CE Info Systems Ltd (NSE: MAPMYINDIA) Q4 2025 Earnings Call dated May. 12, 2025
Corporate Participants:
Unidentified Speaker
Rakesh Verma — Co-founder and Chairman of the Company
Rohan Verma — Non-Executive Director
Anuj Jain — Chief Financial Officer
Saurabh Somani — Company Secretary & Compliance Officer, Group Companies
Analysts:
Unidentified Participant
Shobhit Singhal — Analyst
Chandramouli Muthiah — Analyst
Abhishek Kumar — Analyst
Anmol Garg — Analyst
Gautam Rathi — Analyst
Amit Agicha — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to MAPMA India Q4 and FY25 earnings conference call hosted by Anandrati Share and Stockbrokers Limited. As a reminder, all participant lines will be in the 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 0 on your Touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Shobhit Singhal. Thank you. And over to you, sir.
Shobhit Singhal — Analyst
Good morning everyone. On behalf of Anandrati Institutional equities we welcome you all to Q4FY25 conference call of MEPMA India. We have with us today Mr. Rakesh Verma, co founder and chairman of the company. Mr. Rohan Verma, M.D. mepples DT Private Limited and G Trophy System Private Limited which are subsidiaries of the company. Mr. Anujain, CFO and Mr. Saurav Somani, company secretary and compliance Officer. I will now hand over the call to Mr. Rakesh Verma for his opening remarks. Post that we will open the floor for Q and A session. Thank you. And over to you, sir.
Rakesh Verma — Co-founder and Chairman of the Company
Good morning everybody. And thank you Sobit for organizing this call. I would like to start saying that strong growth in Q4 FY25 and a good fiscal year overall. The board was pleased to express our gratitude to all shareholders by declaring a final dividend of 3.5 rupees per equity share of rupees 2 each at the rate of 175% for the FY25 in Q4 FY25 revenue increased by 34% year on year to rupees 143.5 crore. And EBITDA rose by 47% to rupees 58 crore. And PAD grew by 28% to Rs. 49 crore. EBITDA margins in Q4 was 40% for FY25.
Revenue rose 22% to Rs. 463 crores, EBITDA rose 15% to rupees 179 crore and PAT rose 10% to rupees 148 crore. EBITDA margin for the full year FY25 was 39%. We are happy that momentum picked up in Q3 and Q4. FY25 our MAPLed business EBITDA margin remains healthy at 47% and our IoT led business EBITDA margins expanded from 12% to 14% in FY25 as product mix improved and SaaS income increased. Our open order book grew to rupees 1500 crores at the end of FY25. Our order book our order book achievements give us further confidence that we are on track to our stated milestone of crossing rupees 1000 crore revenues by FY28.
Our consumer tech and enterprise digital transformation CNE revenue grew by 30% year on year to Rs. 252 crores and automotive and mobility tech business revenue grew by 13%, rupees 210 crores, our map led revenue grew by 29% to rupees 345 crores and IoT led revenue grew by 5% to rupees 117 crore. Our new licenses in automotive increased to 3 plus million in new vehicles be it four wheelers, two wheelers EVs as against 2.5 million during FY24. Further the number of new IoT devices installed, rented and sold additionally during the year were 2.1 lakhs as against 2.9 lakhs in FY24.
Due to strategic shift in focus towards SaaS revenue over hardware sales, we acquired new B2B and B2B2C customers including many businesses and enterprises across industry verticals. Customer diversification, deconcentration and retention continue to trend healthy. We have also started to build revenue from Southeast Asian market in alignment with our JV company Teralink Technologies. We are happy with the results of our prudent marketing efforts which led to our crossing the milestone of 30 million user downloads of the Mapus app and see this as a foundation for future potential consumer business. B2C expenses for consumer business were controlled in this quarter.
While we are of course we of course continue to relentlessly innovate and invest in enhancing our existing products and technologies and working on further vision. With this I would like to pass. On. To Rohan Verma who would give you more insight into the government business and the IOT business.
Rohan Verma — Non-Executive Director
Good morning everybody. This is Rohan here. Thanks Mr. Verma. We see large market opportunities both in government as well as in IoT when it comes to the government. The way that Mapmandia is positioned and for which we are carving out this space for our wholly owned subsidiary which was called Vidsec. We have renamed it to Mapels dt. DT standing for digital transformation, digital twin and defense technologies that we have been and can at a much larger scale provide to the government. Remember we are positioned as a product platforms, APIs and Solutions Company and so in that sense we are able to get high quality business which is impactful for the government as it goes about nation building.
