CE Info Systems Ltd (NSE: MAPMYINDIA) Q3 2026 Earnings Call dated Feb. 16, 2026
Corporate Participants:
Rakesh Kumar Verma — Co Founder and Chairman
Nikhil Kumar — President – Geospatial Business
Sapna Ahuja — Chief Operating Officer
Rohan Verma — Chief Executive Officer
Analysts:
Unidentified Participant
Anmol Garg — Analyst
Saurabh Mishra — Analyst
Rishabh Rathi — Analyst
Vishal — Analyst
Shobit Singhal — Analyst
Sri Narayan Ramkishore Mishra — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the CE Info Systems Limited also known as my my India Q3FY26 earnings conference call hosted by DAM Capital. As a reminder, all participant lines will be in the lesson 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 touch tone phone. Please note that this conference is being recorded. 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. Good afternoon everyone. On behalf of Dam Capital we welcome you all to Q3FY26 conference call of MapMy India. We have with us Mr. Rakesh Verma, Co Founder and Chairman of the company. Mr. Rohan Vanma, M.D. mappals DT Pvt. Ltd. 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 and A session with the entire management team. Over to you sir.
Rakesh Kumar Verma — Co Founder and 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 will be able to answer. They should be answering all your Q and A once I am 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 1500 crores at the beginning of the year has increased to 1750 plus crores 1770 crores as of December 31st which is a big jump by itself. Which means otherwise it means that this year we have been able to book orders worth 600 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 FY28 where we had said that we will reach around 2000 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 its 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 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. About the labor code.
I’m happy to report that the labor code practically was implemented by us in FY23 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 1000 crore target FY28 or not, what would be our EBITDA margin for the FY26? Because we have given you a guidance of 35% EBITDA margin in FY26, 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 Mrs. Have happened. Thank you.
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 touchdown 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 Anmol Garg from Dam Capital Advisors. Please go ahead.
Anmol Garg — Analyst
Yeah, hi sir. First question is on the CNE 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 of, you know, 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 thousand crore by FY28 does do we still stand there given that it will require greater than you know 35, 36% kind of CQGR CAGR over the next two years to achieve that number.
Rakesh Kumar Verma — Co Founder and Chairman
Just a little bit on the cnd the primary, the primary reason has been the delayed delivery of the of the government sector. Okay let’s Ankit. Sorry Nikhil will talk about.
Nikhil Kumar — President – Geospatial Business
So your your question if I understood it correctly were two parts. One is related to the decline in CNE which I guess and what is the contributory factor coming from the government alone and the second is what is the spread going forward in FY28 if I’ve understood you correctly. So let me answer your question first. So this is the spread that you are talking is about 5050 in the CNE side government and private corporates. 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 states for the national flagship projects that we are involved in got delayed this time something we were expecting in May June time frame actually got converted into October time frame giving us very little headroom to do the billing or finish the work. So that’s the fundamental understanding within two two major states and 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 delayed 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 review 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 the major win that we have announced this year is for surveyfindia integrated Geoportal which is a big Deal.
It is an anchor project which is going to scale in multiplicity. And there rather than relying on the outside components, we actually indigenized it in the wake of the focus that we were staying 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 week.
Nikhil Kumar — President – Geospatial Business
Right, right. Question, second question related to how does it look in terms of FY28? 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 — Analyst
Right. But do we still stand at our thousand crore guidance for FY28?
Sapna Ahuja — Chief Operating Officer
Yes, I think yes, that would mention in his initial commentary also we do stand by that.
Anmol Garg — Analyst
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 y1y growth rate as it was there in last year, which implies that our revenue will double in fourth quarter versus the 3Q level. So what was the total amount of deferment?
Rakesh Kumar Verma — Co Founder and Chairman
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 wouldn’t 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 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 alone.
Anmol Garg — Analyst
Right, right. And just the last thing is from on the overall government business in our business mix, how much that would be as of now and what was it last year.
Rakesh Kumar Verma — Co Founder and Chairman
In terms of percentage? 20% is the total government revenue of our total revenue in this quarter. For the fiscal
Anmol Garg — Analyst
for FY26.
