MapMyIndia shares: Elara sees a multibagger in making; JM cuts target by 44%; here why

MapMyIndia shares price: Domestic brokerage firms continue to remain divided on C.E. Info Systems Ltd, the parent company of MapMyIndia as Elara Capital sees a potential multibagger in the stock, which may nearly double investors wealth from its previous close, while JM Financial has trimmed its price target on the stock by 44 per cent.

Despite a soft performance in the December 2025 quarter, select analysts believe that MapMyIndia is likely to deliver a strong performance in the coming quarters, supported by solid growth drivers, recurring revenue visibility and resilient margins profile. However, others believe that contracting margins lead to cuts in PE multiples, resulting in a sharp cut in the targets.

CE Info Systems reported a 41.9 per cent fall in the net profit on a year-on-year (YoY) basis to Rs 18.8 crore, while its revenue declined 18.2 per cent YoY to Rs 93.7 crore for the quarter. The MapMyIndia parent clocked a Ebitda at 26.8 crore, down 35.8 per cent YoY, while margins contracted 780 bps to 28.6 per cent for the reported quarter.

CE Info Systems reported a soft Q3FY26 performance, but order book momentum remained strong. Consolidated revenue declined, due to execution delays in certain government projects and customer-driven scope modifications. Delays in Bihar and Maharashtra projects, arising from funding disbursement timelines and local body elections, said Elara Capital.

“Integration of incremental AI components in certain enterprise projects pushed deliveries into Q4FY26 and early FY27. While we trim our revenue estimates by 4-8 per cent for FY26 E -28E to reflect a calibrated growth outlook, we expect improved operating leverage to drive margin expansion of 160 bps in FY26E, partially offsetting the revenue downgrade,” it said with a ‘buy’ rating with revised target price of Rs 2,273 (Rs 2,551 earlier).

MapMyIndia reported a weak performance in Q3FY26 due to deferment of delivery schedules of several major contracts in both government and private sectors to Q4FY26 and Q1FY27, especially in C&E segment. The IoT-led business segment remained a bright spot, with 56 per cent YoY growth, said Anand Rathi Share & Stock Brokers.

“It remains confident of strong recovery in Q4FY26, outperforming on YoY comparison. Open order book grew to Rs 1,771 crore in 9MFY26 from Rs 1,500 crore in FY25, providing high revenue visibility for future years. Considering a soft performance in 9MFY26, we trim our earnings estimate for FY 26/27/28,” it said with a ‘buy’ rating and a target price of Rs 1,850 (from Rs 2,125 earlier).

Shares of CE Info Systems jumped more than 9 per cent to Rs 1,260 on Wednesday, but later gave up its gains partially. It was commanding a market capitalization close to Rs 6,700 crore. The stock had settled at Rs 1,154.05 on Tuesday and is down 47 per cent from its 52-week high at Rs 2,165. Elara’s target of Rs 2,273 suggests a 97 per cent upside from its previous close.

On the other hand, JM Financial said that the recent quarter of CE Info Systems has been weak with revenue declining YoY. Margins contracted on account of continued investments in navigation software and HD map IP creation. However, management highlighted major wins across sectors with multiple project implementations scheduled for completion in 4Q, it said.

The company reiterated FY26 Ebitda margin guidance of 35 percent. Hence, we assign an ‘add’ rating with a target multiple of 26 times September 2027 from (40 times earlier). Valuations are at 28.7 times FY27 consensus EPS,” JM Financial added with a revised target price Rs 1,300 (from Rs 2,330 earlier).