The other part of the market opportunity that’s Quite exciting for MacWandia as a whole as a set of group companies is the IoT space covering both mobility SaaS and logistics SaaS whether for people or goods movement. And so there are large opportunities there but they have to be addressed in a prudent manner. And for that I have taken up the MD role in Matto’s BT Private Limited a wholly owned subsidiary of PACMA India focused on the government business. And also I’ve taken up the MD role in GTOPI Systems Private Limited. It’s a 76% owned subsidiary and is serving currently as the delivery arm for our IoT business of the group companies and also is focused on logistics SaaS opportunity.
Thank you very much and we’d be happy to take questions I guess.
Questions and Answers:
operator
Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press char 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 Mr. Shobit Singhal from Anandrati. Please go ahead.
Shobhit Singhal
Thank you. Congress are on a good set of numbers. Sir, my first question is how much of your order book now constitute of government orders? Because if I see your technical and outsourcing cost has almost triple in FY25 from 24. So if government orders are increasing in our overall order book, will this cost will remain elevated going forward as well? So in that sense what is your margin guidance for FY26 and 27?
Rohan Verma
This is Rohan here. Since government business. I’ll. I’ll. On was your question. I’ll answer it. In the last year government business Was as a whole from a revenue point of view was in that range of 20% of the overall business. From an order book point of view also I would say from a new order’s point of view also it was in that similar, you know, margin, a similar percentage basis. Like I said, the government business or the market opportunity is fairly large. We are very differently positioned than other players in the government space. While other players are primarily services businesses and I would say relatively in a weaker financial position from a type of business they are getting and how they are executing.
We have products, platforms, APIs and solutions. And just to answer, one example is that we are not just talking about digital twin as a service, but digital transformation as an overall platform for all industries or all the segments of government, central, state and local to use us for a very wide variety of use cases based on mapmandia’s products and solutions. And on the other extreme defense technologies. Obviously that’s a big theme in the last few weeks that has come about. Mapmania has been working very closely with different arms of the government which are defense and emergency response on law enforcement related, covering the domains of AI or signals or like I said, emergency response based on a wide variety of solutions.
And I think this bodes well for the opportunity but and also we prudent in how we take that opportunity forward.
Shobhit Singhal
Okay. And so second question is we are now halfway marked currently to our guidance of achieving 1000 crores of revenue by FY28. So which means that we need to do around 30% growth in next three years. So what makes us confidence of achieving that target given that our AM revenue which continues around 45% now that growth has actually slowed down since last three years from 40% in FY22 to 22% in FY24 and now 13.5% in FY25.
Rohan Verma
Well, you know when you’re talking about 30% growth average CAGR what confidence we have, this is not just for automotive, it is all inclusive. So that’s point number one. The second is the automotive business from the international operations is going to kick off. The JV has been formed, certain revenues have started coming and I think it’s a matter of one, two years where you will see a good automotive revenue from the international market also.
Shobhit Singhal
Okay, thank you. I will join the queue later.
operator
Thank you. The next question is from the line of Chandra Moli Muthiya from Goldman Sachs. Please go ahead.
Chandramouli Muthiah
Hi, good evening and thank you. Good morning and thank you for taking my questions. My first question is just around the mix of growth we’ve had this year, we’ve done close to 22% YoY growth for the full year and it appears that initially, I think at the start of the year we would have thought IoT would have driven most of the growth. But I think with the shift in focus on some of the SaaS revenue, it looks like it’s the MAP LED business which has driven most of the growth. So I think at the start of the year we would have thought that EBITDA margin might be trending more moderate over the next three years heading into FY28 because of IoT being the primary growth driver.
So just going forward between now and 2028, do we expect IoT to remain the mainstay of growth or is the shift in strategy now a little more focus on MAP led higher margin growth? And just in that context, if you’d comment a little bit on your 35 to 40% EBITDA margin range, how we should think about that as the new strategy sort of takes shape.