Rakesh Kumar Verma — Co Founder and Chairman
Yeah. Yes.
Anmol Garg — Analyst
And will, will it be similar last year in FY25?
Rakesh Kumar Verma — Co Founder and Chairman
FY25 was almost same 18, 19%, maybe a 1% here and there. But it was, it was like that only the mix is generally the same.
Anmol Garg — Analyst
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 Mishra from finvestors. Please go ahead.
Saurabh Mishra — Analyst
Hello sir. So my question is related to the margins like as you already guided that your guidance of thousand crore revenue by FY28 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 FY27 and FY28?
Rakesh Kumar Verma — Co Founder and Chairman
Okay. I don’t think we would like to make any commentary on FY27. FY28 margin at this point of time. When we work on the budget and look at FY27 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%.
Saurabh Mishra — Analyst
All right. And another question is related to the recent developments in the IT sector related to some anthropic launches. So does it affect, does it affect our business in any way positively or negatively?
Rakesh Kumar Verma — Co Founder and Chairman
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 lot of AI think without that we could not have been able to deliver. So it is integral to our part. We innovated in that 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 delays 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.
Saurabh Mishra — Analyst
All right, that’s good to know. And sir, one last question small regarding the 20, 20% kind of growth that we were targeting in FY26. So if Q4 is going to be like 70, 80% kind of growth, yui on yui basis to get to some, some number around 20%.
Nikhil Kumar — President – Geospatial Business
I think this, when we say thousand crore FY28 order book is there. So I think anybody can do the calculation please.
Saurabh Mishra — Analyst
I was asking about FY26 like Q4 like are we. I think Q4 is going to be. Bigger as you said. But are we going to reach around 20% kind of a growth in FY26? For that the Q4 has to be around 70% kind of by UI growth.
Nikhil Kumar — President – Geospatial Business
So that’s what I’m not. I did not make this, that statement. I made the statement saying that Q4 year on year will be better than last Q4.
Saurabh Mishra — Analyst
Thank you so much. 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 Rati from Goldman Sachs. Please go ahead.
Rishabh Rathi — Analyst
Hi sir. Good morning and thank you for taking my questions. Just in terms of IoT business and the Mapled 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 MApled and IoT business 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 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 1770 crore order book? That will be my first question.
Rakesh Kumar Verma — Co Founder and Chairman
I think no one can speak on the IoT thing.
Rohan Verma — Chief Executive Officer
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 stabled, 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 on the IoT delivery, but there’s also quite an increased focus within the parent company, the listed entity Masma India as well as the government subsidiary Mapels BT in terms of the strengthened go to market around IoT.
And we all know that IoT has a huge scam. So in that sense, you know, we have unleashed or you know, 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 IOC we are hopeful will be on a pretty strong growth path. It’s independent vector to the Matlid business at least on the government side.
I can talk about that. There’s a lot of Maplet 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 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 Maplet has pretty strong margins and IoT has pretty big time.
Rishabh Rathi — Analyst
Thank you for that. And just the second question. Auto production in third quarter yy increased at around 18% while our a and M revenue growth seems to be slightly lower at around 15%. So why has this there been a decrease, a slight miss from the production?
Sapna Ahuja — Chief Operating Officer
Yeah. So we do see if you look at the industry growth versus the growth otherwise with respect to MACMA India’s A and M business. Yeah. Am I audible to all of you? Hello?
operator
Yes, ma’. Am.
Sapna Ahuja — Chief Operating Officer
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, you know our technology infusion is primarily happening in the vehicles which are connected. It’s not happening in the non connected vehicles. So that’s. That could be one of the reason why you see a difference there. In general we have been seeing more and more and more adoption of our technology, of our products into. 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, you know, a few. I think that’s where I would like to close my response.
Rishabh Rathi — Analyst
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.
Vishal — Analyst
Yeah, thank you. This is Sujith 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 FY26, it means we Can I mean without putting you to a number but easily do a sales of something like 200 crores. A respectable number. So is that the case that we’ll. Have a good robust fourth quarter?
