also sharing some data with the company?
Rohan Verma — Non-Executive Director
So I mean definitely we won’t be able to talk about, you know, specific numbers on specific contracts but you can imagine that they’re a large player of scale and growing fast and so hence their technology needs and technology consumption or technology speed spend will be significant. So yeah, definitely there’s potential. But we’ll see as the business relationship builds up and of course you know, they shall be using, I mean our solutions like we mentioned, the APIs, SDKs etc.
Anmol Garg — Analyst
Yeah. So what I wanted to understand is. That apart from the APIs, normal APIs that we provide to customers, would there be other any data sharing which will happen with this customer?
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
See, the opportunities are diverse. It’s not but APIs also is an. Interesting API SDK API SDK for what? There’s so many different types of APIs SDK. When a customer wants to get something done quickly without developing a complete technology behind it, then they use the API SDK. It could be analytics also. It could be so many other things also. So let’s not think that it is a small opportunity. The opportunity is pretty large. And they. Like the idea that they would like to focus on their business rather than this create this creating maps.
Anmol Garg — Analyst
Understood. Sure sir. Thank you. That’s it for mine.
operator
Thank you. The next question is from the line of Abhishek Kumas from GM Financial limited Please go ahead.
Abhishek Kumar — Analyst
Hi, good evening and thanks for taking my question. I think good performance on margins. My question is on margin only. You know MAP LED margins have gone up to 54%. Is this the new normal? Is this the sustainable level on for MAP LED business?
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Again you are looking at a quarter. Please look at the whole year we compared that 51%, 54% is more than 50% last quarter. But if you look at the. I don’t remember exactly but what was the mapled margin for the whole year last year? So we would like to do better than last year. But then overall margin we have given a guidance for this year. I think we have clearly said that where we would like to be. But then if our EBITDA has come to 46% this quarter, that’s a great news. It gives us a couple of different opportunities.
It will support us in our growth, revenue growth. Also.
Abhishek Kumar — Analyst
If you can remind us the. Guidance.
Rohan Verma — Non-Executive Director
Rohan here, it’s a function of the mix of products that we are selling and it’s also a function of the quantum scale that we’re doing. So and like Mr. Said, we have kind of a eergy objective and so it really is on us. It gives us some headroom to focus on growth or other types of products which ultimately is that portfolio that will lead to that overall EBITDA margin. So it’s good in this quarter we had higher margin that may get balanced out over the course of the year or just depending on the mix.
Abhishek Kumar — Analyst
Yeah, I just wanted to, you know, check what was the margin? What was the margin guidance for FY26 if you can just remind us.
Rohan Verma — Non-Executive Director
I think we had said that it. Will be 35% plus if I remember. From my investor. Meet which happened two months back. But guidance is a guidance. Okay, but that’s what I said and now you see in Q1 it is 46%.
Abhishek Kumar — Analyst
Okay, okay. Second is on IOT. You know, I understand you are now increasing your stake so just wanted to understand the reason for decline this quarter. Is it linked to, you know, this change in ownership and therefore some delayed decision internally, etc. And if so, how should we look at the growth in hardware especially within IoT led segment for the rest of the year?
Rohan Verma — Non-Executive Director
Few factors I can explain. We want to see the contribution margin in our IoT business, especially around hardware sales, go up and so there was a conscious effort to increase contribution margin. We also felt that the inventory that we had on hand in gtropy was a bit too high compared to what our comfort factor would be. So we wanted to run down the inventory a little bit but without affecting the contribution margin. So in general we shied away from a few different types of hardware sales. Our OPEX business where we give the hardware out on rent, continues to go well and we have multiple new wins as you would have seen in the AM and CNE highlights.
So multiple Wins across people and goods, movement, etc. Across demand or automotive or school bus, etc. So increasing the contribution margin was an objective which we achieved. Achieving London is something that we achieved. Definitely. There’s a fixed cost element in the company that had increased and we want to right size it. And that is a little bit part of change of management and how to manage personnel, who to keep, who not to keep, etc. So that’s a fixed cost addressing and a few of the things around systems which led to a little bit increase in opex, especially on sin cost and because it’s an IoT company.
So a few of the systems we have to also kind of clean up because like I said, we see a pretty large headroom for growth in this IoT. We’d rather do all this cleanup and consolidation right now so that from there the growth can be secular. And again, there’s enough contribution margin in this business that the operating leverage will kick in. You’ve seen that in the last 8, 10/4 of performance in this company. But there comes a time when you need to consolidate a little bit so that you are orienting the ship in a way so that next phase of growth you don’t again face issues every quarter, every few quarters.
So there is going to be growth in this. It’s a pretty large. There’s going to be increased profitability. We will make investments in G2P in terms of the right type of investments around sales, the right type of investments around resource allocation and efforts around products and productivity. So those things will happen to see the business through in a good way in the coming quarters or years.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Yeah, I’ll just add a little bit. Just bear with us for the IoT for the next few quarters and you’ll. See. See good things happening in due course of time.
Abhishek Kumar — Analyst
We look forward to those good things. One last question from my side. Any particular rationale for creating a separate subsidiary for government and defense sector? And if you can just talk about, you know, how is that demand in that sector and pipeline looking? Thank you.
Rohan Verma — Non-Executive Director
I think it creates a focus. Again there’s a large business to be done around government digital transformation, government digital twin and government defense tech. And so the rationale to create, you know, to house that business within the wholly owned subsidiary was to create focus. In the longer term it might create some value also. I mean, of course it could create some value also. But primarily right now it is from a management giving the focus and the teams there end to end focused on servicing the needs of the government. In. Terms of Wins again, you would have seen in the CME part of the highlights, especially on the government side, lots of new wins across central states and local governments, including also in defense covering our map led IoT led digital twin, digital transformation and defense tech set of solutions. So quite good. We’re quite happy. But of course, you know, the opportunity is large and that’s where the team is focused on to keep increasing every quarter.