Rakesh Verma
Let me say a few words on the MAP LED and then I’ll ask Rohan to talk about what he’s thinking about the IoT led growth. The MAP LED growth of whatever we have achieved so far, 30% in CNE and 13% in AM has been responsible to create a growth of overall 22% because IoT was only 5%. Agreed. But going forward the ANM and M and the part of C and E which is the private sector is expected to keep going along with the international automotive business. So we do see a good growth in this area too, which has a higher EBITDA margin.
If you are thinking like that, the IOT and his government. Rohan can explain a bit what is his strategy short term midterm,
Rohan Verma
So on the government. I’ve kind of talked about it before, so I mean we are going after that in a prudent way. So we do expect significant growth from government side as well. But we have to balance it out with impact on financials potentially IoT actually the opportunity is quite large. But whatever our assessment is of the last year that, you know, while we are very, actually we are very happy with how the MAPMA India coal businesses of automotive, corporate and government have been driving good growth in the IoT area as well, meaning that they are selling IoT well and that momentum will continue with a lot of IoT opportunities, lead opportunities coming from these three areas.
There’s a particular reason why I’ve gotten into the subsidiary to look after the operations, the business, et cetera. Because we feel there are opportunities to improve. So that’s a good thing. I mean overall if you look at IoT led margins actually improved in the years, but definitely growth was impacted. The good thing is the SaaS revenue keeps going up. So that’s the culmination of both work done before and also in year by all the teams to kind of keep growing the SaaS revenue. At the same time, to get growth you have to do both new hardware sales which will result in future SaaS revenue, but also SaaS revenue because that’s where the margin is.
So it’s a relatively delicate balance. Again we have to look at fixed costs, we have to look at variable costs as well as we have to look at growth. So I would say this is in the short term I’m looking at into how to make sure that the IoT business, specifically the part that the subsidiary is playing, how that business is put on the right path so that based on the right foundation then growing it is strongly additive. But in the long term our thesis on IoT stays very positive.
Chandramouli Muthiah
Got it. That’s helpful. And just as a follow up to that, if you’re able to share in this current environment where we are focused on growing SaaS, is there sort of a rough estimate of what SaaS revenue is as a percentage of our total company revenue and how that has been trending over the past couple of years as this strategy has been taking shape?
Rohan Verma
IoT LED, we do break out SaaS and hardware channel. So. So what it Is, is in FY25 IoT led SaaS was out of 117 crore of IoT led revenue, 64 was from SaaS. This is versus yeah, it’s about, yes, maybe slightly more than 50% or in that 50% range which was less than 40% the year before out of 112 it was. So there is clearly a shift in the SaaS revenue in the last year. And so the SaaS kind of is an outcome of previous hardware sales. But also a lot of the business that we are doing now is SaaS led in the sense where we rent out the devices along with the SaaS.
So that’s why we talk about new, I mean we talk about selling or renting out IoT devices.
Chandramouli Muthiah
That’s helpful. My second question is just around the Indonesia business. I think you did indicate that it started contributing some revenue this quarter and I think on the presentation there was maybe a 28 million rupee loss at the net income line from that particular entity. So just wanted to understand over the Next few quarters when you expect the losses from this entity to get plugged in your initial comments of the next couple of years, you see meaningful contribution potential from this entity.
Rohan Verma
So I think the international JV is actually going quite well. It’s actually a business development phase right now. So we are, we think that towards the end of FY26 these, this share of loss should start going down. That’s what our assessment is. Right now you are seeing kind of. We saw 2.8 crores impact on our bat due to the share of loss. But you know, as their revenues start coming in on their somewhat fixed cost base, you know, by FY26 end we think that there should start being a turnaround and in the long term in the five year journey, it’s going to be quite an incredible opportunity.
Southeast Asia for all intents and purposes is a mirror of India in many ways. Different of course in many ways. And that’s why we’ve taken this JV with Hyundai Auto ever approach. But the market opportunity on Southeast Asia is we see an equivalent opportunity to India and I think we are one of the strongest players jointly as TerraLink Technologies to take up that market opportunity.
Chandramouli Muthiah
Got it. I have more questions. I’ll join back to you. Thank you very much and all the best.
operator
Thank you. The next question is from the line of Abhishek Kumar from JM Financial. Please go ahead.