Rakesh Kumar Verma — Co Founder and Chairman
I wish I had the liberty of disclosing the number exactly. One is still 15 days are away. 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.
Vishal — Analyst
Fair enough. And when we look at the opportunity for this company, you know the 1000 crore number when you look at the time 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 quarterly tracking of that long term plan?
Rakesh Kumar Verma — Co Founder and Chairman
Okay, I can answer that definitely. We do the three year planning as you said. Otherwise we would not have talked about. FY28 quarterly planning is a very internal thing where the focus is on three parts. Part one is what is a 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 will be able to deliver 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. The all the four business leaders take care of that. That’s our planning and execution process.
Vishal — Analyst
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 folio business folio revenues.
Rakesh Kumar Verma — Co Founder and Chairman
Yeah, you heard it right. 20% maybe 20% plus last year it was 20% minus.
Vishal — Analyst
Within that how much would be state agencies and how much would be central agencies?
Rakesh Kumar Verma — Co Founder and Chairman
I mean one has to look at the exact numbers. But overall like I will just say that we only pick up the orders where we know we can get money collected.
Nikhil Kumar — President – Geospatial Business
Can I add on
Rakesh Kumar Verma — Co Founder and Chairman
Nikhil?You add.
Nikhil Kumar — President – Geospatial Business
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’m just giving an example when you say am or previously we used to say smart city.
All these actually fund goes to urban local who actually makes the disbursement. But these are centrally funded schemes. If that helps your question.
Vishal — Analyst
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 Maples. Thanks.
Rakesh Kumar Verma — Co Founder and Chairman
Would you like to say something?
Rohan Verma — Chief Executive Officer
I mean basically the business is resilient and diversified. Automotive is a different vector, corporate different vector, government different vector. And IoT to logistics, let’s say different vector. And from a product portfolio point of view also pretty diverse set of products. Map LED, IoT LED. And you’ll hear this over course of time what we call GIS led, which is more 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, you know, 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 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. That’s what I’ll see more on the B2B.
Vishal — Analyst
And on lapels.
Rakesh Kumar Verma — Co Founder and Chairman
Rohan can speak a bit, but doesn’t matter. You’re talking about the Mappers app because for us Mappers means our entire business. Which one you’re talking about?
Vishal — Analyst
Mapples app.
Rakesh Kumar Verma — Co Founder and Chairman
App. You know, we have touched almost like I can share some data. Mapper’s 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 Mapels app is get gets accepted. Accepted by the users as a serious choice. Now just overall Mappers if you talk about which has APIs, SDK 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 Mapples as a. As a business from a data perspective, from a software perspective, even from a hardware perspective is get is increasing really very well and that shows us the future. There are Mappers app by itself. Someday something will happen to that very nicely we do. I can’t talk about it today till the time we have a very concrete plan on that.
Vishal — Analyst
Thank you.
operator
Thank you. The next question is from the line of Shobit Singhal from Anandraathi. Please go ahead.
Shobit Singhal — Analyst
Yeah. So what is the revenue contribution expected from the newly won project with Ioclass, survey of India etc. In the next 12 months?
Nikhil Kumar — President – Geospatial Business
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 20 crore revenue revenue and from Survey of India I would expect around. So the one I can only comment on the one that we have already in our pocket but we also have you know add on business opportunity from Service India.
Rakesh Kumar Verma — Co Founder and Chairman
So I will. And oil and gas also.
Nikhil Kumar — President – Geospatial Business
Yeah. As well in IOCL related projects. So but to just briskly answer your question it will be to the tune of around 7 to 8 crore.
Rakesh Kumar Verma — Co Founder and Chairman
This is for the full year you are saying for Survey of India for entire next fiscal.
Shobit Singhal — Analyst
Okay, understood.
Rakesh Kumar Verma — Co Founder and Chairman
The 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 in the pocket.
Shobit Singhal — Analyst
Understood. And so what is the current status of our joint venture in Indonesia.
Rakesh Kumar Verma — Co Founder and Chairman
Rohan?