Abhishek Kumar — Analyst
That’s very helpful. Thank you and all the best.
operator
Thank you. The next question is from the line of Sameer Dosani from Icici Prudential amc. Please go ahead.
Sameer Dosani — Analyst
Yeah, thanks for the opportunity. So I see you mentioned updates on Southeast Asia business. First, this we’ve started, we’ve gone live with tier one supplier to a major car oem. So is this Hyundai Auto ever or apart from that, we have started doing business with some other OEMs. That is first question and if you can share some update on how are we doing with, you know, other OEMs in Southeast Asia. So that will be helpful if you can give some update on that.
Rohan Verma — Non-Executive Director
So two parts to Southeast Asia. One is what Map India is doing and selling its solutions to customers kind of in that, in that area, end customers directly in that. You would have seen a win in am, which is around this tier one for end automotive client and end automotive client there is Hyundai. But the tier one is different and it’s for a solution of macma India. You would have also seen a win in the enterprise side which is an oil and gas company in Southeast Asia we might have mentioned. So that part is going well in terms of expanding the awareness and hence the interest and eventually the adoption of Papandia’s international solutions in that market.
Finally the JV also is there. Terralinx Technologies TLT which is the JB with Hyundai Auto Developers where they own 60% and we own 40% and the JV is in build phase. They’re doing a good job. They’re putting together the maps for 10 large countries in the Southeast Asia region and then making that available to OEM customers as a, as a map company the way that Map India historically has done in India, I mean for many years. And that build phase is going well. Of course, you know, the anchor customer there would be the parent company of Hyundai or to whoever.
But conversations are also on with other OEMs and that this is in the next 1, 2, 3 years, you know, so FY27 start of FY27 onwards, the TLC kind of revenues will also start coming in in a good way.
Sameer Dosani — Analyst
Okay. Okay. Okay. Thanks. Thanks for this update and.
operator
Thank you. The next question is from the line of Keshav from Nivesha. Please go ahead.
Keshav Sureka — Analyst
Yeah, thanks for the opportunity and comrade on the season performance. So you mentioned that you have plans to evolve into urban planning and develop a particular. Given that some players are already established in this space and mapped out entire cities. So do you think that they hold a competitive advantage over you?
Rohan Verma — Non-Executive Director
Yeah. Remember we are product platform, API solution company both and we’ve been doing this Digital Twin data maybe without tagging it as such Digital Twin solutions. And if you see the wins that we are doing, most of the wins that we are having in the government have an element of Digital Twin already, whether at a local or state level. So I would say the competitive advantage for customers is with mapendia they are able to get the maps, the software both rather than just engage for services and not being able to use it beyond a survey type of activity.
Like we’ve said before, we’re a bit careful with how we pick up business. I mean we make sure that these are collectible, these are executable. There’s a kind of deliberateness to how we pick up certain business rather than just picking business for the sake of business.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
I’ll just add a little bit, give you some color of flavor. If I go back to the little bit history when we were building the products that platforms whereby where we have succeeded so much today and we are far ahead or rather far. We are probably the only one in many senses there were plenty of services company who were making the maps for a company for somebody and they will have some kind of a software to do some job now over a. This is the 2D map. I’m talking about Digital Twin over a period of time.
What has happened now the companies now the end users, they are not interested in getting the survey done or rather use the final product which includes software and some platform. Same thing. We are foreseeing that with this kind of a services oriented data Digital Twin kind of a thing will go away ultimately. And what will happen is those companies like us who will provide the right platform and product will succeed and will be sustainable.
Keshav Sureka — Analyst
Got it sir. Thank you so much for the detailed explanation.
operator
Thank you. The next question is from line of Sadharika Chetty from Anand Ratty. Please go ahead.
Sagarika Chetty — Analyst
Hi, am I audible?
operator
Yes.
Sagarika Chetty — Analyst
Okay. Apologies for joining the call a little late. So I just wanted to get a sense of when can we expect a turnaround in the JV in terms of. In terms of the losses that we’re currently making. And secondly, what is the trajectory and what kind of. And when can we expect the revenue contribution from our international side and size of business to be significant of sizable in our overall top line? If you can give us a sense of a color on the trajectory, that would be great.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Yeah, yeah. On. On the international revenues. They’ve already started to flow in international from mmi. I’ll come to the GV second for MMI from international revenues have already started to come in and it will only increase over the time that to come. We are having wins every quarter. Of course for it to become sizable enough, it will probably take like we said, about a year or two. But it will be then for the JV also. We’ve talked about that end of FY26 or Q1. FY27 is when the JV will start also generating revenues. Imagine that especially in automotive, once you win the contract, the go live takes some time.
So. So that’s what. So that’s when the JV will also start kind of contributing.
Sagarika Chetty — Analyst
Okay, sir, thank you so much.
operator
Thank you. Ladies and gentlemen. This was the last question. I now hand the conference over to the management for the closing comments. Thank you. And over to you sir.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Thanks to all of you for listening to us. I can only say in the end that we are on the right trajectory. We feel very confident that the flight 28 will be our goal of 1000 crore. We need your good wishes. That’s how I would like to end.
operator
Thank you on behalf of CE InfoSystems MAP My India Ltd. We conclude this conference. Thank you for joining us. And you may now disconnect your lines.
Rakesh Kumar Verma — Co-Founder, Managing Director and Group Chairman
Thank you.