Abhishek Kumar
Hi, good morning and congratulations on a good quarter. My first question is on the order book. We have seen significant improvement in fixed price order. I’m assuming some of it is because of the higher government order share. Question is, is it, I mean how do we infer this? Does it mean that it’s more lumpy now or does it also mean that it could be more predictable given it is not linked to volumes. So that’s my first question.
Rakesh Verma
Yeah, your last part, you are correct, it will be fixed price gives you more predictability. No doubt about this. And the other part, you thought that it was government link not necessary even in the private sector. Automotive and automotive. So much corporate definitely. The fixed prices help us a lot in planning our business which are mostly related to the licensing of map data.
Abhishek Kumar
Okay. Okay. So there is no lumpiness in order book.
Rakesh Verma
Lumpiness will be there quarter on quarter. I mean see to make it simple, maybe in Q1 one customer lumpiness will happen. In Q2 another customer lumpiness will happen. Q3 another customer. Q4 another customer. That kind of a customer by customer lumpiness will happen. But if you are thinking about overall revenue for the company what we are noticing is somehow they are Getting other than Q4, Q1, Q2, Q3, they are getting streamlined or whereas Q4 that what you said about the government completing the milestone is there.
Rohan Verma
I’ll just add that it’s always best to look at multiple year on year, year to date, quarter on quarter based on movements can mislead the understanding. But any of that’s just the tweaking again from our side.
Abhishek Kumar
Yeah, understood. Second question is on the IoT in 3Q we had said that the decline was because of certain projects getting delayed and they’ll probably come back in FY26. So any update on that project? Do we have any visibility of when that can start and therefore help our IoT revenue overall this year?
Rakesh Verma
See there are in IoT also there are lots of different opportunities that exist in our funnels, especially when we look at the enterprise. I mean when I say enterprise it could be automotive, corporate, government, any of them driving the IoT business. There are. So in that sense the funnel opportunities exist. Specific project. You know, I don’t want to comment on specific project because you don’t know whether and when it may come back. At that stage we may have foreseen that it was near us or almost there. I would say obviously that later we must have said that didn’t justify at that moment or it had justified but didn’t for whatever reason both that opportunity and other opportunities exist and that’s a little bit what I was talking about that we want to have an IoT business that is robust, that is kind of multi ferrous with a large set of funnel from various enterprise customers across both the private and public sector that is spanning the corporate world, government world, even automotive world.
And I think we’re on the right path but there are obviously a few things that we have to do and that’s the role I’m playing in the subsidiary.
Abhishek Kumar
Sure. One last question on defense Rohan, you touched upon what we are doing but given the modern warfare, drones, GPS becoming even more important, I just wanted to understand how we are looking at do we already have a play especially in drones, if we can give some updates on where we are and are we engaged with some of the government agencies in catering to some of those opportunities that might come up. Thank you so much.
Rohan Verma
Yeah. I’ll say the following. If you look at Map India’s suite of products and solutions, you know, whether it’s maps, whether it’s navigation, whether it’s tracking, whether it’s workforce or field force or workflow, automation Whether it’s analytics, whether it’s GIS or geospatial or digital twin solutions and whether it’s our capability not just to do this for India but internationally. I think when you look at the sum total of it and we look back in the last few years as to the defence businesses or defence customers and use cases that we have already generated revenue for and hence that means that we have deployed those solutions for the active use of the armed forces.
We are quite proud of, you know and quite grateful that Indian defense has chosen to work with us for various things. I would say drones as you said is definitely important but it’s not the only place. I mean MapIndia can be used to equip feet on street, to equip vehicles, to equip command and control centers or war gaming or planning and its use actually is across the land, air and sea. So in that and we have disclosed in this quarterly highlights something around nautical also that we have done and previously we must have disclosed something that we have done for, for the army.
So the opportunities are tremendous and already deployments have happened and we continue to stay engaged for new ways that the government can leverage this. Indigenous, completely indigenous, you know, AI first, navigation first, you know, digital twin first and digital transformation first set of solutions. So yeah, it’s something that one of the reasons why one of the three pillars of mapwell’s DT is defense technologies. I mean we’ve called it out because we really believe that we can be leveraged. Well there
Abhishek Kumar
thanks. That’s very comprehensive and I wish you all the best.
operator
Thank you. The next question is from the line of Anmol Karg from DAM Capital. Please go ahead.