Rohan Verma — Chief Executive Officer
Yeah, so it’s in build phase. You know this is something that we had expected and so what TLT TLT TerraLink technology 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. Mapmandia is contributing its part for various countries and they also have partnerships with other local providers in variety of countries. The go to market is happening to a variety of OEMs of course Zinday Kia being one of them because it’s the parent company for the majority partner in the movie for hinder your two ever.
But there are also a lot of other OEMs that they are targeting who are liking the quality and accuracy of the maps Visa with other incumbents. They have also now opened up the enterprise sales of the TLT maps and solutions to other non automotive customers in the corporate and government world. And also they’re also going down the path of advanced maps, ADAS Maps RST 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 to five years, you know, seven year journey it’s going to be a pretty good contributor the way what we have done here in India without us with us kind of already having generated revenue from the gv. But yeah, if you notice kind of are packed it is impacted every quarter by a couple of goals of you know, kind of operating expense related losses. But that’s to be expected in a JV which over the course of time will contribute, you know, the tens of millions. Understood.
And so last, 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 is, it has, it has contributed around 35%. So will it be in this range or will it increase going forward? I answered that question before that. You know these are independent vectors, IOT and maps. You know both have their own TAMs and their own opportunities. Automotive, corporate and government have huge kind of opportunities both around applet and IoT LED and the teams are, you know, 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, another in various geographies at least I wouldn’t want to put a 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 — Analyst
Thank you sir. That’s all from myself.
operator
Thank you. A reminder to all participants. Anyone who wishes to ask a question may press star N1. The next question is from the line of quatam ratif from CWC. Please proceed.
Unidentified Participant
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, 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 200 crores of inflow.
So how do you look at the funnel or how are you seeing the funnel?
Rakesh Kumar Verma — Co Founder and Chairman
I think few things have happened in Q4 because we are talking about the order book, open order book as of 2021, 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 questions, question very nicely is yes, the new order book is happening in Clifford.
Unidentified Participant
Oh 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 — Co Founder and Chairman
Yeah, it seems like that only.
Unidentified Participant
Great.
Rakesh Kumar Verma — Co Founder and Chairman
You have some idea. It should be around that only maybe better also.
Sapna Ahuja — Chief Operating Officer
So could be.
Rakesh Kumar Verma — Co Founder and Chairman
Yeah, maybe better also.
Unidentified Participant
Great. Which means the inflow for the year which is 600 already should be like somewhere around 800 which looks like a strong number after few years where we have seen this number at at around 5, 5 to 600 barring FID.
Rakesh Kumar Verma — Co Founder and Chairman
Yeah we are anxiously waiting because you know both Sapna Nikhil and the third one is not here. Ankit. They are doing their best to garner as much orders because they don’t just look at the quarter. The delivery team under them are more looking at. These folks are really focused on how to get in more orders and orders and orders.
Nikhil Kumar — President – Geospatial Business
I’ll just add from my side. If you look at the, if you look at the confidence level and, 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 and the government team but also when I see the energy with which the automotive and corporate folks, you know, 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 Q6 but it doesn’t change the fundamentals and the outlook for the business.
Thank you, that’s helpful. Just if I may, another question. Right. So like, 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 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 strong growth, that vertical seems to be decelerated a bit. Consumer 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 better.
Unidentified Participant
IOK is not iot.
Sapna Ahuja — Chief Operating Officer
So basically yes, when it comes to the reduction in the business for cnd, majority is attribute towards government. But there is private sector also that’s playing some role over this. 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, in the reduction of MCND business. If we say majority was government, private was also private sector also played some role there.
Unidentified Participant
Got it, got it. So mainly it’s. It’s a slight delay in delivery and nothing else change, right? It’s just because you are infusing this, this new, new features ability in your products. That’s.
Sapna Ahuja — Chief Operating Officer
That’s what led to it 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 in fact our entire data creation process is already AI enabled.
Unidentified Participant
Superb. Thanks a lot. Thanks for answering the questions. Thanks.
operator
Thank you. The next question is from the line of Sri Narayan Ram Kishore Mishra from Baroda bnp. Please proceed.