Anmol Garg
Yeah, thanks for the opportunity and congratulations for a good set of numbers. Firstly, want to understand that as a government business grows it will impact the receivable days which has already increased by some bit to around 94 days. So how do you think that where would this end up from the DSO cycle and how do you think that we are going to manage this thing?
Rakesh Verma
Anmol, we have given some explanation in our presentation. If you read it when in the last quarter if we had a 34% growth by itself that definitely impacted the year end because we are talking about that for the year and overall we must they accepted that the government business does require a little larger receivable return. Although we don’t have any bad debt that is very important. But mapmandia is not short of cash and we are not borrowing money to finance our working capital. This is part of the Business that we will have to live with if we want to get into the government business first.
Anmol Garg
Understood? Understood. Sir, just a clarification that we have written that our average duration is now three to four years from our order book, which I think was higher earlier at four to five years. Is it right to assume that our higher focus on government has particularly reduced our durations? Are the durations lower in these kind of projects?
Rakesh Verma
Okay. You know, any statement that we write is at a point of time. The point of time today is let’s say April or May 2025. So we analyzed the order book, open order book and felt that three to four years will get us get this 1500 crores converted into revenue. So there’s no magic number three to five next year based on the order book, it might be three years only or it might be five years. So that is why we are giving you a current scenario. It’s not a fixed thing. I hope that clarifies.
Anmol Garg
Understood, Understood. And lastly, how are we thinking about advertisement spends for next year? Currently it’s only around 3% of revenues. I think. So do we plan to increase it to 5 to 6% levels? And would this have any impact on the overall margins per se and also jointly if you can indicate that, should we assume margins for next year in a similar trajectory as this year?
Rakesh Verma
See, we have been always keeping in mind that we would like to get a ebitda margin of 35 to 40% range. And you are seeing that that’s what we are delivering also rather better than that. So there is no change in that strategy. Okay, but. So that’s the best answer. Now coming to the question of advertising expense. You know, we do it for what adds value to the company for a primarily a B2B or a B2B 2C company. So we do it for that. And as I said in my opening statement that we have controlled the B2C advertisement.
But it doesn’t mean that we are not promoting MapWorth app. MapWS app is a cornerstone for showing what our capabilities are and what our map data is like. It’s not just how many users are using is also a capability statement.
Anmol Garg
Understood, Understood. Thank you sir. That’s it for my.
operator
Thank you. The next question is from the line of Gautam Rati from cwc. Please go ahead.
Gautam Rathi
Hi sir, thanks for taking my question. Great set of results. Just two things. One, can you help us understand what portion of the current year’s revenue was from the order book which was existing as of end of FY24 because in the annual report we say about 15% of the revenue of that order book would be converted in the current year. Right. What would be the actual.
Rakesh Verma
We actually don’t have it offhand so maybe we can. You can put a question.
Gautam Rathi
Sure. But would it be in the range of that 15% or like.
Rohan Verma
To be honest, we talked about the open order book in couple of ways. One is kind of new orders and then billing in the year and hence how we reach the end of the year open order book and we’ve talked about kind of fixed pricing and volume projections and Obviously the volume. FY24 had this kind of one time. Not. Not one time just had a extremely large single order. So X that Anyways everything is. So we’re happy with the actually new order bookings also they bode quite well for future futures revenue since. I mean. Yeah.
Gautam Rathi
Call it, call it. Thanks. Just the other thing. Right. So when you say three to four years. I’m not holding to that number. But would is it, is it fair to expect that 15 crores, 1500 crores over the say next four to five years or whatever it would be more equal or is it like it can be also back ended in the later part of the FY 28 29?
Rakesh Verma
I don’t know if I understood your question right. If you take 1500 crores, whether you divide it by three or you divide it by four, you get a number and we have a certain growth plan for every year which we have discussed. So naturally the new orders which get consumed during the same year is a balance amount.
Gautam Rathi
Sir, I understand that. I was just trying to understand the 1500 crore number. Is it fine to expect that the 1/4 of that 1500 crore will be every year and then the incremental, whatever you get on top of it or is it that maybe FY26 might be lower than that 1 4th number and then you build on over the next three years. How should we think about the trajectory.
Rakesh Verma
If we are doing our job right and we achieve our goals and obviously. The number will increase.
Gautam Rathi
Okay. Thanks a lot. Thanks. All the best.
operator
Thank you. The next question is from the line of Amit Akicha from HG Hawa. Please go ahead.
Amit Agicha
Good morning. Am I audible?
Rakesh Verma
Yes.
Amit Agicha
Thank you for the opportunity sir. And most of my questions have been answered like this. How do you plan to deploy your 660 crore cash reserve like any MMA or global expansions in.
Rakesh Verma
I think I did mention but and I also said it in the Zee Business interview in the morning. We do have clarity Clear vision that around 80 crores will be deploying to grow our government business and the IoT business. So that’s the first thing that the clarity has come beyond that, as we. Have been saying always in the past. That we want to keep the cash so that as and when any opportunity comes, like you know, the joint venture with Hyundai Auto ever came and we could immediately deploy $4 million or whatever, 35 crores of rupees into that joint venture. So we are deploying, if you take it, just add up these three itself. It will show you that we have deployed and we are planning to deploy in the near future. And all are related to growing the business and in terms of technology growth, new technologies and even working capital.
Amit Agicha
Thank you. Thank you sir.
operator
Thank you. Before we take the next question, we would like to remind the participants that you may press char n1 to ask a question. The next question is from the line of JASDEEP from Clockwine Capital. Please go ahead sir.
Unidentified Participant
Thanks for taking my question. So how has the government business grown. In terms of sales from FY24 to 25?
Rohan Verma
Yes, quite robust the growth. I mean overall I would say it’s grown that 40 to 50% change. So in that sense we’re fairly happy with how that has grown.
Unidentified Participant
And so most of this government business would be reflected in the map led segment, right? Not the IoT led segment.
Rohan Verma
Both in government also. We have disclosed in the past lots of quarterly, in many of the quarterly highlights, when you see, you would have seen IoT for state road transport corporations or for you know, even emergency response or various things. So government, in government also we give our whole suite of solutions the same way in automotive and corporate that we do.
Unidentified Participant
Got it sir. Thank you.
operator
Ladies and gentlemen, we would like to remind that you may press Char and one to ask a question. Ladies and gentlemen, we would like to remind that you may press Char and one to ask a question. The next question is from the line of Chandra Molimutiya from Goldman Sachs. Please go ahead.
Chandramouli Muthiah
Hi, thanks for the follow up. So just had a follow up question on I think some of the disclosures on Slide 8 of the quarterly presentation. So you did mention that you have signed a few fields in social media, in E commerce, quick commerce, merchant discovery and so on. So just want to understand is this new set of wins from a diversification standpoint for the company and if there’s any color you’re able to share in terms of your open order book of thousand five hundred crores, some of these newer ventures that you’ve been working on in diversifying the business.
What would be the rough proportion of those in terms of effort you’ve taken over the past couple of years?
Rohan Verma
Chandu, these are basically big customer wins that we’ve had with obviously new use cases and new requirements and some from new customers and some from existing customers. But and so diversification in the sense that that is our core business, the upsell and the cross sell has happened. Look at the number of new customers and also the kind of growth in the existing customers. This upsell cross sell engine is working, continues to work.
Chandramouli Muthiah
Got it, got it. That’s helpful. And I think the other follow up was just I think one of the earlier discussion points. So you did mention that you do disclose the IoT SaaS revenue which I think is the numbers that you quoted from the presentation. But is there some color on emerging SaaS opportunity within Mapled? Because as I understand I think some of the newer maps that are going into some of your automotive customers also have capability for recurring revenue if end customers choose to renew some of those packs. So I just want to understand if There is some SaaS component in the IoT in the map led business as well now and if there’s some quantification to provide that.
Rakesh Verma
In the automotive. You know we have the solution under the banner of in case you know that navigation connected ADAs chilled and electric. One of the focus that has happened very seriously in is on the HD map which is a high definition map which is required for the, for the ADAs. For ADAs. Now now remember we are in a much better situation to offer that solution because we have a very strong sdmap also the standard map also. So when people talk about HDMAP in isolation without having sdmap I don’t know what they are talking about.
So we are definitely working on lot of those technologies and so our SDMAP will be going as part of supporting the SD along with the sdmap to the automotive companies. So these are some of the new things which we are working on. As a matter of fact we have some wins also.