Sri Narayan Ramkishore Mishra — Analyst
Thank you for the opportunity. So my first question is in the presentation we have highlighted one of 26 crore in 3QFY25. So just wanted to know what was the nature of this one off and what kind of margins we made here? And did 4Q FY25 also include this kind of one offs?
Sapna Ahuja — Chief Operating Officer
Can you repeat your question? You were not loud enough. Can you.
Sri Narayan Ramkishore Mishra — Analyst
Okay.
Sapna Ahuja — Chief Operating Officer
Is your question that you know, this one off, you know, reduction that happened in quarter three, is that going to happen in future or is that your question?
Sri Narayan Ramkishore Mishra — Analyst
No, no, no. So in the presentation we are highlighting that third quarter of last year had 1 of 26 crore revenue right.
Sapna Ahuja — Chief Operating Officer
Okay. Yeah, yeah.
Sri Narayan Ramkishore Mishra — Analyst
So what was that and what kind of margins we made in this business? 1 of business and 4Q FY25, did that also include such one offs?
Rakesh Kumar Verma — Co Founder and Chairman
If you’re asking about that 26 crores last year. Last year, Q3, yeah, it was a one time. Okay, but it was a one time thing that we got with a good margin, respectable margin. And that of course, if it was a one time. So what at the end of the day, what you see that this year that if I remove that 26 crores then the reduction is not that that much and the growth has happened. So. But that’s not an excuse from our side because the one time things also are important for us.
Sri Narayan Ramkishore Mishra — Analyst
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 FY26 when we would grow. So I should assume that fourth quarter did not have any one offs. Is that understanding? Okay. Okay, good. And I’ll again, sorry, I’m asking it again on the deferment issues. So again, if you can, you know, give some color on, you know, whether we are facing any issues, you know, from the customer and in terms of adoption or is it more at our end that we know we want from our readiness perspective that you know, these developments are happening and.
Okay, then next question I’ll ask later.
Rakesh Kumar Verma — Co Founder and Chairman
Are you facing any problem from the customers because of which it got deferred or something else?
Sri Narayan Ramkishore Mishra — Analyst
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 customer’s way of showing confidence materially is in the form of the businesses that they award. They have been doing plenty and it’s growing short 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 qualms with respect to our execution as well.
So.
Rakesh Kumar Verma — Co Founder and Chairman
No, nothing of the sort. Rest assured on that part.
Sri Narayan Ramkishore Mishra — Analyst
Okay? Okay. Okay, thank you. And on the order book side, if you can highlight, you know, 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?
Rakesh Kumar Verma — Co Founder and Chairman
Yeah. 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 up 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 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 has a 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 little better.
If that answers your question.
Sri Narayan Ramkishore Mishra — Analyst
Yeah. And sir, on the order book, mix in terms of government projects, if you.
Rakesh Kumar Verma — Co Founder and Chairman
Say mix so very high on MAP led. But when I say MAP led, as I said in my initial remark we are integrated content and services which means lot of data, well as lot of development. Rohan talked about GIS platform. Our mix primarily goes from this combination from the Maplet side which is 60 to 70% and about 20% we have this IoT next and remaining 10% is a very, you know, different AI kind of tools that we are developing for some will say security and intelligence agencies.
Sri Narayan Ramkishore Mishra — Analyst
Okay, okay. Okay. Thank you sir.
operator
Thank you ladies and gentlemen. We will take that as a last question for today. I now hand the conference over to management management for closing comments. Over to you sir.
Rakesh Kumar Verma — Co Founder and Chairman
Question as a closing remark. 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 MAPMA India’s future continues. The business is absolutely on the track. The management team, leadership team is on track. So how the market reacts, 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 long time back that it will happen 2028, we still hope we can make it.
That’s the, that’s where we are working on. Thank you.
Anmol Garg — Analyst
Thank you. On behalf of Dam Capital Advisors Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.
Rakesh Kumar Verma — Co Founder and Chairman
Thank you.