Chandramouli Muthiah
Got it, got it. That’s helpful. And just if you could give us some sense of the split between two wheelers and four wheelers in your automotive business. And also if you could give us maybe the latest sort of rough color on what the average pricing would be for two wheelers customer and four wheeler customer just in terms of ratios is that something that you’re able to share as well?
Rakesh Verma
If I have to give you some answer what I can safely Say that in the two wheeler, we definitely have almost all the two wheeler companies who matter, the top seven, 10 companies, we are there. So. That’S one part of it. Now if you’re asking about what is the price in the two wheeler versus four wheeler versus a commercial truck, you know, the prices are a function of two things. One, one is a function of what the market can bear. If you have a 2, 3, 4 lakhs worth of two wheelers, certainly the price would be different. The second factor we consider also is what all it includes in the solution that we offer. What we include may be in a four wheeler. It is not the same thing as in two wheeler.
Accordingly, for every category, case to case, the prices are different. I mean, I’m talking about even internally, we have to examine each customer carefully of what their expectations are or what the price they can bear. We accordingly provide them the solution.
Chandramouli Muthiah
Got it. And just 3 million new vehicles this fiscal year. With the automotive business where you’ve sold licenses, if you could give us some split of that volume between four wheeler, two wheelers and CVS and also if you could give us some split between sort of ICE and ev if that’s possible.
Rakesh Verma
Maybe some other time if I’ll collate that and we can have a discussion on that.
Chandramouli Muthiah
Got it? Got it. Thank you very much and all the best.
operator
Thank you. The next question is from the line of Ahmed from Stallion Asset. Please go ahead.
Unidentified Participant
Hello. Hi sir. I hope I’m audible. Hello.
Rakesh Verma
Yeah,
Unidentified Participant
yeah, I wanted to understand on our mobility and such solution business what. We believe that there is a lot.
Rakesh Verma
Sorry, the voice is not clear. Hello?
Unidentified Participant
Is it better now, sir?
Rakesh Verma
Yes.
Unidentified Participant
Yeah. So sir, I wanted to understand on our automotive and mobility tech solution business side, we see that there is a lot of competition has came up on this segment. Ola Maps have came up with their product and Genesis have completed their development on the product side in the automotive side. So what gives us confidence to stay ahead of the curves in terms of product development and in terms of right to win?
Rakesh Verma
You are talking about automotive, right?
Unidentified Participant
Yeah,
Rakesh Verma
as I. I think what you are saying, you might be listening to those noises.
Unidentified Participant
Yeah.
Rakesh Verma
Entry into the automotive sector is not that simple, number one. Number two, the entry, what we are also hearing, the noise is HD map. HD map. And as I said clearly just an HD map is not an answer for any automotive company’s needs. The noise will be there. We are watching that and we are pretty comfortable that it’s not going to impact us.
Unidentified Participant
Understood, sir. Just wanted to understand that. Only that because of new Neo players are coming into this segment. So you know the per vehicle charge on the subscription basis which you do might not start a prize war amongst this kind of players.
Rakesh Verma
Okay, you are right. The price war happens when in a B2B business, the supply, supply chain people try to create a wall so that they they can get a lower price. Now that’s a challenge always there in the B2B business. So we stick by what we think is right.
Unidentified Participant
Understood sir. That’s it from my side. Thank you so much and all.
operator
Thank you. As there are no further questions I would now like to hand the conference over to the management for closing comments.
Rakesh Verma
Well sir, we are really thankful to. All the shareholders, the fund managers, the analysts for encouraging MAPMA India to reach to this level. And we hope your support and trust in us continues. And just like to inform all of you that on 30th of May in Convention Center Geo Convention center from 2 o’ clock we are 2pm we are going to conduct an investor analyst meet and we encourage all of you to attend where you get the three things. One, what we have achieved since IPO and what we talked about. How where we want to reach thousand crores. So that’s one where we what we have reached, what we have achieved.
The second part is the remaining half of the revenue which is under 500 crores. How we would plan to get that in the next three years. And finally the third part would be our big vision of going beyond all these and talking about how Macmundid is shaping up for the next five, 10 years. That’s the purpose of that investor analyst meet. Thank you so much. Rohan, you would like to add something?
Rohan Verma
Thank you very much everybody.
operator
Thank you. On behalf of Anandrati Share and Stock Brokers Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Rakesh Verma
Okay, thank you.